Saint-Gobain: Oddo BHF confirms buy rating

(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Saint-Gobain shares, with an unchanged target price of E70.


Oddo says that Saint-Gobain has chosen to transform itself in order not to die. However, the market remains sceptical about the very substantial changes that have taken place since the Bazin era, which adds tht the best is yet to come.

The broker anticipates cost savings of around E400m by 2024, which will help to offset the volume decline (around 3%).

Analysts remain convinced that it is only a matter of time before the share price rises, adding that 2024 will be a transitional year before business picks up again in 2025.

It concludes that there is nothing better than another difficult year in 2024 to convince people of the solidity of the new model, thanks to a highly flexible cost base.


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