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Spinoff Report
ELUXB & EPROB SS: Negatives Priced In, Accumulate on Lower Levels

Despite the ongoing selloff in the global markets, Electrolux AB (ELUXB SS) completed the Spinoff of its professional products business Electrolux Professional AB (EPROB SS) yesterday (March 23, 2020). We are positive on the forward outlooks in the mid- to long-term for both of these companies, considering the discounts they trade at relative to their peers and how negatives seem priced-in at current levels. Read on for more.

  • ELUXB SS Completes Spinoff of Professional Appliances Business EPROB SS
  • Debt Transfer Leaves Net Leverage for Both Entities Below Peer Averages
  • COVID-19 Impact Most Felt in China & Italy / Significant Discounts on Both Companies' EV/EBITDA
  • Mid- to Long-Term Positive Outlook Maintained / All Negative Factors Seem Priced-In at Current Levels
  • Updated Target Prices / ELUXB SS & EPROB SS Increase MP Weightings by +1% at the End of Today's (March 24) VWAPs
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