Saint-Gobain: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Saint-Gobain shares, with an unchanged target price of E110.


Operating income for 2024 is above expectations at E5,304m, i.e. +1% in actual terms, while FCF reached E4,031m, vs. E3.9bn in 2023. Furthermore, 2024 sales were in line with consensus at E46,571m, -2.9% as reported and -3.6% LFL (nearly the css of E46.6bn).

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 that 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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