Bouygues Reports Strong 1Q Revenue and Seasonally Weak Margins; Shares Undervalued
Bouygues reported strong first-quarter results. However, because of the seasonal nature of the construction business, the first quarter isn’t as important as the second and third quarters. Thus, we don’t anticipate any significant changes to our EUR 45 fair value estimate. We continue to believe that the company has no moat and the shares are undervalued.Reported revenue jumped 16% year over year as the firm benefitted from acquisitions and positive currency movements. The construction business...
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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