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

Valens Research

Valens Equity Insights and Inflections - 2018 11 14

GRMN currently trades below corporate averages relative to Uniform Earnings, with a 16.1x Uniform P/E. At these valuations, the market is pricing in expectations for Uniform ROA to fall from current 17% levels in 2017 to just 10% in 2022, accompanied by 8% Uniform Asset growth going forward. However, analysts have far less bearish expectations, projecting Uniform ROA to compress only slightly, to 15% levels in 2019, accompanied by 7% Uniform Asset growth. In addition, analyst projections have grown consistently over the last year, indicating growing bullishness that the market has yet to facto...

1 director sold

A director at Vinci sold 750 shares at 79.150EUR and the significance rating of the trade was 55/100. 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 alo...

Valens Research

DG:FRA - Embedded Expectations Analysis - 2018 11 08

VINCI SA (DG:FRA) currently trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 14.3x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, and management has concerns about their construction order intake, growth of VINCI Energies, and their margins Specifically, management may lack confidence in their ability to develop an automated toll system that utilizes registration plates and smartphones, and to sustain higher order intake from acquisitions for VINCI Energies and Eurovia. Moreover, they may be concerned about thei...

Jérôme VINERIER

Short term view - VINCI : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €74.00. The background trend would be questioned should prices rise above €83.10.

Jérôme VINERIER

Analyse court terme - VINCI : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 74,00 €. La tendance de fond serait remise en cause en cas de franchissement de 83,10 €.

Valens Research

Valens Equity Insights and Inflections - 2018 11 14

GRMN currently trades below corporate averages relative to Uniform Earnings, with a 16.1x Uniform P/E. At these valuations, the market is pricing in expectations for Uniform ROA to fall from current 17% levels in 2017 to just 10% in 2022, accompanied by 8% Uniform Asset growth going forward. However, analysts have far less bearish expectations, projecting Uniform ROA to compress only slightly, to 15% levels in 2019, accompanied by 7% Uniform Asset growth. In addition, analyst projections have grown consistently over the last year, indicating growing bullishness that the market has yet to facto...

Valens Research

DG:FRA - Embedded Expectations Analysis - 2018 11 08

VINCI SA (DG:FRA) currently trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 14.3x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, and management has concerns about their construction order intake, growth of VINCI Energies, and their margins Specifically, management may lack confidence in their ability to develop an automated toll system that utilizes registration plates and smartphones, and to sustain higher order intake from acquisitions for VINCI Energies and Eurovia. Moreover, they may be concerned about thei...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Building France: September, continued slowdown in the non-residential segment

>Negative stock market impact - Figures down in September in both the residential and non-residential segments The slowdown in the residential segment, which was not in doubt, continues. The bad news stems from figures in non-residential, which confirm the decline observed in August, with new building starts now showing a decline over three months rolling, as is the case for building permits. Over twelve months rolling, new building starts in the non-residential segme...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Bâtiment France : Septembre, poursuite du ralentissement dans le non résidentiel

>Impact boursier négatif - Chiffres en baisse en septembre à la fois dans le résidentiel et dans le non résidentiel. Le ralentissement dans le résidentiel, qui ne faisait pas de doute, continue. La mauvaise nouvelle provient des chiffres du non résidentiel, qui confirment le repli observé en août, avec des mises en chantier qui s’affichent désormais en baisse sur trois mois glissants, comme pour les permis de construire. Sur 12 mois glissants, les mises en chantier da...

Rob Hales

Morningstar | Smooth Sailing for Vinci in 3Q; Maintaining FVE

After reviewing Vinci's third-quarter sales update, we are maintaining our EUR 78 fair value estimate and narrow moat rating. At current levels, the shares look fairly valued. Shares are up 4% at time of writing, but we think this is more of a recovery from the broad market sell-off in recent weeks than a positive surprise in performance. Third-quarter revenue was only slightly better than consensus and our expectations. 2018 guidance was confirmed. Traffic on the autoroutes remained healthy, with a 1.4% increase in the third quarter over 2017. Similarly, airport passenger traffic increased 6...

