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.