(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating for Vinci shares, with an unchanged target price of 109 euros.
The analyst highlights a “very solid” net result, 5% above expectations, at 2,597 ME, and an “exceptional” cash generation of more than 5 billion euros.
‘Performance was supported by contracting (+7.1% vs Q4 2019 at Vinci Energies and +3.1% at Vinci Construction) and by Vinci Autoroutes (+6.9% vs Q4 2019) while unsurprisingly, airports remain well below (-38.6%)’, reports the broker.
In these circumstances, the group says it is ‘confident’ for 2022 and is aiming for a 2022 net result higher than that of 2019 (+13%).
Finally, ‘as expected (and hoped for!), the Board of Directors will propose to the GA the renewal of the mandate of Xavier Huillard as CEO’, emphasizes Oddo.
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