Electrolux AB B

AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
  • TickerELUX B
  • ISINSE0000103814
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden

Analysts

Alexander Aukner ...
  • Christer Magnergård
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Niclas Gehin
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Christer Magnergård

Electrolux (Hold, TP: SEK235.00) - Consensus looks too high for Q3e

The updated detailed consensus from Infront shows that consensus has a positive view ahead of Q3, expecting underlying EBIT growth. We disagree, and forecast falling EBIT adj. YOY. Our Q3 2019e EBIT is 14% below consensus. In addition, tariffs (list 3 & 4) should limit the scope for a raw material tailwind in 2020. We have lowered our target price to SEK235, but keep our HOLD.

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Christer Magnergård

Electrolux (Hold, TP: SEK245.00) - Still HOLD, despite H2 risks

We keep our HOLD recommendation and SEK245 target price as our 2020 estimates are left relatively unchanged and we have made no changes to our SOTP valuation methodology. However, we believe consensus for H2e earnings, most notably Q3, are too high and we see potential downside risk to near-term earnings.

ELECTROLUX AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ELECTROLUX AB (SE), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 16, 2019, the closing price was SEK 238.40 and its potential was estimated at SEK 265.78.

Christer Magnergård

Electrolux (Hold, TP: SEK235.00) - Consensus looks too high for Q3e

The updated detailed consensus from Infront shows that consensus has a positive view ahead of Q3, expecting underlying EBIT growth. We disagree, and forecast falling EBIT adj. YOY. Our Q3 2019e EBIT is 14% below consensus. In addition, tariffs (list 3 & 4) should limit the scope for a raw material tailwind in 2020. We have lowered our target price to SEK235, but keep our HOLD.

Christer Magnergård

Electrolux (Hold, TP: SEK245.00) - Still HOLD, despite H2 risks

We keep our HOLD recommendation and SEK245 target price as our 2020 estimates are left relatively unchanged and we have made no changes to our SOTP valuation methodology. However, we believe consensus for H2e earnings, most notably Q3, are too high and we see potential downside risk to near-term earnings.

Christer Magnergård

Electrolux (Hold, TP: SEK245.00) - Negative earnings trend continues

Although selling prices are holding up well, headwinds from tariffs, marketing/branding costs, and falling volumes in North America weigh on near-term earnings. For Q2 2019e, we expect Electrolux to book its sixth consecutive quarter with negative EBIT adj. growth YOY. Although we have trimmed our estimates, we keep our HOLD recommendation and SOTP-based target price of SEK245.

Alexander Aukner ...
  • Christer Magnergård
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Niclas Gehin
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Ole-Andreas Krohn

Northern Lights

ELECTROLUX AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ELECTROLUX AB (SE), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 16, 2019, the closing price was SEK 238.40 and its potential was estimated at SEK 265.78.

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