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Bouygues Reports Solid Nine-Month Results as Performance Is on Track to Hit Precoronavirus Levels

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

No-moat Bouygues reported nine-month revenue of EUR 27.5 billion, up 9% on a like-for-like basis versus the same period last year, and in line with company-collected consensus estimates. Growth on a year-to-date basis slowed slightly from a strong first-half performance (up 17% organically) as third-quarter revenue last year already hit precoronavirus levels, forming a tougher comparable base. Guidance of full-year 2021 revenue and operating margin close to prepandemic levels were reiterated. We maintain our EUR 35 per-share fair value estimate and no moat rating.

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Company Profile

Business Description

Bouygues is a French conglomerate made up of a disparate range of assets: a construction business, a TV business, and a telecom business. It is one of the biggest construction companies in France and Europe with construction sales of around EUR 25 billion-EUR 30 billion and one of the four telecom operators in France, with both mobile and fixed operations and EUR 6 billion in revenue. It is also the owner of TF1, one of the main media and TV companies in France.

32 avenue Hoche
Paris, 75008, France
T +33 144201000
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 133,359