France' SEB jumps after profit guidance hike

SEB SA

31/01/2024 08:23

** Shares in SEB  SEBF.PA  jump nearly 7% after the
France-based maker of household equipment on Tuesday revised
upwards its annual operating result from activity (ORfA) growth
forecast
    ** It now expects its operating profit to improve more than
15% in 2023 versus previously guided more than 10% 
    ** According to Cedric Rossi, analyst at Bryan Garnier, this
more optimistic outlook provides greater confidence in the
group's ability to meet its FY24 ORfA target for a "margin close
to 10%" vs. 8.8-8.9%e in FY23
    ** He adds SEB reported stronger-than-expected Q4 LFL growth
of 8.5%, with a more balanced contribution between Consumer
(+7.7% LFL) and Professional (+16.2% LFL)
    ** "4Q results are more than reassuring with good organic
growth (ahead of estimates). We see consensus to lift 2023 ORFA
numbers by more 3%," Equita SIM's analyst Alessandro Cecchini
adds
 


    
    
    

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))