Vinci S.A.

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.
  • TickerDG
  • ISINFR0000125486
  • ExchangeEuronext Paris
  • SectorConstruction & Materials
  • CountryFrance
Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive coun...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Jérôme VINERIER

Short term view - VINCI : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €74.00. The background trend would be questioned should prices rise above €83.10.

Jérôme VINERIER

Analyse court terme - VINCI : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 74,00 €. La tendance de fond serait remise en cause en cas de franchissement de 83,10 €.

Eric Lemarie

VINCI: The problem with airports | SELL | EUR75(-8%)

VINCI - SELL | EUR75(-8%) The problem with airports New traffic assumptions for airports Estimates lowered again for 2020 Specific risks from Airports We continue to prefer Bouygues or in a lesser extend Eiffage

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction France : quand les Bleus se mettent au vert

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, t...

Muriel Fellous Effila

VINCI AGM feedback:confident message on Vinci recovery potential post-Covid

At today’s AGM, Vinci’s management has delivered a hopeful and confident message on its rebound from a year 2020 that will be strongly impacted by the Covid-19 crisis. We have factored in the latest trends and fine tuned our estmates.

Eric Lemarie

Building solutions: Long Bouygues / Short Vinci

Building solutions Long Bouygues / Short Vinci Bouygues share price lasting underperformance Vinci Airports in face of serious challenges In Gatwick in particular Conclusion: Bouygues is not in the worst position here

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2020

...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/06/2020

A sector hard hit by COVID-19, with EPS estimates slashed by 35% and target prices by >25%; many high-risk stocks (e.g. Haulotte, Manitou, Exel Industries …) and few safe profiles (e.g. Albioma, Rubis and GTT). - ...

With a more favourable environment, VINCI SA improves to Slightly Positive

VINCI SA (FR), a company active in the Heavy Construction industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 76.84 and its potential was estimated at EUR 89.98.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Vinci - Assemblée Générale des actionnaires du 18 Juin 2020

Gouvernance : Le 12/03/20, TCI a demandé à la société l’inscription de 2 résolutions environnementales (/vinci.nsf/fr/ag2020/$file/Lettre-TCI-VINCI-12%20-Mars-2020.pdf). Le 17/03/20, Vinci a répondu à TCI (/vinci.nsf/fr/ag2020/$file/Lettre-VINCI-TCI-17-Mars-2020.pdf) et lui a indiqué refuser l’inscription à l’ordre du jour de ces résolutions arguant que ces résolutions portaient sur des sujets qui sont de la compétence du conseil et non de l’AG. Le refus d’inscription de résolutions d’actionnaires à l’ordre du jour de l’AG est un fait très grave en termes de démocratie actionnariale. On notera...

Expert Corporate Governance Service (ECGS)

Vinci – AGM 18 June 2020

Changes published in the Notice released on 8/5/20 : - modification of the dividend from €3.05 to €2.04 - addition of a stock dividend payment option - addition of resolution 17 (amendment of Article 15 of the Articles of Association) Governance: On 12/03/20, TCI asked the company to add 2 environmental resolutions (- 2020.pdf). On 17/03/20, Vinci replied to TCI () and indicated that it refused the inclusion of these resolutions on the agenda, arguing that these resolutions related to matters that are within the competence of the Board and not of the General Meeting.   The refusal to i...

Jehanne Leroy

Vinci - Assemblée Générale Mixte des actionnaires du 9 avril 2020

Bien que la communication de la société sur les rémunérations attribuées à son PDG permette une très bonne compréhension des montants attribués et de leur lien avec les performances réalisées, ceux-ci sont excessifs en comparaison des pairs et de l’évolution de la rémunération des salariés cette année et ne permettent pas de formuler une recommandation positive. Concernant la politique de rémunération 2020, la société ne propose pas de changement. Ainsi, en termes de structure et de montants potentiels, elle demeure excessive. Par ailleurs, la société n’a pas renforcé l’exigence des objectifs...

Expert Corporate Governance Service (ECGS)

Vinci - AGM 9 april 2020

ITEM 7: The 2020 remuneration policy of the Chairman and CEO of Vinci still comprises some major flaws and allows for excessive amounts. Thus, as no change is proposed for 2020, we do not support it and recommend shareholders to oppose.   ITEM 9: Although company’s disclosure allows for a good understanding of amounts granted, performance objectives of long-term variable are questionable as they are not sufficiently challenging. Moreover, the total remuneration is excessive compared to index and sector practices. Thus, we recommend shareholders to oppose.

Expert Corporate Governance Service (ECGS)

Vinci April 17th, 2019

ITEMS 8 to 11: The mandate of Josianne Marquez will end after the 2019 General Shareholders’ Meeting and a director should be appointed to represent employee shareholders (8th to 11th items). The company does not provide any information on proposed candidates except which mutual funds proposed their election. It seems legitimate that the Castor mutual fund is represented on the Board as it holds the most important portion of the capital. However, considering the lack of information regarding candidates proposed by the fund (items 8 and 9), we cannot choose between Mrs Muller Joly-Pottuz and Ro...

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