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In Q3 23, organic sales were up by +8.9% and the operating margin from activity jumped to 10.9% of sales (+4.6pts). Seb benefited from high volumes in Professional thanks to large coffee machine contracts in China, the UK and US. In Consumer, organic sales resumed in Other EMEA countries and Americas. The 2023 guidance is unchanged. In Q4 23, Seb anticipates a lower activity level in Professional, very moderate demand in China and the concentration of investment on growth drivers.
Companies: SEB (SK:EPA)SEB SA (SK:PAR)
AlphaValue
In Q2 23, organic sales growth (+6.8%) comfortably exceeded expectations. The main positive surprise came from the strong rebound in the EMEA region in Consumer. In H1 23, the operating margin from activity (-0.4pt to 5% of sales) included a significant margin recovery in Q2 23 (+3pts to 6.4% of sales). Operating WCR improved thanks to lower inventories. The 2023 guidance has been upgraded including organic sales growth of +5%, an increase in the operating result from activity by +10% at least.
Although lower organic sales had been expected, the decrease in Consumer (-6.6%) was above expectation while record organic growth in Professional (+29.1%) beat expectation. Lower sales had a negative impact on the operating result from activity, amplified by the embedded effect of 2022’s high production costs (c.€50m). On the positive side, free cash flow exceeded €200m thanks to inventory reduction. The 2023 guidance includes a recovery in Consumer, strong growth in the Professional business a
Seb reported a higher-than-expected 2022 operating margin from activity at 7.8% of sales (-2.3pts yoy). There was a big contrast between the low margin in H1 22 (5.4% of sales) and the high margin in H2 22 (9.8% of sales) obtained through the reduction of spending on growth drivers and administrative costs combined with a favorable product mix and price increases (+5% on average) during 2022. For 2023, Seb anticipates a stronger top line and an improvement in the operating margin from activity.
In Q4 22, organic sales decreased by 5.6%, less than expected. Seb benefited from strong sales of coffee machines and hotel equipment in the Professional business. In Consumer, Seb beat expectations in South America thanks to Colombia, in Other EMEA thanks to organic growth in Poland, Turkey, Egypt, the United Arab Emirates and in China (+3.8%) despite the surge in COVID-19 cases. The operating margin from activity is now expected in the high-end of guidance (7.0-7.5% of sales) in 2022.
Seb had a weak Q3 22 due to lower volume in France and Germany, and the loss of activity in Russia and Ukraine. The negative impact from activity was significant for the operating margin (-4.3pts to 6.3% of sales). The 2022 guidance was revised downwards taking into account the continuation in Q4 22 of the trend in sales seen in Q3 22 and unchanged headwinds of €-300m on the operating result from activity.
Q2 22 was disappointing. Organic sales decreased by 5.1% due to the Consumer segment (-5.9%). Seb was impacted by weak demand, sales losses in Russia and Ukraine, less loyalty programmes in Europe and the lockdowns in China. In H1 22, the operating margin from activity collapsed to 5.4% of sales (-3.5pts yoy). Higher operating cost was offset by price increases and the product mix but Seb supported higher investment for growth and sales and administrative expenses. 2022 guidance was downgraded.
Companies: SEB SA (SK:PAR)SEB SA (0MGS:LON)
Organic sales grew slightly in Q1 22 (+0.4%) vs a very high comparative. Fewer loyalty programmes in Western Europe (-2.6pts) and the loss of business in Russia and Ukraine had a strong cumulative negative effect on the growth rate (-3.7pts). The operating income from activity dropped to 7.2% (-3.4pts) due to a negative currency effect and a €50m surge in investment for growth and commercial expenses. Seb is targeting growth in sales and the operating result from activity in 2022.
2021 was a great year with organic sales growth of 15.5% and an operating margin from activity of 10.1% of sales, back to the 2019 level. Seb benefited from a huge positive price-mix effect, productivity gains in manufacturing and structure costs under control. For 2022, Seb is confident and anticipates organic sales growth and an increase in the operating income from activity. The question mark is about the impact of the war between Russia and Ukraine on the European activities.
Organic sales grew strongly in Q4 21 (+8.8%, o/w +8.4% in Consumer, +14.4% in Professional). In Consumer, Seb benefited from double-digit organic growth in Other EMEA countries (+13.5%), North America (+11.8%) and China (+14.5% thanks to high Double 11 sales). In 2021, Seb had record organic sales growth (+15.5%) and anticipates an operating margin from activity of 10% of sales. Seb’s strengths are a diversified product portfolio and geographic presence, and the ability to manage well cost infla
Seb beats expectation with solid organic sales growth and a sastisfactory operating margin from activity in a complex environment. Organic sales grew by +6.4% and the operating margin from activity was 10.6% of sales. Seb benefited from low promotional activity, strong volume, price increases, a positive mix effect and productivity gains which offset higher raw material, components and logistic costs and the currency headwinds. 2021 guidance was upgraded.
In Q2 21, organic sales growth remained solid in Consumer (+20.6%), despite no growth in China (-0.1%), and the organic recovery exceeded expectations in the Professional business (+34.2%). In H1 21, the ORfA margin increased to 8.9% of sales (+5.4pts) thanks to higher volume and the positive price mix. 2021 guidance is slightly revised upwards in terms of reported sales growth (>+10% now) and unchanged for the ORfA margin (close to 10% of sales) despite higher negative currency effects.
