Bouygues Reported Better Nine-Month Revenue Growth; Increasing Our FVE Estimate Due to Alstom Stake
Bouygues reported nine-month results with revenue a bit better than our expectations. We are increasing our fair value estimate to EUR 41 per share from EUR 39.50 due to the increased value of its 28% stake in Alstom, where Morningstar recently increased our fair value estimate to EUR 37 per share from EUR 30. Our no-moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue increased 3% year over year versus our full-year projection of 1.7%. The big improve...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
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