"After a solid 2025 during which Saint-Gobain managed to maintain its margins in North America despite the roofing sector, management continues to show a degree of optimism regarding the recovery in its key European markets," states Oddo BHF, reiterating its Outperform rating on the construction materials specialist.
Oddo BHF analysts also note that the conflict in Iran and the surge in fuel prices, particularly gas, raise fears of a worst-case scenario and potential spillover into the real economy. "This represents a genuine opportunity to strengthen positions at attractive levels, especially since the group will likely still be able to raise prices to curb inflation, as it did in 2022," the research firm added.
Shortly after 9:30 a.m., Saint-Gobain was down more than 2% in a Paris market showing a similar decline.
Compagnie de Saint-Gobain is one of the world leaders in the production and distribution of construction materials for the construction, mobility, healthcare and industrial sectors. The activity is organized around 4 areas:
- manufacturing of high-performance materials: ceramic products (No. 1 worldwide in thermal and mechanical applications for ceramics) and plastics (No. 1 worldwide), abrasive products (No. 1 worldwide) and reinforcing materials (No. 1 worldwide in wire of glass);
- distribution of materials: primarily under the names Point.P in France, Dahl in Scandinavia and Telhanorte in Brazil;
- manufacturing of construction products: exterior products (PVC and façade products, asphalted shingles, etc.), insulation (glass wools, insulating foams, metal ceilings, etc.) and ductwork, industrial mortars, and gypsum materials;
- manufacturing of glass: plate glass, automobile windows, specialty glass (fire and nuclear protection glasses, etc.). The group also transforms and distributes building glass.
Net sales (before intragroup eliminations) are distributed geographically as follows: Southern Europe/Middle East/Africa (33.4%), Northern Europe (28.7%), Americas (27%), and Asia/Pacific (10.9%).
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