New Risk • Jul 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Dividend is not well covered by earnings (99% payout ratio). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €59.03, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €92.08 per share. Reported Earnings • Jul 24
First half 2026 earnings released: €2.26 loss per share (vs €0.01 profit in 1H 2025) First half 2026 results: €2.26 loss per share (down from €0.01 profit in 1H 2025). Revenue: €3.74b (flat on 1H 2025). Net loss: €124.1m (down €124.9m from profit in 1H 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jul 23
SEB SA to Report Fiscal Year 2026 Results on Feb 24, 2027 SEB SA announced that they will report fiscal year 2026 results Pre-Market on Feb 24, 2027 Tillkännagivande • May 19
SEB SA Approves Dividend for the Fiscal Year 2025, Payable on May 22, 2026 SEB SA at the Combined Shareholders Meeting took place on May 12, 2026, approved the distribution of a EUR 2.801 dividend for the 2025 fiscal year. The ex-dividend date is May 20, 2026 and the dividend will be paid starting May 22, 2026. Upcoming Dividend • May 13
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (5.6%). In line with average of industry peers (5.3%). Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: €4.47 (vs €4.26 in FY 2024) Full year 2025 results: EPS: €4.47 (up from €4.26 in FY 2024). Revenue: €8.17b (down 1.2% from FY 2024). Net income: €244.6m (up 5.4% from FY 2024). Profit margin: 3.0% (up from 2.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 25% per year. Tillkännagivande • Mar 23
SEB SA(ENXTPA:SK) dropped from FTSE All-World Index (USD) SEB SA(ENXTPA:SK) dropped from FTSE All-World Index (USD) Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: €4.47 (vs €4.26 in FY 2024) Full year 2025 results: EPS: €4.47 (up from €4.26 in FY 2024). Revenue: €8.17b (down 1.2% from FY 2024). Net income: €244.6m (up 5.4% from FY 2024). Profit margin: 3.0% (up from 2.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 21% per year. Tillkännagivande • Feb 26
SEB SA, Annual General Meeting, May 12, 2026 SEB SA, Annual General Meeting, May 12, 2026. Tillkännagivande • Feb 25
SEB SA Proposes Dividend for the Fiscal Year 2025, Payable on May 22, 2026 SEB SA announced that meeting on 24 February 2026, the Board of Directors proposed the distribution of a dividend per share of €2.80 in respect of fiscal year 2025, stable compared to the dividend paid in 2025 in respect of fiscal year 2024. For shareholders having held registered shares for more than two years, the dividend will be increased by a loyalty premium of 10%, taking the total dividend to €3.08 per share (for holdings below 0.5% of the capital for a single shareholder). The dividend amount will be submitted to the Group’s shareholders for a vote at the Annual General Meeting to be held on May 12, 2026, with the coupon detachment date set at May 20, 2026 and the dividend payment date at May 22, 2026. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €52.73, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 4.6% over the past three years. New Risk • Jul 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 142% Cash payout ratio: 98% Dividend yield: 4.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Cash payout ratio: 98% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Jul 25
First half 2025 earnings released: EPS: €0.01 (vs €1.84 in 1H 2024) First half 2025 results: EPS: €0.01 (down from €1.84 in 1H 2024). Revenue: €3.75b (flat on 1H 2024). Net income: €800.0k (down 99% from 1H 2024). Profit margin: 0% (down from 2.7% in 1H 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €66.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 9.8% over the past three years. Tillkännagivande • Jul 24
SEB SA Revises Sales Guidance for 2025 SEB SA revised sales guidance for 2025. The Group revised its annual organic sales growth expectations which should range between 2% and 4% (vs. “around 5%” previously). New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Upcoming Dividend • May 27
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 03 June 2025. Payment date: 05 June 2025. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 06
Full year 2024 earnings released: EPS: €4.26 (vs €7.02 in FY 2023) Full year 2024 results: EPS: €4.26 (down from €7.02 in FY 2023). Revenue: €8.27b (up 3.2% from FY 2023). Net income: €232.0m (down 40% from FY 2023). Profit margin: 2.8% (down from 4.8% in FY 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €74.45, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €131 per share. Declared Dividend • Mar 02
