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1. Company Snapshot

1.a. Company Description

VINCI SA, together with its subsidiaries, operates in the concessions, energy, and construction segments primarily in France.It Concessions segment operates motorway concessions with a network of 4,419 kilometers in France; 45 airports; 4,437 kilometers of motorways; highways, railways, and 4 stadiums, as well as operates airports in France and in 11 other countries.The company's Energy segment provides services to the manufacturing, infrastructure, facilities management, and information and communication technology sectors; engineering, procurement, and construction services in the energy sector, and manufacturing and energy-related services; and renewable energy concession projects development services.


Its Construction segments engages in designing and carrying out projects that involve general contractor capabilities; works related to geotechnical and structural engineering, digital technology, nuclear or renewable thermal energy; and focuses on business area, such as buildings, civil engineering, infrastructure, and in a specific geographical area.The company also provides property development services for residential and commercial properties; and property services, as well as operates managed residences.It also operates in Germany, the United Kingdom, Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine, Portugal, North America, Central and South America, Africa, Russia, the Asia-Pacific, the Middle East, and other European countries.


The company was founded in 1899 and is headquartered in Nanterre, France.

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1.b. Last Insights on DG

VINCI SA's recent performance was impacted by several factors. The company's share buyback program, which aims to reduce the number of outstanding shares, has been actively pursued, with multiple disclosures of transactions in its shares from June to August 2025. However, the issue of new VINCI shares reserved for group employees in France may dilute existing shareholders' equity. Additionally, the appointment of Ludovic Demierre as Vice-President, Human Resources, may signal a shift in the company's strategy. Traffic data for VINCI Autoroutes and VINCI Airports in July 2025 showed a modest increase, which may not be sufficient to drive growth.

1.c. Company Highlights

2. VINCI's H1 2025 Financial Performance

VINCI's financial results for the first half of 2025 show excellent performance across all business lines. Revenue growth was driven by concessions and energy services, with a 10% increase in net profit to €2.2 billion. EBITDA and operating profit improved across all business lines, with a focus on profitable growth. The company's revenue increased by 3% to nearly €35 billion, driven by growth in Concessions (8%), Energy Solutions (6%), and VINCI Airports' strong performance, up 11%. The operating profit from ordinary activities (ROPA) increased by 7%, with an operating margin of 11.9%. Concessions' operating margin was close to 50%, while Energy Solutions' operating margin improved to 7.4%. The company's net financial expense increased by €73 million, and the income tax charge rose sharply due to a surtax introduced by the government. Despite this, the decline in net income remained limited, with a group net income of €2.2 billion at constant tax rates. EPS came out at €3.41, beating estimates of €3.36.

Publication Date: Aug -03

📋 Highlights
  • Revenue Growth: VINCI's revenue increased by 3% to nearly €35 billion, driven by growth in Concessions (8%), Energy Solutions (6%), and VINCI Airports' strong performance, up 11%.
  • Net Profit Increase: Net profit rose by 10% to €2.2 billion, reflecting strong performance across all business lines despite higher income tax charges.
  • Order Book Record: The order book reached a historic high of over €71 billion, up 6% year-on-year, providing 14 months of visibility and supporting financial guidance for 2025.
  • VINCI Airports Growth: Passenger traffic increased by 6% to 159 million, driven by capacity expansion for low-cost carriers and strong demand.
  • Energy Solutions Margin: Energy Solutions' operating margin improved to 7.4%, with revenue up 6% to €13.7 billion, driven by international growth.

Business Line Performance

VINCI's business lines showed significant growth, with Concessions' revenue up 8%, driven by strong traffic numbers in airports and motorways. Energy Solutions' revenue was €13.7 billion, up 6%, with growth driven by international business. Construction revenue declined slightly, with a focus on selective approach and improved profitability. VINCI Airports showed growth, with 159 million passengers, up 6% from last year, driven by increases in capacity for low-cost air carriers and strong demand.

Order Intake and Order Book

Order intake reached a high level of nearly €32 billion, with a strong performance in flow businesses. The order book continues to grow, with a stable outlook for 2025. The company has a historic high of over €71 billion in its order book, providing 14 months of visibility.

