Compagnie de Saint-Gobain SA

SGO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Saint-Gobain Earnings: Sequential Improvement Despite Weakness in Europe

Matthew Donen

Oct 30, 2024

No-moat Saint-Gobain delivered a 2% decline in organic sales during the third quarter, underperforming Holcim and Sika. Reported sales were flat, benefiting from a 3% contribution from the completion of its EUR 2.7 billion acquisition of CSR, but still narrowly missing FactSet consensus for the quarter. We’re raising our fair value estimate by 7% to EUR 73 to incorporate the impact of Saint-Gobain’s latest acquisitions of CSR and Fosroc, which have improved its top-line and operating margin outlook.

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Compagnie de Saint-Gobain SA

Saint-Gobain Earnings: Sequential Improvement Despite Weakness in Europe

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