Saint Gobain "Feedback from sell-side lunch" (Sell) Radlinger

研报英文原文证据摘录

Saint Gobain "Feedback from sell-side lunch" (Sell) Radlinger

Global Research

19 June 2026ab

Saint Gobain Equities

FranceFeedback from sell-side lunch

Building Materials

12-month rating Sell

CEO Benoit Bazin, CFO Maud Thuaudet and the IR team hosted a sell-side lunch in Paris.

We thank the team for their time with us and share key feedback below.

12m price target €70.00

Guidance: Positive LFL sales in Q2 and slightly positive price cost for FY confirmed.

Price (18 Jun 2026) €79.76 Americas: “Reasonable” activity levels despite weaker resi. Siding remains

resilient. New resi down M-HSD% y/y - weak but not a disaster. Continued mix RIC: SGOB.PA BBG: SGO FP

shift from single-family to multi-family (affordability-driven - seeing this globally).

Trading data and key metrics

Europe: France back to growth after weather impacted Q1, Germany “OK”, 52-wk range €102.70-68.08

Nordics modestly improving and EE strong, UK soft. Market cap. €39.6b/US$45.4b

Americas margins: Roofing in line with peers; insulation below due to scale; Shares o/s 497m (ORD)

siding above. Mix (Canada/Latam) dilutive vs US. Focus remains on operational Free float 93%

improvement rather than targeting peer margin levels mechanically. Avg. daily volume ('000) 1,327

Avg. daily value (m) €99.7

US roofing: H1 margins expected broadly in line with H2 25. Capacity increasing

Common s/h equity (12/26E) €26.1b

by 2–3% to support SRS expansion. Weather remains key swing factor. Industry

P/BV (12/26E) 1.5x

discipline expected to hold even in a softer demand environment.

Net debt to EBITDA (12/26E) 1.3x

APAC: India very strong (price and volume). Broader shift well underway from

EPS (UBS, diluted) (EUR)

cost-plus to value-based pricing across the region.

UBS Cons.

Price-cost: Pricing actions ongoing globally.