VINCI: ENERGIES - APROVECHANDO LOS VIENTOS DE COLA... (ANÁLISIS BANCO SABADELL)
CMD Vinci Energies: Aprovechando los vientos de cola sectoriales. SOBREPONDERARDel CMD de Vinci Energies del viernes destacamos su guidance de crecimiento en ventas 2024-30e a “dígito medio-alto” (vs +c.5% BS(e)) y unos márgenes EBIT de al menos el 7,5% en 2030e (vs 7,3% BS(e)). Estiman un valor de la división (EV) superior a 20.000 M euros en base a un DCF, que se sitúa más de un +>20% por encima de nuestra valoración de 16.019 M euros (16% del EV; 11x EV/EBIT’25e; +17% prima frente a comparables europeos) y que, si asumiésemos, tendría un impacto de +4,5% en nuestro P.O. hasta niveles de 140 euros/acc, (+39% potencial). DG ha caído un -11% en el año (-15% frente al sector) por la incertidumbre política en Francia, ofreciendo en nuestra opinión un atractivo punto de entrada.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.