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Strong organic growth and margin improvement

  • 26 Oct 16

Seb had a very good Q3 16 with strong organic revenue growth (+6.5%) and a significant increase in the operating result from activity (+21%) despite a negative currency effect. Q3 2016: Sales reached €1,204m (+6.8%). Overall growth included a negative currency effect (-1.7% or €-18m) and a change in perimeter (+2% or €21m) related to the full contribution of OBH Nordica (vs one month in Q3 15) and the integration of EMSA since 1 July 2016. Organic growth was 6.5%. Organic sales growth was attributable to Asia (+9.5%, o/w +10.2% in China) and the EMEA region (+6.9%, o/w +4.6% in Western Europe, +13.1% in other countries). The Americas was the weakest market (+2%, o/w +1.4% in North America, +3% in South America). The operating result from activity was €140m (+21%) corresponding to 11.6% of sales (+1.3pts). The improvement in the operating performance was attributable to the increase in volume, a price/mix effect and favourable raw material costs. 9 months 2016: Seb posted sales of €3,368m (+3.9%). Organic growth was 6.2%, o/w +11.9% in Asia (including +14.9% in China), +6.1% in EMEA (including +4.7% in Western Europe), -2.6% in the Americas (including -5.3% in North America, +1.4% in South America). The operating result from activity surged to €312m (+19%) after a significant negative currency effect of €-104m and a negative impact of €-3m related to the change of perimiter. Net debt increased to €619m on 30 September 2016 (vs €481m on 30 September 2015). In H1 16, the group funded the purchase of an additional 7.9% stake in Supor and the acquisition of EMSA in Germany.

Dynamic growth, margin improvement

  • 25 Jul 16

H1 16 earnings Sales reached €2,164m (+2.4%). There was a significant negative currency effect (-€96m) due principally to the depreciation of various currencies of the emerging countries against the euro. Organic sales growth was significant (+6% vs +8.7% in H1 15) thanks to a positive contribution from all product categories, in particular vacuum cleaners, home comfort, beverage preparation and electrical cooking. Organic sales grew in two geographic areas (+13.1% in Asia, o/w +17.2% in China, +5.6% in EMEA). Conversely, organic sales dropped in the Americas (-5.4%, o/w -9.5% in North America and +0.4% in South America). The operating result from activity increased to €172m (+17.7%) and the margin rate improved by 1pt to 8% of sales. The negative currency effect was higher yoy €-61m (vs €-32m in H1 15) and was attributable to lower hedging gains on the purchasing currencies ($ and yuan) and the depreciation of the rouble, Brazilian real, South American pesos and Turkish lira. Operating income increased at a lower pace (+9% to €134m) due to higher profit sharing (€14m vs €8m in H1 15 becasue of improved results in the French operations) and Other operating expenses (€-24m vs €-15m in H1 15) which included provisions for restructurings in Brazil. Group net profit was €62m (+15%) after higher net financial expenses (+9.6% to €25m) and a lower income tax rate (-1pt to 24%) and stable minority interests following the purchase of 8% of the shares of Supor and an increase in the stake to 81% of the capital. Operating cash flow was €144m, reflecting strong operating income and a signficant reduction in inventories. Seb has a sound financial situation. On 30 June 2016, gearing was 39% and the net debt/EBITDA ratio was 1.14x since net debt increased to €629m (vs €453m on 30 June 2015) due to the funding of the purchase of Supor’s shares and the acquisition of EMSA in Germany. The acquisition of WMF is pending the approval of the authorities and the funding of the operation is expected by the end of H2 16.

A significant and attractive acquisition in Germany.

