Vinci SA

DG: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€857.00	Jfpdrr	Pxzkmqjms

Outlook Remains Strong Even After Its Record Year; Raising Our Fair Value Estimate to EUR 133

Matthew Donen

Feb 8, 2024

Business Strategy and Outlook

Vinci’s strategy to extend the maturity of its concession portfolio will help the business earn maintainable economic profits. The group's portfolio of long-dated concession assets such as toll roads and airports (70% of operating profits) are difficult to replicate and provide a stable source of income.

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