olivLaw · European equity research
SEB SA SK.PA
France · Euronext Paris · ISIN FR0000121709 · Vertical: Listed companies from France
SEB SA is a French group active in small domestic appliances and professional equipment, with a global industrial network and products sold through physical retail and online channels. The company depends on innovation, logistics and adapting to new sales channels, and in fiscal 2025 reports more than 45 production sites and over 30 000 employees.
At the close of 05 Nov 2026, SEB SA (SK.PA) stock was 57.90 EUR (+0.96% on the day), with market capitalisation 3.2 bn EUR, P/E 13.0 on diluted EPS of 4.45 EUR over the last 12 months, dividend yield 6.52%, beta 0.91, 52-week range 41.62–60.95 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.0
- strong (55–70)
- Bollinger (20, 2)
- 51.69 – 59.24
- in the upper half of the band · %B 0.82 · band width 13.6%
- SMA 50 / 200
- 56.35 / 52.14
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.43
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.9% | −0.6% | +6.6 pp | — |
| 3 months | −3.3% | −4.2% | +0.8 pp | — |
| 6 months | +7.7% | +4.3% | +3.4 pp | — |
| Year to date | +17.4% | +7.5% | +9.9 pp | — |
| 1 year | +20.8% | +9.9% | +10.9 pp | −6.8% |
| 3 years | −40.2% | +49.8% | −90.1 pp | −15.9% |
| 5 years | −56.9% | +42.8% | −99.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 11.1, median 16.2, max 20.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.0 bn | 8.3 bn | 8.2 bn |
| Revenue YoY | unavailable | +3.2% | −1.2% |
| Net income | 386.2 m | 232.0 m | 244.6 m |
| Net income YoY | unavailable | −39.9% | +5.4% |
| Diluted EPS | 6.97 | 4.23 | 4.45 |
| Diluted EPS YoY | unavailable | −39.3% | +5.2% |
| net % | 4.8% | 2.8% | 3.0% |
| Free cash flow | 877.8 m | 359.0 m | 22.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 999.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.5 bn EUR
- Total assets
- 9.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.27x
- ROE
- 7.0%
- ROA
- 2.6%
- FCF margin
- 0.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.0 bn | 8.3 bn | 8.2 bn | esef· 07 Apr 2026verified |
| Operating income | 667.5 m | 540.0 m | 502.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 587.0 m | 420.2 m | 370.0 m | esef· 07 Apr 2026verified |
| Income tax | 147.6 m | 137.5 m | 87.3 m | esef· 07 Apr 2026verified |
| Net income | 386.2 m | 232.0 m | 244.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 6.97 | 4.23 | 4.45 | esef· 07 Apr 2026verified |
| Dividend per share | 3.55 | 3.56 | 3.78 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 1.0 bn | 999.0 m | esef· 07 Apr 2026verified |
| Inventories | 1.5 bn | 1.6 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Current assets | 4.3 bn | 4.2 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Goodwill | 1.9 bn | 2.0 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.3 bn | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Total assets | 9.3 bn | 9.3 bn | 9.5 bn | esef· 07 Apr 2026verified |
| Current liabilities | 3.4 bn | 3.5 bn | 3.4 bn | esef· 07 Apr 2026verified |
| Equity | 3.5 bn | 3.5 bn | 3.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 55.1 m | 54.5 m | 54.7 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 532.5 m | 204.4 m | esef· 07 Apr 2026verified |
| Capex | 143.2 m | 173.5 m | 182.1 m | esef· 07 Apr 2026verified |
| Free cash flow | 877.8 m ≈ | 359.0 m ≈ | 22.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -355.4 m | -361.1 m | -295.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -420.8 m | -592.3 m | 107.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 195.4 m | 193.9 m | 206.6 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 49.36 – 132.61 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E49.36 – 132.61 (Mid 76.23)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)51.35 – 70.02 (Mid 59.25)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.0% | 74 (vs peers) | 14% |
| FCF conversion · Quality | 9.1% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 13.0x | 70 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.7% | 9 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 6.5% | 93 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 926.5% | 0 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial39/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation43/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SEB SA (SK.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.2 bn EUR in 2025; YoY growth -1.2%; net margin 3.0%; ROE 7.5%.
The estimated value range is 50.35–101.32 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 67.74 EUR, the price of 57.90 EUR leaves a potential of 17.0% (value / price − 1) and a margin of safety of 14.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.0%
- Shareholder yield (distributions): 6.5%
What contradicts it
- FCF conversion: 9.1%
- FCF yield: 0.7%
- Payout ratio (FCF): 926.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| SK.PASeb SA | 3.2 bn | 13.0 | 7.5% | 3.0% | −1.2% | +19% / −45% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for SK.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.42 Total return -39% · Per year -39% | 57.48 Total return 6% · Per year 6% | 86.81 Total return 58% · Per year 58% |
| 3 years | 27.98 Total return -38% · Per year -15% | 56.14 Total return 16% · Per year 5% | 93.59 Total return 86% · Per year 23% |
| 5 years | 24.15 Total return -37% · Per year -9% | 54.84 Total return 26% · Per year 5% | 100.90 Total return 116% · Per year 17% |
- Exit P/E± 14.04
- Net margin± 9.83
- Annual revenue growth± 8.53
- Annual dilution± 0.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SEB SA is a French group active in small domestic appliances and professional equipment, with a global industrial network and products sold through physical retail and online channels. The company depends on innovation, logistics and adapting to new sales channels, and in fiscal 2025 reports more than 45 production sites and over 30 000 employees 1.
