Solid second half for Saint-Gobain with ongoing improvement in France; shares fairly valued.
No-moat Saint-Gobain had a solid second half to the year with EBITDA of EUR 2.2 billion, closely in line with our forecast. Organic growth in the second half increased 6% over 2017, with 3.7% volume growth. The company is guiding for another like-for-like increase in operating income in 2018 with cost savings of EUR 300 million, based on a generally supportive economic environment. We are forecasting a high-single-digit increase in operating income in 2018 and don’t expect to make any significan...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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