Bouygues Reports Mixed 2017 Results, With Strong Revenue Growth but Weaker Margins
Bouygues reported mixed 2017 results, with faster revenue growth but slightly weaker EBITDA margins. The firm reported revenue growth of 3.6% year over year versus our expectation of 2.6%. We expect to maintain our EUR 41 per share fair value estimate and no-moat rating. We believe the shares are fairly valued.The better-than-expected revenue growth was driven by outperformance in the fourth quarter in all sectors except Bouygues Construction, which was weaker than our estimate. For Colas, the...
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