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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe N.V.    ATC   NL0011333752


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Conglomerate Bouygues bolstered by strength in telecoms arm

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05/16/2019 | 04:17am EDT
A Bouygues company logo is seen at the World Efficiency congress in Pari

PARIS (Reuters) - Bouygues posted a smaller-than-expected first-quarter loss on Thursday as telecoms helped offset weakness at the French conglomerate's Colas road-building business.

The family-controlled owner of TF1, France's biggest private TV broadcaster, said its current operating loss narrowed to 58 million euros (51 million pounds) from 94 million a year earlier and beat the loss of 87 million expected in a company-compiled poll of six analysts.

Revenue rose 16% to 7.93 billion euros, topping the 7.26 billion expected by analysts.

Bouygues stuck to its forecast for improved group profitability this year, driving its shares up 3% in early session trading.

Losses of 298 million euros at Colas, whose road building activity traditionally slows down during the winter months, were partly offset by a profit of 91 million euros at Bouygues Telecom and a profit of 63 million euros at TF1.


Bouygues, which failed to merge its telecoms unit with market leader Orange three years ago, reiterated its forecast for some 300 million euros of free cash flow at Bouygues Telecom this year.

Bouygues Telecom won 459,000 new mobile customers and 59,000 new fixed customers in the quarter. Its revenue rose 13% to 1.45 billion euros while its operating profit grew by 32 million euros, helped by price hikes.

"Bouygues is clearly the winner this quarter in French telecoms," wrote analysts at Credit Suisse.

When asked about trends in the French telecoms sector, Deputy CEO Philippe Marien said the pressure to spend on promotions was still there but was starting to ease.

"The market is competitive but clearly less fierce than it was," said Marien, adding there were higher mobile subscription prices and a lower customer churn rate.

Orange , France's former monopoly, last month reported its quarterly sales in France fell for the first time since 2017, highlighting the battle for market share.

Bouygues Telecom and domestic rivals Iliad, Orange and Altice Europe's SFR are in a race to win customers for their fixed and mobile businesses while having to spend billions of euros on upgrading their networks.

(Reporting by Dominique Vidalon; additional reporting by Laetitia Volga; editing by Sudip Kar-Gupta and Jason Neely)

By Dominique Vidalon

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. -1.26% 3.913 Delayed Quote.-31.92%
BOUYGUES -0.97% 31.8 Real-time Quote.-16.05%
COLAS -0.44% 113 Real-time Quote.-19.74%
ILIAD S.A. 1.60% 168.2 Real-time Quote.45.56%
JASON CO., LTD. -2.65% 807 End-of-day quote.121.70%
JUST GROUP PLC 2.06% 46.54 Delayed Quote.-41.09%
ORANGE -0.35% 9.704 Real-time Quote.-26.04%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
TF1 1.06% 5.26 Real-time Quote.-28.92%
WILL GROUP, INC. 3.10% 599 End-of-day quote.-52.16%
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Sales 2020 14 923 M 17 590 M 17 590 M
Net income 2020 -262 M -308 M -308 M
Net Debt 2020 31 165 M 36 734 M 36 734 M
P/E ratio 2020 221x
Yield 2020 -
Capitalization 4 745 M 5 593 M 5 593 M
EV / Sales 2020 2,41x
EV / Sales 2021 2,29x
Nbr of Employees 45 409
Free-Float 46,3%
Duration : Period :
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 5,64 €
Last Close Price 3,91 €
Spread / Highest target 309%
Spread / Average Target 44,1%
Spread / Lowest Target -31,0%
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