Saint-Gobain's Solid 2H Results Overshadowed by EUR 2 Billion Impairment Charge; Shares Undervalued
No-moat Saint-Gobain reported second-half EBIT of EUR 1.7 billion, up 5.8% over 2017 and slightly ahead of consensus and our expectations. Guidance for 2019 remains upbeat with the company calling for a "further like-for-like increase in operating income" despite an increasingly uncertain macroeconomic environment. Regardless of these positive developments and a good day for the markets, the shares are trading off 2%-3% intraday, most likely because of the company’s announcement of a EUR 2 billi...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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