France Moves From Laggard to Leader in 1Q for Vinci; Shares Fairly Valued
We are maintaining our EUR 78 fair value estimate for narrow-moat Vinci after reviewing the first-quarter sales update. Performance was generally good across the business, but we were particularly pleased to see a confirmation of stronger contracting activity in France, in line with our view. We expect a solid uptick in contracting profits over the next few years, driven by improving French construction markets. Organic contracting sales in France were up 4.9% in the first quarter over 2017, des...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.
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