Vinci : After the excellent H2 2020, what to expect in 2021?
>Cash generation: 2020 cannot be extrapolated, even so… - One of the main pleasant surprises in the 2020 results publication (see our comment of 5 February) was clearly the generation of FCF at € 3.99bn close to the € 4.2bn of 2019 (while EBITDA was down 33%). During the conference call that followed the publication, Vinci management explained that this performance was largely due to cash inflows in December (around € 2bn) supported by brisk business momentum in H2 an...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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