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.
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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.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.