VINCI: Solid 2019 but less growth expected in 2020 | NEUTRAL | EUR97(-3%)
VINCI - NEUTRAL | EUR97(-3%)Solid 2019 but less growth expected in 2020
Solid revenues in 2019, in line with expectations
EBIT roughly in line too (approx. 2% above consensus)
Confidence in 2020 performance
But overall growth likely to be more limited
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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