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CFA Institute Research Challenge Report Template Small domestic appliances and Team G - Student Research cookware This report is published for educational purposes only by students competing in the CFA Institute Research Challenge. SEB SA Ticker: SK NAIC: 335211 Recommendation: BUY Price: 58.12 € Price Target: 65.14 € Earnings/Share 30 Jun. 31 Dec. Year PER 2008A 1,0253 1,95239 2,98 7,18 2009A 0,54652 2,37628 2,92 13,55 2010A 1,78772 2,62452 4,41 17,59 2011E 1,86779 2,83272 4,70 12,14 January 1st , 2012 Highlights Company Highlights • Valuation. A projected value of 65.14€ is found for Groupe SEB’s share. • Organic growth based on innovation and international expansion. • External growth based on a dynamic acquisition strategy. • Strong multi-brand strategy which enable to better respond to consumers expectations, ensure a vast international presence, implement an offensive sales policy. Financial determinants • Strong Financial Structure: SEB’s results are prosperous and net income increased by 52% over the past 4 years. The group financial structure should remain healthy and solid, its risks of solvency are limited thanks to a low gearing ratio. This year the first bond loan of SEB was a total success and ensure a long term debt for its long term investments. Future value determinants • Despite the 2009 crisis, Groupe SEB enjoyed much more favourable environment for its business in 2010 and 2011. • The emergence of new consumer trends worldwide will be a real opportunity for the group to brainstorm new sales and marketing ideas, balancing a growth slowdown in its developped markets. • The group will have to deal with fluctuating raw material costs and currencies volatility. Groupe SEB’s daily stock price YTD GroupeMarket SEB 2010 ProfileMarket Profile 52 Week Price RangeMarket Profile €78.78 - 58.12 Average Daily Volume (3 month) 100477 52 Week Price Range 78.78 - 58.12 Beta 0,895 Average Daily Volume (3 month) 100477 DividendBeta Yield (Estimated) 0,8952,55% SharesDividend Outstanding Yield (Estimated) 2,55%49,952 MarketShares Capitalization Outstanding 285076149,952 Market Capitalization 2850761 Institutional Holdings 18,28% InsiderInstitutional Holdings Holdings 18,28%28,8% Insider Holdings 28,8% BookBook Value Value per per Share Share 27,96€€27.96 DebtDebt to toTotal Total Capital Capital 28,21%28,21% RetRet urn urn on on Equit Equit y y 17,8%17,8% CFA Institute Research Challenge January 1st, 2012 Business Description Activity Since its creation in 1857, SEB has grown to become one of the world leading household products manufacturer in small domestic appliances and cookware segment and enjoy a significant notoriety thanks to some major breakthrough like the pressure cooker. As a result of one century of innovation and expansion, the group is providing today a large range of products and can draw on 23 famous brands. These brands include 6 brands with a global scope : Moulinex whitch has been relaunched last year, Tefal, Krups,All-Clad, Rowenta, Lagostina and 17 with a national or multi-regional reach : Calor and SEB in France and Belgium; MIRRO, WearEver, AirBake, Regal and T-fal in North America; ARNO, Samurai, PANEX, PENEDO, Rochedo, and Clock in South America; and Supor in Asia. The range of products is very broad from electrical cooking appliances, food preparation, linen care, personal care and home comfort, and home cleaning. (Exhibit 1) Home comfort and cleaning have the highest growth rate (around 30%) whereas personal care is clearly the weakness of SEB with almost no growth certainly due to a lack of brand competitiveness in this field. The other products, mostly various cooking devices, whitch are the main part of SEB’s sales registered an average 10% growth rate. Sales registered an extraordinary rise of +15% in 2010, boosted by their drop in 2009. SEB has been able to recover quickly from its previous worst commercial performances. The global market of small electrical appliances worth an estimated €27.5bn, and €6.5bn for cookwares. Basic household products are generally manufactured in countries with low production costs, and are subject to rapid range renewal. Geographical positioning As a worldwide manufacturer, SEB products are mainly sold in Western Europe (41% of sales), Asia/Pacific (21%), North America (11%), South America (9%) and in nearly 150 countries around the world. More than 80% of sales are achieved outside France. Actually, it’s a well-established group with a powerful brand awareness, leader in many countries, and since this year with the Maharaja Whiteline, SEB is established in all the BRIC. (Exhibit 2) Distribution SEB sustain its profitability with a diversified distribution on a large scale, through various channels, in order to reach every potential customer, mostly everyone. The mass-market channel, supermarkets and hypermarkets, represents 28% of sales, as much as specialty retailers (24%) and less than independent retailers (33%). In 2010, the development of e-commerce (10% of sales) has continued