Saint-Gobain (AO) | Buy | Significant divestment of distribution business in Scandinavia

研报英文原文证据摘录

Saint-Gobain (AO) | Buy | Significant divestment of distribution business in Scandinavia

Saint-Gobain Buy | Target Price: EUR95.00

Company description Management

Saint-Gobain offers integrated solutions for the renovation of public and private Benoit Bazin, CEO

buildings, light construction, and the decarbonisation of construction, mobility, Maud Thuaudet, CFO

and industry. Founded in 1665 as a royal glass manufacturer, today the group is a Benoit Bazin, Chairman

global leader in light and sustainable construction and the no.2 player in Key shareholders

construction chemicals. Headquartered in Paris (France), the company employs a Free float 95.00%

staff of around 161,000 and generated sales of EUR46.6bn and operating income Saint-Gobain employees 7.71%

of EUR5.3bn in 2024. BlackRock 7.01%

Investment case Valuation methodology

We remain moderately positive on the outlook for global We use a 7.3x EV/EBITDA 2027E target multiple for Saint-Gobain,

construction activity next year, rising from a decline of around 1 discounted back to 12 months from now.

to 2% in 2026E to growth of roughly 1% next year, we think. Risks to our rating

We expect Lead & Grow to further improve Saint-Gobain’s equity Renewed rise in interest rates and cost inflation.

story, as the company is likely to capitalise on its strong market Deterioration in consumer confidence, potentially impacting

positions in renovation and light construction and to renovation demand.

increasingly penetrate non-residential and infrastructure Overpriced M&A transactions.

markets. Moreover, we expect further value-creative M&A in

2026.

We like Saint-Gobain’s share buyback programme worth

EUR2bn, as it sustainably enhances the company’s EPS

progression, and creates value at the current share price level.

Catalysts