Bouygues Telecom's improved results are insufficient to offset a rough year in construction. - Morningstar Equity Research

Bouygues Telecom's improved results are insufficient to offset a rough year in construction.

Bouygues Telecom's improved results are insufficient to offset a rough year in construction. - Morningstar Equity Research
Bouygues Telecom's improved results are insufficient to offset a rough year in construction.
Published Jan 02, 2017
23 pages — Published Jan 02, 2017
Price US$ 400.00  |  Buy this Report Now

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Brief Excerpt:

...We are increasing our fair value estimate for Bouygues to EUR 38 per share from EUR 37 due to a recovery in the stock price of Alstom, of which Bouygues owns 28.3%. We have valued this stake at Alstom s stock price, but are moving to value it based on Morningstar s fair value estimate of EUR 28 per share to reduce volatility in Bouygues fair value estimate. We have also decreased our revenue expectation for 2016, as the improvement in the telecom business hasn t been sufficient to offset a poor year in construction. However, due to the large backlogs in the construction business, we anticipate a better 2017 and annual revenue growth of about 2% from 2017 to 2020. We now anticipate that Bouygues Telecom will report revenue growth of about 7% in 2016 as it benefits from its faster rollout of 4G services versus Iliad and SFR. While Bouygues has done a better job of cost-cutting than we previously expected and we have raised our EBITDA margin for 2016 to 8.2% from 7.9%, this is still a reduction...

  
Source:
Document ID
0P00009WC9_20170102_INST
Ticker
EN=FR
Primary ISIN
Primary Sedol
4002121
Report Type
Institutional Company Report
Company
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
Morningstar Equity Research. "Bouygues Telecom's improved results are insufficient to offset a rough year in construction." Jan 02, 2017. Alacra Store. Jun 27, 2019. <http://www.alacrastore.com/storecontent/Morningstar-Equity-Research/Bouygues-Telecom-s-improved-results-are-insufficient-to-offset-a-rough-year-in-construction-2064-135558>
  
APA:
Morningstar Equity Research. (2017). Bouygues Telecom's improved results are insufficient to offset a rough year in construction. Jan 02, 2017. New York, NY: Alacra Store. Retrieved Jun 27, 2019 from <http://www.alacrastore.com/storecontent/Morningstar-Equity-Research/Bouygues-Telecom-s-improved-results-are-insufficient-to-offset-a-rough-year-in-construction-2064-135558>
  
US$ 400.00
$  £  
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