First Read: Eiffage "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Eiffage "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesEiffage

Best of Europe Virtual Conference 2026 - France

Feedback Heavy Construction

12-month rating Buy

12m price target €145.00

Eiffage at the Best of Europe Virtual Conference 2026

We hosted Xavier Ombredanne, Director of Finance, Treasury and Investors Relations,

today for group meetings. Price (13 May 2026) €132.85

RIC: FOUG.PA BBG: FGR FP

Key takeaways

Trading data and key metrics

Concessions:

52-wk range €146.35-104.40

Highest gasoline prices: represent a headwind to car traffic, nevertheless Market cap. €12.3b/US$14.4b

historically the impact has been moderate and temporary. We estimate a 1% Shares o/s 92.2m (ORD)

decline in car traffic represents a €4-5m decline in Eiffage's share of net Free float 78%

income. Avg. daily volume ('000) 263

Retendering: motorway retendering, the company expects the first tender for Avg. daily value (m) €36.1

SANEF assets post the French Election. The Eiffage/APRR assets have the Common s/h equity (12/25E) €7.22b

longest duration until 2035. The company will participate in new tenders P/BV (12/25E) 1.8x

provided the new contract framework allows the company to generate an Net debt to EBITDA (12/25E) 2.8x

appealing equity IRR. We calculate ~€400m dividends received from APRR and

EPS (UBS, diluted) (EUR)

the company expects Getlink/smaller concession assets to deliver ~€200m

UBS Cons.

dividends this year growing gradually over the next 10 years towards €400m. 12/25E 10.45 11.00

Contracting 12/26E 11.00 11.41

Road: in the context of higher bitumen and asphalt prices, the company notes 12/27E 12.12 12.95

that the bulk of road contracts are public with local authorities that are either Cristian Nedelcu, CFA