Bouygues S.A.

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP
  • TickerEN
  • ISINFR0000120503
  • ExchangeEuronext Paris
  • SectorConstruction & Materials
  • CountryFrance

Analysts

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2019

The strong pressure on the stock since September requires some clarification, in our view. We are lowering our estimates by 10% on average over the 2019e-2021e period after reviewing the operating outlook and now taking into account the IRPH risk, and our target price (€ 4.0 vs € 4.9). We reiterate our Buy recommendation due to a discount we deem to be excessive. Cf. equity report published last evening. - ...

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/03/2019

La forte pression observée sur le titre depuis septembre nécessite, selon nous, une certaine mise au point. Nous réduisons de 10% nos estimations en moyenne sur 2019/2021e après revue des perspectives opérationnelles et prise en compte dorénavant du risque ‘IRPH’, ainsi que notre OC (4.0 € vs 4.9 €). Néanmoins, nous réitérons notre opinion Achat en raison d’une décote jugée excessive. Cf. étude publiée hier soir. - ...

Alexandre Iatrides ...
  • Rémi Adam

Bouygues : Feedback meeting CEO : confiance en construction, optimisme chez BTel

>Hors immobilier, progression de la marge en Construction en 2019 - Nous avons rencontré Philippe Marien et Olivier Roussat vendredi dernier alors que la société débute son roadshow post T4. Le groupe a rappelé ses guidances de marge opérationnelle des activités de construction dont l’horizon est désormais précisé « à 2-3 ans » : entre 3.5% et 4% pour Colas, 3.5% en Bâtiments et Travaux Publics et 8% en immobilier. Hormis cette dernière division (flash du 22/02), le m...

Alexandre Iatrides ...
  • Rémi Adam

Bouygues : Feedback from meeting with CEOs: confidence in construction, optimism at BTel

>Excluding property, margin growth in construction in 2019 - We met with Philippe Marien and Olivier Roussat last Friday as the company started its road show after Q4 2018 publication. The group reiterated its operating margin guidance for construction activities for which the horizon is now clarified at “at 2-3 years”: between 3.5% and 4% for Colas, 3.5% in building and public works and 8% in property. Stripping out this last division (Equity Flash of 22 February), t...

Jean-Christophe Dourret

Bouygues : Bouygues - 1 June 2018

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Jean-Christophe Dourret

Bouygues : Bouygues - 1 juin 2018

...

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2019

The strong pressure on the stock since September requires some clarification, in our view. We are lowering our estimates by 10% on average over the 2019e-2021e period after reviewing the operating outlook and now taking into account the IRPH risk, and our target price (€ 4.0 vs € 4.9). We reiterate our Buy recommendation due to a discount we deem to be excessive. Cf. equity report published last evening. - ...

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/03/2019

La forte pression observée sur le titre depuis septembre nécessite, selon nous, une certaine mise au point. Nous réduisons de 10% nos estimations en moyenne sur 2019/2021e après revue des perspectives opérationnelles et prise en compte dorénavant du risque ‘IRPH’, ainsi que notre OC (4.0 € vs 4.9 €). Néanmoins, nous réitérons notre opinion Achat en raison d’une décote jugée excessive. Cf. étude publiée hier soir. - ...

Alexandre Iatrides ...
  • Rémi Adam

Bouygues : Feedback meeting CEO : confiance en construction, optimisme chez BTel

>Hors immobilier, progression de la marge en Construction en 2019 - Nous avons rencontré Philippe Marien et Olivier Roussat vendredi dernier alors que la société débute son roadshow post T4. Le groupe a rappelé ses guidances de marge opérationnelle des activités de construction dont l’horizon est désormais précisé « à 2-3 ans » : entre 3.5% et 4% pour Colas, 3.5% en Bâtiments et Travaux Publics et 8% en immobilier. Hormis cette dernière division (flash du 22/02), le m...

Alexandre Iatrides ...
  • Rémi Adam

Bouygues : Feedback from meeting with CEOs: confidence in construction, optimism at BTel

>Excluding property, margin growth in construction in 2019 - We met with Philippe Marien and Olivier Roussat last Friday as the company started its road show after Q4 2018 publication. The group reiterated its operating margin guidance for construction activities for which the horizon is now clarified at “at 2-3 years”: between 3.5% and 4% for Colas, 3.5% in building and public works and 8% in property. Stripping out this last division (Equity Flash of 22 February), t...

Alexandre Iatrides ...
  • Rémi Adam

Bouygues : Telecoms confirm growth, caution on the property business

>Favourable momentum in construction, adjustments in property - At the presentation of annual results, management reiterated its confidence in trends at the Bouygues Construction division. Excluding the divestment of Axione, the underlying EBIT margin improved 50bp y-o-y in Q4 to 3.3%, underpinned by a stronger contribution from the energies & services division, which had raised concerns in the wake of a profit warning on Q3 results.At Colas, in Q4 was down 24bp ...

