Bouygues SA: Model Update

研报英文原文证据摘录

Bouygues SA: Model Update

Equity Research

European Telecom Services

2 July 2026

Bouygues SA

Model Update

We update our numbers ahead of 2Q26 results notably for

Barclays latest TF1 estimates and some forex moves. Our

investment case remains unchanged. BOUY.PA/EN FP EQUAL WEIGHT Unchanged

European Telecom Services NEUTRAL

Bouygues (EW, €53) - We update our estimates ahead of 2Q26 notably for the latest TF1 Unchanged

estimates from Barclays Media Team (see M6/TF1 : Model update - 12 June 2026). We also Price Target EUR 53.00

update for the latest forex impact on some of the activities in North America. For 2Q26 we Unchanged

expect solid trends on revenues/margin for Construction, weak trends on revenues/solid on Price (01-Jul-26) EUR 47.59

margins for Colas, weak trends overall for Immobilier. At Equans we do not expect a recovery of Potential Upside/Downside +11.4%

top line trends yet in 2Q but margin progression should continue to be solid. Lastly on telecoms, Source: Bloomberg, Barclays Research

whilst front-book promotional pressures has continued to ease we believe it is not enough to

move the needle so expect flat service revenue/EBITDAaL yoy (as in 1Q), which combined with Market Cap (EUR mn) 18420

higher D&A should lead to a decline in COPA. For the group we expect 2Q26 revenues of Shares Outstanding (mn) 387.06

€13,756m and a COPA of €694m. We leave 2026e/2027e revenues and COPA estimates largely Free Float (%) 56.34

unchanged and re-iterate our EW rating and €53 PT. 52 Wk Avg Daily Volume (mn) 0.7

Dividend Yield (%) 4.41BOUY.PA: Financial and Valuation Metrics EPS (EUR)

Return on Equity TTM (%) 9.42

FY Dec 2024 2025 2026 2027 2028

Current BVPS (EUR) 33.82

EPS 2.80A 2.99A 3.26E 3.74E 4.33E Source: Bloomberg

Previous EPS 2.80A 2.99A 3.32E 3.76E 4.37E