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1. Company Snapshot

1.a. Company Description

Bouygues SA, together with its subsidiaries, operates in the construction, telecom, and media sectors in France and internationally.The company designs, builds, renovates, operates, and deconstructs building, infrastructure, and industrial projects; develops urban planning, residential, and commercial projects; constructs and maintains roads and motorways, airport runways, ports, industrial logistics and commercial hubs, urban roads and amenities, external works, reserved-lane public transport facilities, leisure facilities, and environmental amenities, as well as undertakes civil engineering activities; produces and recycles construction materials; and distributes bitumen.It also engages in the construction, renewal, and maintenance of rail networks; fitting of road safety and signaling equipment; and laying and maintenance of pipes and pipelines.


In addition, the company produces TF1, TMC, TFX, TF1, and LCI complementary TV channels; operates TV Breizh, Histoire, Ushuaïa, and Serieclub channels; produces, broadcasts, and distributes content; produces cinemas; operates la seine musicale entertainment and concert venue; and licenses, publishes, and boards games, as well as musical and events.Further, it offers telecom services; mobile and fixed Internet services; and Bbox Miami, an Android box for TV.Bouygues SA was founded in 1952 and is based in Paris, France.

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1.b. Last Insights on EN

Bouygues' recent performance has been driven by a series of positive developments. The company's strong 1-year total shareholder return of 61.6% and 5-year return of 88.1% have likely caught the attention of investors. Recent share price moves, with returns of 5.8% over 7 days and 4.2% over 30 days, indicate ongoing interest in the company. The initiation of due diligence works with the Altice Group in connection with a potential transaction to acquire a large part of the telecommunications activities of the Altice Group in France is a significant positive development. Additionally, Bouygues' partnership with ProcurePro to drive supply chain efficiency and improve cost control in the UK is a strategic move to mitigate cost pressure and supply-chain risk.

1.c. Company Highlights

2. Bouygues' 2025 Earnings: A Resilient Performance

The company's financial performance in 2025 was marked by stable revenue of EUR 56.9 billion, with a 1.3% increase on a constant exchange rate basis. The Construction division's revenue stood at EUR 27.8 billion, up 1% over the year. COPA stood at EUR 2.655 billion, a EUR 120 million increase, driven by the Construction division's COPA, which rose by EUR 155 million to EUR 982 million. Net income attributable to the group was EUR 1.138 billion, up EUR 80 million. EPS came out at 1.38, significantly higher than the estimated 0.85. The group's net debt position improved significantly, standing at EUR 4.2 billion at the end of December 2025.

Publication Date: 08:25

📋 Highlights
  • Construction Division Restructuring: Creation of a unified Construction division combining Colas, Bouygues Construction, and Bouygues Immobilier under Pascal Minault, aiming to boost sales and profitability through EUR 27.8 billion revenue in 2025.
  • Financial Performance: Group COPA rose to EUR 2.655 billion (+EUR 120 million) despite a EUR 580 million currency headwind; Construction division COPA increased to EUR 982 million (+EUR 155 million), with free cash flow at historic highs.
  • Order Book Stability: Construction division maintains EUR 32 billion order book, with Colas up 4% (EUR 13.7 billion), while Equans sustains EUR 25.4 billion order book and achieves 4.4% margin (COPA EUR 820 million), exceeding expectations.
  • Debt Reduction & Dividend Growth: Net debt fell to EUR 4.2 billion (-EUR 1.9 billion YoY), and the proposed EUR 2.10/share dividend reflects a 5% increase, supported by improved cash flow and a 28% debt-to-EBITDA gearing ratio.
  • Strategic Focus on AI & Data Centers: Bouygues Telecom and Equans prioritize AI integration for client services and internal processes, with EUR 1.48 billion CapEx and 5% COPA margin target for Equans in 2026, aligning with growth in cloud/AI infrastructure.

Segmental Performance

Bouygues Telecom reached its targets, with billings to clients up, EBITDA after lease obligations close to 2024, and gross operating CapEx at EUR 1.48 billion. The company gained 510,000 new clients over the year, bringing the total number of clients to 4.7 million with fiber to the home, which is 86% of the national population. Equans' revenue was EUR 18.7 billion, down 2% year-on-year, but COPA was significantly up to EUR 820 million, with a margin from activities of 4.4%, ahead of expectations.

Outlook and Guidance

The guidance for Equans is stable revenue compared to 2025 on a constant exchange rate basis, with a margin for activities of 5% and a cash conversion rate of 80% to 100% from COPA to free cash flow before WCR. Bouygues Telecom's outlook for 2026 is for billing to clients and EBITDA after lease obligations close to the level achieved in 2025. Analysts estimate next year's revenue growth at 2.4%.

Valuation Metrics

The company's current valuation metrics are as follows: P/E Ratio at 16.21, P/B Ratio at 1.5, P/S Ratio at 0.34, EV/EBITDA at 11.29, Dividend Yield at 3.93%, Free Cash Flow Yield at 14.32%, ROIC at 5.33%, ROE at 9.64%, and Net Debt/EBITDA at 3.95. These metrics indicate that the company's stock is fairly valued, with a reasonable dividend yield and a decent return on equity.

Management's Strategy

Olivier Roussat mentioned that the company's aspirational profit margin for Equans is 5%, and they are ahead of schedule, with a potential for further improvement. The company is focused on managing working capital requirements tightly, resulting in a EUR 3 billion inflow over the past few years. A Capital Markets Day is planned for the end of 2026 to discuss projections and expectations.

