Raising Vinci’s fair value estimate to EUR 75; shares fairly valued.
We are maintaining our narrow moat rating and EUR 69 fair value estimate after reviewing Vinci’s fourth-quarter results. Performance was broadly in line with our estimates. However, we are encouraged to see an uptick in margins on the contracting side and further signs of stabilisation in France. At current levels, shares look fairly valued.We expect moderately improving results in the contracting business for 2017, in contrast with the downdraft of the past few years. Like-for-like contracting...
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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