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
Eric Lemarie

SAINT GOBAIN - BUY | EUR33(+6%) Trading statement: this is going better

SAINT GOBAIN - BUY | EUR33(+6%) Trading statement: this is going better “Gradual improvement week after week” With most of the regions performing better Too early to give an earnings outlook for 2020 Positive impact on the share price momentum

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...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/06/2020

L’année 2020 sera lourdement affectée par la crise sanitaire (CA -10.1% à ptcc ; Ropa -39%) mais cette année atypique ne doit pas faire oublier la capacité du groupe à afficher une croissance soutenue (le CA progresse en moyenne de 5.5% par an à ptcc depuis 2011) avec un fort FCF (311 M€e en 2021). Le périmètre chinois est valorisé à 80 €/action faisant apparaitre une décote pour le reste de groupe de l’ordre de 11% vs comparables. La récente hausse du titre, nous empêche de revenir ...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : AGM: business picking-up more rapidly than anticipated

>AGM - The AGM of Saint-Gobain’s shareholders met yesterday evening behind closed doors due to the current health crisis A total of 66.78% of the capital was represented and all of the resolutions were approved. The term of office of three of the group's directors was renewed: Jean-Dominique Senard (senior director), Iêda Gomes Yell (independent director) and Sibylle Daunis (representative of employee shareholder). The AGM also appointed a new independent director Jea...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : AGM : l’activité n’attend pas le déluge pour repartir

>Assemblée Générale - L’Assemblée Générale des actionnaires de Saint-Gobain s’est réunie hier et à huis clos compte tenu du contexte sanitaire actuel. 66.78% du capital y e´tait repre´sente´, et toutes les résolutions ont e´te´ approuvées. Le mandat de quatre administrateurs du groupe a été renouvelé : M. Jean-Dominique SENARD (administrateur référent), Mme Iêda GOMES YELL, (administratrice indépendante) et Mme Sibylle DAUNIS (représentant des actionnaires salariés). ...

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.

Eric Lemarie

SAINT GOBAIN - BUY | EUR33(+6%) Trading statement: this is going better

SAINT GOBAIN - BUY | EUR33(+6%) Trading statement: this is going better “Gradual improvement week after week” With most of the regions performing better Too early to give an earnings outlook for 2020 Positive impact on the share price momentum

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : AGM: business picking-up more rapidly than anticipated

>AGM - The AGM of Saint-Gobain’s shareholders met yesterday evening behind closed doors due to the current health crisis A total of 66.78% of the capital was represented and all of the resolutions were approved. The term of office of three of the group's directors was renewed: Jean-Dominique Senard (senior director), Iêda Gomes Yell (independent director) and Sibylle Daunis (representative of employee shareholder). The AGM also appointed a new independent director Jea...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : AGM : l’activité n’attend pas le déluge pour repartir

>Assemblée Générale - L’Assemblée Générale des actionnaires de Saint-Gobain s’est réunie hier et à huis clos compte tenu du contexte sanitaire actuel. 66.78% du capital y e´tait repre´sente´, et toutes les résolutions ont e´te´ approuvées. Le mandat de quatre administrateurs du groupe a été renouvelé : M. Jean-Dominique SENARD (administrateur référent), Mme Iêda GOMES YELL, (administratrice indépendante) et Mme Sibylle DAUNIS (représentant des actionnaires salariés). ...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : The European Green renovation deal

>Carbon neutrality target in 2050 - The president of the European Commission, Ursula von der Leyen, has promised to put the European green agreement at the centre of the EU stimulus package. A road map was unveiled in this direction on 11 May 2020, aimed at reaching a European Green Deal (EDG). This agreement, which will likely be finalised in Q3 2020, aims to achieve carbon neutrality in 2050. It recommends a wave of renovation for the building sector. The latter has...

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Le Green Deal Européen de la rénovation

>Un objectif, la neutralité carbone en 2050 - La présidente de la Commission européenne, Ursula von der Leyen, a promis de placer l'accord vert européen au centre du plan de relance de l'UE. Une feuille de route a été lancée dans cette direction le 11 mai dernier, visant à trouver un accord sur un « Green Deal » européen (EGD). Cet accord, vraisemblablement finalisé au cours du T3 2020, vise à atteindre la neutralité carbone en 2050. Il prévoit une initiative de « vag...

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...

Compagnie de Saint-Gobain SA: Acquisition of Continental Building Products fits well into Saint-Gobain's portfolio rotation strategy

The acquisition of Continental is a strategically sound deal that will be mainly financed with disposal proceeds

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...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/06/2020

L’année 2020 sera lourdement affectée par la crise sanitaire (CA -10.1% à ptcc ; Ropa -39%) mais cette année atypique ne doit pas faire oublier la capacité du groupe à afficher une croissance soutenue (le CA progresse en moyenne de 5.5% par an à ptcc depuis 2011) avec un fort FCF (311 M€e en 2021). Le périmètre chinois est valorisé à 80 €/action faisant apparaitre une décote pour le reste de groupe de l’ordre de 11% vs comparables. La récente hausse du titre, nous empêche de revenir ...

Benoit Valleaux ...
  • Emmanuel Matot
  • Martial Descoutures
  • Olfa Taamallah
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/03/2020

...

Benoit Valleaux ...
  • Emmanuel Matot
  • Martial Descoutures
  • Olfa Taamallah
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2020

...

Anthony Dick ...
  • Emmanuel Matot
  • Jerôme Bodin
  • Michael Foundoukidis
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/27/2020

...

For SAINT GOBAIN, the environment deterioration entails a downgrade to Neutral

SAINT GOBAIN (FR), a company active in the Building Materials & Fixtures industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date March 10, 2020, the closing price was EUR 28.28 and its expected value was estimated at EUR 34.60.

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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