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Saint-Gobain published results ahead of expectations for H1 2010 and resumed its organic growth in Q2 2010. The leverage effect is particularly strong on activities which are in the early stage of the business cycle. The guidance for 2010 has been clarified for the result and revised upwards for the free cash flow. With a balance sheet that is back in the comfort zone, the group is likely to resume acquisitions in its strategic business areas. PLUS code confirmed.
Following the steep decline in the construction industry since 2006, a great majority of Saint Gobain’s end markets are already recovering or will do so in the second half of 2010. Cost reductions, especially fixed ones , made in 2008 and 2009, have given the company much better than average operational leverage; this is being underestimated by the consensus , resulting in a significant share price discount .
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