Groupe SEB: Minor update of our FY13 assumptions

BUY, Fair Value EUR70 (+14%)

News published on September Monday 16, 2013
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At the Investors Day last week, Groupe SEB’s CFO mentioned reassuring trends in emerging markets and also in mature countries, especially in Europe. A better-than-expected LFL growth will offset a deteriorating FX impact of c.EUR30m, enabling the group to reiterate its FY13 op. result guidance. Our new FY13 assumptions lead to a minor 0.6% cut in our FY13 EPS. Considering the better momentum in sales and profitability in H2, we reiterate our Buy rating on the stock.

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