Vinci: Oddo raises target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on Vinci shares, having increased its target price for them from 110 euros to 113 euros.


The broker said that at a post-half-year results meeting, Vinci's management broadly confirmed the trends observed in the second quarter.

Airport activity has benefited from the rebound in tourism and 2022 motorway traffic is expected to be close to the 2019 level, i.e. the pre-Covid period.

Oddo also highlights the "very solid" growth of Vinci Energies (+6.5% LFL in Q2 after +4.5% in Q1) and says that Vinci anticipates an increase in construction margins in 2022, despite the sharp rise in material costs.

Finally, without giving specific details, Vinci's management seems satisfied with the integration of Cobra, Oddo adds.


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