reports
- Russell Waller
- Russell Waller
Bouygues (Buy, TP: €64, +30%) CEO/CFO meeting feedback – French M&A, ...
We met Bouygues CEO/CFO for breakfast this morning. Topics included: French M&A (process and remedies), the impact of the Iran war (rising energy prices), and outlook for Construction/ Equans. Meeting notes are in the attached report. In general, we liked what we heard and are happy to continue to keep Bouygues as a key Buy.
Bouygues: Press release regarding formalities for obtaining or consult...
Bouygues: Press release regarding formalities for obtaining or consulting documents in preparation for the Combined Annual General Meeting Paris • 9 March 2026 PRESS RELEASEREGULATED INFORMATION COMBINED AGM OF 23 APRIL 2026ARRANGEMENTS FOR OBTAINING OR CONSULTING PREPARATORY DOCUMENTS FOR THE COMBINED ANNUAL GENERAL MEETING 1 Combined Annual General Meeting of Thursday 23 April 2026 at 3.00pm (CET), at Challenger, 1 avenue Eugène Freyssinet, Guyancourt, 78061 Saint-Quentin-en-Yvelines, France The Notice of Meeting, published in the Balo (Bulletin des Annonces Légales Obligatoires) on M...
Bouygues : communiqué précisant les modalités de mise à disposition ou...
Bouygues : communiqué précisant les modalités de mise à disposition ou de consultation des documents préparatoires à l’assemblée générale Paris, 9 mars 2026 COMMUNIQUÉINFORMATION REGLEMENTÉE ASSEMBLÉE GÉNÉRALE MIXTE DU 23 AVRIL 2026MODALITÉS DE MISE À DISPOSITION OU DE CONSULTATION DES DOCUMENTS PRÉPARATOIRES À L’ASSEMBLÉE GÉNÉRALE1 Assemblée générale ordinaire et extraordinaire du jeudi 23 avril 2026, 15 heures, à Challenger,1 avenue Eugène Freyssinet, Guyancourt, 78061 Saint-Quentin-en-Yvelines L’avis de réunion, comportant l’ordre du jour de l’assemblée générale, le texte des proje...
- Stephane Beyazian
- Sven Edelfelt
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
MRK MERCK KGAA
HAL HAL TRUST
RAND RANDSTAD NV
FR VALEO SE
FRE FRESENIUS SE & CO. KGAA
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
LEG LEG IMMOBILIEN AG
ANDR ANDRITZ AG
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
NEXI NEXI S.P.A.
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
CSG CSG N.V.
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
MRK MERCK KGAA
HAL HAL TRUST
RAND RANDSTAD NV
FR VALEO SE
FRE FRESENIUS SE & CO. KGAA
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
LEG LEG IMMOBILIEN AG
ANDR ANDRITZ AG
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
NEXI NEXI S.P.A.
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
CSG CSG N.V.
- Stephane Beyazian
- Sven Edelfelt
Bouygues: 2 directors
Two Directors at Bouygues sold after exercising options/sold 10,340 shares at between 52.327EUR and 53.000EUR. The significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the compan...
- Russell Waller
Bouygues (Buy, TP: €64, +24%) Post Q4 25 model update – Still a key B...
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. Our SOP goes up slightly, and we remain bullish overall
Bouygues: Monthly disclosure of the total number of shares and voting ...
Bouygues: Monthly disclosure of the total number of shares and voting rights Monthly disclosure of the total number of shares and voting rights Article 223-16 of the AMF General Regulation Date Shares Voting rightsTheoritical (1)Exercisable (2)28 February 2026385,976,970497,996,334496,944,256 (1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all the shares to which voting rights are attached, including shares for which voting rights have been suspended. (2) For information purposes only, this number has been calculated net ...
Bouygues : Publication mensuelle du nombre d’actions composant le cap...
Bouygues : Publication mensuelle du nombre d’actions composant le capital et du nombre de droits de vote Publication mensuelle du nombre d’actions composant le capital et du nombre de droits de vote Article 223-16 du Règlement général de l’AMF Date Nombre d’actions composant le capital Nombre total de droits de voteThéoriques (1)Exerçables (2)38 février 2026385 976 970497 996 334496 944 256 (1) Conformément à l’article 223-11 du Règlement général de l’AMF, nombre calculé sur la base de l’ensemble des actions auxquelles sont attachés des droits de vote, y compris les actions privées de ...
- Russell Waller
Bouygues (Buy, TP: €61, +17%) Q4 25: Equans COPA guide more than offs...
Bouygues has reported a good set of results with a nice non-Telco COPA beat, and a good Equans COPA guide for FY26 (implies COPA c8% ahead of consensus). Telco is in-line for Q4, but guidance is a touch light for FY26. The net of the two should be a positive though in our view.
- Stephane Beyazian
- Sven Edelfelt
- Chaima Ferrandon
- Sven Edelfelt
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
SK SEB SA
FGR EIFFAGE SA
EBS ERSTE GROUP BANK AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
HEI HEIDELBERGCEMENT AG
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
HAG HENSOLDT AG
STLA STELLANTIS N.V.
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
SYENS SYENSQO
- Chaima Ferrandon
- Sven Edelfelt
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
SK SEB SA
FGR EIFFAGE SA
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
HEI HEIDELBERGCEMENT AG
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
HAG HENSOLDT AG
STLA STELLANTIS N.V.
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
SYENS SYENSQO
- Stephane Beyazian
- Sven Edelfelt
Bouygues: Very robust 2025 results and free cash flow at a record leve...
Bouygues: Very robust 2025 results and free cash flow at a record level Paris, 26 February 2026 PRESS RELEASE Very robust 2025 results and free cash flow at a record level Group sales, as published, stable at €56.9bn, including exchange rate effects of around -€580m in 2025, of which around -€560m in the second half. Significant increase in current operating profit from activities (COPA) to €2,655m (up €120m year-on-year), exceeding the Group’s targets.Net profit attributable to the Group rose to €1,138m (up €80m year-on-year) despite the exceptional income tax surcharge for large compan...
Bouygues : Résultats 2025 du Groupe très solides et cash-flow libre re...
Bouygues : Résultats 2025 du Groupe très solides et cash-flow libre record Paris, le 26 février 2026 COMMUNIQUÉ DE PRESSE Résultats 2025 du Groupe très solides et cash-flow libre record Stabilité du chiffre d’affaires du Groupe à 56,9 Md€. Il intègre des impacts de change d’environ -580 M€ sur l’année dont environ -560 M€ sur le second semestre. Hausse significative du résultat opérationnel courant des activités (ROCA) à 2 655 M€ (+120 M€ sur un an), au-delà des objectifs du GroupeProgression du résultat net part du Groupe à 1 138 M€ (+80 M€ sur un an), malgré la contribution exceptionn...
- Russell Waller
Orange (Buy, TP: €18.9, +7%) New EFCF guide justifies a Buy – more to...
Orange presented its vision for the next 3 years in Paris today. We attended, and give our initial thoughts in this short piece. In summary, we are Buyers of Orange, and heard enough to stay long-term positive on the name (even ex M&A). The cash story we wrote about at the time of the MasOrange (MO) buy-in (HERE) is coming through.
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