On the shelves now: Consumer Weekly #26

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a closer look at TikTok's weight in the US advertising market ahead of its l

Groupe SEB: Robust start to the year

Groupe SEB showed a stronger-than-expected LFL growth of 7.3% (CSSe: +6.2%) driven by a fourth consecutive quarter of growth above 5% in Consumer, whilst Professional posted another buoyant performance (+18.5% LFL). Q1 ORfA of EUR111m matched expectations (EUR110m) despite a more harmful FX impact

Groupe SEB: resilience of small kitchen appliance segment explained

The small domestic equipment market, which encompasses small kitchen appliances (SKA) and cookware, has shown strong growth over the long term and demonstrated resilience during periods of crisis. Affordable retail prices (~EUR60 in Western Europe) makes the SKA segment relatively immune to volatil

Groupe SEB: Farewell to Peugeot Invest

Yesterday evening, Peugeot Invest announced the disposal of its 4% stake in Groupe SEB through an ABB, as part of "Peugeot Invest's portfolio rotation strategy". This sale will put an end of a 20-year shared history between the two companies. Considering a 7% discount induced by the ABB process, we

On the shelves now: Consumer Weekly #18

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we comment on the CCP accelerating policy support. Happy reading!

Groupe SEB: optimism prevailing for 2024

From the Analysts' Presentation yesterday we retain management's optimistic message on the FY24 outlook, with the start to the year indicating an improvement on the regional revenue trends seen in Q4 2023, while components of the FY24 ORfA bridge are expected to be less volatile than in previous ye

Groupe SEB: Good set of FY23 numbers thanks to a robust H2 performance

Further to a stronger-than-expected Q4 LFL unveiled last month (see our comment), Groupe SEB yesterday reported a FY ORfA of EUR726m (CSSe: EUR718m). As such, FY23 ORfA margin expanded 120bp to 9.1%, which gives greater credibility to the FY24 target for a margin "around 10%". Groupe SEB also stren

Q4 LFL growth beat and raised FY23 ORfA guidance

Yesterday evening, Groupe SEB reported stronger-than-expected Q4 LFL growth of 8.5% vs. +7.4% with a more balanced contribution between Consumer (+7.7% LFL) and Professional (+16.2% LFL). This positive volume effect, combined with a favourable mix contribution, enabled the group to raise its FY23 O

Do not be "freightened" by Red Sea disruption - still an appealing mar...

Whereas we expect solid Q4 numbers that should enable Groupe SEB to deliver its sales and ORfA outlook, investor attention has already shifted towards the company's FY24 ORfA target of "close to 10%", mainly driven by lower input costs, positive operating leverage and the channel-mix (higher share

CMD Feedback: slight tweaks to MT targets

Yesterday at its CMD in Paris, Groupe SEB unveiled its MT objectives (i.e. 3-5 years) which are pretty consistent with the group's historical performances: (i) LFL CAGR of "at least 5%" and (ii) ORfA margin progressing towards 11%. While these MT targets are unlikely to prompt significant upwards r

Model update post H1 2023 results

The positive H1 results publication earlier this week confirmed the positive tipping point that was expected in Q2 and management was confident enough to raise FY23 outlook. The margin rebound story has gained credibility as Groupe SEB's profitability will benefit this year from a combination of se

Bryan, Garnier & Co Consumer Daily | Groupe SEB, Food Delivery

Brighter skies on the horizon

Whereas management was transparent enough to admit that market conditions remain volatile in Western Europe and the US, Groupe SEB is counting on self-help catalysts to improve sales and bottom-line performances as early as Q2. This prompt recovery clearly reassured investors, as evidenced by the p