British investment bank Barclays maintains its equal-weight rating on the conglomerate's shares while raising its price target to 51 euros from 45 euros.
"Bouygues reported solid results, driven notably by Equans, while the group's free cash flow significantly exceeded expectations. We are raising our price target to 51 EUR per share (+13%), but identify more attractive stocks within the sector, particularly in the current climate," Barclays noted.
The British bank estimates that the 2026 outlook remains broadly stable in terms of revenue and recurring operating profit, with "growth at Equans being offset by Telecoms (stagnating) and, in our view, by Colas (French municipal elections)." It further specified: "forecasts were issued before the start of the conflict in the Middle East, but it is clear that a deteriorating macroeconomic environment would impact the company's most cyclical activities (construction, real estate, media). We remain optimistic regarding a potential deal in the telecommunications sector, but believe that potential acquirers would likely be responsible for all cost synergies and that, while a return to market rationality could create substantial value, its realization would take time."
The stock was up 1.87% shortly after 11:00 a.m. this Tuesday.
Bouygues SA is a diversified services group organized around four sectors of activity:
- construction (48.7% of net sales): construction and maintenance of transportation, leisure, and urban development infrastructures (57.2% of net sales; Colas; No. 1 worldwide for roads), building and public works activities concerning networks, electrical and thermal engineering, and facility maintenance (37.9%; Bouygues Construction), and real estate development (4.9%; Bouygues Immobilier);
- multi-technical services (32.7%; Equans);
- telecommunication (14.2%; Bouygues Telecom): mobile telephony, fixed telephony, Internet access, etc.;
- media (4%; TF1) ;
- other (0.4%).
Net sales are distributed geographically as follows: France (49.8%), European Union (14.6%), Europe (14.1%), North America (12.1%), Asia-Pacific (5.2%), Africa (2.9%), Central and South America (1%), and Middle East (0.3%).
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