SWOT
Strengths
Weaknesses
- Some production sites are small and located in high-cost countries, which can weigh on profitability at low volumes 1.
- Dependence on key suppliers and complex logistics chains that incidents could disrupt 1.
- Low recurrence of purchases on mature markets makes it hard to sustain volumes without constant innovation 1.
Opportunities
- Direct consumer relationships through own stores, online platforms and CRM could strengthen customer loyalty 1.
- Demand for professional solutions and energy-efficient products could open new market segments.
- Logistics optimisation and use of data for forecasting could reduce inventories and support better customer service 1.
Threats
Risks
- Industrial business continuityhigh
Industrial accidents, natural events or failure of a key supplier could partly halt production and affect deliveries to customers 1.
- Distribution changeshigh
Pressure from large retail chains and online platforms could reduce prices and margins if the group does not adapt its commercial strategy 1.
- Innovation and intellectual propertymedium
A shortfall in innovation or weak brand protection could facilitate counterfeiting and erode competitive advantage 1.
- Regulation and compliancemedium
Differences between national regulations and new product rules could generate adaptation costs and sanctions 1.
- Talent and human resourceslow
A shortage of specialists in strategic areas such as data, digital and logistics could delay growth projects 1.
Investment thesis
What would need to be true (bull case)
- If the omnichannel strategy and direct consumer relationship work as intended, the group could strengthen margins and customer loyalty 1.
- Its production network and innovation investment could support new product launches that offset weaker demand on mature markets 1.
- Solid internal control and existing insurance could limit the impact of operational incidents on results 1.
What would break the thesis
- If large digital platforms extend their control over distribution, the group could lose direct consumer access and bargaining power 1.
- Inflationary pressure and demand restraints could compress volumes and margins on mature markets 1.
- High costs at some small sites and dependence on suppliers could reduce competitiveness in certain regions 1.
What to watch
- Trend in volumes and margins in the Petit Équipement Domestique segment2026
- Progress of omnichannel and direct online sales2026
- Status of industrial optimisation and production costs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Groupe SEB designs, produces and sells electrical appliances for household and professional use under several proprietary brands. Its activity rests on a product portfolio renewed through continuous innovation and adapted to different markets. The company operates worldwide and manages a complex supply chain 1.
The industrial footprint is spread geographically, with more than 45 production sites, some in mature countries with higher costs and others of small size. This structure offers flexibility but requires ongoing optimisation of costs and volumes 1.
The group sells through several channels, including its own stores, online platforms and distributors, which gives it a close relationship with the end consumer and with large retail chains 1.
Segments
Petit Équipement Domestique
Small domestic appliances form the core of the business, where innovation and renewal of product ranges are key differentiators against competitors 1.
Professionnel
The professional division serves customers in specialised equipment, where requirements for quality and continuity of supply are particularly high 1.
Market context
The household appliance market is global and mature in many countries, with demand dependent on consumption cycles and economic conditions. Competition runs on innovation, price and distribution strength, and the source also notes inflationary pressure on demand 1.
Growth of online commerce and omnichannel retail changes access to consumers and increases price transparency, which could compress margins if a manufacturer does not adapt its commercial strategy 1.
Trends
- Omnichannel and e-commercemixed
Online sales accelerated and the boundaries between physical and digital distribution have blurred, opening opportunities for direct consumer relationships but also the risk of dependence on large platforms 1.
- Distribution consolidationheadwind
Retail chains are consolidating and using joint purchasing centrals, which raises the bargaining power of customers and can reduce supplier margins 1.
- Demand for precise logisticsmixed
Customers want low inventories and on-time, in-full deliveries, which requires investment in flow optimisation and forecasting data but can benefit well-organised companies 1.
- Product regulation and climateheadwind
European product rules and climate pressure require adaptation of industrial processes and water use, with compliance costs that could rise 1.
Competitive position
Competition comes from broad-range appliance makers and local brands, and on mature markets rivalry takes the form of incremental innovation and promotional campaigns. The source does not name competitors in the text, so none are listed by name here.
Competitive advantage depends on the ability to launch new products and protect brands against counterfeiting, since repeat purchases on mature markets are limited 1.
- Broad-range small appliance manufacturers
Direct competitors in small appliance categories, where innovation and price are the main decision factors.
- Local brands and private labels
Low-cost products sold by distributors that can pressure prices and margins.
- E-commerce platforms
Digital players that can limit direct access to consumers and influence pricing policies.
- Retail chains with own brands
Customers that can also become competitors through proprietary products, affecting their bargaining position.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SEB SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.