Vinci's Airport Concessions Continue to Impress in 1H; Shares Fairly Valued
We are maintaining our EUR 75 fair value estimate for narrow-moat Vinci after reviewing the company's first-half results. Total revenue and operating income were broadly in line with our expectations. However, the airport concessions continued to report impressive passenger growth as well as substantial margin improvement, despite the recent consolidation of some lower-margin airports. We are holding our long-term forecast for the time being, but further confirmation of this new level of profita...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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