Solid Start to Year for Vinci in 1Q; Shares Overvalued
Narrow-moat Vinci reported 5.9% like-for-like sales growth in the first quarter with good performance across concessions and contracting. The order book increased 10%, but order intake was up only 1%, which is in line with our view for decelerating construction activity in Europe as we progress through 2019. We don’t expect to make a material change to our EUR 78 fair value estimate. At current levels, the shares look overvalued.Traffic on the autoroutes increased 1% in the first quarter, held ...
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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