In the UK, there is a deliberate effort to reduce the order intake, in our opinion as a consequence of Brexit and Carillion bankruptcy, and in order to focus on margin quality. Concerning real estate and property development, management spoke of a most likely peak in activity in 2018 and expects to reach a plateau or even that it will begin trending downwards. Following this earnings result, we will revise our model. We don’t expect a change in recommendation.
01 Aug 2018
H1 18: outstanding results, Vinci slowing down activity in the UK
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H1 18: outstanding results, Vinci slowing down activity in the UK
VINCI SA (DG:WBO) | 0 0 1.1% | Mkt Cap: 49,071m
- Published:
01 Aug 2018 -
Author:
Felix Brunotte -
Pages:
3
In the UK, there is a deliberate effort to reduce the order intake, in our opinion as a consequence of Brexit and Carillion bankruptcy, and in order to focus on margin quality. Concerning real estate and property development, management spoke of a most likely peak in activity in 2018 and expects to reach a plateau or even that it will begin trending downwards. Following this earnings result, we will revise our model. We don’t expect a change in recommendation.