3. NewsRoom

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Bouygues: Monthly disclosure of the total number of shares and voting rights

Mar -02

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Bouygues: Very robust 2025 results and free cash flow at a record level

Feb -26

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Is It Too Late To Reassess Bouygues (ENXTPA:EN) After Its Strong 1-Year Rally?

Feb -07

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Bouygues moves procurement digitalisation into the UK with ProcurePro as cost pressure and supply-chain risk rise; $1.67bn+ already procured in Australia

Feb -05

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Bouygues: Monthly disclosure of the total number of shares and voting rights

Feb -02

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Bouygues, Orange, Iliad In Talks With Altice for French Telecoms Deal

Jan -22

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Bouygues Telecom, Free-iliad Group and Orange joint statement following press rumors

Jan -22

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Bouygues (ENXTPA:EN) Valuation Check After Strong 1 Year Total Shareholder Return

Jan -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.88%)

6. Segments

Equans

Expected Growth: 1.8%

Equans' 1.8% growth is driven by increasing demand for energy-efficient solutions, expansion into new geographies, and strategic acquisitions. The company's focus on digitalization and innovation also contributes to its growth, as well as its ability to capitalize on the trend towards urbanization and sustainable development.

Colas

Expected Growth: 1.9%

Colas from Bouygues SA's 1.9% growth is driven by increasing infrastructure investments, urbanization, and government initiatives. Additionally, the company's focus on sustainable and innovative solutions, such as renewable energy and smart roads, contributes to its growth. Furthermore, strategic acquisitions and partnerships have expanded its geographic presence and diversified its service offerings.

Bouygues Construction

Expected Growth: 1.7%

Bouygues Construction's 1.7% growth is driven by increasing demand for sustainable infrastructure, urbanization, and digitalization in the construction industry. The segment benefits from Bouygues SA's diversified portfolio, strong order book, and strategic acquisitions. Additionally, the company's focus on innovation, energy-efficient solutions, and public-private partnerships supports its growth momentum.

Bouygues Telecom

Expected Growth: 2.1%

Bouygues Telecom's 2.1% growth is driven by increasing mobile data consumption, expansion of 4G and 5G networks, and growing demand for converged fixed-mobile services. Additionally, the company's focus on customer experience, network quality, and competitive pricing strategies contribute to its growth momentum.

TF1

Expected Growth: 2.3%

TF1's 2.3% growth is driven by increasing advertising revenue, fueled by France's economic recovery and rising consumer spending. Additionally, the company's focus on digital transformation, including the development of its streaming platform, TF1 MAX, and strategic partnerships, such as the acquisition of Gameloft, contribute to its growth momentum.

Bouygues Immobilier

Expected Growth: 1.9%

Bouygues Immobilier's 1.9% growth is driven by increasing demand for sustainable and energy-efficient buildings, strategic expansion into urban renewal projects, and a strong backlog of orders. Additionally, the French government's focus on urban development and infrastructure investments supports the segment's growth.

Bouygues SA and Other

Expected Growth: 2.0%

Bouygues SA's 2.0% growth is driven by its diversified business model, strong order book in construction and telecom, and increasing demand for energy-efficient solutions. The company's focus on innovation, digital transformation, and cost savings initiatives also contribute to its growth. Additionally, the growth is supported by the French government's investments in infrastructure and renewable energy.

7. Detailed Products

Construction

Bouygues Construction is a global player in the construction industry, providing a range of services including building, civil engineering, and energy and services.

Real Estate

Bouygues Immobilier is a leading real estate developer in France, offering a range of properties including residential, commercial, and office spaces.

Telecom

Bouygues Telecom is a French telecommunications company providing a range of services including mobile, fixed, and internet services.

Energy and Services

Bouygues Energies & Services is a leading provider of energy and services solutions, including energy efficiency, facilities management, and maintenance.

Colas

Colas is a global leader in road construction and maintenance, providing a range of services including road construction, maintenance, and materials.

8. Bouygues SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bouygues SA operates in the construction and services industry, where substitutes are limited. However, the company faces some threat from substitutes in the form of alternative materials and technologies.

Bargaining Power Of Customers

Bouygues SA's customers have limited bargaining power due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

Bouygues SA's suppliers have moderate bargaining power due to the company's large scale of operations and diversified supply chain.

Threat Of New Entrants

The threat of new entrants in the construction and services industry is low due to high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The construction and services industry is highly competitive, with several established players competing for market share. Bouygues SA faces intense rivalry from its competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.74%
Debt Cost 4.76%
Equity Weight 50.26%
Equity Cost 8.34%
WACC 6.56%
Leverage 98.95%

11. Quality Control: Bouygues SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Bouygues

A-Score: 7.1/10

Value: 7.8

Growth: 5.3

Quality: 3.6

Yield: 8.1

Momentum: 9.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
ACS

A-Score: 6.6/10

Value: 4.9

Growth: 6.6

Quality: 4.5

Yield: 6.9

Momentum: 10.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Strabag

A-Score: 6.6/10

Value: 7.5

Growth: 4.7

Quality: 6.5

Yield: 8.1

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
HOCHTIEF

A-Score: 5.5/10

Value: 3.7

Growth: 6.6

Quality: 4.3

Yield: 5.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Budimex

A-Score: 5.3/10

Value: 2.0

Growth: 4.8

Quality: 6.0

Yield: 8.8

Momentum: 7.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Arcadis

A-Score: 4.3/10

Value: 5.4

Growth: 6.3

Quality: 5.9

Yield: 3.8

Momentum: 0.0

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

50.58$

Current Price

50.58$

Potential

-0.00%

Expected Cash-Flows