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CBPX

Continental Building

$35.76

3.73 (11.65%)

, CODYY

Saint-Gobain

$0.00

(0.00%)

18:27
11/12/19
11/12
18:27
11/12/19
18:27

Saint-Gobain to acquire Continental Building in roughly $1.4B deal

Saint-Gobain (CODYY) and Continental Building Products (CBPX) announced that they have entered into a definitive agreement pursuant to which Saint-Gobain will acquire all of the outstanding shares of Continental Building Products for $37.00 per share, in cash, in a transaction valued at approximately $1.4B. The business combination has been unanimously approved by the Board of Directors of Saint-Gobain and by Continental Building Products' Board of Directors. Continental Building Products, a highly respected plasterboard player in North America, employs 645 people and is expected to generate 2019 revenues of approximately $510M and adjusted EBITDA of approximately $130M per broker consensus. The agreed upon price represents a premium of 34.4% to the volume weighted average price for the 60 trading days ending November 11, 2019, a multiple before synergies of approximately 11.0x Continental Building Product's 2019E adjusted EBITDA of $130 million per broker consensus estimates and a multiple of 7.9x EBITDA post run-rate synergies. Saint-Gobain will largely finance the acquisition using the proceeds from divestments made by the Group. Saint-Gobain expects the transaction to be value creative by the third year following transaction close, in line with the Group's acquisition criteria. Closing of the transaction is subject to Continental Building Products shareholders' approval, U.S. antitrust approval and fulfillment of other customary closing conditions with expected closing in the second half of 2020.

CBPX

Continental Building

$35.76

3.73 (11.65%)

CODYY

Saint-Gobain

$0.00

(0.00%)

  • 13

    Nov

CBPX Continental Building
$35.76

3.73 (11.65%)

04/17/19
RBCM
04/17/19
DOWNGRADE
RBCM
Sector Perform
Continental Building downgraded to Sector Perform at RBC Capital
04/17/19
04/17/19
DOWNGRADE
Target $26

Sector Perform
Continental Building cut to Sector Perform at RBC Capital on weaker pricing
As previously reported, RBC Capital analyst Mike Dahl downgraded Continental Building to Sector Perform from Outperform and lowered his price target to $26 from $30, citing his "weaker wallboard pricing expectations". The analyst points to the latest round of producer price index data suggesting that the price of Wallboard fell by 3% from last quarter and 5% from last year during Q1, even though the company announced a 12% price increase while competing Wallboard OEM's had announced price increases in the 12%-18% range. Dahl also attributes the downgrade to "increased industry capacity, a subdued demand environment still suffering from 2018 housing weakness and diminished cost pressures."
06/14/19
LBOW
06/14/19
NO CHANGE
LBOW
Neutral
Eagle Materials, Continental Building estimates lowered after survey at Longbow
Longbow analyst Garik Shmois said his wallboard survey pointed to mid-single digit demand declines from OEMs along with continued weakness in prices. Following the survey, he lowered his estimates for both Eagle Materials (EXP) and Continental Building (CBPX), on which he keeps Neutral ratings.
10/09/19
EXAN
10/09/19
INITIATION
EXAN
Outperform
Continental Building initiated with an Outperform rating at Exane BNP Paribas
CODYY Saint-Gobain
$0.00

(0.00%)

03/12/19
LEHM
03/12/19
UPGRADE
LEHM
Overweight
Saint-Gobain upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Nabil Ahmed upgraded Cie de Saint-Gobain (CODYY) to Overweight and raised his price target for the shares to EUR 40 from EUR 36. The analyst makes Saint-Gobain his new sector top pick, replacing CRH (CRH). He sees a "growing disconnect" between the valuation of Saint-Gobain and peers and believes consensus profit expectations are too low.
07/17/19
GSCO
07/17/19
INITIATION
GSCO
Buy
Saint-Gobain initiated with a Buy at Goldman Sachs

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