Vinci SA

DG: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€456.00	Ykkgsr	Slgtkqlv

Vinci Rewards Shareholders With Large Dividend Increase After Record Free Cash Flow Generation

Matthew Donen

Feb 9, 2023

Our biggest takeaway from narrow-moat Vinci’s impressive full-year 2022 results was its record free cash flow generation of EUR 5.4 billion, an increase of 3% year over year, comfortably exceeding consensus expectations. Vinci remains well positioned in 2023 and guided for top-line and profit growth. Shareholders have been rewarded following Vinci’s strong full-year results and outlook; the dividend is being increased 14% to EUR 4.0 per share. We plan to upgrade our forecasts, but not enough to materially affect our EUR 106 fair value estimate. Shares are fairly valued.

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