Saint-Gobain : Stars born out of chaos
The change in Saint Gobain’s asset portfolio, undertaken without any taboos under Benoit Bazin, could move into a new phase and lead, in our view, to Saint Gobain’s further re-rating. Our analysis of ROCE by business, shows the recovery of two out of the three underperforming divisions, flat glass and distribution, with the pipe segment still lagging. Saint-Gobain is now set to focus its efforts on accelerating external growth in businesses and geographies showing strong potential. Mr Bazin boasts an excellent track record, and a firepower estimated at € 2.0-2.5bn. p.a. Outperform rating confirmed, TP adjusted to € 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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