Vinci falls on Q3 "surprise miss", French tax concerns
** Shares in Vinci SGEF.PA are down 3.5% after the company reports Q3 revenue below expectations, fears on new French tax proposal
** The French concessions and construction company published a revenue for Q3 at 18.5 billion euros ($20.02 billion), below consensus cited by Stifel (EUR 19.05 bln)
** "The phasing out of several major projects in its Construction and Cobra IS segments was enough to offset 5% organic revenue growth across Vinci's concession businesses," says Morningstar in a note
** "While the stock will be weak on a surprise miss, underlying momentum is intact," says Jefferies
** Vinci also flags a corporate income tax rise being reviewed by the French parliament which could add an additional cost for the company of 400 million euros
** "The market remains concerned about the political risk the business faces, with the French government considering imposing another corporate tax charge," says Morningstar
** The stock is among worst performers on SBF 120 index .SBF120 and bottom of CAC40 index .FCHI
($1 = 0.9241 euros)
Reporting by Clement Martinot
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