Bouygues Earnings: Weak Residential Market Sends Shares Lower; Maintain Fair Value Estimate

Bouygues' Immobilier segment results were lacking in the first quarter of 2024. Sales and backlog in the segment decreased 15% and 29%, respectively, after an already weak first quarter of 2023, when both metrics also declined by double digits. Management acknowledged the challenging residential market environment as high interest rates have halted commercial property activity. The firm offered no timeline for recovery, citing low visibility on the issue. The shares were down 5% in early trading.