Solid and safe in difficult times
On the back of a more complicated stock market environment, we chose to favour Eiffage, anattractive combination of visibility with the concession arm and growth with the construction arm.
Whereas the concessions benefit from higher inflation combined with flattish govt bond yields, the
construction branch is well positioned to enjoy the steady cycle in France, in particular in the
infrastructures area. Besides, key current risks (trade wars, currencies) hardly concern Eiffage.
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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