Saint-Gobain: Oddo BHF confirms its recommendation on the share.

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Saint-Gobain shares, with an unchanged target price of 110 euros.


Operating income for 2024 is above expectations at 5,304 ME, or +1% in actual terms, while FCF stands at 4,031 ME versus 3.9 MdsE in 2023. Furthermore, 2024 sales were in line with consensus at 46,571 ME, -2.9% actual and -3.6% L/L (css at 46.6 MdsE).

Oddo BHF describes its 2025 outlook as "optimistic but in line with consensus". The Group is aiming for an operating margin of at least 11% in 2025, and will continue to pay particular attention to the price-cost relationship.

The broker adds: "The share price could mark time after a 2024 publication that was broadly in line with expectations, and a guidance that was insufficient to lead to an upward revision of expectations". The broker remains "generally convinced that the changes of recent years have not yet been fully integrated".

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