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

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Erik Moberg
  • Jesper Birch-Jensen
  • Ludvig Kapanen
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Tobias Kaj
  • Viktor Sundberg

Talking Points - Autoliv (Sell): Down to SELL, valuation overextended

Epiroc (Hold) Post-results: Heavy loader hits pebble Margin recovery in ’20 far from certain Too expensive at 12m fwd EV/EBIT c. 11x; down to SELL

Christer Magnergård

Electrolux (Sell, TP: SEK235.00) - Getting overcooked

With the share price up 14% in October, we believe the market has got a bit carried away on Electrolux. We reiterate our SEK235 target price but have downgraded the stock to SELL (HOLD), as: 1) Professional Products’ earnings and volume volatility make it hard to justify a premium valuation to peers; 2) remain-co has averaged organic growth of c1% and an EBIT adj. margin of 4% since 2006, underperforming peers; and 3) consensus has historically overestimated net cost savings and next year’s earnings.

Anders Idborg ...
  • Olof Cederholm

Electrolux - Solid Q3, focus to turn to 2020

Good Q3, adj. EBIT 2-5% above expectations Limited revisions, still expect strong EBIT growth in ‘20 Maintain BUY and SEK 290 target price

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Erik Moberg
  • Jesper Birch-Jensen
  • Ludvig Kapanen
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Tobias Kaj
  • Viktor Sundberg

Talking Points - Autoliv (Sell): Down to SELL, valuation overextended

Epiroc (Hold) Post-results: Heavy loader hits pebble Margin recovery in ’20 far from certain Too expensive at 12m fwd EV/EBIT c. 11x; down to SELL

Christer Magnergård

Electrolux (Sell, TP: SEK235.00) - Getting overcooked

With the share price up 14% in October, we believe the market has got a bit carried away on Electrolux. We reiterate our SEK235 target price but have downgraded the stock to SELL (HOLD), as: 1) Professional Products’ earnings and volume volatility make it hard to justify a premium valuation to peers; 2) remain-co has averaged organic growth of c1% and an EBIT adj. margin of 4% since 2006, underperforming peers; and 3) consensus has historically overestimated net cost savings and next year’s earnings.

Anders Idborg ...
  • Olof Cederholm

Electrolux - Solid Q3, focus to turn to 2020

Good Q3, adj. EBIT 2-5% above expectations Limited revisions, still expect strong EBIT growth in ‘20 Maintain BUY and SEK 290 target price

Anders Idborg ...
  • Olof Cederholm

Electrolux - Good numbers in a difficult quarter

Q3 adj. EBIT +2-5% vs. expectations Small earnings revisions expected for 2019 Upside is in 2020, ABGSCe c. 15% ahead of Infront cons

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

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

Christer Magnergård ...
  • 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.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Electrolux April 10th, 2019

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 15, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least 3 years) under the guidelines. ECGS therefore recommends to vote OPPOSE.  Under ITEM 16, the board of directors seeks approval of a LT incentive plan. In light of an  insufficiently long performance period (of only...

Electrolux – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14a-14i, the (re-)election of the board of directors is proposed. In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Bert Nordberg (ITEM 14e). Under ITEM 16, the board of directors seeks approval of the Company's remuneration policy. ECGS questions the overall balance of Electrolux' executive compensation package. The performance period of the LT incentive plan (1 year) is ins...

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