Tefal maker SEB jumps on Q2 beat, FY growth prospects

SEB SA

27/07/2023 09:01

** Shares in SEB  SEBF.PA  rise about 6%, tracking their
best day since end-Jan., thanks to Q2 beat and "reinforced" FY
guidance 
    ** The French domestic appliances maker publishes H1
operating result from activity at 180 million euros ($199.94
million), ahead of consensus (EUR 158 mln) according to Midcap
Partners
    ** "The H1 performance reflects a positive volume effect of
EUR 12 m, a positive price-mix of EUR 35 m, cost of sales still
negative at EUR 31 m but improving in Q2 with the drop in raw
materials & freight costs, driving resources down by 32 Mln
yoy," says the brokerage
    ** SEB also announces a "reinforced" FY guidance, now aiming
for a mid-single digit LFL revenue growth and at least 10%
growth in operating result from activity, on the back of
better-than-expected recovery in Q2
    ** "SEB should return to its historical standards of topline
growth and profitability from 2024," adds Midcap
    ** Stock is second best performer on SBF120 index  .SBF120 


($1 = 0.9003 euros)

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