We welcome the reorganisation. However, we believe that this transformation doesn’t go as far as it should. The divestment programme targets less than 10% of sales and the new divisional structure will blur the picture with the past. The positive is the impact on the ROCE: it is difficult to give a clear number as we lack granularity but we believe that thanks to the divestments Saint-Gobain could finally turn to be value-creative by 2019-20 after a decade of value-destruction.
26 Nov 2018
A welcome strategic reorganisation but the divestment target disappoints us
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A welcome strategic reorganisation but the divestment target disappoints us
Compagnie de Saint-Gobain SA (COD:LON) | 7,010 -7360.5 (-1.5%) | Mkt Cap: 35,502m
- Published:
26 Nov 2018 -
Author:
Felix Brunotte -
Pages:
3
We welcome the reorganisation. However, we believe that this transformation doesn’t go as far as it should. The divestment programme targets less than 10% of sales and the new divisional structure will blur the picture with the past. The positive is the impact on the ROCE: it is difficult to give a clear number as we lack granularity but we believe that thanks to the divestments Saint-Gobain could finally turn to be value-creative by 2019-20 after a decade of value-destruction.