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...
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