Reported figures are strong, but management reported a slightly negative price/cost spread in the operating income. Also, the operating leverage disappoints. The FY18 guidance seems challenging but achievable, in our opinion. The reduction in the number of shares was less than expected and the net impact of the group’s savings plan and stock options should be retreated as operating cash flow. There was an astonishing 8.9% actual return on plan assets. The EBITDA conversion rate into FCF
23 Feb 2018
FY17: solid organic growth, but operating leverage and EBITDA conversion rate into FCF disappoint us
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FY17: solid organic growth, but operating leverage and EBITDA conversion rate into FCF disappoint us
Compagnie de Saint-Gobain SA (COD:LON) | 7,010 -7360.5 (-1.5%) | Mkt Cap: 35,502m
- Published:
23 Feb 2018 -
Author:
Felix Brunotte -
Pages:
5
Reported figures are strong, but management reported a slightly negative price/cost spread in the operating income. Also, the operating leverage disappoints. The FY18 guidance seems challenging but achievable, in our opinion. The reduction in the number of shares was less than expected and the net impact of the group’s savings plan and stock options should be retreated as operating cash flow. There was an astonishing 8.9% actual return on plan assets. The EBITDA conversion rate into FCF