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Bouygues S.A. Jan 04
Standard & Poors, Jan 2004
Abstract
Very diversified earnings base, Conservative financial profile, Experienced and skilled management, Leading positions in most businesses, and Strong free cash flow generation of Bouygues Telecom following several years of cash drain. Exposure to the challenging telecommunications sector and to low-margin construction activities, Some exposure to cyclicality (offset by the diversified business portfolio), and Lack of control over the cash flow of the profitable subsidiary TF1. The ratings reflect Bouygues S.A.'s strongly diversified business profile and conservative financial profile. The ratings are somewhat constrained, however, by Bouygues' exposure to the low-margin construction segment and the challenging--albeit now very profitable--mobile-telephone market. The ratings also acknowledge the high quality of the group's management, which has shown foresight, notably in managing the risks inherent...
Companies mentioned in this report are: Bouygues S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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