(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating for Vinci shares, with a price target raised from 109 to 114 euros. The analysis office highlights the ‘good surprise’ of the publication of the annual results, with an FCF of 5.3 billion euros when the consensus anticipated 3.3 billion euros.
‘The excellent management of WCR (+1.6 MdE) notably at Vinci Energies and Vinci Construction seems to be the main explanation’, analyzes the broker.
Oddo reports that Vinci’s management wants to be confident about the 2022 dynamic, with expected traffic higher than the level of 2019 in the motorway concessions, and growth in activity which should continue at Vinci Energies.
“At Vinci Construction, on the other hand, we understand that growth could be limited,” notes the analyst.
Finally, after the acquisition of Cobra IS, Vinci indicates that the first projects are materializing: the management confirmed having identified a portfolio of more than 14 GW of renewable energy projects, projects which have not yet been integrated by Oddo in his estimates.
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