Electrolux: The next chapter pain…adjusting for the rights issue, new TP 30 SEK

研报英文原文证据摘录

Electrolux: The next chapter pain…adjusting for the rights issue, new TP 30 SEK

Deutsche Bank

Research

Rating Company Date

Hold Electrolux 26 June 2026

Forecast Change

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (SEK) 28.52

ELUXb.ST ELUXB SS STO ELUXb

Price Target (SEK) 30.00

Capital Goods

ADR ISIN 52-week range (SEK) 48.08 - 24.81

Diversified / Conglomerates

ELUXY US0101982082

The next chapter pain…adjusting for the

Valuation & Risks rights issue, new TP 30 SEK

John Kim

Electrolux financials look set to change dramatically this year and next as the

Research Analyst

various aspects of the Midea JVs factor into the numbers. Disclosure is limited at +44-20-754-18699

this point, particularly on balance sheet adjustments for the two production JVs,

with the sales JV additive to ELUX’s Q3 numbers this year. That said, the near- Gael de-Bray, CFA

term demand outlook remains weak, particularly in the US where competitors

+33-1-4495-6562

have raised prices to various degrees following ELUX adjustments. Trading

conditions remain weak in key markets with 2026 a transitional year for the

Key changes

business model. As such, we expect significant impairment and restructuring

TP 60.00 to 30.00 ↓ -50.0%

costs to flow through the P&L this year. Beyond these adjustments, we continue

DB EPS (SEK) 3.59 to 1.25 ↓ -65.3%

to see downside risk in N America where the consumer remains under pressure

and white-good OEMs put through significant price increases in Q2. This makes Revenue (SEKm) 132,719 to ↓ -0.5%

132,090

for a recipe of weak volume growth vs a comp of a 10% market decline on volumes

in Q1 26. With competitor OEMs now putting through price increases selectively, Source: Deutsche Bank

this makes ELUX potentially vulnerable to market share loss in our view.