Saint Gobain: Satisfying Q2 2018 performance. Acceleration in strategy.
Saint Gobain: (NEUTRAL, Fair Value EUR47 (+26%))Satisfying Q2 2018 performance. Acceleration in strategy.
Saint-Gobain has reported a satisfying performance, with an acceleration in Q2 top-line organic growth to 8% (with a surprisingly strong performance from Exterior Solutions and HPM), with 5% stemming from volumes and 3% from pricing. H1 2018 operating income stood at EUR1.469bn, slightly above (c1.3%) consensus expectations, with much better than anticipated HPM margin (up 230bps). This was certainly not expected and mostly offset the significant decline in profitability seen in Flat Glass and Exterior Solutions. Guidance reiterated. Acceleration in strategy with EUR3bn in sales to be divested by the end of 2019.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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