Vinci: There Are Better Value Infrastructure Plays Out There

Vinci SA benefits from strong concessions performance and robust growth in its energy business, especially from electrification infrastructure trends. Airport concessions, notably in Japan and Budapest, are seeing solid growth driven by tourism and FX trends, with Gatwick capacity set to rise 33%. Highway revenues are supported by tariff increases, though underlying traffic growth is modest and margins face pressure from depreciation on French projects.