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Economic Moat




Long-Term Investment Case for Vinci Intact Despite Difficult Quarter and Dividend Drop

Matthew Donen, CFA Equity Analyst

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.

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Company Profile

Business Description

Vinci is one of the world’s largest investors in transport infrastructure. Significant concession assets include 4,400 kilometers of toll roads in France and 45 airports across 12 countries, making Vinci the world’s second-largest airport operator in terms of managed passenger numbers. The concession’s business contributes less than one fifth of group revenue but the majority of operating profit. Vinci’s contracting business is made up of three divisions, offering a broad variety of engineering and construction services.

1 cours Ferdinand de Lesseps, Rueil Malmaison
Paris, 92500, France
T +33 147163500
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 219,267