Bouygues S.A.

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP
  • TickerEN
  • ISINFR0000120503
  • ExchangeEuronext Paris
  • SectorConstruction & Materials
  • CountryFrance
Eric Lemarie

Building solutions: Long Bouygues / Short Vinci

Building solutions Long Bouygues / Short Vinci Bouygues share price lasting underperformance Vinci Airports in face of serious challenges In Gatwick in particular Conclusion: Bouygues is not in the worst position here

Thomas Coudry

BOUYGUES: Q1 slightly below expectations, we remain confident | BUY | EUR30(+13%)

BOUYGUES - BUY | EUR30(+13%) Q1 slightly below expectations, we remain confident Q1 impacted by 1st significant covid-19 impacts Robust Telecoms revenue trend but hike in opex impacts EBITDA We remain confident in our case on Construction

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Jérôme VINERIER

Short term view - BOUYGUES : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €30.91. The background trend would be questioned should prices rise above €39.30.

Jérôme VINERIER

Analyse court terme - BOUYGUES : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 30,91 €. La tendance de fond serait remise en cause en cas de franchissement de 39,30 €.

Jérôme VINERIER

Short term view - BOUYGUES : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €30.91, then €28.93. Passing €39.30 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - BOUYGUES : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 30,91 €, puis 28,93 €. Le franchissement de 39,30 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - BOUYGUES : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €27.70, then €22.80. Passing €37.96 would question the continuation of the fall.

Eric Lemarie

Building solutions: Long Bouygues / Short Vinci

Building solutions Long Bouygues / Short Vinci Bouygues share price lasting underperformance Vinci Airports in face of serious challenges In Gatwick in particular Conclusion: Bouygues is not in the worst position here

Thomas Coudry

BOUYGUES: Q1 slightly below expectations, we remain confident | BUY | EUR30(+13%)

BOUYGUES - BUY | EUR30(+13%) Q1 slightly below expectations, we remain confident Q1 impacted by 1st significant covid-19 impacts Robust Telecoms revenue trend but hike in opex impacts EBITDA We remain confident in our case on Construction

Alexandre Iatrides

Bouygues : Construction already hard hit in Q1 but gradual resumption of activity in mid-April, telecoms a cushion

>Bouygues construction already hard hit in Q1 - Q1 sales of € 7.22bn, i.e. -8% at constant scope. Bouygues estimates the decline in sales linked to COVID-19 at around € 750m, of which € 600m in France, linked to the closure of work sites as of mid-March and despite a good start to the year beforehand, the slowdown or closure of sites in around 10 countries, an 11% decline in revenues at TF1 with the halting of advertising campaigns, and the closure of Bouygues Teleco...

Alexandre Iatrides

Bouygues : La construction déjà lourdement impactée au T1 mais redémarrage progressif dès mi-avril, les télécoms en amortisseur

>Bouygues construction déjà lourdement impacté au T1 - CA T1à 7,22 Md€ soit -8% à périmètre constant. Bouygues estime la baisse de CA lié au COVID-19 à environ 750 M€ dont 600 M€ sur la France, lié à l’arrêt des chantiers à partir de mi-mars et malgré un bon démarrage de l’année auparavant, le ralentissement ou l’arrêt des chantiers dans une dizaine de pays, une baisse de CA de 11% chez TF1 avec l’arrêt des campagnes publicitaires et la fermeture des boutiques Bouygu...

Alexandre Iatrides

ODDO : Immunisés contre la crise sanitaire, les télécoms pourraient souffrir d’une crise de financement

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - >Peu d’impact opérationnel - Tous les feedbacks que nous avons sur ce point sont unanimes, les télécoms sont particulièrement immunes opérationnellement à la crise sanitaire actuelle, les gens sont confinés chez eux et ré...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - EN

KBC (O/P): Net Profit of €1.8bn (-8.3%) In The Nine-Month Period of 2019 NN Group (O/P) - 9M-19: Operating Income of €1.4bn (+6.5%) AXA (O/P): Sale of The Balance of Its Stake In Axa Equitable Holdings Bouygues (M/P) - 9M-19: EBIT of €1.1bn (+30.3%) EDF (U/P): Cuts French Nuclear Output Target On Cruas Reactors For 2019 Telia (M/P): EC Approves The Acquisition of Bonnier AB For $1bn Thyssenkrupp (O/P): 3G Capital Interested To Acquire The Elevator Business For €15bn Moody's Upgrades Arkema (O/P) By One Notch To Baa1 With A Stable ...

