Bouygues Telecom
The perennial change of ownership favourite and the smallest of the three French cellular operators has just reported Q1 results:
Bloomberg is reporting Sawiris owner of Wind in Italy and part owner with Orange of Mobinil in Egypt is considering a bid.
An auction for Bouygues Telecom would certainly add some spice to the quiet summer months: I could almost guarantee that Deutsche Telekom, Telefonica and KPN would also get involved in any auction. However, I don’t think a sale will occur and even if did it would be conducted far away from the public glaze.
Bouygues Telecom's net profit in the first quarter of 2007 stood at 143 million euros (up 55%) and EBITDA came to 360 million euros, up 18% compared with the first quarter of 2006, when the Neo and Exprima call plans were successfully launched.In addition the operating profit came in at €217m which is a 53% increase y-o-y. Annualising the Q1 EBITDA and using a 8.5x EV/EBITDA valuation metric gives an approximate value of €12.2bn.
This improved profitability was due to growth in sales (up 5%) which outstripped that of the market and lower subscriber acquisition costs.
Bloomberg is reporting Sawiris owner of Wind in Italy and part owner with Orange of Mobinil in Egypt is considering a bid.
An auction for Bouygues Telecom would certainly add some spice to the quiet summer months: I could almost guarantee that Deutsche Telekom, Telefonica and KPN would also get involved in any auction. However, I don’t think a sale will occur and even if did it would be conducted far away from the public glaze.
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