Spinoff Report
ELUXB SS: March Spinoff Will Unlock Inorganic Growth Opportunities, MP Increase
In its earnings report last week (January 31), Electrolux AB (ELUXB SS) disclosed a critical element of the upcoming Electrolux Professional Spinoff in March, namely the debt it will transfer to the new company as part of the separation. We also expect the Spinoff to improve the Parent's EBITDA margins, and for the Spinoff to take advantage of inorganic growth opportunities once out from under the current conglomerate structure. Read on for more on the company's earnings and Spin details.

  • Investors Recommended to Accumulate ELUXB SS at Current Levels / Upcoming March 23, 2020 Spinoff
  • Benefits Resulting from Internal Re-Engineering & Automation Efforts to Materialize in FY20E
  • Debt Transfer Announced / SEK 1bn of Net Debt to Spinoff, Resulting in FY21E Net Debt/EBITDA of 0.6x
  • Supply Side Impact of Coronavirus in Hubei Province China is Limited / Major Suppliers Located in Guangzhou & Shanghai
  • Target Price Maintained / ELUXB SS Spinoff Model Portfolio Holding Increases by +1% at the End of Today's (February 6) VWAP
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