Report
Cedric Rossi

GROUPE SEB: Turbulence not over but SEB has a proven track record of solving crises... | BUY | EUR155 vs. EUR175 (+37%)

GROUPE SEB - BUY | EUR155 vs. EUR175 (+37%)
Turbulence not over but SEB has a proven track record of solving crises...

Covid-19 impact in China: EUR250m on sales, EUR40m on ORfA
WMF Consumer: improving prospects in Germany
FV reduced to EUR155, Buy recommendation maintained
Underlying
SEB SA

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Cedric Rossi

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