Dividend increased to €2.80 Dividend of €2.80 is 6.9% higher than last year. Ex-date: 3rd June 2025 Payment date: 5th June 2025 Dividend yield will be 3.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 109% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 01
SEB SA, Annual General Meeting, May 20, 2025 SEB SA, Annual General Meeting, May 20, 2025. New Risk • Feb 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: €4.26 (vs €7.02 in FY 2023) Full year 2024 results: EPS: €4.26 (down from €7.02 in FY 2023). Revenue: €8.27b (up 3.2% from FY 2023). Net income: €232.0m (down 40% from FY 2023). Profit margin: 2.8% (down from 4.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Tillkännagivande • Jan 23
SEB SA (ENXTPA:SK) acquired De BUYER Industries SAS from Edify S.A and others. SEB SA (ENXTPA:SK) acquired De BUYER Industries SAS from Edify S.A. and others on January 22, 2025. La Brigade de Buyer has been owned since 2015 by Edify, an industrial holding company whose portfolio consists of majority and minority stakes in European industrial mid-caps and SMEs. For the period ending December 31, 2024, De BUYER Industries SAS reported total revenue of €66 million. Jean-Thomas Heintz of CMS Francis Lefebvre Avocats acted as legal advisor for Edify S.A. Jonathan Denizou, Emmanuel Faury and Aline Janin of CMS Francis Lefebvre Avocats acted as legal due diligence provider for Edify S.A. Amaury, Bonnaire, Thibault de la Taille, Jean-Baptiste Dujardin and Clement Guinard of Alvarez & Marsal France SARL acted as financial advisor for Edify S.A.
SEB SA (ENXTPA:SK) completed the acquisition of De BUYER Industries SAS from Edify S.A. and others on January 22, 2025. Tillkännagivande • Oct 24
SEB SA to Report Fiscal Year 2024 Results on Feb 27, 2025 SEB SA announced that they will report fiscal year 2024 results Pre-Market on Feb 27, 2025 Reported Earnings • Jul 26
First half 2024 earnings released: EPS: €1.84 (vs €1.38 in 1H 2023) First half 2024 results: EPS: €1.84 (up from €1.38 in 1H 2023). Revenue: €3.74b (up 3.6% from 1H 2023). Net income: €100.1m (up 32% from 1H 2023). Profit margin: 2.7% (up from 2.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Buy Or Sell Opportunity • Jul 26
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €95.26. The fair value is estimated to be €126, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Tillkännagivande • Jul 25
SEB SA Provides Earnings Guidance for the Year 2024 SEB SA provided earnings guidance for the year 2024. For the year, the company expects organic sales growth of around 5%. Buy Or Sell Opportunity • Jun 08
Now 20% overvalued Over the last 90 days, the stock has fallen 1.1% to €111. The fair value is estimated to be €92.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • May 27
Upcoming dividend of €2.62 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (4.4%). Tillkännagivande • May 25
SEB S.A. Approves Dividend for the Financial Year 2023, Payable from June 5, 2024 The Combined Shareholders Meeting of SEB S.A. took place on May 23,2024 approved the distribution of a dividend of €2.62 in respect of the financial year 2023. The dividend is increased by a 10% dividend supplement for shareholders who have held registered shares for a period of more than two years (up to a maximum of 0.5% of the share capital). The coupon will be detached on June 3, 2024 and the dividend will be paid from June 5, 2024. Buy Or Sell Opportunity • May 23
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €113. The fair value is estimated to be €93.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • Apr 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to €114. The fair value is estimated to be €93.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Tillkännagivande • Apr 12
SEB SA (ENXTPA:SK) completed the acquisition of Groupe Sofilec from Augagneur family. SEB SA (ENXTPA:SK) agreed to acquire Groupe Sofilec from Augagneur family on February 21, 2024. The transaction also include the acquisition of Groupe Sofilec brands Lacanche and Charvet. The total revenue of Groupe Sofilec in 2023 is €62 million. The transaction is expected to be completed in April 2024, is conditioned in particular on informing and consulting employee representative bodies within certain Groupe Sofilac companies.
