Barclays reiterates its 'Underweight' recommendation on Geberit, with a price target reduced from 400 to 360 Swiss francs, and reaffirms its relative preference for its peer Saint-Gobain (recommended 'Overweight').
In a note on construction products in Europe, the broker makes few changes to its forecasts for 2023, but indicates that it is reducing its volume expectations for 2024 in all areas.
Lack of visibility could fuel doubts about the price/cost ratio; on this point, some confirmation, one way or the other, could take time', Barclays also warns.
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Geberit AG is the European leader in designing, manufacturing, and marketing sanitary systems intended for the construction and building renovation sectors. Net sales break down by family of products as follows:
- sanitary plumbing systems (38.3%): complete installed sanitary systems (showers, bathtubs, toilets, bidets, sinks, urinals, etc.), ball-valves, trigger plates, flush tanks, siphons, etc.;
- sanitary ceramic products (31.2%);
- pipe systems (30.5%): systems and conduits made of stainless steel, carbon steel, and copper, for draining water from buildings and roofs, distributing water and gas, etc.
At the end of 2021, the group had 26 production sites worldwide.
Net sales are distributed geographically as follows: Switzerland (9.5%), Germany (31.3%), Eastern Europe (10.1%), Nordic Countries (9.6%), Benelux (8.4%), Italy (6.8 %), Austria (6.2%), France (5.4%), the United Kingdom and Ireland (3.1%), Iberian Peninsula (0.8%) and other (8.8%).
GEBERIT AG 
