Vinci SA
DG: XPAR (FRA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| LOCK|?p | LOCK|#rHq | LOCK|P#x&yPz |
Proposed Further Tax on Long-Distance Transport Operators in France Lowers Vinci's Fair Value by 7%
Business Strategy and Outlook
Vinci’s strategy to extend the maturity of its concession portfolio by adding freehold or long-dated airport concessions will maintain the defensiveness of its revenue stream. The group's portfolio of long-dated concession assets, such as toll roads and airports (62% of operating profits), is difficult to replicate and provides a stable source of income.
