Vinci SA

DG: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€244.00	Wyxsgfl	Dgcvxchn

Vinci: Reveals Achievable Financial Targets for Cobra IS Division

Matthew Donen

Dec 12, 2023

We expect Vinci's Cobra IS division will achieve its EUR 7.5 billion 2025 revenue target at a 7.5% operating margin, which was announced at Vinci’s capital markets day dedicated to the acquired subsidiary. Its record EUR 14.9 billion order backlog will underpin the division's ability to deliver its target. The business also plans to add 1.5 gigawatts of renewable assets annually, targeting 12 GW by 2030, consisting mostly of solar farms, which will add to Vinci’s portfolio of long-dated toll-road and airport concession assets. We maintain our EUR 122 fair value estimate and narrow moat rating for Vinci. Shares are marginally undervalued.

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