VINCI: No more upside combined with a less favourable macro environment. | NEUTRAL vs. BUY | EUR97 vs. EUR92 (-3%)
VINCI - NEUTRAL vs. BUY | EUR97 vs. EUR92 (-3%)No more upside combined with a less favourable macro environment.
Downgrade to Neutral following the strong share price performance
Macro environment slightly less favourable with rates higher
…inflation-interest rates spread not that wide anymore…
While comparison basis will gradually get tougher.
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.
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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