Bouygues: H1 results above expectations, strong telecoms, construction margins impacted by one offs
Bouygues: (BUY, Fair Value EUR48 (+28%))H1 results above expectations, strong telecoms, construction margins impacted by one offs
This morning, Bouygues published good Q2 with both revenues and current operating profit exceeding expectations by c4%. At Bouygues Telecoms, EBITDA is also above expectations, while growth and commercial performance still appear strong in a very competitive environment. Construction activities have reported revenues and current operating income 4% above the consensus in Q2, with a current operating margin penalized by some one-off and difficult contracts while order book is steady.
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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