Eiffage: Good momentum, solid outlook, favourable environment. (
Eiffage: (BUY-TOP PICKS, Fair Value EUR108 vs. EUR106 (+11%))Good momentum, solid outlook, favourable environment.
We spent last Thursday with Eiffage’s head of investments and treasury for a roadshow we organised. The event reinforced our positive stance on the share price. Eiffage, like Vinci and Bouygues, is benefiting from an exceptional environment for civil works in France with the Grand Paris project, while traffic at APRR is sustained. The outlook is solid, with operating margin improvement expected in most divisions, on the back of a steady order book (+22% in H1) and probably further acquisitions to close and new concessions to be attributed. Last but not least, the current macro environment (inflation, rates) is obviously supportive for concession valuation.
Eiffage is a construction and concessions group. Co.'s operations are organized into five divisions. The Concessions and PPPs division is engaged in construction and operating of infrastructures under concessions and public private partnerships. Through the Construction division, Co. is engaged in building design and construction, property development and building maintenance. Through the Public works division, Co. is engaged in civil engineering, road construction, infrastructure maintenance and material production. The Energy division specializes in electrical contracting and air conditioning. Through the Metal division, Co. is engaged in metallic construction and services to industry.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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