Saint-Gobain’s 1Q Hit By Weather and Currency Headwinds; Shares Fairly Valued
We’re trimming our fair value estimate for no-moat Saint-Gobain to EUR 44 from EUR 46 after reviewing the firm's first-quarter trading update. Currency headwinds hit harder than we expected, causing us to downgrade our sales growth expectations for the year. Organic growth was soft, at 1.6% over 2017, but some temporary calendar and weather effects are distorting underlying results. We still believe Saint-Gobain’s 2018 target for a like-for-like increase in operating income is achievable. At cur...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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