(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on Saint-Gobain shares, with an unchanged price target of 70 euros.
The analyst believes that the group should record a still difficult Q2 in terms of volumes given a high basis of comparison (at least until the end of H1).
‘We expect Q2 sales of 11,978 ME, down 11% and a negative scope effect of 4.5% (-1.9% LFL: price +6.0%, volume -7.9%)’, indicates Oddo BHF. For its part, the Visible Alpha consensus expects sales close to 12.4 billion euros.
The broker remains convinced that Saint-Gobain still has the potential for good surprises, especially in the next H1. ‘The consensus is for a decline in annual EBIT of 10% against an increase of 5/10% for Sika and even >10% for Holcim. We are now expecting a drop of 6% or 4% above market expectations’, indicates the broker.
Oddo BHF believes that the changes of recent years have not yet been fully integrated.
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