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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 0 research reports from 6 professional analysts.
The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme
Companies: Renold plc
Cavendish
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Companies: BILN ELCO NXQ CUSN ATG
FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively
Companies: Billington Holdings Plc
Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli
Companies: discoverIE Group PLC
Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.
Progressive Equity Research
Liberum
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
Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: ATOME PLC
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