Electrolux: No end in sight

研报英文原文证据摘录

Electrolux: No end in sight

Accessible version

Electrolux

No end in sight

Reiterate Rating: UNDERPERFORM | PO: 25.00 SEK | Price: 29.49 SEK

Challenging conditions could continue throughout 2026 16 June 2026

Electrolux hosted a sell-side meeting last week, with management highlighting cost Equity

synergy potential from the Midea partnership. However, they also acknowledged the

need for additional investments in 2026/2027 to restructure the US and European

Key Changesmanufacturing footprint. While most of the benefits from ongoing investment and sales

initiatives are expected to materialise in 2028/2029, some near-term cost relief could (SEK) Previous Current

emerge from sourcing efficiencies via Midea. Current Q2 industry data (c.-6% YoY Price Obj. 35.00 25.00

volume decline with 1–3% pricing growth) points to another weak quarter, particularly in

light of elevated logistics costs and Section 232 tariffs. We maintain our EBIT estimates Uma Samlin >>

Research Analyst

for 26e/27e c50%/20% below cons and lower our PO to SEK 25/USD 5.31 (from SEK MLI (UK)

35/USD 10.63) to reflect dilution from the capital raise (share count now 812m vs +44 20 7995 1964 uma.samlin@bofa.com

previously c500m). Our PO is based on based on a multiple of 6x EV/EBITA 2028e, rolled Benjamin Heelan >>

forward from 6x EV/EBITA 2027e. Reiterate U/P. Research Analyst

Merrill Lynch (DIFC)

+44 20 7996 5723North America: trade down intensifying benjamin.heelan@bofa.com

Since the Q1 results, inflationary pressure has intensified in North America. We expect

Alexander Jones, CFA >>

intense volume and pricing pressure to continue in Q2, with an unfavourable mix as Research Analyst

consumers trade down to cheaper alternatives. In terms of volume, recent expert call by MLI (UK) +44 20 7995 5828