SEB S.A.,

SEB is engaged in the design, manufacture and marketing of cookware and small household appliances such as pressure cookers, irons, coffeemakers, deep fryers, toasters, kitchen utensils, breadmakers, mixers, blenders, bathroom scales, vacuum cleaners, fans, heaters, air conditioners and food processors. Co.'s products fall into eight categories: Home comfort, Home care, Food preparation, Linen care, Personal care business, Cookware, Electrical cooking and Beverage preparation. Co.'s brands are All-Clad, Krups, Lagostina, Moulinex, Rowenta, Tefal, Calor/Seb, T-fal/Mirro/WearEver/AirBake/Regal, Arno/ Panex//Rochedo/Penedo/Clock/Samurai/Imusa/Umco, Supor, AsiaVina and Maharaja Whiteline.
  • TickerSK
  • ISINFR0000121709
  • ExchangeEuronext Paris
  • SectorHousehold Goods & Home Construction
  • CountryFrance

Analysts

2 directors sold after exercising options/sold

Two Directors at Seb Sa sold after exercising options/sold 5,360 shares at between 147.500EUR and 153.398EUR. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restric...

Cedric Rossi

GROUPE SEB: Good and In-line FY18 Results | BUY | EUR178

GROUPE SEB - BUY | EUR178(+27%) Good and In-line FY18 Results FY18 ORfA (EUR695) fairly in line with expectations (EUR698m) FY18 ND/EBITDA ratio of 1.9x meets target (“below 2x”) Q4 LFL (+8.4%) boosted by a positive one-off tax gain in Brazil Reassuring start to the year and FY19 outlook Buy rating and FV of EYR178 unchanged

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2019

...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2019

...

Delphine Chauvin

Seb : Issuance focus Publication date 19/05/2017 09:54 Writing date 19/05/2017 09:53

Groupe SEB S.A. is preparing to issue a new € 500m unrated bond with a seven-year maturity (2024). In our opinion, it will serve to refinance a large portion of the commercial paper programme, to capitalise on low long-term interest rates and, most important, to avail itself of a little more liquidity headroom (by again accessing the RFC which can be used as a back-up to the CP programme).Operationally, Groupe Seb is still a medium-sized company relative to big names in the sector, but it holds leading positions in most of its markets and boasts a broad geographical spread. The group has eased...

Delphine Chauvin

Seb : Focus Emission

Seb S.A. prépare l’émission d’un nouvel emprunt obligataire, non noté, de 500 m EUR, sur une échéance à 7 ans (2024). Il servira, selon nous, à refinancer une grande partie des billets de trésorerie, afin de profiter des taux de financement bas sur le long terme et surtout, de se donner un peu plus de flexibilité en termes de liquidité (en retrouvant accès au RCF qui sert de back-up au programme de BT).Opérationnellement, Seb est une société de taille encore moyenne par rapport aux grands noms du secteur, mais qui détient des positions de leader sur la majeure partie de ses marchés et bénéfici...

Cedric Rossi

GROUPE SEB: Good and In-line FY18 Results | BUY | EUR178

GROUPE SEB - BUY | EUR178(+27%) Good and In-line FY18 Results FY18 ORfA (EUR695) fairly in line with expectations (EUR698m) FY18 ND/EBITDA ratio of 1.9x meets target (“below 2x”) Q4 LFL (+8.4%) boosted by a positive one-off tax gain in Brazil Reassuring start to the year and FY19 outlook Buy rating and FV of EYR178 unchanged

Christophe Chaput

Seb : 2018 results sharply up, further growth expected in 2019 our estimates remain unchanged, Buy recommendation confirmed

>A good set of 2018 results, net profit up 11.8%, net debt € 1,578m, -€ 327m - Seb reported solid 2018 results, marked by: 1/ 2.5% growth in operating profit from ordinary activities (underlying operating profit before employee profit-sharing) excluding one-off effects from the allocation of the WMF acquisition price to € 695m (+5.2% as reported), close to our expectations and consensus (€ 699m and € 695m respectively). The group was expecting growth to work out at ar...

Christophe Chaput

Seb : Des résultats 2018 en progression soutenue – Poursuite de la croissance attendue en 2019. Nos estimations sont inchangées. Achat reconduit.

