Vinci SA

DG: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€418.00	Tpljl	Tjymjynq

Vinci Earnings: We Believe It Can Maintain Record Performance; Shares Slightly Undervalued

Matthew Donen

Feb 8, 2024

We’re raising Vinci’s fair value estimate to EUR 133 from EUR 122 following its impressive fiscal 2023 results, which we expect can be maintained in future. Vinci’s portfolio of high-quality concession assets and its strong contracting order book generated a record EUR 6.6 billion of free cash flow, materially beating management’s guidance of between EUR 4 billion and EUR 4.5 billion provided at the start of fiscal 2023. Guidance of further earnings growth in fiscal 2024 confirms the business’ stable source of earnings and attractive end-markets. Shares currently offer investors 11% upside to our revised fair value estimate.

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