Cash Flow and Liquidity

VINCI's cash flow generation was traditionally weighted towards the second half of the year. The company's liquidity improved, with available cash and cash equivalents increasing by €2.5 billion to €11 billion. VINCI has raised €3.5 billion in new funding since the beginning of the year, with an average maturity of 5.6 years and an average rate of 3.5%.

Valuation

VINCI's valuation metrics suggest that the stock may be attractively priced. The P/E Ratio is 13.9, indicating a relatively low valuation compared to earnings growth. The EV/EBITDA ratio is 7.44, suggesting that the company's enterprise value is reasonable compared to its EBITDA. The Dividend Yield is 4.0%, providing a relatively attractive income opportunity. The Free Cash Flow Yield is 13.21%, indicating that the company is generating significant cash flow.

Outlook

VINCI's growth is expected to continue, driven by its diversified businesses and geographic footprint. The company will continue to focus on its capital allocation strategy, with a disciplined approach to investments and a commitment to maintaining a solid financial position. VINCI's development in renewables is on track, with Cobra IS opening two new solar farms in Brazil in the first half of 2025, bringing operational capacity to 1.2 gigawatts.

3. NewsRoom

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VINCI: Disclosure of transactions in on shares from November 24th to November 28th,2025

Dec -02

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3 European Dividend Stocks Yielding Up To 6.2%

Nov -28

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VINCI: Disclosure of transactions in on shares from November 17th to November 21st,2025

Nov -25

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Vinci (ENXTPA:DG): Is the Infrastructure Giant Trading Below Its True Value?

Nov -20

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Disclosure of transactions in on shares from November 10th to November 14th,2025

Nov -18

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VINCI Autoroutes and VINCI Airports traffic in October 2025

Nov -18

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Disclosure of transactions in on shares from November 03rd to November 07th,2025

Nov -10

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Disclosure of transactions in on shares from October 27th to October 31st,2025

Nov -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.87%)

6. Segments

VINCI Construction (Including Eurovia)

Expected Growth: 4.5%

VINCI Construction's 4.5% growth is driven by Eurovia's strong performance in road construction and concessions, as well as VINCI Construction's diversified portfolio in building and civil engineering. The segment benefits from increased investments in infrastructure projects, particularly in Europe and Asia, and a favorable regulatory environment supporting growth in energy and transportation sectors.

VINCI Energies

Expected Growth: 5.5%

VINCI Energies' 5.5% growth is driven by increasing demand for energy efficiency and digitalization solutions. The company's strong presence in the European market, diversified services, and expanding portfolio of projects contribute to its growth. Additionally, VINCI Energies' focus on innovative technologies, such as smart buildings and renewable energy, positions it well for long-term success.

Concessions - VINCI Autoroutes

Expected Growth: 3.5%

VINCI Autoroutes' 3.5% growth is driven by increased traffic volume, higher toll rates, and a favorable regulatory environment. The concession model's stability and Vinci SA's operational expertise also contribute to this growth, allowing for efficient management of motorway networks and optimized services.

Concessions - Other Concessions (VINCI Highways, VINCI Railways and VINCI Stadium)

Expected Growth: 4.0%

VINCI's concessions segment growth (4.0%) is driven by increased traffic volumes, particularly at VINCI Highways, and stable passenger numbers at VINCI Railways. Additionally, VINCI Stadium's events and hospitality services contribute to growth. The segment benefits from a diversified portfolio, long-term contracts, and investments in infrastructure.

Cobra IS

Expected Growth: 6.0%

Cobra IS, a subsidiary of Vinci SA, exhibits 6.0% growth driven by increasing demand for digital and energy transition services. Strong performance in construction and concessions segments, coupled with strategic acquisitions and investments in innovation and sustainability, contribute to this growth.

Concessions - VINCI Airports

Expected Growth: 5.0%

VINCI Airports' concessions growth is driven by increasing air traffic, airport expansion projects, and higher concession fees. The 5.0% growth is fueled by rising passenger volumes, particularly in European airports, and contributions from new airport acquisitions. A recovering travel industry and efficient operational management also support this growth rate.

