Bouygues: Good Q1 results, slightly below estimates; very strong telecoms
Bouygues: (BUY, Fair Value EUR48 (+14%))Good Q1 results, slightly below estimates; very strong telecoms
This morning, Bouygues published Q1 results. They are slightly below estimates due to property dev. and Colas, but Telecoms showed very strong performance. At Bouygues Telecoms, EBITDA is 4.5% above expectations, growth is accelerating and the commercial trend is very good with notable improvements in arpu trends and FTTH net add. Construction activities have been impacted by the weather, in particular Colas, but outlook remains positive with a 7% lfl order book increase at end March. For the remainder, Q1 is a poor indicator of the annual trend in construction. Overall positive.
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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