Vinci $DG (-0,14%)
What do you think of the infrastructure giant?
Vinci is repositioning itself for the future. This is necessary because the French highway concessions expire in the next decade. It is possible because the French company generates high free cash flows every year.
At the end of March, the Group had liquid funds of 12.0 billion euros and unused bank lines of 6.5 billion euros. In recent weeks and months, the financial opportunities have been used to acquire further low-risk and mature assets with long maturities.
In April, Vinci announced the purchase of a 50.01% stake in Edinburgh Airport, where it intends to double EBITDA by 2030.
In June, the company secured a 20% stake in Budapest Airport with an operating concession term of over 55 years.
Vinci's portfolio now comprises 70 airports worldwide, 26 of which are in Europe.
However, the French company is also active in other exciting segments. The energy division in particular promises structural growth in the future). The share (; FR0000125486) had come under pressure due to the uncertainty surrounding the political developments in France), but was able to turn upwards again in the area of the technical support level of around EUR 98.00, which had already been successfully tested several times previously.
Irrespective of the outcome of the elections, it is considered unlikely that current concession agreements will be terminated by the government.
With a 2025 P/E ratio of 11, Vinci's valuation is at the lower end of the 10-year range (10 to 37).
