Berenberg ups Saint-Gobain to 'buy', cites limited tariff impact

Compagnie de Saint Gobain SA

10/04/2025 09:18

** Berenberg upgrades Saint-Gobain SGOB.PA to "buy" from "hold", seeing a limited impact from U.S. tariffs on the French building materials provider

** Although the broker highlights the recent 25% decline in the company's shares amid tariff concerns, it notes that 20% of its U.S. revenue comes from domestically manufactured products

** It adds that Saint-Gobain's portfolio reshaping, which includes significant asset sales and acquisitions, has improved its EBITDA margin by around 300 basis points

** Despite these improvements, the stock trades at a historical average of 11x 2025 EPS, which Berenberg argues should be higher

** Out of 19 analysts that cover Saint Gobain, 15 rate the stock "strong buy" or "buy", ​three "hold" and one "strong sell"​​

 (Reporting by Hugo Lhomedet)

 ((Hugo.Lhomedet@thomsonreuters.com;))