Un consensus trop gourmand? - NEUTRE - OC 100€
Le groupe français est le leader mondial du petit équipement domestique. 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. Pourtant, nous initions la couverture à NEUTRE pour deux raisons : (i) Nous pensons que le consensus pour 2016 est trop élevé. Cette année sera vraisemblablement marquée par un effet devises négatif à la fois sur le CA et le ROpA et un ajustement du consensus post publication des résultats 2015 (publiés le 25 février) est possible. (ii) La valorisation actuelle, au-dessus des moyennes historiques, ne laisse pas de marge d’erreur, selon nous. Notre objectif de cours par DCF s’établit à 100€ (+9%).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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