Groupe SEB: Q1 LFL growth (+2.7%) is above market expectations (+2.1%)

BUY, Fair Value EUR70 (+30%)

News published on April Wednesday 24, 2013
Share on

Yesterday Groupe SEB reported Q1 13 sales of EUR931m, up 2.3% as reported and 2.7% LFL, topping market consensus (EUR919m). As expected, France (-4.8%) and Europe(-2.6%) are the two regions the current crisis hit hardest even though Europe is less sluggish than expected. We also highlight reassuring trends in Asia-Pacific (+8.7%) and in LatAm (+6.8%). The recurring OP margin declined 60bp to 7.9%, weighed down by an unfavourable geographical mix. Current trading per region is in line with Q1 trends, implying no further deterioration in Europe and well-oriented emerging markets.

Full report available to subscribers
Please contact 

The Essentials

Everything you need to know about investment banking dedicated to growth
Recent Transactions Highlights
From M&A, to IPOs see what’s been happening at Bryan, Garnier & Co this year
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities