Saint-Gobain Reports Solid Second Half With Improving Outlook for France; Shares Fairly Valued
We are maintaining our EUR 46 fair value estimate and no-moat rating after reviewing Saint-Gobain’s second-half results. At current levels, shares are fairly valued. The company had a solid year. It achieved its guidance for a like-for-like increase in operating income with a 10.8% increase over 2015, modestly beating our forecast. Saint-Gobain expects another like-for-like increase in operating income for 2017, which is in line with our view.Our thesis is largely based on improving margins. T...
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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