Saint-Gobain: Steady, still attractively priced (Q2 preview)

研报英文原文证据摘录

Saint-Gobain: Steady, still attractively priced (Q2 preview)

Equity Research

European Construction, Building Materials & Infrastructure

1 July 2026

Saint-Gobain

Steady, still attractively priced (Q2

preview)

Small positive organic growth likely in Q2 (release on 30 July). SGOB.PA/SGO FP OVERWEIGHT

We remain confident in pricing power overall. -2% 2026-28E Unchanged

avg. EBIT revision essentially driven by disposals (margin- EuropeanBuilding MaterialsConstruction,& NEUTRAL

Infrastructure

Unchangedaccretive). PT to €108 from €105 - peer re-rating suggesting

potentially more material upside. OW maintained. Price Target EUR 108.00 raised 3% from EUR 105.00

Price (30-Jun-26) EUR 79.16

Organic growth to turn positive: Sequentially vs. Q1-26, Q2 could bring an uptick in organic Potential Upside/Downside +36.4%

growth (we model +0.8%) with a greater pricing contribution; FX headwinds would reduce to Source: Bloomberg, Barclays Research

neutral territory and the impact of disposals gradually accelerate. Volume-wise, Europe could

benefit from some catch-up from a rather poor Q1; we would expect volumes to remain adverse Market Cap (EUR mn) 39474

in the Americas and well oriented in India. On price/cost, we estimate Saint-Gobain could face Shares Outstanding (mn) 498.67

MSD raw mats and energy inflation over FY-26 - some pricing acceleration is hence needed, Free Float (%) 84.41

although to a lesser extent than across most of our Lightside coverage. We would expect an EBIT 52 Wk Avg Daily Volume (mn) 1.1

margin around 11% in H1, with price/cost improvement in H2. Results on 30 July 2026. Dividend Yield (%) 2.91

Return on Equity TTM (%) 11.61

Earnings revision driven by portfolio rotation: Optically, we reduce our 2026-28E EBIT

Current BVPS (EUR) 49.81