(CercleFinance.com) – Jefferies maintains its Buy recommendation and its price target of 105E on the Vinci share.
‘Vinci Airports recorded solid traffic in the third quarter, 22% lower than 2019 levels but up 5 points compared to the second quarter’, notes the analyst.
Vinci observes that European tourism and visits to friends and family have returned to the levels observed in 2019, continues Jefferies.
While the stock is trading ‘in line with its more domestic counterparts’, the analyst believes the market is ‘undervaluing Vinci’s move towards a more international portfolio’.
Jefferies also indicates that Vinci’s earnings estimates are 4 to 6% ahead of consensus for 2023-2025, with Vinci having a portfolio made up of blue-chip road, airport and contract assets, as well as the energy opportunities.
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