  • 26 May 16

Seb has signed an agreement with KKR for the acquisition of WMF in Germany. The company’s product-portfolio includes automatic coffee machines for the professional market segment (37% of sales), cookware which comprises high-end stainless steel articles essentially (56% of sales) and premium tabletop equipment for hotels/restaurants/cruise ships (7% of sales). WMF sells its products under the leading WMF-brand and other brands such as Schaerer in Switzerland (professional coffee machines), Silit and Kaiser (cookware) and HEPP (hotel equipment). The company owns a network of 200 shops in Germany. In 2015, WMF had sales of €1,060m (+4.3%) o/w 74% in Europe (51% in Germany) and 26% well-balanced in the US (6%), China (5%), Japan and Korea (9%), rest of world (6%), and adjusted EBITDA of €118m, c.11% of revenue. The headcount comprises 5,700 employees o/w 3,800 people in Germany. WMF operates six plants in Europe (four manufacturing facilities in Germany, one site in Switzerland and one site in Czech Republic) and two plants in Asia (one site in China and one site in India). The purchase price for the WMF shares is €1,020m. In addition, the transaction includes the acquisition of WMF’s net debt and early retirement and pension liabilities by Seb, representing a respective €565m and €125m at year-end 2015. The operation will be funded by debt. Seb had low financial net debt of €184m as of 31 March 2016. The approval from the relevant competition authorities is expected in H2 16, but more probably at the end of the year. Seb has said that the integration of WMF will be accretive (>20%) at the EPS level during the first full year of consolidation.

A really good set of figures

  • 29 Apr 16

Q1 16 figures Sales reached €1,115m (+2.3%). Sales growth included a negative currency impact (€-39m vs €+60m in Q1 15). Integrated on 1 September 2015, OBH brought in €9m for the quarter. Organic sales grew by 5.1%. This was a very good performance considering the high basis of comparison last year (Q1 14: +9.4%). Q1 16 organic growth corresponded to volume increases and a substantial positive price/mix effect. Price increases were implemented in various countries to offset the negative currency headwinds. Organic sales growth was driven by EMEA (+5.3% vs +7.9% in Q1 15) and Asia (+10.1% vs +15.1% in Q1 15). Within EMEA, Seb performed well in France (+5% vs +11.9% in Q1 15 which was boosted by a number of loyalty programmes). In Asia, China was the most dynamic market and Supor’s organic sales were up 12.5%. Conversely, organic sales decreased in the Americas (-5.5% vs +3.4% in Q1 15) due to a drop in sales in North America (-12.4% vs +6.4% in Q1 15). In South America, Seb performed well. Organic sales were up 4.3% (vs -0.1% in Q1 15) despite the adverse macro-economics in Brazil. The operating result from activity increased very slightly to €93m (+1%). It included a significant negative currency effect of €-45m which was higher than last year in the same period (€-15m in Q1 15). Price increases and the favourable product-mix offset the negative currency effects. In addition, Seb benefited from savings on raw material costs, reflecting lower prices and negotiations with suppliers. Seb continued to invest in marketing/advertising and R&D which are key-expenses for growth. On 31 March 2016, Seb had low net debt, i.e. €184m (vs €132m at year-end 2015 and €357m on 31 March 2015), thanks to a reduction in inventories.

Strong organic sales growth in most countries

  • 28 Oct 15

Q3 15 was a very strong quarter with significant organic sales growth in most countries in mature and emerging countries, specifically Brazil (+6.5%) and China (+15%), and a surge of the operating result from the activity despite adverse currency effects. Q3 2015 figures: Sales reached €1,127m, +9.7% and +7.8% organically. There was a change in perimeter with the consolidation of OBH Nordica in Scandinavia (contribution in sales of €7m). Organic sales growth was mainly driven by four geographic areas: Western Europe excluding France (+12.4%), Asia-Pacific (+11.5%, o/w +15% in China), North America (+8.3%, o/w +7.8% in the US), South America (+7.7%, o/s +6.5% in Brazil). Seb had a honourable performance in France (+3.2%) taking into account that there was no loyalty programme. The weaker geographic area was Central Europe/Russia/Other countries (+0.5%). The operating result from the activity increased to €116m (+14%). Excluding the negative currency effect of €-16m, the surge was impressive (+30%). It reflected the impact of higher volume, a fairly good price environment, a favourable product-mix and cost-control. 9m 2015 figures: Sales were €3,240m (+13.5% and +8.4% organically), the operating result from the activity reached €262m (+38%) after a negative currency effect of €-48m. On a like-for-like basis, the operating result from the activity surged by 63%. On 30 September 2015, net debt amounted to €481m (-19% yoy).