>Des résultats 2018 de bonne facture : Rn +11.8% ; DN 1 578 M€, -327 M€ - Au titre de son exercice 2018, le groupe Seb publie des résultats solides qui se caractérisent par : 1/ Une progression du Ropa (ROC avant participation intéressement des salariés) de +2.5% avant impacts non récurrents de l’allocation du prix d’acquisition de WMF à 695 M€ (+5.2% en publié) soit un niveau proche de nos attentes et celles du consensus (respectivement 699 M€ et 695 M€). La Guidance...

Cedric Rossi

GROUPE SEB: Mixed Q4 numbers but playing SEB’s defensive profile remains attractive enough | BUY | EUR178 vs. EUR185

GROUPE SEB - BUY | EUR178 vs. EUR185 (+42%) Mixed Q4 numbers but playing SEB’s defensive profile remains attractive enough Q4 LFL (+8.4%) boosted by a positive one-off tax gain in Brazil Q4: normalizing trends in China and France was weak FY18 ORfA guidance confirmed (“around +3%”) FY19: some sources of optimism

Christophe Chaput

Seb : Robust last quarter (+8.4% l-f-l) allows the group to confirm full-year guidance (ORFA up around +3%)

>Solid Q4 sales growth: +8.4% l-f-l - Seb reported strong Q4 sales growth of 7.8% to € 2.184bn, close to our estimates (€ 2.176bn) and slightly better than those of the consensus (€ 2.153bn). On constant scope and currencies, sales grew by 8.4%, which is an excellent performance, in line with our expectations while the consensus was looking for growth of 7.4%. By geographic zone, EMEA (54% of consolidated sales) remains in good shape with organic growth of 3% (+3.4% o...

2 directors sold after exercising options/sold

Two Directors at Seb Sa sold after exercising options/sold 5,360 shares at between 147.500EUR and 153.398EUR. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restric...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2019

...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2019

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/24/2019

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/01/2019

...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2019

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With a more favourable environment, SEB SA improves to Slightly Positive

SEB SA (FR), a company active in the Durable Household Products industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 1, 2019, the closing price was EUR 134.60 and its potential was estimated at EUR 141.33.

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...

ING
Suvi Platerink Kosonen

Nordic banks/Sizing up the NPS needs

Swedish banks reported solid earnings for 2Q18, while Danske Bank was a negative outlier. Nordea improved mainly due to lower costs. Nordic banks have started to build their MREL buffers with Nordea and Danske Bank issuing bonds in the new non-preferred senior unsecured format. The other Swedish banks are yet to start. We expect the bulk of the upcoming issuance over the next 3-4 years to come in the form of refinancing the outstanding senior maturities with non-preferred senior paper. We prefer Nordea over Danske in NPS, and SEB over Danske in callable Tier 2. Although suffering from company-...

Seb – 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...

Charles Pinel

Proxy Report - 16/05/2018

Our voting policy has been modified this year in order to support the nomination of nonindependent candidates should they demonstrate a commitment to improving governance at their companies (such as adherence to a public voting policy). Given that Fédéractive, in its capacity as main shareholder, has communicated a clear plan on how to pursue improvements in corporate governance at Seb, we recommend support forthe nomination of their representative on the Board (resolution 4). The remuneration of executive directors suffers from extremely poor transparency, in particular due to the fact that ...

Charles Pinel

Proxy Report - 16/05/2018

La politique de vote de Proxinvest a été modifié cette année afin de permettre à un candidat au conseil non libre de conflits d'intérêts potentiels d'être accepté à condition qu’il s’engage sur des progrès de gouvernance conformes aux principes défendus par Proxinvest via une profession de foi ou d’adhésion à une politique de vote publique. Dans ce cadre, il semble que les conditions soient réunies pour approuver le renouvellement du mandat d'administrateur de Delphine Bertrand, adhérente de Fédéractive, l'une des deux holdings familiales principaux actionnaires, dont l'apport au conseil pourr...

Matthieu DRIOL

Short term view - SEB SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €119.80, then €113.00. Passing €164.47 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - SEB SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 119,80 €, puis 113,00 €. Le franchissement de 164,47 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - SEB SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €119.80, then €113.00. Passing €164.47 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - SEB SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 119,80 €, puis 113,00 €. Le franchissement de 164,47 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - SEB SA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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