Groupe SEB The kitchen is now bigger and well-equipped!

We are revising up our assumptions following the M&A fever that marked SEB over the last two weeks, with the acquisition of two German groups: EMSA (2015 sales of EUR92m) and WMF Group (2015 sales of EUR1.061bn). Considering limited risks surrounding these deals (excellent track record with M&A, very low cost of financing) and significant accretive impacts expected in 2017, we are clearly confident on the group’s outlook! Buy recommendation confirmed and FV raised to EUR125 vs. EUR102.

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