SEB : Oddo upgrades its opinion after full-year sales
January 31, 2023 at 04:12 am EST
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Following the announcement of Seb's annual sales figures, Oddo BHF has adopted an 'outperform' rating on the stock, compared with 'neutral' previously, with a price target raised from €102 to €107, 'in order to support the restoration of margins, starting in 2023'.
To take account of the relative resilience of the business, the research department is raising its EPS estimates by 5.9% in 2022 and 10% in 2023 (with organic growth in China at +5%). For 2023, it assumes an operating margin of 8.1%.
Adding that in the medium term, the small electrical appliance manufacturer is aiming for a return to a margin of 10%, the analyst considers that 2023 will constitute "a first step in the reconstitution of profitability".
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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. 
