Continued Improvement for Saint-Gobain in First Half; Shares Fairly Valued
After reviewing Saint-Gobain’s first-half results, we are maintaining our EUR 46 fair value estimate and no-moat rating. First-half results were broadly in line with our expectations, and we don’t expect to make any significant changes to our forecast. Building distribution had weak results, but this was due to the cyberattack in late June, which has since been resolved. Organic sales growth was a solid 3.5% in the first half compared with last year, with flat glass leading the charge on a now-b...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).
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