Groupe SEB Feedback from UBS roadshow [Erratum]

Research evidence excerpt

Groupe SEB Feedback from UBS roadshow [Erratum]

Cons.

products. R&D is organised primarily by product category, complemented by a central 12/26E 6.44 5.25

team tasked with identifying emerging consumer trends, as local pods focused on local 12/27E 8.17 7.69

for local. The group is also working to reduce time-to-market by ⅓, including the 12/28E 9.55 9.13

international roll-out time, while marketing remains a central tool to support product

launches, with many initiatives now focused on digital marketing, and more specifically Natasha Brilliant

on social media, influencer marketing and story telling rather than product specs. Analyst

natasha.brilliant@ubs.com

Management sees significant room for improvement in 1) coffee, still below its

+44-20-7567 0645

ambitions and seen as an attractive category, and 2) kitchen knives.

Chiara Tomesani

Focus #2: Profitability Analyst

chiara.tomesani@ubs.com

Management indicated that the Rebound Plan, which targets €200m of cost savings by +44-20-7567 3438

FY27, is progressing well. The programme is designed to enable the company to expand

Louise Wiseur, CFA

margins regardless of top-line performance. Given the current inflationary pressures on

Analyst

the cost base, management is prioritising and accelerating initiatives within indirect louise.wiseur@ubs.com

procurement, where benefits are expected to materialise more quickly. Management +33-14-888 3051

also noted that there is sufficient headroom to achieve the €200m savings target, with a

number of additional cost-saving initiatives already identified.

Focus #3: Cash flow generation

Management's current roadmap focuses on three levers: 1) earnings growth, 2) a

reduction in WC requirements and 3) lower capex following completion of major

transformation projects.