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Vinci FY23: Strong FCF

TRANSPORTATION
  • Revenues were ahead of expectations at €68.8bn vs €67.9bn estimate, +12% YoY. EBITDA also beat expectations at €12bn vs €11.7bn estimate, +17% YoY.
  • Credit metrics were also better with net debt at €16.1bn vs €17.3bn estimate, -13% YoY. Eye catching FCF of €6.6bn vs €5.1bn estimate.
  • The company is talking down the outlook slightly, as the post covid bounce in travel seems to be largely behind us.
  • Equity fell 2.3% at the open. Credit spreads indicating unchanged.

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