Eiffage "Exposure to French AI data centre construction + Q2 preview" (Buy)

研报英文原文证据摘录

Eiffage "Exposure to French AI data centre construction + Q2 preview" (Buy)

11.59 11.40

Systèmes only has ~5% market share in the broader French multi-technical contracting

12/27E 11.98 12.84

market, we anticipate a higher market share in large-scale datacentre construction

12/28E 13.16 13.63

projects with project labour intensity, complexity and the strict nature of project

penalties limiting participation from smaller players. We note Equans and Eiffage have Cristian Nedelcu, CFA

the largest exposure to French datacentre construction so far with some exposure from Analyst

Mercury too. We note Eiffage recently secured high-voltage substation/infrastructure cristian.nedelcu@ubs.com

works for Campus AI illustrating the revenue opportunity on grid connection too. Also it +44-20-7568 4375

has been actively growing its datacentre footprint outside of France with the acquisition Amal Patel

of a majority stake in German turnkey datacentre specialist Hand & Werk. With this in Analyst

mind, we believe Eiffage is well placed to potentially win contracting work on recently amal.patel@ubs.com

announced large-scale French data centre projects (we anticipate potential contracting +44-20-7568 3973

awards in 2H26/1H27). We expect Eiffage to act as a prime contractor which we

estimate could bring overall revenues of ~€10m per 1 MW. Within these, we expect the

mechanical/electrical workscope of €5-8m for 1 MW with a double-digit EBIT margin

and the construction of the shell/other representing the remainder with a lower EBIT

margin. Including also contracts for grid connection, we estimate that, if Eiffage is

successful in this initiative, it could generate more than €2bn revenues per year mid

term, with a double-digit EBIT margin. If our thesis proves correct, this could see some