Bouygues Reports Weak 1Q Margins in Line With Our Expectations; Shares Fairly Valued
Bouygues reported first-quarter results that aren’t indicative of the full year due to the seasonality at Colas. Thus, we are maintaining our EUR 44 fair value estimate and no-moat rating. We believe the stock is fairly valued. Reported revenue was flat year over year, but the backlog was strong, growing 4% to an all-time high of EUR 31.7 billion, and Bouygues Telecom got off to a good start.Bouygues Construction’s revenue declined 1% due to the strengthening of the euro, which knocked 4.4% of...
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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