Bouygues Reported Mixed Nine-Month Results With Weak Revenue but Solid Margins
Bouygues reported mixed nine-month results with weaker revenue but better margins. We expect these two items to offset each other and don’t anticipate any significant changes to our fair value estimate. Our no-moat rating remains unchanged. The firm reported revenue declined 3% versus our full-year projection of a 0.5% drop. However, about half of the revenue decline was due to negative currency movements. The biggest decline was at Colas, where revenue fell 9%. Beyond the currency impact and se...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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