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Vinci has reported remarkably good Q3 results, with all business segments showing strong performances, except for Vinci Immobilier. Vinci’s operations are maintaining robust momentum, evident in the double-digit growth in order intake during the Q3, which increases the order book to almost 14 months of average business activity. Vinci has upgraded its FCF guidance to at least €4.5bn thanks to an improvement in WC.
Companies: Vinci (DG:EPA)VINCI SA (DG:PAR)
AlphaValue
Vinci delivered a strong set of H1 2023 results, with revenue and EBIT slightly exceeding the consensus expectations. Net income stood at €2.1bn, up by 13% on a reported basis despite higher financial costs. Given a sharp traffic recovery in concessions and a higher business level in the contracting activities, Vinci re-iterated its full year guidance which is already reflected in our estimates.
Vinci released impressive Q1 results, with all business segments performing well except for Vinci Immobilier. Sales amounted to €15 billion, reflecting a year-on-year increase of 17% and like-for-like growth of 14%. The order book also rose by 10%, equivalent to almost 14 months of average business activity. With the strong and sustainable order book, Vinci confirmed its FY23 guidance.
Vinci has published results ahead of expectations, with revenues up 25%, due to external factors such as the effect of changes in the scope of consolidation (+12.5%) and favorable exchange rates (+1.5%). Thanks to its sound financial management, the group registered a record level of FCF allowing the dividend per share to be increased to €4.00. However, for FY23, the group has adopted a conservative outlook.
Vinci’s 9M figures were better than expected. Revenues were up by 26%, with international revenue up by almost 50%. A strong recovery at airports and a buoyant activity level across the other businesses were supported by two external drivers: 1/ the scope effect from Cobra IS integration and 2/ favourable FX due to the increased geographical footprint. The orderbook remained at an all time high of €57.4bn, up 26% yoy and, stripping out Cobra IS, it was still up 2%.
Vinci published excellent H1 22 results. Revenue and EBIT were above consensus by 4% and 16% respectively. The net income stood at €1.9bn, up by three times yoy on a reported basis. Given a sharp traffic recovery in concessions and higher business level in the contracting activities, Vinci re-iterated its full year guidance of net profit above the 2019 level. Following these results, we will upgrade our estimates, which will have a positive impact on our target price.
Vinci published strong Q1 figures, supported by the traffic recovery in airports and the integration of Cobra IS. Sales stood at €12.8bn, up 26% yoy and 12% lfl. The order book was up by 20% (including Cobra IS), representing more than 15 months of Vinci Construction’s and 10 months of Vinci Energies’ average business activity. Given the current geopolitical instability, Vinci has decided not to raise its FY22 guidance despite the robust performance in this quarter.
Vinci has announced its FY21 results with revenue and EBITDA just 3% above our estimates but net income significantly higher than our expectations (+10%), standing at €2.6bn. Concessions was up by 20.7%, Energies up by 10.5% and Construction up by 13.5%. Free cash flow stood at a record high level of €5.3bn, and a dividend of €2.9/share was announced. Following these results, we have revised our estimates, resulting in a slight increase in the target price.
Vinci published better than expected 9M results, with revenues above our expectations, especially in the Autoroute segment. Revenues from its contracting business have already surpassed the 2019 level, and the company has guided that we can expect something similar for margins too. We have slightly revised our numbers upwards and re-iterate our Buy recommendation.
Vinci published better than expected H1 21 results, with the Construction and Energies business in line with H1 19’s and also traffic on motorways catching up with the 2019 level in July. Traffic at VINCI Airports continued to suffer, with traffic at Gatwick airport down by 96% vs H1 19. For the full year, management expects revenues and margins to exceed the 2019 level for the contracting business, but has not provided any guidance for its concession assets.
Vinci published better than expected Q1 results, with sales above market expectations. Its energy business showed resilience and the construction business saw a positive trend on top of a weak comparison base, especially in France (last two weeks in Q1 20 were subjected to complete lockdown). Its autoroute segment delivered a surprising result, thanks to an exceptional change in traffic trends. Vinci has reiterated its guidance for 2021.
Vinci has announced its FY20 results with revenues 2% above our expectations, but with EBITDA and EBIT largely in line. Concessions was down by 33.5%, while Contracting was down by 5.9% lfl. Vinci Airports reported EBITDA that was better than what we expect for AdP and Fraport, confirming our view that Vinci owns safer Airports. Additionally, Vinci is shifting its investment focus from airports to the energy business. The group has announced a FY20 dividend of €2.04/share and has not provided
Research Tree provides access to ongoing research coverage, media content and regulatory news on Vinci. We currently have 19 research reports from 2 professional analysts.
Another Good Year of Diversified Growth with More to Come in 2024 Capital Limited released its full year results (YE Dec 2023) last week. Please find below our comments on the results and our updated block model. It should be noted first off we were taken aback by the immediate sell off in the shares given that 1) the results were in line generally if not ahead 2) the guidance for revenue this year was certainly above our expectations and 3) all the elements of the business model and investmen
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TClarke’s FY 2023 results and forward-looking commentary are in line with the November trading statement, and we make no changes to our forecasts. Revenue of £491m in 2023 exceeded the 3-year plan to double revenue from £232m in 2020 and management have confirmed the group is well positioned to achieve growth plans for 2024 and beyond backed by the £943m order book (up +70%). FY 2023 PBT of £7.6m is down from £10.3m in 2022 due to the previously highlighted measures to protect the business from
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Oxford Metrics’ results for the year to 30 September show a business that is growing strongly, driven by long-term technology, economic and demographic trends across the life sciences, entertainment and engineering markets. The results are in line with the trading update given on 25 October (see our note) that showed revenue and adjusted PBT ahead of our, and market, expectations. With a confident management commentary on the outlook, we raise our estimates for FY24E and introduce forecasts for
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Powerhouse subsidiary Engsolve has been selected for important work in building out production for carbon nanotube developer TrimTabs. The work shows that the business can find third party revenue to grow and support Powerhouse.
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Enclosed is our weekly download of technology news and updates from technology-focussed UK companies.
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Thruvision has issued a positive update on current trading, reiterating the message at the interim results in November that there is good momentum in demand from new and existing clients. The group’s diversified business model, with a broad customer base spanning a number of international markets, is continuing to bear fruit. Retail Distribution, its largest market, is winning notable contracts, including a recent order for WalkTHRU from a global sportswear brand for use in its US operation and
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