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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.
Bouygues released a very good and much better than expected set of results for its Q3. Bouygues Telecom’s performance was again impressive (as if Coronavirus did not exist), while the construction activity rebounded strongly in Q3 (sales down by only 1%). The group, which was expecting to return to profitability in H2 but without reaching the particularly high levels of 2019, now expects an H2 operating profit slightly up yoy. We maintain our opinion at Add on the stock.
Companies: Bouygues SA
The group released a very solid set of results this morning, better than expected on both the Telecom and the Construction sides. Note we are at Reduce on the stock but with a nearly 10% potential upside. If our target price were to be reached the stock would be, however at its price, down by less than 5% compared to its pre-crisis level.
Like in the previous quarter, hats off in Q2 to Bouygues Telecom which, after two years of recovery with global revenues up by 6.5% yoy, keeps going in 2019 with even stronger growth which suggests that its French competitor, Iliad, still has to worry about its own recovery. We maintain our opinion at Buy on the stock.
Hats off to Bouygues which, after two years of recovery with global revenues up by 6.5% yoy, kicks off 2019 with even stronger growth that suggests that Iliad still has to worry about its own recovery. We maintain our opinion at Add on the stock.
A reassuring Q3 (in particular on the telecom side) after the profit warning of 19 October. If we consider the issues on the two biomass plants as a one-off item, the stock should return to the €35 level. We maintain our Add opinion.
Q2 revenues were up by c.7.5% yoy and lfl: quite a correct performance and better than the 2.5% growth recorded in Q1. We remind that the adverse weather in Europe had a strong impact, especially at Colas in Q1. On the telecom side, Bouygues has continued the good momentum of the previous quarters with 7% revenue growth (vs +6% in Q1). The Q2 EBITDA was up by 8.5% yoy with still a good performance from Bouygues Telecom (+12% yoy exactly like in Q1) and a solid 6% growth in the construction busi
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Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
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Cavendish
Shore Capital
In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales
Equity Development
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Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
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The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
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22nd 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: 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 acquire the entire issued share capital of 3radi
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Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
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Auctus Advisors
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