Berenberg Keeps Vinci at Buy on Business Model 'Resilience'

05:59 AM EDT, 09/08/2026 (MT Newswires) -- Berenberg maintained its positive stance on Vinci (DG.PA), highlighting the "resilience" of the French concessions and construction company's business model after delivering 5.4% first-half EBIT growth amid "some considerable" headwinds. "We like VINCI for its resilience that we think will be neatly illustrated by its ability to grow operating profit in FY26 despite geopolitical events creating headwinds for both of its core concession assets - Autoroutes and Airports. We expect such positive profit momentum to continue through the midterm, underpinned by robust pricing in concessions, structural growth opportunities in Energies and Cobra and judicious acquisition activity," according to a Tuesday report focused on the construction sector. For the six months ended June 30, Vinci reported a 2.4% year-over-year increase in total revenue to 36.04 billion euros. The company also affirmed its full-year 2025 outlook of "further growth" in revenue, operating earnings and attributable net income and said free cash flow "could reach" 6 billion euros. Given these factors and the research firm's expectation of sustained "robust" midterm EBIT growth, analysts view the stock's current valuation as "compelling." As such, Berenberg reiterated its buy rating and price target of 145 euros on the stock.