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 st...

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 co...

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 we...

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 €.

Jean-Christophe Dourret

Vinci : Vinci - 14 Sept 2020

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Jean-Christophe Dourret

Vinci : Technical Overview - 14 Sept 2020

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Jean-Christophe Dourret

Vinci : Vinci - 14 sept 2020

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Jean-Christophe Dourret

Vinci : Tour d Horizon - 14 sept 2020

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Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Contracting and Motorways underpin our recovery scenario

>Contracting: volumes back to normal, margins will follow - Vinci held a conference call held to present the H1 2020 results, during which management sounded particularly reassuring about the momentum in the Contracting division with respect to volumes as well as margins. The group’s business activity already appears to be back to normal. The backlog is at a high, having increased by 18% since 30 June 2019, while order intake rose by 10% in H1. It is true that orders ...

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,...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

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Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/08/2020

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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

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Thanks to a better fundamental star rating, VINCI sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to VINCI (FR), active in the Heavy Construction industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date August 25, 2020, the closing price was EUR 82.16 and its expected value was estimated at EUR 80.88.

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 we...

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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