VINCI Immobilier and Holding Companies

Expected Growth: 3.0%

VINCI Immobilier's growth is driven by Vinci SA's diversified portfolio, strong order book, and increasing demand for sustainable infrastructure. Holding companies benefit from Vinci's stable cash flow, strategic acquisitions, and efficient risk management, enabling a 3.0% growth rate through optimized resource allocation and synergies.

Eliminations

Expected Growth: 0.0%

The 0.0% growth in eliminations from Vinci SA suggests a stable financial performance. This stability can be attributed to efficient cost management and potentially offsetting factors such as reduced inter-segment transactions or effective tax planning, indicating a balanced financial strategy.

7. Detailed Products

Construction Services

Vinci SA's construction services encompass a wide range of activities, including design, construction, and maintenance of various infrastructure projects such as roads, bridges, airports, and buildings.

Energy and Utilities

Vinci SA's energy and utilities segment provides services related to the production, transmission, and distribution of energy, including renewable energy sources, as well as water and waste management.

Concessions

Vinci SA's concessions segment manages and operates various infrastructure projects under concession agreements, such as airports, motorways, and stadiums, providing services to users and collecting tolls or fees.

Specialized Businesses

Vinci SA's specialized businesses segment includes services such as airports, real estate, and logistics, providing specialized solutions to clients across various industries.

Design and Engineering

Vinci SA's design and engineering segment provides design, engineering, and project management services for various infrastructure projects, from feasibility studies to project completion.

8. Vinci SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Vinci SA operates in the construction and concessions industry, where substitutes may be limited in certain segments such as large-scale infrastructure projects. However, in other segments like building construction, there might be more substitute options. The threat level is medium due to the varied nature of the industry.

Bargaining Power Of Customers

Vinci SA's customers are typically governments or large corporations for its concessions and construction services. These customers often have significant budgets but are not usually price-sensitive to the extent that they can exert high bargaining power on Vinci SA, especially given the company's scale and reputation.

Bargaining Power Of Suppliers

The construction and concessions industry relies on a wide range of suppliers, from materials to equipment. Vinci SA, being a large player, likely has significant negotiating power over its suppliers. The threat is low because Vinci can switch suppliers if needed and has the scale to negotiate favorable terms.

Threat Of New Entrants

The barriers to entry in the construction and concessions industry are high, including significant capital requirements, regulatory hurdles, and the need for established relationships with governments and clients. This makes the threat of new entrants low.

Intensity Of Rivalry

The construction and concessions industry is highly competitive, with several large players competing globally and locally. Vinci SA faces significant competition from other major players like Ferrovial, Atlantia, and Vinci's direct competitors in various markets. The competition level is high due to the global presence of these competitors and their diversified services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.77%
Debt Cost 5.44%
Equity Weight 45.23%
Equity Cost 9.11%
WACC 7.10%
Leverage 121.08%

11. Quality Control: Vinci SA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bouygues

A-Score: 6.9/10

Value: 8.2

Growth: 5.3

Quality: 3.7

Yield: 8.1

Momentum: 8.0

Volatility: 8.3

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Strabag

A-Score: 6.6/10

Value: 8.1

Growth: 4.7

Quality: 6.2

Yield: 8.1

Momentum: 10.0

Volatility: 2.7

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Vinci

A-Score: 6.6/10

Value: 6.3

Growth: 6.2

Quality: 4.6

Yield: 6.9

Momentum: 6.0

Volatility: 9.3

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Heijmans

A-Score: 6.4/10

Value: 5.9

Growth: 6.6

Quality: 6.2

Yield: 6.9

Momentum: 10.0

Volatility: 2.7

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Moury Construct

A-Score: 6.2/10

Value: 7.0

Growth: 7.4

Quality: 7.1

Yield: 4.4

Momentum: 5.5

Volatility: 5.7

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BAE Systems

A-Score: 5.7/10

Value: 2.4

Growth: 6.9

Quality: 4.8

Yield: 4.4

Momentum: 9.5

Volatility: 6.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

120.6$

Current Price

120.6$

Potential

-0.00%

Expected Cash-Flows