Return on historic margin levels sets French SEB higher, guidance maintained

SEB SA

27/10/2023 09:23

** Shares in SEB  SEBF.PA  are up 7.2%, set for best day
since end-January, after the company reported
better-than-expected Q3 operating result, broadly in-line
revenue and confirmed FY guidance 
    ** The French Tefal maker published an operating result from
activity (ORFA) for Q3 at 209 million euros ($220.58 million),
up 74% YoY and above consensus according to Midcap Partners and
Portzamparc
    ** It also reported Q3 revenue at EUR 1.92 BLN, up 8.9%
organically and broadly in line with expectations according to
Portzamparc
    ** "Publication globally in-line on the top line, but with a
level of profitability significantly better than expected," says
Portzamparc in a note
    ** Portzamparc points to a very good recovery in North
America in Q3 with a 14.9% organic growth, while Midcap Partners
outpoints a very strong growth in Professional business activity
(+43%) 
    ** SEB confirmed its outlook for 2023, with mid-single digit
LFL revenue growth and a growth in ORFA of at least 10%
    ** Stock is among best performers on France's SBF 120 index
 .SBF120 


($1 = 0.9475 euros)

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))