Saint-Gobain Earnings: Weak Momentum As It Enters Fiscal 2024

No-moat Saint-Gobain reported a 1% decline in organic revenue during fiscal 2023, broadly in line with our expectations. The group enters fiscal 2024 with weak momentum as volumes show no signs of improving, declining 5% during the fourth quarter. The group failed to provide much guidance, but anticipates its double-digit operating margin will be maintained, which we believe is certainly attainable. Shares are trading in line with our EUR 68 fair value estimate, which we maintain.