Vinci: upside now 'more limited' - Oddo BHF still neutral
(CercleFinance.com) - After participating in a morning meeting for analysts, which included a presentation of the operation of Leonardo, while talking with Vinci Airports' teams, Oddo BHF today confirms its "neutral" recommendation on the Vinci share.
The broker said that the morning with Leonardo's teams is a new example of Vinci's managerial quality and confirms Vinci's stance as a sector leader. However, in the near term on the stockmarket it believes think that potential is more limited. First, the share's valuation is now a little less attractive (2020e FCF yield of 6.4% vs. 9% for Eiffage). In addition, the subject of capital allocation will again become a concern (ability to find attractive targets, ADP etc.).
Oddo BHF thus confirms its target price of 103 euros, which represents limited upside potential of 5%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker said that the morning with Leonardo's teams is a new example of Vinci's managerial quality and confirms Vinci's stance as a sector leader. However, in the near term on the stockmarket it believes think that potential is more limited. First, the share's valuation is now a little less attractive (2020e FCF yield of 6.4% vs. 9% for Eiffage). In addition, the subject of capital allocation will again become a concern (ability to find attractive targets, ADP etc.).
Oddo BHF thus confirms its target price of 103 euros, which represents limited upside potential of 5%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.