SEB SA (ENXTPA:SK) completed the acquisition of Groupe Sofilec from Augagneur family on April 11, 2024. Reported Earnings • Apr 07
Full year 2023 earnings released: EPS: €7.02 (vs €5.74 in FY 2022) Full year 2023 results: EPS: €7.02 (up from €5.74 in FY 2022). Revenue: €8.01b (flat on FY 2022). Net income: €386.2m (up 22% from FY 2022). Profit margin: 4.8% (up from 4.0% in FY 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Mar 24
Dividend increased to €2.62 Dividend of €2.62 is 6.9% higher than last year. Ex-date: 3rd June 2024 Payment date: 5th June 2024 Dividend yield will be 2.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.6% to €111. The fair value is estimated to be €91.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 6.1%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: €7.01 (vs €5.74 in FY 2022) Full year 2023 results: EPS: €7.01 (up from €5.74 in FY 2022). Revenue: €8.01b (flat on FY 2022). Net income: €386.2m (up 22% from FY 2022). Profit margin: 4.8% (up from 4.0% in FY 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Tillkännagivande • Feb 22
Groupe SEB Proposes Dividend for the Financial Year 2023, Payable on June 5, 2024 Groupe SEB announced that at the meeting on February 21, 2024, the board of directors proposed the distribution of a dividend per share of €2.62 in respect of the 2023 financial year, up 6.9% versus the dividend paid in 2023. This increase not only illustrates the return to profitable growth observed in 2023, but also the board's confidence in the Group's ability to continue its trajectory toward responsible development in both Consumer and Professional businesses. For shareholders having held registered shares for more than two years, the dividend will be increased by a loyalty premium of 10%, taking the total dividend to €2.88 per share (for holdings below 0.5% of the capital for a single shareholder). With the Annual General Meeting scheduled for May 23, 2024, the coupon detachment date is set for June 3, 2024, and the dividend will be paid on June 5, 2024. Tillkännagivande • Dec 06
SEB SA (ENXTPA:SK) acquired unknown minority stake in Auum. SEB SA (ENXTPA:SK) acquired unknown minority stake in Auum on December 5, 2023.SEB SA (ENXTPA:SK) completed the acquisition of unknown minority stake in Auum on December 5, 2023. Tillkännagivande • Sep 27
SEB SA, Annual General Meeting, May 23, 2024 SEB SA, Annual General Meeting, May 23, 2024, at 14:30 Central European Standard Time. Reported Earnings • Jul 30
First half 2023 earnings released: EPS: €1.38 (vs €1.30 in 1H 2022) First half 2023 results: EPS: €1.38 (up from €1.30 in 1H 2022). Revenue: €3.61b (down 1.5% from 1H 2022). Net income: €76.0m (up 6.1% from 1H 2022). Profit margin: 2.1% (up from 2.0% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 28
Groupe SEB Appoints Cyril Buxtorf as Senior Executive Vice-President, Products & Innovation, Member of the General Management Committee Cyril Buxtorf has been appointed Senior Executive Vice-President, Products & Innovation of Groupe SEB. Member of the Executive Committee, he has joined the General Management Committee. He will continue to report Stanislas de Gramont, Chief Executive Officer of Groupe SEB. Cyril Buxtorf joined Groupe SEB in 1997 and has built up a strong experience, both in the markets and in the Business Units, over the last 26 years. Cyril started his career at the historic birthplace of Groupe SEB in Selongey, Burgundy, as International Market Manager within one of the Strategic Business Units. He moved to the Continents where he spent 7 years in Moscow as General Manager of CEI (Groupe SEB Vostok; Ukraine; Baltics), and then he was successively General Manager of Eurasia (Eastern Europe, CEI, Turkey, Middle East, Africa), General Manager of Western and Southern Europe. In 2010, he came back to the Business Units to take the General Management of the Home & Personal Care Business Unit for 5 years, before taking up the position of General Manager of the EMEA/Greater Europe Continent in 2015. Graduating from EM Lyon, Cyril Buxtorf started his career as an export consultant in Germany, and then in marketing and internal audit with L’Oréal. Tillkännagivande • Jul 06
SEB SA (ENXTPA:SK) acquired FORGE ADOUR from a French family. SEB SA (ENXTPA:SK) acquired FORGE ADOUR from a French family on July 4, 2023. FORGE ADOUR team will join SEB. FORGE ADOUR generated a revenue of €25 million in 2022.
