Compagnie de Saint-Gobain S.A.

Compagnie de Saint-Gobain manufactures, produces, and distributes industrial materials. Co.'s activities are divided into four sectors: Innovative Materials (Co. makes, processes and sells glass and glazing products for the building, the automotive and solar energy industries; Co. also manufactures Ceramics and Plastics, Abrasives, and Textiles), Construction Products (Co. offers products for the Insulation, Gypsum, Exterior Products, Pipe and Industrial Mortars), Building Distribution (Co. distributes building materials (plumbing, heating and sanitaryware products) and ceramic tiles), and Packaging - Verallia (Co. manufactures glass containers and jars for foodstuffs and beverages).
  • TickerSGO
  • ISINFR0000125007
  • ExchangeEuronext Paris
  • SectorConstruction & Materials
  • CountryFrance
Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

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Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Still a chance of an improvement and/or Q4 dividend payment

>Cautious optimism - Whilst our comments on the preliminary results can be found in our Flash published on 31 July (“Q3 set to be solid pending Q4, the big unknown...”), our takeaways from the analysts’ meeting are as follows. The tone was broadly upbeat, especially for Q3, but visibility remains poor, notably for Q4. Payment of an exceptional dividend at the end of the year will depend on Q4. For 2021, the management was optimistic concerning the “European Green Dea...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Soufflé n’est pas joué

>Optimisme prudent - Alors que les commentaires sur les résultats préliminaires sont disponibles sur le Flash du 31/07 (« Vers T3 solide en attendant la grande inconnue T4… »), nous retenons de la réunion d’analystes, les éléments suivants. Le ton était globalement optimiste surtout pour T3 mais la visibilité reste faible notamment au T4. Le paiement d’un dividende exceptionnel en fin d’année dépendra du T4. Concernant 2021, le management a été optimiste concernant l...

SAINT GOBAIN sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SAINT GOBAIN (FR), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 31, 2020, the closing price was EUR 31.17 and its target price was estimated at EUR 24.13.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities consolidating We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency). Weakness within EM raises concerns that global equities may also succumb to weakness... see charts below. • Global equities consolidating. We take a look at the big picture, providing overviews on broad MSCI indexes (ACWI, ACWI ex-U.S., and EAFE)... see page 2. ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to cyclicals Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. • Actionable Sectors: Consumer Discretionary and Manufacturing. Today's recommendations focus on autos, auto parts, and machinery which span the Discretionary and Manufacturing Sectors. We initially recommended adding exposure to autos and auto parts in our 3/14/19 Int'l Compass, and we view the recent mild pullb...

Jérôme VINERIER

Short term view - COMPAGNIE DE SAINT GOBAIN SA : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €30.400. The background trend would be questioned should prices rise above €39.022.

Jérôme VINERIER

Analyse court terme - COMPAGNIE DE SAINT GOBAIN SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 30,400 €. La tendance de fond serait remise en cause en cas de franchissement de 39,022 €.

Jérôme VINERIER

Short term view - COMPAGNIE DE SAINT GOBAIN SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €30.400. The background trend would be questioned should prices rise above €39.022.

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Still a chance of an improvement and/or Q4 dividend payment

>Cautious optimism - Whilst our comments on the preliminary results can be found in our Flash published on 31 July (“Q3 set to be solid pending Q4, the big unknown...”), our takeaways from the analysts’ meeting are as follows. The tone was broadly upbeat, especially for Q3, but visibility remains poor, notably for Q4. Payment of an exceptional dividend at the end of the year will depend on Q4. For 2021, the management was optimistic concerning the “European Green Dea...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Soufflé n’est pas joué

>Optimisme prudent - Alors que les commentaires sur les résultats préliminaires sont disponibles sur le Flash du 31/07 (« Vers T3 solide en attendant la grande inconnue T4… »), nous retenons de la réunion d’analystes, les éléments suivants. Le ton était globalement optimiste surtout pour T3 mais la visibilité reste faible notamment au T4. Le paiement d’un dividende exceptionnel en fin d’année dépendra du T4. Concernant 2021, le management a été optimiste concernant l...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Q3 set to be solid pending Q4, the big unknown...

>H1 operating profit 10% > consensus and cash flow up +143% - H1 operating profit came to € 827m, i.e. 10% above the consensus (consensus at € 750m and ODDO BHF € 680m). Like-for-like, operating profit was down 49.2% versus 1e57%e for our estimates. The HPS (-5.6bp) and southern Europe (-3.3bp) divisions showed the biggest margin declines (negative industrial markets in June and strict lockdowns in southern Europe). Asia Pacific continues to be penalised by a competiti...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Vers T3 solide en attendant la grande inconnue T4…

>ROP S1 10%> consensus et cash-flow à +143% - Le résultat opérationnel S1 ressort à 827 M€ soit 10% au-dessus du consensus (consensus à 750 M€ et ODDO BHF à 680 M€). A pcc, le ROP recule de 49.2% contre -57%e pour nos estimations. Les divisions SHP (-5.6 pb) et l’Europe du Sud (-3.3 pb) affichent le recul de marge le plus marqué (marchés industriels négatifs en juin et confinement strict en Europe du Sud). L’Asie Pacifique reste pénalisée par un environnement prix co...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

Compagnie de Saint-Gobain SA: Key Facts and Statistics - Q1 March 2020

A summary company profile, detailing Compagnie de Saint-Gobain’s business operations and financial highlights.