1 director bought

A director at Bouygues bought 170,000 shares at 33.589EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

BOUYGUES SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of BOUYGUES SA (FR), a company active in the Heavy Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 22, 2019, the closing price was EUR 32.80 and its potential was estimated at EUR 34.84.

Ibrahim Firdaus

Bouygues

Ibrahim Firdaus

Bouygues

Ibrahim Firdaus

Bouygues

Ibrahim Firdaus

Bouygues

MarketLine Department

HOCHTIEF Aktiengesellschaft - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's HOCHTIEF Aktiengesellschaft Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by HOCHTIEF Aktiengesellschaft since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competi...

MarketLine Department

Icade SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Icade SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Icade SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Icade SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by a...

MarketLine Department

Impact Developer & Contractor SA - Strategy, SWOT and Corporate Finance Report

Impact Developer & Contractor SA - Strategy, SWOT and Corporate Finance Report Summary Impact Developer & Contractor SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Impact Developer & Contractor SA (Impact) is a real estate development company. It carries out construction and development of residential real estate properties such as residential and office bu...

Thomas Coudry

Telecom services: Market data indicates very poor Bouygues + Iliad net adds in Q2

Telecom services Market data indicates very poor Bouygues + Iliad net adds in Q2 ARCEP’s latest mobile observatory published yesterday shows a sharp slowdown of postpaid market growth in Q2. Given the good numbers published by Orange and SFR, we forecast very poor mobile nets adds for Iliad and Bouygues Telecom cumulated in Q2. Nothing good to expect from the publications, but definitely another catalyst for consolidation.

Bouygues SA (EN) - Power - Deals and Alliances Profile

Summary Bouygues S.A. (Bouygues) is an industrial group which operates in construction contracting, real estate development, media and telecommunication markets. It undertakes construction contracts for roads, airport runways, seaport, industrial infrastructure, parking areas, recreational facilities, electrical and civil work. The company also develops residential housing, commercial establishments and retail parks. It operates television channels, telecommunication networks and offers broadband services to its customers across the world. Bouygues operates internationally through its major s...

Bouygues - Assemblée générale des actionnaires du 25 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Bouygues – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 26/04/2018

ITEM 12 Shareholders are called to vote on the renewal of the mandate of Martin Bouygues, Chairman and CEO of the Company since 1989. Although the performance of the company is satisfactory, we are not in favor of the control exercised by the Bouygues Family through the use of double voting rights and overrepresentation on the Board (without any lead independent Director). We therefore recommend opposition.  RESOLUTION 16 Bouygues is one of the few companies in the CAC 40 to still offer its shareholders the use of anti-takeover devices. Already at the general meeting of 2017, the Company was o...

Proxy Report - 26/04/2018

La présente assemblée générale propose le renouvellement du Président Directeur Général de Bouygues, Martin Bouygues (résolution 12). Proxinvest a estimé que la performance du dirigeant en poste depuis 1989 était plutôt bonne, mais le dirigeant a fait preuve d'une politique en matière de gouvernance qui laisse trop peu de place à la contradiction : insuffisance d'administrateurs libres de conflits d'intérêts, pas d'égalité de traitement des actionnaires puisque maintien du droit de vote double qui bénéficie principalement à la famille, absence d'administrateur référent, etc. Par conséquent, no...

Etude de l'AG du 27/04/2017

Bouygues has appointed two additional Deputy Chief Executive Officers since 1 September 2016: Olivier Roussat and Philippe Marien. Their remuneration is aligned with that of Martin Bouygues, Chairman and Chief Executive Officer. Olivier Roussat will become CEO and Martin Bouygues will remain in his role as Chairman.The Company appeared to have caved under investor pressure with the recent departure of directors linked to its subsidiaries from the Board (Hervé le Bouc and François Bertière for this year).In addition, Bouygues is one of the few companies in the CAC 40 to offer its shareholders t...

Jérôme VINERIER

Short term view - BOUYGUES : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €30.91. The background trend would be questioned should prices rise above €39.30.

Jérôme VINERIER

Analyse court terme - BOUYGUES : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 30,91 €. La tendance de fond serait remise en cause en cas de franchissement de 39,30 €.

Jérôme VINERIER

Short term view - BOUYGUES : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €30.91, then €28.93. Passing €39.30 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - BOUYGUES : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 30,91 €, puis 28,93 €. Le franchissement de 39,30 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - BOUYGUES : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €27.70, then €22.80. Passing €37.96 would question the continuation of the fall.

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