Du bon grain à moudre - ACHAT - OC 135€ (vs 115€)
L’acquisition de WMF Group, le leader allemand des articles culinaires et leader mondial des machines à café professionnelles, a été saluée par le marché (+11% hier), ce qui est compréhensible au vu de la logique industrielle et de l’aspect relutif de cette opération. Effectivement, SEB devient le premier acteur des articles culinaires en Allemagne et le leader du segment dynamique et très rentable des machines à café professionnelles. Suite à cette opération, qui devrait être approuvée au S2 2016, nous relevons nos estimations de BNA 2017-18 de +21%. Nous maintenons notre recommandation ACHAT avec un objectif relevé à 135€ vs 115€ auparavant.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 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.