Tefal owner SEB slumps to 8-mth lows as China, Professional biz disappoint

SEB SA

25/07/2024 09:26

** Shares in Tefal and Rowenta brands owner Groupe SEB
 SEBF.PA  slump almost 8%, to their lowest price in almost 8
months, as a slowdown in both China and Professional division
overshadows globally in-line results at group level
    ** Groupe SEB records 5.6% LFL increase in Q2 sales at 1.85
bln euros ($2.01 bln), with Professional division's growth
slowing sequentially to 3.9% from 18.5% in Q1
    ** "The deceleration in momentum seen in Q2 will be
accentuated in H2 in view of the delivery schedule for the major
2023 & 2024 contracts," Midcap Partners says about the division
    ** Sales in China, which accounts for the majority of sales
in Asia - SEB's second biggest region after EMEA - slip 0.6%
organically
    ** "The situation is not improving, the region still suffers
from deteriorated context but globally, SEB's addressable market
is in decline,", Portzamparc says
    ** The broker slightly cuts its FY sales estimates for the
company due to China, Professional slowdown
    ** Stock is heading for its worst day in 5 months if losses
persist


($1 = 0.9225 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))