Another Solid Performance for Vinci in First Half
Narrow-moat Vinci continued to report consistently strong results, with first-half EBIT moderately ahead of our expectations in all business lines. First-half EBIT for the group was EUR 2.1 billion, up 11% over the prior-year period. We don’t expect to make a material change to our forecasts or our EUR 78 fair value estimate. Vinci’s consistent performance in recent years has been fully recognized by the market, and shares are trading at a modest premium to our fair value estimate.The concessi...
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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