Bouygues Reports Improved First-Half Orders, Margins, and Telecom Results; Shares Undervalued
Bouygues has reported first-half results that are roughly in line with our expectations, and we retain our fair value estimate and no-moat rating. We believe the shares are undervalued. Owing to the seasonality of Bouygues' construction businesses, particularly the Colas division, the first half is not representative of the whole year. The firm's reported revenue declined 3% year over year, but this was primarily due to divesting some of its bitumen trading business, the closing of its Dunkirk r...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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