Saint Gobain: As expected, no further improvement in the German Flat Glass index
BUY, Fair Value EUR40 (+5%)
The October 2013 Float Glass Price Index in Germany was slightly down vs. October 2012 at -1.4% and -0.5% vs. September 2013. The index continues to show a stabilisation yoy and sequentially due to a tougher comparison basis and a still difficult market in volume terms. Although the stabilisation in price may represent a slight disappointment, recall that Saint-Gobain has already warned in its last conference call that no price increase should be expected over the winter season.
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