Saint-Gobain : Du chaos naissent les étoiles
La transformation du portefeuille d’actifs de Saint-Gobain, menée sans tabou sous la houlette de Benoit Bazin, pourrait franchir une nouvelle étape et conduire, selon nous, à une poursuite du re-rating. Notre analyse du ROCE par métier fait ressortir le redressement de deux des trois métiers les moins performants, le Verre Plat et la Distribution, seule la Canalisation fait figure d’exception. Saint-Gobain devrait désormais concentrer ses efforts dans l’accélération de la croissance externe dans les métiers et géographies à fort potentiel. Benoit Bazin dispose d’un excellent track record et d’une force de frappe estimée à 2.0/2.5Md€ /an. Surperformance confirmée, OC ajusté à 110€.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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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