Saint-Gobain shines at the top of the flagship index of the Parisian market, advancing 3.55% to 89.16 euros. The construction materials specialist is on the rise as Jefferies, which maintained its “Buy” recommendation on the stock, raised its price target from 103.10 to 147 euros. In a context of new construction still significantly slowing down, the construction materials specialist has recently shown signs of resistance.
In the third quarter, the company published a turnover of 11.6 billion euros, down 2% year-on-year at comparable structure and exchange rates but “stable” at actual data, in line with expectations.
Over the first nine months of 2024, turnover stood at 35.32 billion euros, down 4.1% compared to the same period last year.
The activity in Northern Europe of the industrial group suffered a decline of 5.8% to 8.70 billion euros, that in Southern Europe, the Middle East and Africa a decline of 8% to 10.51 billion euros.
The company anticipates a decline in some of its markets throughout 2024 with, in Europe, a decline in new construction and resilience in renovation.
Regarding France, Saint-Gobain management has specified that it will be necessary to wait “a few more quarters” for the low point to be reached.
“Despite a context which remains difficult in certain markets, Saint-Gobain is aiming for further growth in the operating margin in 2024,” specifies the group.
Swiss
