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Vinci

Vinci SA is a holding company involved in concession and construction activities. Concessions designs, finances, builds and operates transport infrastructure and public amenities: Autoroutes operates the biggest motorway network under concession in Europe (4,422 km), and Airports is one of the top five operators, managing 132 mn passengers in 2016 across its 35 airports. The Contracting arm has three businesses: Energies provides technological solutions for infrastructure and buildings, Eurovia builds and refurbishes roads & railways and Construction is a global operator, across eight sectors. Contracting generates most of Vinci's revenues (82% in 2017), its high margin Concession unit serves as the cash cow with a 71% EBIT contribution. By geography, it is largely European focussed (84.2% of sales) with France alone accounting for 58.9%. It has small exposures to North America (3.9%), Central & South America (2.7%), Africa (3.5%) and Russia, APAC and ME (5.7%). (10 Jul 2018)

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Vinci: 3Q18 Trading Statement / Update

Earnings Note: 24 Oct 2018, 10:03 PM ET - Vinci produced a solid 3Q18 revenue trading statement that was a marked contrast to the profit warning issued by its arch rival Bouygues, last week.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

HY Construction: Update on ASTIM, CMCRAV, IPGIM

Sector Analysis: 11 Oct 2018, 10:30 PM ET - In a sector that has been beset with volatility and turmoil in the last five weeks, we are publishing this note to again update investors on our thinking on the Italian High Yield Construction space.

Euro HY Construction: Carnage Gives Way to Chaos

Sector Analysis: 19 Sep 2018, 11:52 PM ET - After a week of chaos, we publish this piece to briefly update investors of our thought process on the single B / triple C European High Yield Construction names. 

ASF & Cofiroute 1H18: Steady Performance

Earnings Note: 14 Aug 2018, 9:52 PM ET - ASF and Cofiroute reported sound 1H18 results, with net leverage broadly unchanged on YE17 following higher dividend payments.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: European Construction

Transcript: 20 Jun 2018, 10:48 PM ET - In this article, we transcribe our presentation from CreditSights' European High Yield Conference on the Rise & Fall of European HY Construction. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

CRH vs SGO – 2017 Peer Comp and RelVal Assessment

Company Analysis: 06 Mar 2018, 10:06 PM ET - In the wake of our detailed analysis of 2017 financials and 2018 outlook, we are rolling our Outperform Recommendation on CRH and Underperform on Saint Gobain.

ASF & Cofiroute FY17: Dividends Reduced

Earnings Note: 18 Feb 2018, 8:37 PM ET - We analyse FY17 results of two French TROs, ASF and Cofiroute. Light traffic growth slowed down considerably, while heavy traffic growth remains robust. Net leverage edged down due to lower dividends.  
Focused

Vinci: Solid FY17, But Still Trading Tight

Earnings Note: 11 Feb 2018, 9:59 PM ET - Despite a solid 2017 for Vinci, we find little value in its one Holdco bond. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

EU HY Construction Outlook: Pt I - Fundamentals

Sector Outlook: 11 Jan 2018, 9:58 PM ET - In the first of two part article on the Outlook for our Euro High Yield Construction Coverage, we examine the economic backdrop for the Continent and underline our expectations for construction spending in 2018. 

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

2017 Euro Conference: High Yield Construction

Transcript: 11 Dec 2017, 8:46 PM ET - In this article, we transcribe our presentation to CreditSights 2017 Outlook Conference on the Construction sector.
Focused

Focus on Concessions: Notes from Vinci CMD

IG Note: 29 Nov 2017, 7:13 PM ET - In this article we discuss the key takeaways from our attendance of the Vinci Capital Markets Day, which was focused on the Vinci Concessions unit. 
Focused

Bouygues vs Vinci: Peer Comparison and RV Review

Company Analysis: 26 Sep 2017, 11:18 PM ET - 2017 has been a solid year to date for our two IG construction credits, Bouygues and Vinci, although bond spreads remain thin for their risk profiles. 

French Toll Roads: Too Safe a Haven?

Sector Analysis: 26 Sep 2017, 11:17 PM ET - While the broader European toll roads narrative is currently dominated by the potential takeover of Abertis, we look elsewhere in the sector, towards five French issuers, to assess the potential for value.

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