Smooth Sailing for Vinci in 3Q; Maintaining FVE
After reviewing Vinci's third-quarter sales update, we are maintaining our EUR 78 fair value estimate and narrow moat rating. At current levels, the shares look fairly valued. Shares are up 4% at time of writing, but we think this is more of a recovery from the broad market sell-off in recent weeks than a positive surprise in performance. Third-quarter revenue was only slightly better than consensus and our expectations. 2018 guidance was confirmed.Traffic on the autoroutes remained healthy, wi...
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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