Tillkännagivande • Dec 22
Colas SA(ENXTPA:RE) dropped from CAC AllShares Index Colas SA has been dropped from CAC AllShares Index. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 53% After last week's 53% share price gain to €173, the stock trades at a trailing P/E ratio of 19.1x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 82% over the past three years. Tillkännagivande • Sep 19
Bouygues to Delist Colas After Share Squeeze Out Diversified services group Bouygues SA (ENXTPA:EN) announced plans to file a public tender offer to squeeze out remaining shares in French construction company Colas SA (ENXTPA:RE). Reported Earnings • Aug 03
First half 2023 earnings released: €4.19 loss per share (vs €4.06 loss in 1H 2022) First half 2023 results: €4.19 loss per share (further deteriorated from €4.06 loss in 1H 2022). Revenue: €6.79b (up 4.2% from 1H 2022). Net loss: €137.0m (loss widened 3.8% from 1H 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jul 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 48% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • Apr 25
Upcoming dividend of €7.35 per share at 6.2% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.9%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Stephanie Rivoal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 03
First half 2022 earnings released: €4.06 loss per share (vs €3.42 loss in 1H 2021) First half 2022 results: €4.06 loss per share (down from €3.42 loss in 1H 2021). Revenue: €6.52b (up 17% from 1H 2021). Net loss: €132.0m (loss widened 18% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Stephanie Rivoal was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: €8.00 (vs €2.88 in FY 2020) Full year 2021 results: EPS: €8.00 (up from €2.88 in FY 2020). Revenue: €13.2b (up 7.6% from FY 2020). Net income: €261.0m (up 178% from FY 2020). Profit margin: 2.0% (up from 0.8% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €8.01 (up from €2.88 in FY 2020). Revenue: €13.2b (up 7.6% from FY 2020). Net income: €261.0m (up 178% from FY 2020). Profit margin: 2.0% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Tillkännagivande • Feb 25
Colas SA, Annual General Meeting, Apr 26, 2022 Colas SA, Annual General Meeting, Apr 26, 2022. Agenda: To consider 2021 financial statements; and to consider to distribute a dividend of EUR 6.85 per share, compared to EUR 2.90 last year. Tillkännagivande • Dec 02
Colas SA (ENXTPA:RE) completed the acquisition of Destia Oy from Ahlström Capital Oy. Colas SA (ENXTPA:RE) signed an agreement to acquire Destia Oy from Ahlström Capital Oy for approximately €200 million on August 25, 2021. Destia generated revenue totaling €564 million in 2020. The transaction is subject to the approval of the competition authorities. As of November 18, 2021, the European Commission (EC) has granted unconditional approval for the transaction. The transaction is expected to close by the end of 2021. Jan Ollila, Kai Holkeri, Ilkka Leppihalme, Ritva Aalto, Toni Kalliokoski, Mika Karkkainen, Tuomas Tiensuu, Katrin Puolakainen and Jasper Kuhlefelt from Dittmar & Indrenius Attorneys Ltd. served as a legal advisor for Colas. PK Partners AB acted as financial advisor while Jan-Anders Wik, Pinja Lindholm and Jaakko Huhtala of Roschier acted as legal advisor for Ahlström.
Colas SA (ENXTPA:RE) completed the acquisition of Destia Oy from Ahlström Capital Oy on December 1, 2021. Reported Earnings • Aug 28
First half 2021 earnings released: €3.42 loss per share (vs €9.03 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €5.59b (up 15% from 1H 2020). Net loss: €112.0m (loss narrowed 62% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 27
Colas SA (ENXTPA:RE) signed an agreement to acquire Destia Oy from Ahlström Capital Oy for approximately €200 million. Colas SA (ENXTPA:RE) signed an agreement to acquire Destia Oy from Ahlström Capital Oy for approximately €200 million on August 25, 2021. Destia generated revenue totaling €564 million in 2020. The transaction is subject to the approval of the competition authorities. The transaction is expected to close by the end of 2021. Jan Ollila, Kai Holkeri, Ilkka Leppihalme, Ritva Aalto, Toni Kalliokoski, Mika Karkkainen, Tuomas Tiensuu, Katrin Puolakainen and Jasper Kuhlefelt from Dittmar & Indrenius Attorneys Ltd. served as a legal advisor for Colas. Upcoming Dividend • Apr 26
Upcoming dividend of €2.90 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 05 May 2021. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.8%). Executive Departure • Feb 25
Chairman of the Board of Directors Olivier Roussat has left the company On the 16th of February, Olivier Roussat's tenure as Chairman of the Board of Directors ended after 1.4 years in the role. We don't have any record of a personal shareholding under Olivier's name. Olivier is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS €2.88 (vs €8.00 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €12.3b (down 10% from FY 2019). Net income: €94.0m (down 64% from FY 2019). Profit margin: 0.8% (down from 1.9% in FY 2019). The decrease in margin was driven by lower revenue. Tillkännagivande • Feb 19
Colas SA Announces Executive Changes At its meeting of 16 February 2021, the Board of Directors of Colas decided to combine the functions of Chairman and Chief Executive Officer, and appoint Frédéric Gardès, the current CEO, Chairman and Chief Executive Officer of Colas. Olivier Roussat has therefore resigned from office as Chairman of Colas. Frédéric Gardès, 49, is a graduate of École Centrale de Paris and the Royal Institute of Technology of Stockholm. He began his career in 1994 in the Bouygues group as a Construction Engineer at Bouygues Offshore. He was then appointed International Managing Director in March 2018. He was appointed CEO of Colas in May 2019. Frédéric Gardès joins the Bouygues Group Management Committee. Is New 90 Day High Low • Dec 08
New 90-day high: €117 The company is up 2.0% from its price of €115 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: €105 The company is down 7.0% from its price of €114 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Construction industry, which is also down 7.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: €110 The company is down 4.0% from its price of €115 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 15% over the same period. 
