Strong 2017 for Vinci; Traffic Growth Decelerates in 2018 but French Contracting Market Recovering
Narrow-moat Vinci had another successful year in 2017 with 10.4% EBIT growth over 2016, slightly beating our estimate for 8.1% growth. Strong contracting revenue growth and higher margins in airport concessions in the second half of the year lifted full-year profits above our forecast. For 2018, Vinci is guiding for further growth in revenue and profits, which is line with our view for modest increases. We remain impressed by the margin improvements in the airport concessions, and are also seein...
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