Vinci: with encouraging business, Oddo says 'buy'
(CercleFinance.com) - Vinci's Investor Relations team has informed Oddo that its business has almost returned to pre-crisis levels.
After a 33% decline in traffic in the first half of the year and a 2% decline in July, Vinci expects traffic to decline by 15% to 20% over the full year, i.e. between 0 and -9% in the second half of 2020 (Oddo BHF expects -2.8%).
Oddo confirms its buy recommendation on the share with a target price of 93 euros. With the exception of uncertainties surrounding Airports (17% of 2019 EBITDA), the investment case remains intact: strong cash generation, prospects for both organic and external growth, shareholder returns, track record, etc.
The group could also benefit from the recovery plan announced in France and Europe, and even in the US.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
After a 33% decline in traffic in the first half of the year and a 2% decline in July, Vinci expects traffic to decline by 15% to 20% over the full year, i.e. between 0 and -9% in the second half of 2020 (Oddo BHF expects -2.8%).
Oddo confirms its buy recommendation on the share with a target price of 93 euros. With the exception of uncertainties surrounding Airports (17% of 2019 EBITDA), the investment case remains intact: strong cash generation, prospects for both organic and external growth, shareholder returns, track record, etc.
The group could also benefit from the recovery plan announced in France and Europe, and even in the US.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.