Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VINCI SA. We currently have 10 research reports from 2 professional analysts.
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2016 results boosted by better than expected Construction and Airport activities
08 Feb 17
Vinci released full-year results ahead of market expectations, beating Q4 consensus by 2.8% on stronger Construction and Airport activities. Results For the full year, revenue came in ahead of expectations, at €38.1bn, representing a decrease of 1.2% compared to 2015 (consensus: €37.8bn, AV: €37.7bn). EBITDA came in 5.3% higher than last year, at €5.97bn, slightly above the €5.96bn consensus while EBIT was up 11.1%, at €4.17bn (€4.06bn consensus). The EBIT margin increased 250bp for the Concession business, at 46.9% and was up 30bp for Contracting activities, at 3.7%. Net profit was up 22.5%, at €2.51bn (vs €2.31bn consensus). In 2016, the concession business was up 8.5% (+6.5% lfl) at €6,298m, supported by a 14.2% lfl increase in Airports and a 4.9% increase in Toll roads. Contracting activities were down 3.4% (-3.8% lfl) translating a 0.2% increase at Vinci Energies, a 4% decrease at Eurovia and a 5.6% decline at Vinci Construction. During the fourth quarter, overall revenue was up 1% (+1.1% lfl), at €10,445m, beating the €10,156m consensus by 2.8% and translating a 12.1% increase in Concession revenue offset by a 1.4% decline in Contracting. Vinci Energies was down by 2.7% (-4.4% lfl), Eurovia was down 4.3% (-3.4% lfl) while Construction was up 1.1% (+3.6% lfl). The board proposed a €2.10 dividend, up 14.1% yoy, and 3.4% ahead of expectations. Outlook The company confirmed that 2017 should be the year when Contracting activities return to growth, with a slight upturn expected in France, while foreign activities are set to follow oil and commodity prices. The Concessions businesses are expected to continue growing albeit at much lower rates given the high base for comparison. For the group as a whole, Vinci expects consolidated revenue, EBIT and net income (before exceptional items) to rise.
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).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.