Electrolux (Hold, TP: SEK160.00) - Turning the page
The past year would probably not be described positively in the potential memoirs of Electrolux’s CEO. However, the worst should be behind us, and we expect the company to gradually improve in the coming quarters. Q2 should be a step in the right direction, with North America possibly becoming profitable again. However, weak consumer spending in many regions and intensified price promotions cast uncertainty over the speed of the potential turnaround. Thus, we reiterate our HOLD and SEK160 target price.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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