Groupe SEB: Q4 LFL a touch below consensus but signs of improvement in China and LatAm
BUY, Fair Value EUR70 (+15%)
Yesterday evening Groupe SEB reported FY12 sales of EUR4,060m (+2.4% reported and -0.9% LFL), globally in line with market expectations (EUR4,081m). In Q4 12 alone, LFL sales growth came in at -0.5%, i.e. slightly lower than the consensus of +0.3%, mainly due to the poor performance of France (-4.3% LFL). More interestingly, the group noticed improving trends in China and in Latin America in Q4, which confirms that emerging markets should be a growth engine in 2013.