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Open
35.4
Volume
0.6m
Range
35.2/35.6
Market Cap
12,567,310,887m
52 Week
24.8/37.3
Date Source Announcement
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A stock returned to last spring's prices

  • 23 Feb 17

The annual release has confirmed the trend seen in the first 9m. On one side, we have the rather stable performance of the construction businesses (80% of Bouygues’ turnover but only 55% of its EBITDA) with a global revenue decline in 2016 of 1% yoy and lfl (stable on construction itself and -4% yoy on Colas, but +11% for Bouygues Immobilier in a market boosted by historically low interest rates). And, on the other side, Bouygues Telecom (15% of Bouygues’ turnover but 32.5% of its EBITDA in 2016) is delivering quite impressive results given a French market still shared by four players: revenues were up by 6% yoy in Q4, as in the first 9m, but above all the EBITDA was up by 22% yoy for the whole year, with a margin up by 3ppts at 23% reflecting the savings made through the restructuring of the group. Net debt was at €1.9bn at end-December (corresponding to 0.7x the EBITDA), €695m lower than at the end of 2015. This decrease reflects the sharp growth in the group’s cash flow, up 21% yoy to €2.5bn at end-2016, the proceeds of the Alstom public share buy-back offer, asset disposals and very tight management of the working capital requirement by all the group’s business segments. As for the outlook for 2017, since the construction businesses have a high level order book at end 2016 and a solid competitive edge on their rivals, the current operating margin should continue to improve with a selective approach and focus on profitability rather than volumes. Management has also confirmed for Bouygues Telecom an EBITDA margin target of 25% for 2017.

A return to a 25% margin on telecoms within reach

  • 18 Nov 16

The first 9m release has confirmed the trend in the last few quarters. On one side, we have the rather negative performance of the construction businesses (80% of Bouygues’ turnover but only 55-60% of its EBITDA) with revenue declines of 2% yoy on construction itself and 5% yoy on Colas, even if Bouygues Immobilier (property development) looks better in a market boosted by historically low interest rates. And, on the other side, Bouygues Telecom (15% of Bouygues’ turnover but probably again 35% of its EBITDA in 2016) is delivering quite impressive results given a French market still shared by four players: revenues were up by 6% yoy for the first 9m (and also in Q3) but above all the EBITDA was up by 23% yoy, with a margin up by 3.4 ppts at 23.1% reflecting the savings made through the restructuring of the group. Note the operating profit will be affected by non-current charges of around €270m, including the roll-out of network sharing with the SFR group and adaptation plans in the business segments, before taking into consideration non-current income related to the sale of towers by Bouygues Telecom. (On 11 July, Bouygues Telecom entered into a definitive agreement for the sale of towers to Cellnex. The agreement initially covers 230 towers for a total amount of €80m, although the number of towers could rise to 500. A gain of €56m on the sale of the first 230 towers was recognised as of 30 September 2016.) As for Bouygues Telecom, management has confirmed the return to long-term sales and earnings growth, and maintains an EBITDA margin target of 25% for 2017 with a plan to save at least €400m in 2016 versus end-2013.