Bouygues: At the start of a new cycle
Bouygues: (BUY, Fair Value EUR46 (+25%))At the start of a new cycle.
During its first Capital Market Day on the construction activities (77% of revenues, 65% of the current EBIT in 2017), Bouygues has pointed out that the environment is currently particularly favourable for the group, with an increasing number of large infrastructure plans in numerous countries where the group got some solid footprint, combined with higher demand for complex projects reducing the competition; accelerating development of smart cities where the group can offer various solutions. Combined with innovation in particular in digital, the sustainability of operating margins is reinforced.
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
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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