(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating on Vinci, with a price target raised from 109 to 118 euros.
While Vinci will publish its annual results on February 9, the analyst expects traffic for the year to be 1.8% higher than in 2019. Oddo estimates that Vinci Airports will post traffic equal to 73.5% of the 2019 level with a marked improvement in end of the year (82.7% in December).
After +11.7% over 9 months, Oddo expects Vinci Construction’s turnover to rise by 8.2% in Q4. Growth will also remain driven by Vinci Energies (+9.3% in Q4) and Cobra IS, adds the analysis office.
“Overall, we expect a turnover of 61,170 MdsE, an operating result of 6,743 ME and an RN of 4,253 ME, 30% above the level of 2019”, indicates the broker.
According to Oddo, in addition to the good operational performance, Vinci’s performance in 2023 could be supported by a better valuation of renewable activities (in particular at Cobra IS) with the organization of a dedicated CMD.
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