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Vinci SA DG Stock Quote

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Morningstar‘s Stock Analysis DG

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Is it the right time to buy or sell?

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Return to Healthy Profitability at Vinci’s Airports Drives Strong H1; Shares Offer 10% Upside

Matthew Donen, CFA Equity Analyst

Analyst Note

| Matthew Donen, CFA |

Narrow-moat Vinci delivered strong first-half results, reporting organic revenue growth of 11.8% or 26.1% including acquisitions. Impressively, operating profit grew by 81% largely driven by the airport division's return to healthy profitability. All other operating segments were also able to deliver EBIT margin expansion, highlighting the group’s defensive characteristics through its portfolio of long-dated concession assets such as toll roads and airports. We plan to tweak our short-term forecasts slightly for better-than-expected airport segment profitability, but don’t expect to materially change our EUR 101 fair value estimate. We view shares as slightly undervalued.

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Key Statistics DG

Company Profile DG

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
Industry Engineering & Construction
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 219,299