Event in Progress:
Discover the latest content that has just been published on Research Tree
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bouygues SA. We currently have 0 research reports from 3 professional analysts.
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
Zeus Capital
Companies: Yu Group PLC
Liberum
Companies: FOG PEB KBT EMR TIME GETB JNEO
Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
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
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Companies: Luceco PLC
Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Companies: FOG TND BVXP ACC HDD
Companies: Flowtech Fluidpower plc
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
Companies: Michelmersh Brick Holdings PLC
Canaccord Genuity
Companies: BILN IGP RBN SBTX
Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
Share: