Good Progress Continues in 3Q for Saint-Gobain; Shares Fairly Valued
After reviewing Saint-Gobain’s third-quarter sales update, we are maintaining our EUR 46 fair value estimate and no-moat rating. Third-quarter results were broadly in line with our expectations, and we don’t expect to make any significant changes to our forecast. Organic sales growth in third quarter was a healthy 5.6% over the prior-year period with 3.6% volume growth. Prices were up, but this was partly to offset a more inflationary raw material environment. We expect 2017 EBIT to increase 4%-...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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