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Saint Gobain (Baa1/BBB+): 4Q Results

BASIC INDUSTRIES

Neutral for spreads.


  • Revenue in line although small miss on LFL. EBITDA in line.
  • FY FCF+18% ahead of consensus. Leverage 1.1x marginally lower YoY, CSR acquisition will cause a small uptick again.
  • Outlook light on detail, but seems to be in line.
  • Call 08.30 CET https://edge.media-server.com/mmc/p/m7ehsxme/

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