Compagnie de Saint-Gobain : Sale of Sika shares will improve credit metrics and liquidity, a credit positive

The sale of Sika shares improves Saint-Gobain's flexibility in highly a uncertain market environment

Compagnie de Saint-Gobain : Update to credit analysis

Our credit view of Saint-Gobain, reflecting its good performance in 2019, as well as its highly uncertain outlook for 2020-21.

Compagnie de Saint-Gobain SA - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/01/2020- Air France-KLM, Secteur des boissons

Air France-KLM (Achat) : Nouvelle émission et rachat obligataire Secteur des boissons : Croissance moyenne attendue du résultat opérationnel de 6% en 2020, tirée par les émergents et le segment premium Saint-Gobain (Achat) : Finalise la cession de son activité de polystyrène en France Daimler (Conserver) et Volvo Car (Achat) envisage une coopération dans les moteurs à combustion Plastic Omnium (Achat) : Annonce ses objectifs 2019-2022, vise un FCF annuel > €200m sur la période Défauts S&P : Le nombre de défaillances d’entreprises a atteint 117 en 20...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

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Antoine Boivin-Champeaux ...
  • Fatma Agnès Hamdani
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/05/2020

2020 is set to be hard hit by the ongoing health crisis (sales down 10.1% LFL; ORFA down 39%) but this atypical year should not overshadow the group's capacity to turn in historically steady growth (sales up 5.5% cc per year on average since 2011) with strong FCF (€ 311m in 2021). The Chinese business alone is valued at € 80 per share, which implies for the rest of the group a discount close to 11% vs peers. The recent rise in the share price prevents us from returning to a Buy recomm...

SAINT GOBAIN sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SAINT GOBAIN (FR), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date July 31, 2020, the closing price was EUR 31.17 and its target price was estimated at EUR 24.13.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Saint Gobain – AGM 4 june 2020

ITEMS 11 and 12: In March 2020, the Chairman and CEO and the Deputy CEO informed the Board of Directors of their decision to waive 25% of their fixed compensation for 2020 and 25% of their variable compensation for 2019 for the period during which Group employees will be in partial employment due to the current health crisis. While it is regrettable that it is not clear how much the executives are giving up, this gesture is positively welcomed.   Thus, the company is not proposing any negative change to the compensation policies of its executives; we therefore support them. of its executives...

Jehanne Leroy

Compagnie de Saint-Gobain - Assemblée générale des actionnaires du 4 juin 2020

RémunérationsEn mars 2020, les dirigeants ont fait part au Conseil d’administration de leur décision de renoncer à 25 % de leur rémunération fixe pour 2020 et à 25 % de leur rémunération variable au titre de 2019 pour la durée durant laquelle des salariés du Groupe se trouveront en situation d’activité partielle suite à la crise sanitaire actuelle. Si l’on regrette ne pas pouvoir clairement établir la somme à laquelle les dirigeants renoncent, ce geste est positivement accueilli.Ainsi, la société ne propose pas de changement négatif à la politique de rémunération de ses dirigeants ; nous les s...

Jehanne Leroy

Saint-Gobain - Assemblée générale des actionnaires du 06 juin 2019

La société a nommé, au 1er janvier 2019, Benoit Bazin comme Directeur général Délégué. Elle propose donc aux actionnaires d’approuver la politique de rémunération de ce nouveau mandataire pour 2019, ainsi que ses avantages postérieurs à l’emploi. Globalement, la politique de rémunération du DGD présente une structure plus en ligne avec nos préconisations que celle du PDG et les montants en jeu sont bien plus modérés. Ainsi, nous soutenons cette politique de rémunération. Concernant ses avantages postérieurs à l’emploi, si les indemnités de départ et clause de non-concurrence ne satisfont pas ...

Expert Corporate Governance Service (ECGS)

Saint Gobain - AGM and EGM 06 June 2019

ITEM 10: Benoit Bazin was designated Deputy CEO as of 1 January 2019. The company proposes therefore to approve its 2019 remuneration policy, as well as its post-employments benefits. Overall, his remuneration policy structure is more in line with our recommendations and amounts at stake are more moderate than the CEO’s. Thus we support it. Regarding his post-employments benefits, his severance indemnity and non-compete clause do not respect our Guidelines. However, his supplementary pension plan does. Thus, we support Item 12.

Saint-Gobain – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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