1 director sold

A director at Vinci sold 750 shares at 79.150EUR and the significance rating of the trade was 55/100. 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 alo...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2018

For the moment, 5G has generated more anxiety than real enthusiasm among investors. Our analysis suggests a smooth transition for capex, but that the incident with the spectrum auctions might weigh on sentiment. We favour the German market if the absence of a fourth player is confirmed on 26 November. Deutsche Telekom (Buy, target price € 17.7) is our Top Pick. Cf. sector report published last evening. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2018

La 5G génère pour l’heure plus d’anxiété qu’un réel engouement auprès des investisseurs. Notre analyse nous conduit à penser que la transition se fera en douceur sur les Capex mais que l’épisode des enchères de spectre risque de peser sur le sentiment. Nous privilégions l’Allemagne si le 26/11 confirme l'absence de 4e acteur. Deutsche Telekom (Achat, OC 17.7 €) est notre top pick. Cf.étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • François Maury
  • Georges Dieng
  • Michael Foundoukidis
  • Olfa Taamallah
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2018

The announcement of an Italian budget deficit of 2.4% has poured cold water on our hopes. At first glance, it contradicts our bet on an easing of the Italian risk premium, and therefore our European Overweight call for Q4 and for a cyclical and value rotation. But we think it is too early to capitulate: 1/ the budget has not been presented, or debated, and the market reaction (BTP +30bp) may set the stage for some negotiating room; 2/ Italy is not about to leave the euro. In short, th...

Christophe Chaput ...
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Michael Foundoukidis
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/01/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • François Maury
  • Georges Dieng
  • Michael Foundoukidis
  • Olfa Taamallah
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/10/2018

L’annonce d’un projet de budget italien en déficit de 2,4% a fait l’effet d’une douche froide. A première vue, elle contredit notre pari d’une détente de la prime de risque politique italienne et donc notre call de surpondération européenne sur le T4 et de rotation cyclique et value. Pourtant nous estimons qu’il est trop tôt pour capituler. 1/ Le budget n’a pas été présenté, ni débattu et la réaction des marchés (BTP +30bp) peut ouvrir des marges de négociation. 2/ L’Italie ne quitter...

Ibrahim Firdaus

Vinci

Ibrahim Firdaus

Vinci

Ibrahim Firdaus

Vinci

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Ibrahim Firdaus

Vinci

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Ibrahim Firdaus

Vinci

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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 ...

Jehanne Leroy

Proxy Report - 17/04/2018

Les trois principaux sujets de cette assemblée générale 2018 sont le renouvellement de M. Huillard, sa nouvelle politique de rémunération pour 2018-2022 et le renouvellement de l’administrateur référent non indépendant et de son contrat de consultant. Bien que M. Huillard cumule les fonctions de Directeur Général et Président du conseil, pratique que déplore Proxinvest, il présente un bilan global plutôt satisfaisant. En effet, sous sa présidence, le principe « Une action – Une voix » a été maintenu, le conseil est majoritairement indépendant, la performance boursière depuis son entrée en fon...

Jérôme VINERIER

Short term view - VINCI : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €74.00. The background trend would be questioned should prices rise above €83.10.

Jérôme VINERIER

Analyse court terme - VINCI : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 74,00 €. La tendance de fond serait remise en cause en cas de franchissement de 83,10 €.

Jérôme VINERIER

Analyse court terme - VINCI : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 74,00 €. La tendance de fond serait remise en cause en cas de franchissement de 83,10 €.

Jérôme VINERIER

Short term view - VINCI : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €74.00. The background trend would be questioned should prices rise above €83.10.

Valérie GASTALDY

Analyse court terme - VINCI : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 78,24 €. La tendance baissière serait remise en cause au-dessus de 87,40 €.

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