SEB : Oddo BHF remains Buy after annual sales figures
January 31, 2024 at 10:35 am EST
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The Group has announced sales of 8,006 ME, up 0.6%, including 5.3% on a like-for-like basis. This figure is in line with Oddo BHF's estimate of 8,006.1 ME (consensus: 8,009 ME).
Following this announcement, Oddo BHF confirms its Outperform opinion, with a price target of E127.
This development is consistent with management expectations (organic growth of around 5%), stresses the research firm.
' For the full year 2023, the Group has clarified its EPS target and now expects EPS growth of at least 15% (vs. at least 10% previously), i.e. at least 713 ME; margin of 8.9%; +110bp) ' says Oddo BHF.
' These developments are broadly in line with our expectations (EPS 710 ME in our view; consensus 703 ME). Our estimates are based on sales growth of 4.6% LFL (consensus: +4.8%) with a Ropa margin of 9.5% (Consensus: 9.8%) '.
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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. 
