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Bouygues S.A. Jun 06
Standard & Poors, June 2006
Broad business diversity with leading positions in most of its businesses Conservative financial profile Experienced and skilled management Strong free cash flow generation and solid return on capital Exposure to the challenging telecommunications sector and to low-margin construction activities Cyclicality present within subsegments Lack of control over the cash flow of the profitable subsidiary TF1 The ratings on France-based conglomerate Bouygues S.A. reflect the group's consistent free cash flow generation--underpinned by solid market positions, broad business diversity, and a modest financial risk profile. These strengths are tempered by Bouygues' slightly challenging No. 3 position in the French mobile-telephone market, although this business is now very profitable, and exposure to low-margin, cyclical, and seasonal construction activities. The positive rating impact of...
Companies mentioned in this report are: Bouygues S.A.,Television Francaise 1 S.A.
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
Bouygues S.A.,Television Francaise 1 S.A.