Groupe SEB: Q1 LFL growth (+2.7%) is above market expectations (+2.1%)
BUY, Fair Value EUR70 (+30%)
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.
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