Electrolux (Buy, TP: SEK240.00) - Several reasons to BUY
We have upgraded Electrolux to BUY (HOLD) and raised our target price to SEK240 (225), as: 1) we believe increased spending on marketing/innovation is the right way to go and should strengthen the brand and lead to structurally higher profitability; 2) earnings growth beyond 2021e should be boosted by cost savings; and 3) we see room for a substantial extra cash distribution to shareholders.AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
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