Yellow Vests Disrupt Vinci's Autoroute Traffic Growth in 4Q; Shares Fairly Valued
Narrow-moat Vinci reported solid 2018 results despite a significant loss in traffic on the autoroutes in the fourth quarter due to the yellow vest protests. Full-year EBIT of EUR 5 billion was up 8.5% over 2017 and in line with our expectations. Other than autoroutes, all business segments reported results that were in line with or better than our forecasts. For 2019, Vinci expects further growth in revenue and net income. Notably absent from this year’s guidance is any reference to operating in...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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