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GS ups Geberit to 'buy' on European construction market inflection



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** GS upgrades Swiss bathroom and plumbing products maker Geberit GEBN.S to "buy" from "neutral", expecting early benefits from European construction market inflection and guidance upside in near term

** Geberit is 100% construction sector exposed the broker says, adding the co should see benefits relatively early from European construction market inflection

** Germany is likely to remain very depressed in the near-term, but structurally there is still a need for more housing, the broker says

** GS also points to margin upside to both guidance and consensus in the near-term driven by raw mats/energy tailwind through Q1 2025

** Additionally, given co's dominant market share position, the brokerage expects resumption of its usual 1%-2% annual pricing increases for 2025

** GS is 4% ahead of consensus for Q3 2024 adjusted EBITDA and sees upside potential to FY 2024 margin guidance (current guidance at 29% vs. GS estimates at 29.5%)





Reporting by Amir Orusov

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