Saint-Gobain climbs on the stock market, after record results

The title rose by 5,90% to 56,49 euros around 10:20 a.m. (09:20 GMT). Since the beginning of the year, it has jumped 23%, among the five best performances of the CAC 40.

The day before, the group had revealed a record turnover for the year 2022: it reached 51,19 billion euros, passing for the first time above the 50 billion mark, up 15,9 %. Net profit stood at 3 billion euros, up 19,1%, also for the first time at this level.

"Saint-Gobain was one of the big winners in the market rebound driven by lower gas prices and less bad macroeconomic indicators," said Oddo BHF analysts in a note.

Above all, they are counting on a further significant increase in the company's valuation. "We remain globally convinced that the changes of recent years have not yet been fully integrated", they explain, stressing that "Saint-Gobain has significant catch-up potential compared to its peers".

In 2023, however, the group anticipates "a moderate slowdown" in its markets, "with a contrasting situation between the drop in new construction in certain places and the good overall resilience of renovation", indicates a press release from the group.

Nothing to worry about for the markets, which have mainly focused on its operating margin, which Saint-Gobain estimates will be between 2023 and 9% in 11.

This forecast is indeed considered "reassuring" by analysts at Jefferies, who believe that the group's margin will benefit from recent sales.

Overall, they praised a company that "is not the same company as before", thanks to its geographical diversification and the development of sustainable solutions, which now represent "75% of its turnover".

In 2023, Saint Gobain plans to distribute to its shareholders a "total amount exceeding 1,4 billion euros" after 1,35 billion euros in 2022.