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BOUYGUES SA

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Bouygues profit tops estimates, returns to pre-pandemic levels

11/16/2021 | 04:29am EDT
FILE PHOTO: A Bouygues company logo is seen on a construction building site in Paris

(Reuters) - France's Bouygues reported on Tuesday nine-month core profit that beat forecasts, lifted by a strong performance in its broadcast business TF1 and construction arm Colas and customer gains in its telecom division.

The Paris-based group posted a current operating profit of 1.14 billion euros ($1.3 billion), just above analysts' 1.13 billion estimate and rising above pre-pandemic levels.

For the same period last year, Bouygues posted a core profit of just 681 million euros.

Its construction businesses benefited from major road contracts in Canada and Madagascar, while Bouygues Telecom added mobile and broadband customers, boosting sales.

The group, which is planning a merger of TF1 with its rival M6, reported gains in audience market share in key age brackets as well as strong demand for TV advertising.

Chief Executive Oliver Roussat told reporters he was "rather confident" the French regulator would approve the tie-up when it rules next October, the decision hanging in part on the nature of the markets retained by the joint group.

The planned merger would combine France's two biggest private broadcasters and see the joint entity control three-quarters of the country's TV advertising market.

EXPLODING COSTS

Analysts noted the "small" beats to consensus forecasts, but the group's net profit was slightly below estimates as it accounted for costs of operations such as its planned acquisition of Equans.

Bouygues earlier in November agreed to buy the services arm of energy group Engie in a deal that would be its largest ever acquisition and would make its new Energies & Services segment its largest business division.

Roussat said the company had also faced spiralling raw materials costs, from steel prices to freight from China.

"Costs for journeys have literally exploded," he said. "In some cases the costs have gone up eight or nine-fold."

However, Roussat said Bouygues was able to soften the blow by passing on costs on its short-term contracts, while some longer-term deals included provisions for inflation.

($1 = 0.8790 euros)

(Reporting by Juliette Portala and Sarah Morland ; Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOUYGUES SA -0.50% 31.86 Real-time Quote.1.68%
COLAS -0.81% 122.5 Real-time Quote.-2.37%
ENGIE 0.89% 12.474 Real-time Quote.-4.99%
M6 MÉTROPOLE TÉLÉVISION -0.71% 15.43 Real-time Quote.-9.44%
TF1 -0.46% 7.5 Real-time Quote.-13.64%
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Financials
Sales 2022 40 145 M 42 504 M 42 504 M
Net income 2022 996 M 1 055 M 1 055 M
Net Debt 2022 2 838 M 3 004 M 3 004 M
P/E ratio 2022 12,3x
Yield 2022 5,61%
Capitalization 12 105 M 12 816 M 12 816 M
EV / Sales 2022 0,37x
EV / Sales 2023 0,35x
Nbr of Employees 124 600
Free-Float 55,1%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 31,86 €
Average target price 37,43 €
Spread / Average Target 17,5%
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Managers and Directors
Olivier Roussat Chief Executive Officer
Pascal Grangé Chief Financial Officer, Deputy CEO & SVP
Martin Bouygues Chairman & Chief Executive Officer
Gilles Zancanaro Senior Vice President-Digital, Innovation & Risks
Colette Lewiner Independent Director