Q1 21 was an impressive quarter with organic sales growth of +31%, o/w +39% in the Consumer segment and an operating result from activity of €198m (vs €18m in Q1 20) which exceeded by 43% the pre-COVID-19 level. In Consumer, all geographic areas contributed to sales growth. China rebounded (+30%) and was not the fastest-growing geographic area. The big good surprise came from EMEA (+41.5%) and the Americas (+61%). Lastly, Seb gave out its 2021 guidance which was above our current estimates.
Seb released its final 2020 figures which showed a good operating performance on a like-for-like basis. The COVID-19 pandemic boosted online sales which represented 35% of the total (+8pts). Starting the year 2021, the Consumer activities remain solid while the Professional business is expected to be back to normal in H2 21. Management anticipates organic sales growth and an increase in operating income from activity in 2021.
Organic sales grew by 2.9% in Q4 20, above expectations. The good performance came from the Consumer business (+6.2%), while the Professional activities (-28.5%) continued to suffer from the COVID-19-related restrictions for hotels, restaurants and the catering sector. The Chinese New Year, which falls on 12 February, will have an impact on sales in Q1 21. The stronger end of the year 2020 led the group to raise guidance for operating income from activity to c.€600m in 2020.
Companies: SEB SA
Research Tree provides access to ongoing research coverage, media content and regulatory news on SEB SA. We currently have 35 research reports from 4 professional analysts.
Sanderson Design Group (SDG) has announced its FY24 full-year results, which are in line with the headline figures from its February trading update. A record year for Licensing and a strong performance in the key North America market helped to offset a challenging consumer environment in other geographies, most notably the UK. While this backdrop is set to persist in FY25E, the group will continue to focus on its strategic growth drivers, notably North America and Licensing, to deliver sharehold
Companies: Sanderson Design Group PLC
Progressive Equity Research
We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio
Companies: GPS URBN ITX AEO AEO GES GES ITX GPS ANF 0R32 URBN
Small Cap Consumer Research LLC
Wise experiences a noteworthy growth in active customers, with a 30% YoY increase to 7.5mn, consistent with our projections, in the quarter ended 31 December 2023 (9M24). Active personal customers surged by 30%YoY to 7.1mn, while business customers saw a 23% YoY growth to 392k. The robust financial performance of Wise was largely driven by the rising adoption of multi-feature usage by both personal and business customers. Approximately 46% of personal customers and 60% of business customers no
Companies: WTC WWG WISE 002253 WIHN WIST WISE 065370 273060 9918 IBS WISE 5245 8932 2481
Hypothesis Research
Companies: Mears Group PLC
Liberum
Companies: BBY BYG FOUR SRP CTEC IDS SUPR DOM BOO
Games Workshop Group has reported that trading for the three months to the end of February 2024 is in line with expectations. The fourth dividend of the year has been declared at 105p/share, which takes the year-to-date total to 420p/share, marginally ahead of the 415p/share declared in FY23 at a similar stage. The declared dividend compares with our prior estimate of 425p/share, and we have therefore nudged our estimate down to be consistent with the amounts declared.
Companies: Games Workshop Group PLC
Edison
1st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje
Companies: CPX GLR THRU CBOX VLG POW ARK BOKU
Hybridan
We think Gooch & Housego is attractive at the current share price and initiate research coverage with a valuation of 1,150p, indicating c.30% potential upside. Manufacturing is gradually recovering from COVID and supply chain disruptions, and the orderbook is now at record levels. Recent H1 results were mixed but the strength of the recovery in orders, particularly for industrial lasers, combined with abating disruption, prompted management to continue to support full year consensus earnings est
Companies: Gooch & Housego PLC
Zeus Capital
IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre
Companies: IG Design Group plc
At its AGM scheduled for 11.00am today, the Group will state that the business continues to trade satisfactorily and financial results are expected to be in line with current market expectations. Although trading conditions in the current financial year to August 2024 remain challenging, the Group has a strong product offering which has been well received by the trade. Adverse trading conditions will at some stage revert to normality which we believe will allow strong historic growth to resume.
Companies: Character Group plc
Allenby Capital
Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor
Companies: Spectra Systems Corporation
WHIreland
Companies: ITV RR/ KWS JD/ SENX
Shore Capital
£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties
Companies: CPX FNX CLBS PEB TIDE CNC ELCO IGP FTC IOM PCIP KBT MAI SRT VNET TRCS ING IQG DOTD TIA RCN NXQ TIG BBB ARC BBSN KRM GETB ACC JNEO SWG RDT QTX CER EXR NEXN XLM BOOM CLX FADL LINV SND
Cavendish
Companies: SCE TSTL BOOM ATG
The group has announced an important step forward in its stated strategy to focus on its core competencies by the disposal of its loss-making A&D operation in Boston for total consideration of up to £9.4m. The group remains committed to its added value growth A&D operations, and this is further evidence of management action to restore margins. The disposal results in modest EPS accretion, improving margins and reducing debt. We look forward to further positive management action in due course and
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