GROUPE SEB: Mixed Q4 numbers but playing SEB’s defensive profile remains attractive enough | BUY | EUR178 vs. EUR185
GROUPE SEB - BUY | EUR178 vs. EUR185 (+42%)Mixed Q4 numbers but playing SEB’s defensive profile remains attractive enough
Q4 LFL (+8.4%) boosted by a positive one-off tax gain in Brazil
Q4: normalizing trends in China and France was weak
FY18 ORfA guidance confirmed (“around +3%â€)
FY19: some sources of optimism
SEB is engaged in the design, manufacture and marketing of cookware and small household appliances such as pressure cookers, irons, coffeemakers, deep fryers, toasters, kitchen utensils, breadmakers, mixers, blenders, bathroom scales, vacuum cleaners, fans, heaters, air conditioners and food processors. Co.'s products fall into eight categories: Home comfort, Home care, Food preparation, Linen care, Personal care business, Cookware, Electrical cooking and Beverage preparation. Co.'s brands are All-Clad, Krups, Lagostina, Moulinex, Rowenta, Tefal, Calor/Seb, T-fal/Mirro/WearEver/AirBake/Regal, Arno/ Panex//Rochedo/Penedo/Clock/Samurai/Imusa/Umco, Supor, AsiaVina and Maharaja Whiteline.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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