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Vinci has reported remarkably good Q3 results, with all business segments showing strong performances, except for Vinci Immobilier. Vinci’s operations are maintaining robust momentum, evident in the double-digit growth in order intake during the Q3, which increases the order book to almost 14 months of average business activity. Vinci has upgraded its FCF guidance to at least €4.5bn thanks to an improvement in WC.
Companies: Vinci (DG:EPA)VINCI SA (DG:PAR)
AlphaValue
Vinci delivered a strong set of H1 2023 results, with revenue and EBIT slightly exceeding the consensus expectations. Net income stood at €2.1bn, up by 13% on a reported basis despite higher financial costs. Given a sharp traffic recovery in concessions and a higher business level in the contracting activities, Vinci re-iterated its full year guidance which is already reflected in our estimates.
Vinci released impressive Q1 results, with all business segments performing well except for Vinci Immobilier. Sales amounted to €15 billion, reflecting a year-on-year increase of 17% and like-for-like growth of 14%. The order book also rose by 10%, equivalent to almost 14 months of average business activity. With the strong and sustainable order book, Vinci confirmed its FY23 guidance.
Vinci has published results ahead of expectations, with revenues up 25%, due to external factors such as the effect of changes in the scope of consolidation (+12.5%) and favorable exchange rates (+1.5%). Thanks to its sound financial management, the group registered a record level of FCF allowing the dividend per share to be increased to €4.00. However, for FY23, the group has adopted a conservative outlook.
Dollar General Corporation is a major discount retailer operating in the U.S. The company’s business has been impacted by inflation and the ongoing supply chain issues but it has managed a decent comp sales growth and market share growth of both consumable and non-consumable product sales in recent results. Dollar General has recently experienced significantly higher cost pressures. This includes challenges within the company’s supply chain, higher inventory shrink and damages, sales mix pressur
Companies: Dollar General Corporation (DG:NYS)VINCI SA (0NQM:LON)
Baptista Research
This is our first report on major discount retailer, Dollar General Corporation. The company delivered a mixed performance with a decent top-line performance but an earnings miss. Its revenue growth was led by comp sales growth and in market share of both consumable and non-consumable product sales. Dollar General, during the quarter, experienced significantly higher cost pressures. This includes challenges within the company’s supply chain, higher inventory shrink and damages, sales mix pressur
Vinci’s 9M figures were better than expected. Revenues were up by 26%, with international revenue up by almost 50%. A strong recovery at airports and a buoyant activity level across the other businesses were supported by two external drivers: 1/ the scope effect from Cobra IS integration and 2/ favourable FX due to the increased geographical footprint. The orderbook remained at an all time high of €57.4bn, up 26% yoy and, stripping out Cobra IS, it was still up 2%.
Vinci published excellent H1 22 results. Revenue and EBIT were above consensus by 4% and 16% respectively. The net income stood at €1.9bn, up by three times yoy on a reported basis. Given a sharp traffic recovery in concessions and higher business level in the contracting activities, Vinci re-iterated its full year guidance of net profit above the 2019 level. Following these results, we will upgrade our estimates, which will have a positive impact on our target price.
Vinci published strong Q1 figures, supported by the traffic recovery in airports and the integration of Cobra IS. Sales stood at €12.8bn, up 26% yoy and 12% lfl. The order book was up by 20% (including Cobra IS), representing more than 15 months of Vinci Construction’s and 10 months of Vinci Energies’ average business activity. Given the current geopolitical instability, Vinci has decided not to raise its FY22 guidance despite the robust performance in this quarter.
Vinci has announced its FY21 results with revenue and EBITDA just 3% above our estimates but net income significantly higher than our expectations (+10%), standing at €2.6bn. Concessions was up by 20.7%, Energies up by 10.5% and Construction up by 13.5%. Free cash flow stood at a record high level of €5.3bn, and a dividend of €2.9/share was announced. Following these results, we have revised our estimates, resulting in a slight increase in the target price.
Vinci published better than expected 9M results, with revenues above our expectations, especially in the Autoroute segment. Revenues from its contracting business have already surpassed the 2019 level, and the company has guided that we can expect something similar for margins too. We have slightly revised our numbers upwards and re-iterate our Buy recommendation.
Vinci published better than expected H1 21 results, with the Construction and Energies business in line with H1 19’s and also traffic on motorways catching up with the 2019 level in July. Traffic at VINCI Airports continued to suffer, with traffic at Gatwick airport down by 96% vs H1 19. For the full year, management expects revenues and margins to exceed the 2019 level for the contracting business, but has not provided any guidance for its concession assets.
Vinci published better than expected Q1 results, with sales above market expectations. Its energy business showed resilience and the construction business saw a positive trend on top of a weak comparison base, especially in France (last two weeks in Q1 20 were subjected to complete lockdown). Its autoroute segment delivered a surprising result, thanks to an exceptional change in traffic trends. Vinci has reiterated its guidance for 2021.
Vinci has announced its FY20 results with revenues 2% above our expectations, but with EBITDA and EBIT largely in line. Concessions was down by 33.5%, while Contracting was down by 5.9% lfl. Vinci Airports reported EBITDA that was better than what we expect for AdP and Fraport, confirming our view that Vinci owns safer Airports. Additionally, Vinci is shifting its investment focus from airports to the energy business. The group has announced a FY20 dividend of €2.04/share and has not provided
Vinci had a good summer, with Q3 contracting activities and autoroute traffic almost back to last year’s level. Management continues to believe that there will be a significant reduction in the full-year results but has not downgraded its guidance, which was last updated in July, except for airports where it now assumes a traffic reduction of 70%. Post the trading update, we have made minor tweaks to our model which had no impact on our recommendation.
Companies: VINCI SA
Research Tree provides access to ongoing research coverage, media content and regulatory news on VINCI SA. We currently have 9 research reports from 6 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Shore Capital
In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales
Equity Development
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Companies: James Latham Plc
SP Angel
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Liberum
Companies: Gattaca plc
Companies: Severfield Plc
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
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