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While Q3 revenues were globally in line with our expectations with, in particular, solid growth at Bouygues construction, the EBIT was better than expected. This good performance was due to Colas whose EBIT was up by 15% yoy in the Q3 while Equans was already posting a 2.7% operating margin in line with the 2023 target of between 2.5% and 3%. We maintain our opinion at Add with 13% upside.
Companies: Bouygues (EN:EPA)Bouygues SA (EN:PAR)
AlphaValue
Q2 revenues were rather in line with our expectations but not so bad on the Construction side, while Bouygues Telecom service revenue was still solid. EBIT was slightly better than expected with an operating loss less substantial than last year in H1 for Colas despite inflation and with the continued margin improvement at Bouygues Telecom. Except for Bouygues-Immobilier (3% of Bouygues’ revenues) and TF1 (4%), things are going rather well for Bouygues. We maintain our Add.
Q1 revenues were up by 46% yoy in reported terms including the Equans contribution, and by 4% lfl and at constant currency. This figure was bang in line with our expectations. EBIT is usually not significant in Q1 but note that Colas saw deeper seasonal operating losses due to inflation while Bouygues Telecom continued to improve its margin. We remain at Add on the stock with 12% upside.
Quite a solid Q3 with revenues slightly better than our expectations (+5.5% yoy at constant currency). The operating profit was more in line with our expectations but, over the first 9m, Bouygues succeeded in maintaining its EBIT margin at the same level as last year. It is still worth holding the stock to hedge against concerns about the coming economic downturn. The stock has recovered by nearly 20% since mid-October and is now flat ytd. We remain at Add.
The Bouygues Q1 was in line with expectations and the outlook for 2022 given three months ago was maintained. The planned acquisition of Equans and the proposed TF1-M6 merger remain on schedule. Note that, since the announcement of the expensive acquisition of Equans, the stock has traded in a narrow range (€31-33) some 10% lower than its range during 2021. We maintain our Add opinion on the stock.
After a strong H1 which had led the group to raise its full-year guidance, Bouygues released this morning a Q3 which was in line with expectations at Bouygues Telecom and Colas but slightly disappointing in the Construction business. This release should not help the stock to recover after the 8% decline it recorded following the announcement of the acquisition of Equans last week. We remain, however, at Add on the stock.
H1 revenues were indeed perfectly flat compared to 2019. Management had been cautious for 2021, anticipating revenues to be slightly down vs 2019. With H1 already being at its pre-COVID-19 level, the guidance is logically raised. The group is now expecting growth in 2022 vs 2019 and no longer a simple return to the pre-COVID-19 level. We remain at Add on the stock.
Revenues were up by 7% and 2ppt above our expectations. Even though revenues of the construction business were slightly below expectations due to adverse weather conditions, Bouygues Telecom’s revenues were better thean expected, leading the group to raise its 2021 EBITDA guidance. As for TF1 and its future merger with M6, although it is positive for TF1 considering the good financial metrics of M6 note, however, Bouygues will pay relatively expensively 11% of the future entity. We remain at A
Q4 revenues were slightly disappointing after an impressive Q3. Note, however, a still impressive sustained growth at Bouygues Telecom (+7.7% in Q4). The 2021 outlook seems quite cautious, particularly regarding the construction business. Remember, Bouygues Telecom has already announced its new strategic plan for 2026 with an expected 4% annual revenue growth during the period and a solid EBITDA margin at 35% in 2026 vs 31% today. We remain at Buy on Bouygues with a 15% upside.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bouygues. We currently have 65 research reports from 3 professional analysts.
Companies: Mpac Group PLC
Shore Capital
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
Companies: PEN EQNR ENI TCFF SEI OKEA GPRK ADX REP AKRBP RHC RHC SOU ITH REP SQZ TRIN SOU I3E ZPHR NOG LNGE TTE PEN ENI EQNR VAR OKEA
Auctus Advisors
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
Companies: Norcros plc
Edison
Companies: GAL BEM AAU SHG GGP AAL SLI 1SN EEE TECK
SP Angel
Companies: AURA SYA AAL FAR EEE
26th April 2024 A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: C4X Discovery Holdings (C4XD.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acqu
Companies: ROQ SOU PRM ITM THRU LGRS KIBO ADF
Hybridan
Companies: ANTO RIO FXPO AAL TRR GLEN BHP
Liberum
Companies: James Latham Plc
Somero reported FY23 results in-line with expectations, showing challenges in the North American market, offset by gains from the relaunched S-22EZ availability in H2 and strong growth momentum continuing in Australia. Management cautiously guides to a flat revenue year, which may offer some upside. We make no changes to forecasts, which are pitched conservatively and may offer some upside scope with the launch of new products. We retain our 585p target price which offers significant upside to c
Companies: Somero Enterprises, Inc.
Cavendish
Companies: MPE TRI VNET BVXP HVO
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Zeus Capital
Companies: Costain Group PLC
Despite multiple upgrades, Yu Group has again exceeded our forecasts. FY23A has delivered +65% YoY organic growth and guidance for this year is +50%. Trading arrangements have been optimised in the new year with an agreement with Shell. This releases much working capital back into the business. The dividend has been hiked and management is flagging further potential returns to shareholders. The £100m+ net cash balance is driving the EV/EBITDA valuation down to unsustainable levels. Buy.
Companies: Yu Group PLC
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
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