Momentum Builds for Saint-Gobain in 1Q; Shares Fairly Valued
After reviewing Saint-Gobain’s first-quarter sales update, we are maintaining our EUR 46 fair value estimate and no-moat rating. Organic growth was an impressive 7.6% compared with the prior-year period, but a favourable calendar impact contributed about 3% of the gain. Nevertheless, the business continues to evolve positively in line with our view, and momentum is building. The market has taken notice and the shares have risen, capped by a recent spike in response to French election results, wh...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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