Robust Airport Traffic Growth Continues for Vinci in 3Q; Upturn in France Building Momentum
We are maintaining narrow-moat Vinci’s EUR 75 fair value estimate after reviewing the third quarter sales update. Airport concessions continued to report robust passenger traffic growth, rising 12.2% over the prior-year period. The Portuguese airports remain the biggest driver, given their weight in the division, and passenger traffic growth was stellar with a 14.7% increase over the prior-year period. Our medium-term organic sales growth forecast for the airport division is in the midsingle dig...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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