Analyst Note| Matthew Donen, CFA |
Narrow-moat Vinci’s investment case is intact despite the lack of traffic across its 45 airports and French toll roads during the second quarter. Organic group sales fell 17% during the first half and 28% in the second quarter, which resulted in EBIT barely staying positive for the half. We view liquidity as the most important metric to look at this quarter, and that remains solid at EUR 18.3 billion. While often viewed as a bond proxy, the interim dividend has been dropped, unsurprisingly, given the exceptional circumstances. We maintain our fair value estimate of EUR 74.