Le consensus 2016 nous paraît toujours trop élevé - NEUTRE - OC 100€
Suite aux résultats 2015 sans grande surprise publiés hier, nous ajustons légèrement nos estimations de BNA 2016-17 et maintenons notre objectif de 100€. Nous conservons notre recommandation à NEUTRE pour deux raisons : (i) Nous pensons toujours que le consensus sur le ROpA 2016 est trop élevé car le marché attend une progression organique similaire à celle de 2015 en dépit du ralentissement de la croissance du CA ; (ii) Nous pensons que la société bénéficie de fondamentaux solides avec un profil de croissance organique attractif et une capacité à améliorer sa rentabilité à moyen-terme. La valorisation actuelle reste au-dessus des moyennes historiques, ce qui ne nous paraît pas attractif au vu du risque de révisions à la baisse des estimations.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.
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