Vinci: 'ADP concerns overdone,' Deutsche Bank says

(CercleFinance.com) - Deutsche Bank has resumed its coverage of the civil engineering and motorway and airport concessions stock Vinci with a buy rating, saying that concerns related to Aéroports de Paris (ADP) are exaggerated.


The broker has a target price of 100 euros for the share.

According to analysts, in turn, the Vinci share is currently suffering from difficulties met by the Italian group Atlantia (which managed the motorway bridge that collapsed in Genoa last summer), as well as the "ADP risk" since the election of Emmanuel Macron. Operating in airport concessions, Vinci has 8% of ADP's capital, which the State wants to privatise. The market is therefore worried that Vinci has paid too much for ADP, whose share price is close to its historic peaks.

However, "Deutsche" does not agree: on the one hand, motorway concessions, the heart of Vinci, are not suffering from under-investment, unlike those of the French State, specialists lament. This could benefit Eurovia, a Vinci subsidiary that is specialised in road works.



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