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VINCI

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Vinci : French infrastructure group Vinci's quarterly sales rise above pre-COVID levels

10/19/2021 | 01:58pm EST
The logo of Vinci is pictured at the company's headquarters in Rueil-Malmaison near Paris

PARIS (Reuters) - French infrastructure group Vinci posted third-quarter sales on Tuesday that surpassed pre-pandemic levels, helped by a ramp-up in public works and more traffic on its motorways.

Europe's biggest construction and concessions firm posted quarterly sales up 7.8% year-on-year to 13.24 billion euros ($15.39 billion), in line with analysts' forecasts and exceeding the 13.13 billion euros it generated in 2019.

Vinci has benefited from several large construction works and a rise in motorway traffic as COVID-19 travel curbs eased across Europe, but labour shortages and high raw material costs have forced it to consider delaying some projects.

However, Vinci's finance chief Christian Labeyrie said that though some projects, in agreement with customers, could be pushed from this year into 2022, this would not impact the firm's net profits.

"We are big enough," he told analysts in a call, speaking about the group's core construction business. "We aren't looking for more volume, but for better quality orders to improve our profit margin."

Despite the introduction of a European Union-wide COVID vaccine certificate, business at Vinci's smaller airports arm remained sluggish, with passengers nearly 60% below 2019 levels.

This kept revenues from Vinci's airports division, which includes London's Gatwick Airport, down almost 55% from 2019.

The group confirmed its previous guidance that 2021 earnings would not recover to pre-pandemic levels, but they should rise sharply compared to 2020.

It said its energy infrastructure and construction businesses should see full-year growth compared to 2019, while revenues in its motorway division should approach pre-pandemic levels.

The company has not given specific financial forecasts.

(Reporting by Sarah Morland in Paris; Editing by Edmund Blair and Giles Elgood)

By Sarah Morland


ę Reuters 2021
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Analyst Recommendations on VINCI
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Financials
Sales 2021 48 741 M 55 140 M 55 140 M
Net income 2021 2 421 M 2 739 M 2 739 M
Net Debt 2021 18 614 M 21 059 M 21 059 M
P/E ratio 2021 19,7x
Yield 2021 2,74%
Capitalization 48 594 M 54 853 M 54 975 M
EV / Sales 2021 1,38x
EV / Sales 2022 1,20x
Nbr of Employees 219 400
Free-Float 87,2%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 85,32 €
Average target price 104,12 €
Spread / Average Target 22,0%
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Managers and Directors
Xavier Huillard Chairman & Chief Executive Officer
Christian Labeyrie Chief Financial Officer & Executive Vice President
Robert Castaigne Independent Director
Yannick Assouad Lead Independent Director
Graziella Gavezotti Independent Director
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