SAINT GOBAIN - BUY vs. NEUTRAL | EUR80 VS. EUR65 (+37%) Gap is wide between historical multiples valuation and SOTP Somewhat a new animal with new masters to be baptized by Mr Bazin Better profile, better margin but unchanged multiples Deep dive into the business divisions suggest discount is still significant Back to Buy ahead of the Capital Market Day Back to Buy ahead of the Capital Market Day
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
SAINT GOBAIN - NEUTRAL | EUR65 VS. EUR61 (+8%) Waiting for the capital market day in October Last 12-month performance has defined new standard in profitability But we see some lasting uncertainties… … and the timing in the short term doesn’t look right for an upgrade
SAINT GOBAIN - BUY | EUR57(+7%) Fine acquisition within the construction chemical industry EUR1bn invested in a construction chemical entity… … dynamic, profitable… … that should fit well within Saint-Gobain HPS division A deal likely to please the market
SAINT-GOBAIN | Buy vs. Neutral | TP EUR46 vs. EUR35 | Outstanding Q4 top line and solid H2 operating income Unexpected trading update with better than expected Q4 sales… … and strong profitability in H2 with record level in operating margin Upgrade to BUY, TP lifted on the back of new estimates
UPDATE | SAINT GOBAIN | Sheltered until visibility is restored Since the publication of our sector report on 30th March, in which we designated Saint-Gobain as our top pick among the materials/minerals players, the share price has gained around 45%. The time now looks right to adopt a more prudent approach and we have decided to downgrade our rating to Neutral, with a new FV at EUR30, for the following three reasons:
SAINT GOBAIN - BUY | EUR33(+6%) Trading statement: this is going better “Gradual improvement week after week†With most of the regions performing better Too early to give an earnings outlook for 2020 Positive impact on the share price momentum
SAINT GOBAIN - BUY - Top Picks | EUR47(+36%) Welcome self-help measures in a more uncertain environment Revenues roughly in line EBIT margin fuelled by self-help measures Balanced comments on 2020 But further self-help measures expected in any case
SAINT GOBAIN - BUY - Top Picks | EUR47(+27%) In-house breakfast CFO. A triumvirate for a rebirth? CFO shows genuine confidence in the reorganisation plan And strongly defends the last deal in plasterboard While further divestments look likely but not done yet Is the governance of Saint-Gobain changing?
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