Bouygues Reported Solid First-Half Results; Maintaining FVE and Shares Fairly Valued
Bouygues reported solid first-half results, but we expect to maintain our fair value estimate and no-moat rating. We believe the shares are fairly valued. The firm reported that revenue grew 3% year over year versus our full-year projection of 1.7%. However, the first half of 2016 was weak, providing an easier comparison than the second half. Thus, we expect revenue growth for the full year to be closer to our estimate.The main outperformance was at Immobilier, whose revenue jumped 10.3% as Fre...
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
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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