Groupe SEB: Conference Call Feedback: how WMF will transform Groupe SEB

BUY, Fair Value Under Review

News published on May Wednesday 25, 2016
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Yesterday morning SEB’s management provided further details on WMF’s three divisions to better understand how they will drive sales and earnings momentum over the coming years. Despite a significant accretive impact (BG: +20%e on top line and ~15%e on EPS in 2017e), we understand that the business plan was built on conservative assumptions (+3-4% LFL, synergies of EUR40m/year from 2020). We will work on our new forecasts but our early estimates suggest there remains some upside potential, hence we keep our Buy recommendation.

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