Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VINCI SA. We currently have 9 research reports from 2 professional analysts.
Frequency of research reports
Research reports on
Continued pressure on Contracting activities partly offset by a strong Concession business
26 Oct 16
Vinci released a mitigated set of Q3 results, broadly in line with the first half of the year. Guidance confirmed The company expects a slight decrease in revenue and an increase in operating income and net income. Revenue During the 9-month period, total group revenue reached €27.6bn, down 2% yoy on an actual basis and down 2.9% on a like-for-like basis. Concessions revenue was up 7.4% yoy (+6.1% lfl) driven by a strong increase in revenue at Airports (+22.7% reported, +12.9% lfl) and Motorways (+4.8%). Finally, Contracting revenue was down 4.1% (-5% lfl) due to the continuing underperformance of the Construction (-8% actual, -8.4 lfl) and Eurovia (-3.9%, -2.8%) businesses, partly offset by a slight increase at Vinci Energy (+1.3%, -1.6%). Orders Order intake reached €23.8bn, up 1% yoy while the order book reached €27.9bn, down 2% compared to the previous year (-1% excluding the SEA project). Management confirmed that several major projects including the Fehmarnbelt tunnel and the Bogota-Girardot project were not yet part of the group’s backlog. Additionally, the group confirmed that several tender processes related to the Grand Paris were currently being negotiated but refused to make any further comments, arguing it was still too early. Net debt down by c.€200m At 30 September, Vinci’s net debt stood at €13bn, down €200m compared to a year earlier. This decrease mostly reflects the sale of the parking business that was closed in Q3 and generated c.€230m cash. Note that this figure does not include the acquisition of Lamsac and Aéroport de Lyon, both expected to be closed before the year end.
Vinci is impressive cash machine
21 Sep 16
Vinci H1 2016 Sales dropped -1.5% Y-o-Y while Ebit jumped +11.7% at EUR 1’720 Mln and Ebit Margin climbed +120 Bps at 9.8%. Order Book rose +2% in H1 2016 to reach EUR 29.2 Bln (highest ever was EUR 33 Bln) while Order Intake was very strong at +11% in the first six months of 2016 In Motorways, road traffic was +3.3% in H1 2016 while airport traffic jumped +10.2%. Vinci owns today 36 airports worldwide (12 in France, 10 in Portugal, 3 in Cambodia, 2 in Japan and 1 in Chile + 2 newly acquired airports in Lyon and 6 in Dominican Republic this year) from 27 in Sept 2015. Vinci is controlling 55% of French motorways network with its 5 motorways Vinci 2016 Guidance expects +2.5% in motorways traffic and +7.5% in airports traffic. Company expects stable contracting with drop in construction (roads)
H1 16 bringing so much good news!
29 Jul 16
H1 16 revenues released and previous guidance reiterated. Consolidated revenue was €17.6bn, down by €260m (-1.5%) of which: - -3.3% lfl, with -1.2% due to negative forex and +2.3% due to positive consolidation scope; - concessions revenues €2.9bn (+€183m; +6.8%; +538% lfl); - contracting revenues €14.8bn (-€549m; -3.6%; -4.7% lfl); - outside France, revenue €7.3bn +0.2% and -1.4% lfl: the integration of recently-acquired companies was partly offset by the depreciation of several currencies, mainly sterling, against the euro; - proportion of total revenue generated outside France rose to 41.3% (40.6% in H1 15) with 47% in Contracting (vs 45% in H1 15). The order book at 30/06/2016 stood at €29.2bn, +2% over 12 months with +7% in France despite the near completion of the Tours-Bordeaux HSL project and -3% internationally. VINCI Immobilier continued to record growth in the number of apartment reservations in H1 16 (+24%). Revenue growth in the residential market in France offset the decline in the commercial property business, attributable to the timing of project phases. - Net income attributable profit was €920m, +12.4%. Interim dividend was €0.63, +10%.
Contracting recovery starts smoothly, concession traffic growth higher than expected
29 Apr 16
Q1 16 revenues released and previous guidance reiterated Consolidated revenue was €8,025m, down by €145m (-1.8%) of which: -3.3% lfl with -0.8% due to negative forex and +2.4% due to positive consolidation scope; - concessions revenues €1,306m (+€105m; +8.7%); - contracting revenues €6712m (-€249m; -3.6%; -5.4% lfl). Order intake was €8.7bn, up 12% yoy (+6%; rose 6% in France and +21% internationally) of which: - +10% in VINCI Energies - +12% at Eurovia - +14% at VINCI Construction The order book at 31/03/2016 was stable yoy (€29bn; +5.5% vs 31/12/2015) representing almost 11 months of average business activity.
FY 15 and FY 16 guidance in line with expectations
05 Feb 16
FY 15 results released and to be presented 05/02/16 at 11 am. FY 15 in line with our expectations. The most noticeable aspect is the improvement of EBIT margin and the stabilization of contracting activities in Q4 15. Consolidated revenue: €38.5bn (-€180m vs FY 14; our forecast was €38.7bn) of which +9% growth outside France (which represents almost 42% of total revenue). EBITDA €5664m +1.9%: EBIT margin improved by 60 bp to 9.8%: EBIT above our forecasts (€3758m vs. €3641m) due to lower D&A than expected. Reported attributable net profit €2046m not comparable to FY 14 due to asset sale. Recurrent attributable net profit €2102m (AV forecast €2085m). Proposed dividend: €1.84ps (above our €1.79 forecast).
New airport concession
14 Dec 15
VINCI Airports (VINCI Group's airport subsidiary) has announced it has signed an agreement with the Advent International private equity firm to acquire AERODOM. This Dominican company has a concession contract with the Dominican Government and the Airport Commission to operate six airports in the Dominican Republic, valid until March 2030. The transaction and the transfer of operations are to take place by the end of Q1 16. The financial terms of the transaction were not disclosed.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.