L'heure de la pause - NEUTRE vs ACHAT - OC 150€ (vs 160€)
Hier, SEB a publié un ROpA T2 inférieur aux attentes en partie à cause du timing des dépenses marketing, et ce malgré une dynamique top-line toujours au beau fixe. Nos BNA 2017-19e sont abaissés de -4,3% en moyenne afin d’intégrer une hausse des dépenses marketing pour soutenir la top-line. Notre objectif passant à 150€ vs 160€, nous abaissons notre recommandation à NEUTRE vs ACHAT compte tenu de l’absence de potentiel suite au beau parcours boursier (+75%depuis que nous sommes passés à ACHAT le 29 avril 2016).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.
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