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Vinci: Oddo still neutral, but expects a good Q4 2019

(CercleFinance.com) - On Thursday an analyst at Oddo BHF confirmed his "neutral" recommendation on the Vinci share, although despite everything expects it to post good Q4 2019 results.

The broker says that although the company's fundamentals remain very solid, it believes that the momentum could be less favorable with a less attractive valuation (2020e FCF yield of 6.4% vs. around 9% for Eiffage) and uncertainties on its cash allocation. In particular, the broker remains skeptical about the possibility of increasing its stake in ADP's capital - in particular if this were not to enable it to control the company (given the current social environment in France, this scenario seems the most likely), Oddo explains.

The broker therefore confirms its target price of 103 euros, which suggests upside potential of just 2%.

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