Saint Gobain: Oddo raises TP as new CEO appointed
(CercleFinance.com) - Saint-Gobain has appointed its new CEO: Benoît Bazin, who will take charge of the group from 1 July 2021 and is set to organise a CMD on 6 October.
However, Pierre André de Chalendar will remain Chairman, Oddo says.
After a telephone conversation with Saint-Gobain, the broker emphasises that its disposals will continue, as management wishes to continue to sell certain assets that have become "non-core" and find a long-term solution for the Pipe Division.
Oddo also stresses that Saint-Gobain should keep 570 million euros out of the 690 million euros savings made in 2020. The broker has therefore raised its 2021 margin estimates for most geographical areas, to better integrate the guidance and optimism of management.
In this context, Oddo is maintaining its outperform rating on the stock, having increased its corresponding target price to 53 euros, compared with 51 euros previously.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
However, Pierre André de Chalendar will remain Chairman, Oddo says.
After a telephone conversation with Saint-Gobain, the broker emphasises that its disposals will continue, as management wishes to continue to sell certain assets that have become "non-core" and find a long-term solution for the Pipe Division.
Oddo also stresses that Saint-Gobain should keep 570 million euros out of the 690 million euros savings made in 2020. The broker has therefore raised its 2021 margin estimates for most geographical areas, to better integrate the guidance and optimism of management.
In this context, Oddo is maintaining its outperform rating on the stock, having increased its corresponding target price to 53 euros, compared with 51 euros previously.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.