Building & Construction equity research

Explore the most viewed and latest equity research and media content for companies within the Building & Construction sector. Stocks in this sector provide goods such as construction materials and offer services from contractors.

Building & Construction equity research

Explore the most viewed and latest equity research and media content for companies within the Building & Construction sector. Stocks in this sector provide goods such as construction materials and offer services from contractors.

Latest Content

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.

 

Providers

30 Providers with research from over 351 professional analysts