Bouygues Telecom's improved results are insufficient to offset a rough year in construction.
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...
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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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.
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