Berenberg announced on Thursday that it had raised its price target for Seb shares from €128 to €135, judging the group to be well placed to start its 2024 financial year.
The research firm - which is maintaining its buy recommendation - notes that the company unveiled "solid" fourth-quarter results this week, with organic growth of 9% above the consensus of 7%.
The analyst points out that this is the third quarter in a row in which growth has been in the 6% to 9% range, with the vast majority of product lines seeing growth accelerate towards the end of the year.
For Berenberg, this confirms the return of a favorable business dynamic, which leads it to continue to consider Seb as one of its preferred capitalized mid-caps ('top picks') in Europe.
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The world leader in Small Household Equipment, SEB S.A. relies on 35 flagship brands (Tefal, Seb, Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF, Emsa, Supor, etc.) and a broad product portfolio:
- cookware: frying pans, saucepans, pressure cookers, utensils, etc.;
- small culinary appliances: items for electric cooking (deep fryers, rice cookers, pressure cookers, etc.), beverage preparation (coffee makers, kettles, etc.) or food preparation (blenders, food processors, etc.);
- small non-culinary household appliances: linen care equipment (irons, steam generators, steamers, steamers, etc.), vacuum cleaners, fans, and personal care equipment (hairdressing and depilation appliances, etc.).
At the end of 2023, the group operated 41 manufacturing sites worldwide.
Net sales are distributed geographically as follows: Western Europe (34.1%), Europe/Middle East/Africa (15.2%), China (27.9%), Asia (7%), North America (10.9%) and South America (4.9%).
SEB S.A. 
