SEB S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 114.2 EUR | +2.70% |
|
+2.51% | +1.06% |
| Apr. 25 | Seb: organic growth of 7.3% to 1,893 ME | CF |
| Apr. 25 | Transcript : SEB SA, Q1 2024 Sales/ Trading Statement Call, Apr 25, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,612 | 7,475 | 7,548 | 4,308 | 6,222 | 6,288 | - | - |
| Enterprise Value (EV) 1 | 8,589 | 8,999 | 9,072 | 6,281 | 7,991 | 7,881 | 7,546 | 7,286 |
| P/E ratio | 17.5 x | 25 x | 16.4 x | 13.7 x | 16.2 x | 13.2 x | 11.5 x | 10.4 x |
| Yield | 1.71% | 1.58% | 1.79% | 3.13% | 2.32% | 2.64% | 2.91% | 3.01% |
| Capitalization / Revenue | 0.9 x | 1.08 x | 0.94 x | 0.54 x | 0.78 x | 0.75 x | 0.72 x | 0.68 x |
| EV / Revenue | 1.17 x | 1.3 x | 1.13 x | 0.79 x | 1 x | 0.94 x | 0.86 x | 0.79 x |
| EV / EBITDA | 8.88 x | 10.6 x | 8.71 x | 7.19 x | 8.11 x | 7.21 x | 6.38 x | 5.82 x |
| EV / FCF | 18.5 x | 11.2 x | 29.6 x | -314 x | 9.93 x | 16.5 x | 14 x | 13.3 x |
| FCF Yield | 5.4% | 8.94% | 3.37% | -0.32% | 10.1% | 6.04% | 7.14% | 7.51% |
| Price to Book | 2.76 x | 2.75 x | 2.52 x | 1.37 x | - | 1.77 x | 1.6 x | 1.42 x |
| Nbr of stocks (in thousands) | 54,933 | 55,183 | 55,135 | 55,050 | 55,061 | 55,061 | - | - |
| Reference price 2 | 120.4 | 135.5 | 136.9 | 78.25 | 113.0 | 114.2 | 114.2 | 114.2 |
| Announcement Date | 2/27/20 | 2/24/21 | 2/24/22 | 2/22/23 | 2/21/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,354 | 6,940 | 8,059 | 7,960 | 8,006 | 8,356 | 8,758 | 9,219 |
| EBITDA 1 | 967 | 851 | 1,041 | 874 | 985 | 1,094 | 1,183 | 1,253 |
| EBIT 1 | 702.6 | 581.2 | 773.9 | 602.7 | 701.8 | 795.2 | 870.5 | 937.6 |
| Operating Margin | 9.55% | 8.37% | 9.6% | 7.57% | 8.77% | 9.52% | 9.94% | 10.17% |
| Earnings before Tax (EBT) 1 | 559.8 | 442.5 | 650.3 | 466.3 | 587 | 669.8 | 739.6 | 788 |
| Net income 1 | 379.7 | 300.5 | 453.8 | 316.2 | 386.2 | 483.3 | 540 | 580 |
| Net margin | 5.16% | 4.33% | 5.63% | 3.97% | 4.82% | 5.78% | 6.17% | 6.29% |
| EPS 2 | 6.891 | 5.418 | 8.360 | 5.710 | 6.970 | 8.661 | 9.906 | 11.02 |
| Free Cash Flow 1 | 463.9 | 804.1 | 306 | -20 | 805 | 476.3 | 538.8 | 547.1 |
| FCF margin | 6.31% | 11.59% | 3.8% | -0.25% | 10.05% | 5.7% | 6.15% | 5.93% |
| FCF Conversion (EBITDA) | 47.97% | 94.49% | 29.39% | - | 81.73% | 43.55% | 45.53% | 43.67% |
| FCF Conversion (Net income) | 122.18% | 267.59% | 67.43% | - | 208.44% | 98.55% | 99.77% | 94.33% |
| Dividend per Share 2 | 2.055 | 2.136 | 2.450 | 2.450 | 2.620 | 3.017 | 3.318 | 3.435 |
| Announcement Date | 2/27/20 | 2/24/21 | 2/24/22 | 2/22/23 | 2/21/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,914 | 3,610 | 1,961 | 2,488 | 1,915 | 1,751 | 3,666 | 1,894 | 2,400 | 1,822 | 1,790 | 1,920 | 2,474 | 1,866 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 103 | - | - | - | 140 | 58.6 | - | 120 | - | 65 | 115.1 | 209 | - | 110 |
| Operating Margin | 3.53% | - | - | - | 7.31% | 3.35% | - | 6.34% | - | 3.57% | 6.43% | 10.89% | - | 5.9% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 7/23/20 | 7/23/21 | 10/26/21 | 2/24/22 | 4/28/22 | 7/20/22 | 7/20/22 | 10/24/22 | 2/22/23 | 4/28/23 | 7/26/23 | 10/26/23 | 2/21/24 | - |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,977 | 1,524 | 1,524 | 1,973 | 1,769 | 1,593 | 1,258 | 998 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.044 x | 1.791 x | 1.464 x | 2.257 x | 1.796 x | 1.457 x | 1.063 x | 0.7962 x |
| Free Cash Flow 1 | 464 | 804 | 306 | -20 | 805 | 476 | 539 | 547 |
| ROE (net income / shareholders' equity) | 16.9% | 12.4% | 16.6% | 10.3% | 12.1% | 14.5% | 14.6% | 14.8% |
| ROA (Net income/ Total Assets) | - | - | - | 3.28% | 4.2% | 4.7% | 4.9% | - |
| Assets 1 | - | - | - | 9,626 | 9,190 | 10,283 | 11,020 | - |
| Book Value Per Share 2 | 43.60 | 49.20 | 54.30 | 57.00 | - | 64.50 | 71.30 | 80.50 |
| Cash Flow per Share 2 | 12.40 | 19.10 | 10.60 | 10.60 | 18.40 | 15.20 | 17.00 | - |
| Capex 1 | 218 | 158 | 213 | 233 | 176 | 298 | 306 | 327 |
| Capex / Sales | 2.97% | 2.28% | 2.64% | 2.92% | 2.19% | 3.56% | 3.49% | 3.54% |
| Announcement Date | 2/27/20 | 2/24/21 | 2/24/22 | 2/22/23 | 2/21/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
114.2
EUR
Average target price
135.2
EUR
Spread / Average Target
+18.39%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +1.06% | 6.71B | |
| +25.15% | 64.64B | |
| +35.00% | 34.08B | |
| +24.76% | 8.88B | |
| +9.90% | 6.41B | |
| +2.95% | 5.05B | |
| -10.25% | 3.23B | |
| +3.51% | 2.5B | |
| -6.61% | 2.38B | |
| +18.25% | 2.37B |
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