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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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SEB. We currently have 80 research reports from 4 professional analysts.
Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
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
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
Companies: Surface Transforms PLC
Cavendish
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
Companies: Solid State plc
Subsector price performance: In the fourth quarter to 29 December 2023 all but the AAA publishers and platform subsector saw share price declines. The UK PC and Console focused subsector was again the worst performing subsector (-26.2%) over the quarter and LTM (-70.1%).
Companies: TBLD FDEV DEVO
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: IG Design Group plc
Canaccord Genuity
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
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Hybridan
AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c
Companies: AFC Energy plc
Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit
Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi
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