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    SGO   FR0000125007

COMPAGNIE DE SAINT-GOBAIN

(SGO)
  Report
Real-time Euronext Paris  -  11:39 2022-09-30 am EDT
37.05 EUR   +4.09%
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Compagnie de Saint-Gobain S.A. completed the acquisition of Kaycan Ltd. from family.

07/29/2022 EDT

Compagnie de Saint-Gobain S.A. (ENXTPA:SGO) entered into a definitive agreement to acquire Kaycan Ltd. from family for approximately $930 million on May 31, 2022. Under the terms of agreement, consideration is paid in cash. Saint-Gobain will finance the acquisition through cash on its balance sheet. Kaycan has $472 million in revenues. The price represents a multiple (before synergies) of approximately 11.2x Kaycan's 2021-2022E EBITDA of $83 million and a net acquisition price of approximately $820 million, i.e. a multiple of approximately 8.0x EBITDA post run-rate synergies of $30 million and after the planned divestiture of the small United States distribution arm of Kaycan (that accounts for c. $70 million in stand-alone resell of Kaycan products to third parties and c. $10 million in EBITDA, assumed to be sold at a similar pre-synergy multiple to a third party shortly after the finalization of the transaction), while keeping the locally well-established Canadian distribution.

Closing of the transaction is subject to antitrust approvals and other customary closing conditions, is expected to be completed on June 29,2022. This acquisition will create value by year 3 following closing of the transaction. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Compagnie de Saint-Gobain S.A.

Compagnie de Saint-Gobain S.A. (ENXTPA:SGO) completed the acquisition of Kaycan Ltd. from family on July 29, 2022. As part of this acquisition and in line with our previous announcement, the divestment of Kaycan's small US distribution business is progressing well and its closing is expected in the third quarter of 2022. Kaycan joins the local North American construction business, within the Americas Region.


© S&P Capital IQ 2022
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Analyst Recommendations on COMPAGNIE DE SAINT-GOBAIN
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Financials
Sales 2022 49 403 M 48 444 M 48 444 M
Net income 2022 3 025 M 2 966 M 2 966 M
Net Debt 2022 6 943 M 6 808 M 6 808 M
P/E ratio 2022 6,50x
Yield 2022 5,41%
Capitalization 19 167 M 18 794 M 18 794 M
EV / Sales 2022 0,53x
EV / Sales 2023 0,49x
Nbr of Employees 167 816
Free-Float 90,1%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 37,05 €
Average target price 61,06 €
Spread / Average Target 64,8%
EPS Revisions
Managers and Directors
Benoît Bazin Chief Executive Officer & Director
Sreedhar Natarajan Chief Financial Officer
Pierre-André de Chalendar Chairman
Benoit d'Iribarne Senior VP-Technology & Industrial Performance
Ursula Soritsch-Renier Group Chief Digital & Information Officer
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