Jean-Christophe Dourret

Bouygues : Bouygues - 1 June 2018

...

Jean-Christophe Dourret

Bouygues : Bouygues - 1 juin 2018

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Johanna Jourdain
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/07/2020

Given its strategic nature in the COVID-19 crisis, food retail has regained a defensive status, which seems justified in our view. This means we have only cut our 2020 forecasts by 3.2%. There are no financial issues in the sector. The valuations remain attractive. We are not changing our sector hierarchy. Ahold Delhaize is still our Top Pick, but we are steering clear of Metro (Reduce vs Neutral). - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Johanna Jourdain
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/04/2020

Stratégique face à la crise du COVID-19, la distribution alimentaire retrouve un statut défensif, qui nous semble justifié. Nous sommes conduits à baisser nos attentes 2020 que de 3.2%. Il n’y a pas de problématique financière dans le secteur. Les valorisations restent attractives. Nous ne modifions pas notre hiérarchie sectorielle : Ahold Delhaize reste notre top pick alors que nous restons à l’écart de Metro (Alléger vs Neutre). - ...

Alexandre Iatrides ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/02/2020

From its low point of 23 March, the Stoxx 600 has clawed back around 15%. Even so, we know that a recession is inevitable and that it will be unprecedented in its magnitude, for a duration that remains unknown and that the adjustment of earnings estimates has not run its course. In this context, it seems futile to think that we can have our cake (the current rise in share prices), eat it (the unprecedented support measures) and come back for second helpings (the expected rally once th...

BOUYGUES SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of BOUYGUES SA (FR), a company active in the Heavy Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 21, 2020, the closing price was EUR 40.91 and its potential was estimated at EUR 42.96.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Bouygues – AGM 23 April 2020

Due to the impact of the Covid-19 epidemic on its various businesses, Bouygues informed the financial markets at the end of March and beginning of April 2020 that its targets announced when the 2019 annual results were published could not be met and decided not to propose a dividend. "A Board of Directors will meet in August to reassess the situation and analyse the appropriateness of proposing the distribution of a dividend in respect of 2019". In a vision of long-term responsible investor, this decision is supported by ECGS (resolution 3).   The Board of Directors has an insufficient numbe...

Bouygues - Assemblée Générale du 23 avril 2020

En raison de l'impact de l’épidémie du Covid-19 sur ses différents métiers, Bouygues a informé les marchés financiers fin mars et début avril 2020 que ses objectifs annoncés lors de la publication des résultats annuels 2019 ne pourront être tenus et a renoncé à proposer un dividende. "Un conseil d’administration se réunira au cours du mois d’août pour réévaluer la situation et analyser l’opportunité de proposer la distribution d’un dividende au titre de 2019." Dans une vision d'investisseur responsable de long terme, cette décision est soutenue par Proxinvest (résolution 3). Le conseil d'admi...

Expert Corporate Governance Service (ECGS)

Bouygues - AGM and EGM 25 April 2019

The Board of Directors has an insufficient number of members free of conflicts of interest and the Bouygues family is over-represented (30.8% of seats for a shareholding of 21.6% of the capital). In addition, one candidate for renewal has too many mandates and another attended only 71% of the Board meetings in 2018. Finally, the process for appointing employee shareholder representatives is not satisfactory because it is not completely independent of management. This grievance is all the more crucial because of the importance of employee share ownership within Bouygues (19% of the share capita...

Bouygues - Assemblée Générale du 25 avril 2019

Le conseil d'administration présente un nombre insuffisant de membres libres de conflits d'intérêts et la famille Bouygues y est sur-représentée (30,8% des sièges pour une détention de 21,6% du capital). Par ailleurs, une candidate au renouvellement présente un nombre de mandats trop important et une autre n'a assisté qu'à 71% des réunions du conseil en 2018. Enfin, le processus de désignation des représentants des salariés actionnaires n'ait pas satisfaisant car il n'est pas totalement indépendant de la direction. Ce grief est d'autant crucial en raison de l'importance de l'actionnariat salar...

Bouygues - Assemblée générale des actionnaires du 25 avril 2019

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