VINCI: Solid Q2 2018 performance (BUY-Top Picks, Fair Value EUR94 (+12%))
VINCI: (BUY-Top Picks, Fair Value EUR94 (+12%))Solid Q2 2018 performance
Vinci has reported solid interim figures, with revenues at EUR19.8bn (1% above consensus) up 2.8% lfl. Toll roads traffic is up 2.3% and Airport traffic up 9.3%. Current EBIT is up 11.4% at EUR2099m, 2% above expectations, with margin improvements in every sing division, in particular 50bps in the Concessions and 40bps in the Contracting and overall 45bps. Order intake up 3% and order book up7%. Guidance reiterated.
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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