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BOUYGUES

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Bouygues shares slump after French conglomerate's profit warning

10/19/2018 | 03:56am EST
The logo of Bouygues Telecom is seen at the entrance of a shop in Nice

PARIS (Reuters) - Bouygues shares fell sharply in early trading on Friday after the French conglomerate lowered its full year operating profit forecast, citing difficulties at its construction businesses during the third quarter.

The family-controlled group - which also owns France's biggest private TV broadcaster TF1 and mobile phone company Bouygues Telecom - said late on Thursday it was now targeting a stable or a slightly lower current operating profit in 2018 versus 2017 for the company as a whole.

It had previously banked on an improvement in margins and profits at its construction unit, but said these would now fall. Financial director Philippe Marien said this was due to temporary setbacks, which did not change the better mid-term and long-term prospects for the division.

The cut to the group's overall profit outlook sent Bouygues shares to the bottom of Paris' benchmark CAC-40 index <.FCHI>. They were down 6.8 percent at 0738GMT.

Analysts expressed surprise at Bouygues' update given that two weeks earlier, the company had said at an investor presentation that it remained upbeat over its construction arm.

The group detailed late on Thursday that it was expecting Bouygues Construction's operating profits for the first nine months of 2018 to drop by about 140 million euros (123 million pounds) from the same period in 2017.

The division was hit by litigation issues in Ireland, and extra costs and delays after glitches at two biomass power plants in the United Kingdom.

At its Colas civil engineering business, which was partly hurt by disruption to freight traffic amid rail strikes in France earlier this year, operating profits in the year to September would drop by about 25 million euros, it said.

Analysts at brokerage Berenberg wrote that Bouygues' warning was "badly timed", while Kepler Cheuvreux and Credit Suisse both cut their price targets on Bouygues' shares.

Bouygues shares are down by around 20 percent so far in 2018, underperforming a 4 percent fall on the CAC-40.

(Reporting by Sarah White and Gwenaelle Barzic; Editing by Sudip Kar-Gupta)


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES 1.93% 30.56 Real-time Quote.-10.43%
CHANGE INC. -5.07% 1908 End-of-day quote.-45.87%
COLAS 0.80% 125.5 Real-time Quote.0.81%
JUST GROUP PLC 1.07% 80.05 Delayed Quote.13.30%
TF1 1.88% 8.675 Real-time Quote.29.97%
WILL GROUP, INC. -3.71% 1272 End-of-day quote.26.44%
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Analyst Recommendations on BOUYGUES
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Financials
Sales 2021 37 221 M 41 996 M 41 996 M
Net income 2021 1 097 M 1 238 M 1 238 M
Net Debt 2021 1 960 M 2 212 M 2 212 M
P/E ratio 2021 10,6x
Yield 2021 5,56%
Capitalization 11 689 M 13 182 M 13 188 M
EV / Sales 2021 0,37x
EV / Sales 2022 0,35x
Nbr of Employees 129 000
Free-Float 55,1%
Chart BOUYGUES
Duration : Period :
Bouygues Technical Analysis Chart | EN | FR0000120503 | MarketScreener
Technical analysis trends BOUYGUES
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 30,56 €
Average target price 38,14 €
Spread / Average Target 24,8%
EPS Revisions
Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal GrangÚ Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director
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