Bouygues delivered Q3 figures broadly in line with expectations, with modest revenue growth but a solid EBIT performance driven by construction and Equans. After a sharp year-to-date rally and uncertainty over the Altice France deal, the valuation now appears demanding.
Published on 11/05/2025
at 08:53 am GMT - Modified on 11/05/2025
at 08:18 am GMT
Alphavalue
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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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