Vinci: Oddo BHF confirms buy rating

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Vinci shares, with an unchanged target price of E145.


The analyst reports that last Friday in Paris, Vinci organised a CMD dedicated to its Energies division.

Beyond cash generation, the priority remains operating margin, but above all continued expansion both organically and through acquisitions (target of 5%-10% p.a., in line with CAGR 2013-23 at +7.6%, of which +4.4% at ccs and +5.7% through acquisitions).

Oddo BHF considers the operating margin target (7.5% by 2030) to be "extremely conservative", but points out that this is customary for the group.

The group has clearly and precisely confirmed its best-in-class status, not only in Europe, but above all worldwide, the broker adds, which considers the CMD to have been successful - both in terms of form and content.

It's a pity that the share price is still weighed on by French political uncertainties. Whether in terms of the economy or taxation, France is no longer anyone's dream, it concludes.


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