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Bouygues

Bouygues SA is a French diversified industrial group, with its core business being focused on construction activities through its subsidiaries Bouygues Construction (Building and Civil works), Bouygues Immobilier (Property developer) and Colas (Roads). These three divisions accounted for 78% of FY17 revenues and 48.5% of EBITDA. The other main plank of the group's business portfolio is the Telecoms business (Bouygues Telecom), which generates 39.2% of the group's EBITDA (13.2% of consolidated sales). Bouygues also owns 29% of the engineering group Alstom. Despite operating in 80 countries, Bouygues is not well diversified geographically (France - 63.8% of 2017 sales). Bouygues has a market capitalization of €13.72bn and benefits from a solid shareholder structure: the Bouygues family owns 21.01% of the company (29.4% of the voting rights), while employees own 17.6% (23.9%) and other French shareholders 22.5% (17.6%). (11 Jul 2018)

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Vinci: 3Q18 Trading Statement / Update

Earnings Note: 24 Oct 2018, 10:03 PM ET - Vinci produced a solid 3Q18 revenue trading statement that was a marked contrast to the profit warning issued by its arch rival Bouygues, last week.

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Vinci: Solid FY17, But Still Trading Tight

Earnings Note: 11 Feb 2018, 9:59 PM ET - Despite a solid 2017 for Vinci, we find little value in its one Holdco bond. 

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

2017 Euro Conference: IG Autos & Cap Goods

Transcript: 19 Dec 2017, 11:25 PM ET - In this presentation we discuss four trends in the Auto and Capital Goods sectors – Automation, Electrification, Autonomous driving and Renewable Energy – and the steps being taken to adapt corporate strategies and evolve with the times.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Bouygues vs Vinci: Peer Comparison and RV Review

Company Analysis: 26 Sep 2017, 11:18 PM ET - 2017 has been a solid year to date for our two IG construction credits, Bouygues and Vinci, although bond spreads remain thin for their risk profiles. 

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.

European Construction: Mid-Year Outlook 2017

Sector Outlook: 24 Jul 2017, 6:17 PM ET - The latest set of Euroconstruct forecasts are more supportive of growth in European Construction than previously envisaged. 

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

US Construction Outlook 2017 - A Trump Bump?

Sector Outlook: 30 Jan 2017, 10:22 PM ET - In the second of our Construction Outlook series for 2017, we examine the prospects for the US and discuss the potential "Trump Bump" effect. 

European Construction Outlook 2017

Sector Outlook: 22 Jan 2017, 9:54 PM ET - In the first of our 2017 Outlook series, we examine construction trends in Europe in 2016 and discuss the outlook for 2017. 

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Bouygues: In the Market with Benchmark 2027 Bond

IG Note: 29 Nov 2016, 5:51 AM ET - Bouygues (ENFP) is in the market with a benchmark euro-denominated bond due in June 2027.
Focused

Bouygues: Telecoms Driving Profit Improvement

Worth Watching: 17 Nov 2016, 10:18 PM ET - Bouygues (ENFP, Baa1/BBB) reported mixed top line performance in the first nine months of the year and a decline in construction order book, however, its EBITDA margins improved, largely driven by the Telecom unit. Bouygues generated €23.1 bn ..

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

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