DAVY VIEW

As promised by the CEO at the time of the interim results, Saint-Gobain has updated its shareholder returns policy. The group now plans to resume dividend payments, with the 2020 dividend set at the 2018 level of €1.33 per share. The group has also reiterated its earnings guidance, backed by the Q3 result and a good start to the fourth quarter. Both developments are unlikely to surprise, albeit expectations for a better profit outturn were rising as evidenced by the share price back at €40.