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...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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