Vinci published a set of figures which were a bit disappointing, especially concerning toll roads traffic, mainly because of the “Yellow Vests” unrest. The big question is what will be the impact of the 30% discount for the 10 round-trip per month subscription. Note that French toll roads account for 55% of gross assets in our NAV, so this will be key to forecast next year’s EBITDA contribution from toll roads. Overall, we guestimate an impact of less than 5% on EBITDA.
06 Feb 2019
FY18: one-off “Yellow Vests”, guestimating the 30% discount impact on EBITDA
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FY18: one-off “Yellow Vests”, guestimating the 30% discount impact on EBITDA
VINCI SA (DG:WBO) | 0 0 1.1% | Mkt Cap: 49,071m
- Published:
06 Feb 2019 -
Author:
Felix Brunotte -
Pages:
4
Vinci published a set of figures which were a bit disappointing, especially concerning toll roads traffic, mainly because of the “Yellow Vests” unrest. The big question is what will be the impact of the 30% discount for the 10 round-trip per month subscription. Note that French toll roads account for 55% of gross assets in our NAV, so this will be key to forecast next year’s EBITDA contribution from toll roads. Overall, we guestimate an impact of less than 5% on EBITDA.