and enables SEB to reduce its dependence on its main distributors (-4%). Furthermore the group continues to open its own retail stores, mainly in emerging countries where supermarkets or traditional networks are not well established (SEB has 1,257 stores at 31 June.2010, including 897 in China) and the new presence of SEB in India should increase strategy. Top Competitors PHILIPS - LG Electronics Inc. - Whirlpool Corporation - AB Electrolux - Panasonic Electric Works Procter & Gamble Hygiene & Health Care Ltd - Conair Corporation -MEYER COOKWARE Shareholder Structure Group SEB’s founder shareholding is significant (43,68% of the shares and 57,47% of the voting rights at 31 December 2010) and steady since the inception of the group. SEB receives support from its shareholders for long- term projects, allowing it to pursue its investment strategy and to develop its new acquisitions. (Exhibit 3) 2 CFA Institute Research Challenge January 1st, 2012 Industry Overview and competitive positioning Since few years, the household industry has become highly competitive with the intrusion of new entrants from emerging countries. Actually we would not expect to see new entrants but would rather look for mergers and acquisitions to dominate the competitive landscape moving forward to generate increased economies of scale.The pressure they put on costs forced the group to relocate a part of their plants in China, in order to sustain its profitability and its market shares on appliance, where innovation is not the main key of success. Low prices have become significant for a mass retailing but SEB choose a more balanced strategy. Competitive positioning: Overview The Group’s industrial strategy aims to continuously improve competitive performance and quality over the long term. The production plan is deployed according to three major lines: - Europe based manufacturing for products when economies of scale are feasible and where the Group is a market leader, protecting its own product concepts using specific technologies for products (enabling a better product mix and justifying higher prices) or for processes (allowing a decrease in the cost price); - Use of its own plants outside Europe for economic mass-production where the Group wishes to retain control of its specific technologies in products and processes; - Sourcing of certain basic everyday products or articles in which the Group cannot exploit economies of scale. The creative strength of the Group is one of its vital foundations, as innovation is one of the principal sources of increased profitability. By generating differentiation and improved product mix, innovation justifies higher selling prices and leads to better margins. This accrued profitability allows in turn to further investments in R&D, marketing and advertising, having a boosting effect on sales, thus creating a virtuous circle. Beyond innovation, Group’s competitiveness also relies on specific expertise in technology, industry, logistics and IT, as well as on the enthusiasm of its teams. Manufacturing Overview Keeping the control over the production is the idea of the management to preserve the quality and we believe that it is the right thing to do. SEB know that its brands are the key of its profit and its selling strength. In order to be competitive 50% of the production is manufactured in emerging countries with low wage costs (China, Brazil, and Vietnam) but 70% remains in-house though a total of 28 plants. This strategy allows SEB to preserve its margin through lower manufacturing costs and settle closer to these countries with high growth potential. The production is still diversified and well balanced between mature and emerging countries but we think that SEB will continue to relocate as necessary to increase its profitability and competitivity, as all worldwide companies.. Investing in emerging countries is not only a choice but a necessity. SEB couldn’t afford to miss these opportunities and let its competitors importing their awareness and market shares. Considering the lack of growth in mature countries, SEB started some years ago to invest in emerging countries, especially Chine with the strategic acquisition of Supor in 2007, to ensure its growth. There is a huge new market for SEB and it is only the beginning of its offensive strategy. Markets Overview Mature Markets: A way of innovation source of profitability SEB is conducting two main different strategies for two different markets. On the first hand there are mature markets like Western Europe and North America. We already said that products with a poor value added are outsourced because low costs are the key to success, but for the main part of the products sold in mature countries, the competitivity is a way of innovation. The main drivers of demand are the replacement of worn-out appliances, upgrading products with newer technologies but having a high sensitivity to customers purchase power. Changes in consumer behavior also affect the growing demand for replacements.
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