With a solid H1 19 but a less supportive market environment expected in H2 19, we expect to increase our target price by some 5-10% on the back of operating income beating consensus by some 3% and the fact that we are clearly below consensus concerning our FY 19 operating income. We expect to keep our Buy rating unchanged.
29 Jul 2019
H1 19: solid H1! More asset sales? Misleading FCF conversion rate!
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H1 19: solid H1! More asset sales? Misleading FCF conversion rate!
Compagnie de Saint-Gobain SA (COD:LON) | 7,010 -7360.5 (-1.5%) | Mkt Cap: 35,502m
- Published:
29 Jul 2019 -
Author:
Felix Brunotte -
Pages:
3
With a solid H1 19 but a less supportive market environment expected in H2 19, we expect to increase our target price by some 5-10% on the back of operating income beating consensus by some 3% and the fact that we are clearly below consensus concerning our FY 19 operating income. We expect to keep our Buy rating unchanged.