First Read: Groupe SEB "SMID Pan-European Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Groupe SEB "SMID Pan-European Conference 2026 - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesGroupe SEB

SMID Pan-European Conference 2026 - France

Feedback Furnishings & Appliances

12-month rating Buy

12m price target €80.00

SEB at the SMID Pan-European Conference 2026

We hosted Olivier Casanova, Chief Financial Officer, and Guillaume Baron, Investor

Relations Manager, at the SMID Pan-European Conference today for group meetings. Price (13 May 2026) €52.70

RIC: SEBF.PA BBG: SK FP

Key takeaways

Trading data and key metrics

Management reiterated confidence in delivering profit growth this year despite a weak

52-wk range €87.80-41.62

demand backdrop, supported by continued market share gains in certain regions,

Market cap. €2.92b/US$3.42b

especially in North America and pricing and cost actions to offset input inflation. The

tone on trading remains cautious given macro and geopolitical uncertainty, with Shares o/s 55.3m (ORD)

recovery still expected but timing and magnitude contingent on the external Free float 43%

environment. Inventories across the channel remain lean with no near-term restocking Avg. daily volume ('000) 84.5

catalyst. Margin protection is a clear focus, with an emphasis on fixed cost optimisation Avg. daily value (m) €4

and selective pricing, including leveraging innovation to drive mix and limit price erosion. Common s/h equity (12/26E) €3.28b

The Rebound plan could be accelerated as a counter-measure to near-term inflation. The P/BV (12/26E) 0.9x

Professional hub in China has got off to a good start, and the product launches have Net debt to EBITDA (12/26E) 2.2x

been well received.

EPS (UBS, diluted) (EUR)

UBS Cons.

Please click here for the UBS Neo profile of SEB. 12/26E 6.44 5.02

12/27E 8.18 7.64

12/28E 9.56 8.02