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Vinci: an analyst welcomes investment strategy

(CercleFinance.com) - The Vinci share was up nearly 1% in late trading yesterday, after UBS raised its target price for the share.

After updating its forecasts for the Concessions division, the broker's analysts raised their 12-month target price for the share of the French construction group from 90 euros to 93.5 euros (+3.9%), while maintaining their "buy" rating on the stock.

Analysts have drawn the consequences of presentations made by Vinci at its investor day last month. In particular, UBS has updated its forecasts for parameters (growth, investment, asset maturity and regulatory conditions) affecting the generation of cash, a key factor in the valuation of Concessions.

This has led to the broker raising its estimate for the asset value of Vinci's airport concessions subdivision by 23% due to ANA, Portugal and Kansai in Japan.

Overall, UBS welcomes Vinci's "successful" investment strategy, including its redeployment towards airports.

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