Oddo BHF reiterates its 'outperform' rating on Groupe Seb, with an adjusted price target of €127 to €140, following the publication of results marked by strong FCF generation in 2023 and an operating margin for 2024 expected to be close to 10%.
2023 will be a first step in rebuilding margins", says the analyst, who is adjusting his estimates only marginally (-1.8% in 2024) following this publication, which was generally better than expected.
"Seb reaffirms the strength and resilience of its business model. Alongside strong FCF generation, debt is under control', continues Oddo BHF, which also mentions the small electrical appliance group's ability to make acquisitions.
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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. 
