(CercleFinance.com) – Bouygues gained more than 3% in Paris, taking advantage of an analysis by Oddo which, while maintaining its ‘neutral’ recommendation on the stock, raised its target price from 34 to 36 euros.
The analysis office reports that the management of Bouygues says it is ‘confident about the 2022 dynamic’, with growth driven by private orders and then by the recovery plans at the end of the year.
Thus, ‘the group seems confident about its ability to continue improving its margins’, notes Oddo, referring to a target of 4% for Colas in 2023, a target of 5% for Bouygues Energies and Services in the medium term and ‘a progress’ at Bouygues Construction.
“The message on real estate, on the other hand, remains very cautious (stability of the margin in 2022 on the low levels of 2021) given the weakness of the activity”, underlines the broker. Bouygues finally confirms its 2026 targets in Telecoms, both fixed and mobile.
Consequently, Oddo is adjusting its estimates anticipating an increase at Bouygues Construction and Colas, a fall at Bouygues Immobilier and an increase in sales in Telecoms (with EBITDA still at +7% in line with guidance).