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).
21 Feb 17
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20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
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