Vinci S.A.

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.
  • TickerDG
  • ISINFR0000125486
  • ExchangeEuronext Paris
  • SectorConstruction & Materials
  • CountryFrance

Analysts

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2019

...

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Feedback from road show: while waiting for trees to grow to the skies...

>Concessions: solid growth - We accompanied Vinci’s CFO and IR on a road show in Germany.In concessions, growth remains supported by i/ motorway tariffs (after just under +2% in 2019, we expect tariffs to rise in 2020 to around 1.3% (based on a benchmark inflation estimate of 1%) and ii/ airport traffic growth (the group is not currently observing a change in trend related to the "flight shame” movement in particular and still expects market growth of around 3% i...

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Feedback roadshow : en attendant que les arbres montent au ciel…

>Concessions : croissance solide - Nous avons accompagné le CFO et l’IR de Vinci en roadshow en Allemagne.Dans les concessions, la croissance reste soutenue par (i) les tarifs pour les autoroutes après un peu moins de +2% en 2019, nous attendons en 2020 autour de +1.3% (basée sur une estimation d’inflation de référence de 1%) et (ii) la croissance du trafic dans les aéroports (le groupe n’observe pas à ce stade de changement de tendance lié au flyshame notamment ...

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Feedback from road show: while waiting for trees to grow to the skies...

>Concessions: solid growth - We accompanied Vinci’s CFO and IR on a road show in Germany.In concessions, growth remains supported by i/ motorway tariffs (after just under +2% in 2019, we expect tariffs to rise in 2020 to around 1.3% (based on a benchmark inflation estimate of 1%) and ii/ airport traffic growth (the group is not currently observing a change in trend related to the "flight shame” movement in particular and still expects market growth of around 3% i...

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Feedback roadshow : en attendant que les arbres montent au ciel…

>Concessions : croissance solide - Nous avons accompagné le CFO et l’IR de Vinci en roadshow en Allemagne.Dans les concessions, la croissance reste soutenue par (i) les tarifs pour les autoroutes après un peu moins de +2% en 2019, nous attendons en 2020 autour de +1.3% (basée sur une estimation d’inflation de référence de 1%) et (ii) la croissance du trafic dans les aéroports (le groupe n’observe pas à ce stade de changement de tendance lié au flyshame notamment ...

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Q3 revenue 4% above expectations

>Q3 revenue up 12.4%, with +6.3% lfl … - Vinci has reported Q3 revenue up 12.4%, with +6.3% lfl, 4% above consensus expectations. As expected, the trend for Vinci Autoroutes was a bit weak, with revenue up 1.2% dampened by traffic down 0.7% (1% decrease for light vehicles and 2.4% increase for heavy goods vehicles). This is close to the performance of APRR, which early in the week reported revenue up 1.6% on traffic down 0.5%. Note that July seems to have been pa...

Eric Lemarie

VINCI: Strong Q3 performance | BUY | Under Review

VINCI - BUY | Under Review Strong Q3 performance Organic growth still firm at 6.3% in Q3 Strong performance in almost every division Buy maintained

Sven Edelfelt ...
  • Virginie Rousseau

Vinci : Chiffre d’affaires T3 4% au-dessus des attentes

>Chiffre d’affaires T3 en hausse de 12.4% dont +6.3% lfl… - Vinci a publié un chiffre d’affaires T3 en hausse de 12.4% dont +6.3% lfl, supérieur de 4% aux attentes du consensus.Comme attendu, la dynamique de Vinci Autoroutes est un peu faible avec un chiffre d’affaires en hausse de 1.2% pénalisé par un trafic en baisse de 0,7% (baisse de 1% pour les VL et hausse de 2.4% pour les PL). Ceci est proche de la performance d’APRR qui a publié en début de semaine un CA ...

1 director sold

A director at Vinci sold 11,110 shares at 100.000EUR and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Nicolas David
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2019

...

Alain William ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/01/2019

Market expectations of a cut in the Fed’s policy rates have come true... Unless that is, that the Fed that has aligned itself with investor expectations. Is this really good news for equity markets? Not necessarily, as the recent trend in the cost of capital, in a context of a slowdown in earnings growth, tends to demonstrate the latter’s inertia. In other words, the gain on the risk-free rate is absorbed by an equivalent (if not greater) increase in the risk premium. Conclusion: indi...

VINCI SA with less fundamental stars is reduced to Neutral

VINCI SA (FR), a company active in the Heavy Construction industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date October 15, 2019, the closing price was EUR 98.84 and its expected value was estimated at EUR 96.84.

Ibrahim Firdaus
Ibrahim Firdaus
Ibrahim Firdaus
Ibrahim Firdaus
Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

Egis Group - Strategy, SWOT and Corporate Finance Report

Summary Egis Group - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Egis Group (Egis) provides engineering and construction services. It serves transportation, industry, water, environment, energy, urban development, maritime and building sectors. The company provides project structuring, equity investment, consulting, inspection and certification, mobility servic...

MarketLine Department

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Summary STRABAG SE - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights STRABAG SE (STRABAG) is a provider of construction services. It provides civil engineering, transport infrastructures, and construction materials. The company’s key business activities include railway construction, sewer engineering, pipe and sewer construction, traffic engineering, waterway const...

MarketLine Department

Ellaktor SA - Strategy, SWOT and Corporate Finance Report

Summary Ellaktor SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Ellaktor SA (Ellaktor) is a diversified construction company. It operates in heavy construction, concession, real estate development and management, energy, quarrying, and environment. The company executes infrastructure, building, and solar power construction projects. It also carries out conces...

MarketLine Department

Actividades de Construccion y Servicios S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Actividades de Construccion y Servicios S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Actividades de Construccion y Servicios S.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an o...

MarketLine Department

Strabag SE - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Strabag SE Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Strabag SE since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

Expert Corporate Governance Service (ECGS)

Vinci April 17th, 2019

ITEMS 8 to 11: The mandate of Josianne Marquez will end after the 2019 General Shareholders’ Meeting and a director should be appointed to represent employee shareholders (8th to 11th items). The company does not provide any information on proposed candidates except which mutual funds proposed their election. It seems legitimate that the Castor mutual fund is represented on the Board as it holds the most important portion of the capital. However, considering the lack of information regarding candidates proposed by the fund (items 8 and 9), we cannot choose between Mrs Muller Joly-Pottuz and Ro...

Jehanne Leroy

Vinci 17 Avril 2019

GouvernanceLe mandat de Josiane Marquez, administrateur représentant les salariés actionnaires, prenant fin à l’issue de l'assemblée générale des actionnaires 2019, il est donc proposé de nommer un administrateur représentant les salariés actionnaires (résolutions 8 à 11). La société ne communique aucune information concernant ces candidats, mis à part par quel fonds ils sont proposés. S'il semble légitime que le FCPE Castor siège au conseil puisque c’est le fonds détenant la plus grande participation, cependant, aucun choix entre Mmes Muller Joly-Pottuz et Rozé ne peut être fait puisque la so...

Vinci - Assemblée générale des actionnaires du 17 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Vinci – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 17/04/2018

ITEM 4: The board proposes to renew the Chairman and CEO, Xavier Huillard. Proxinvest and the ECGS do not support the combination of Chairman and CEO functions. However, some exceptions can be made taking into account the Chairman and CEO’s influence on the company’s governance, stock performance and environmental performance. In Mr Huillard’s case, he maintained a fair shareholders democracy, the board has now a majority of independent members, the share price performance is quite fair (and way better than the CAC 40), and we commend the company’s environmental performance. Hence, we support ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive coun...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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