BOUYGUES: Equans : challenging integration and economics | NEUTRAL | EUR35 VS. EUR39 (+5%)
BOUYGUES - NEUTRAL | EUR35 VS. EUR39 (+5%)Equans : challenging integration and economics
Multi-technical services will improve Bouygues’ profile
But some uncertainties remain on the integration…
… as well as on the business plan
EUR4 negative impact on our valuation. Neutral maintained
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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