Sturdy Traffic Growth in Vinci’s Concession Business; French Construction Market Still Weak
After reviewing Vinci’s third-quarter revenue release, we are maintaining our narrow moat rating, but increasing our fair value estimate to EUR 69 from EUR 65 due to the time value of money. At current levels, shares look fairly valued.The foundation of our narrow moat rating is Vinci’s concessions business, particularly the autoroute network in France, given resilient traffic growth and a strong contract framework. Traffic growth in the third quarter remained impressive across both autoroutes...
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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