SEB SA (ENXTPA:SK) completed the acquisition of FORGE ADOUR from a French family on July 4, 2023. Upcoming Dividend • May 24
Upcoming dividend of €2.45 per share at 2.4% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 02 June 2023. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.3%). Tillkännagivande • May 06
SEB SA (ENXTPA:SK) acquired Pacojet International AG. SEB SA (ENXTPA:SK) acquired Pacojet International AG on May 5, 2023. Pacojet International AG recorded revenues of €24 million in 2022. SEB SA (ENXTPA:SK) completed the acquisition of Pacojet International AG on May 5, 2023. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: €5.74 (vs €8.42 in FY 2021) Full year 2022 results: EPS: €5.74 (down from €8.42 in FY 2021). Revenue: €7.96b (down 1.2% from FY 2021). Net income: €316.2m (down 30% from FY 2021). Profit margin: 4.0% (down from 5.6% in FY 2021). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.5% decline forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Tillkännagivande • Nov 15
SEB SA, Annual General Meeting, May 17, 2023 SEB SA, Annual General Meeting, May 17, 2023, at 14:30 Central European Standard Time. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 19% share price gain to €77.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €90.20 per share. Reported Earnings • Jul 21
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €150.5m from profit in 1H 2021). Profit margin: (down from 4.2% in 1H 2021). Over the next year, revenue is forecast to grow 5.9%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 24
Upcoming dividend of €2.45 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (7.4%). Reported Earnings • Apr 09
Full year 2021 earnings released: EPS: €8.42 (vs €5.46 in FY 2020) Full year 2021 results: EPS: €8.42 (up from €5.46 in FY 2020). Revenue: €8.06b (up 16% from FY 2020). Net income: €453.8m (up 51% from FY 2020). Profit margin: 5.6% (up from 4.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.4%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €8.06b (up 16% from FY 2020). Net income: €453.8m (up 51% from FY 2020). Profit margin: 5.6% (up from 4.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 4.4%, compared to a 7.4% growth forecast for the industry in the United Kingdom. Reported Earnings • Jul 24
First half 2021 earnings released: EPS €2.79 (vs €0.046 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €3.61b (up 24% from 1H 2020). Net income: €150.5m (up €147.8m from 1H 2020). Profit margin: 4.2% (up from 0.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • May 18
Upcoming dividend of €2.14 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 26
Full year 2020 earnings released: EPS €6.00 (vs €7.63 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €6.94b (down 5.6% from FY 2019). Net income: €300.5m (down 21% from FY 2019). Profit margin: 4.3% (down from 5.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 5.6%, compared to a 18% growth forecast for the Consumer Durables industry in the United Kingdom. Is New 90 Day High Low • Feb 04
New 90-day high: €162 The company is up 11% from its price of €147 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €107 per share. Is New 90 Day High Low • Jan 13
New 90-day high: €152 The company is up 2.0% from its price of €149 on 15 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €102 per share. 
