Eiffage: Initiation of Coverage- From Lagging Returns To A Potential Growth Engine—Can Strategic Deals Turn the Tide?

Eiffage, a French multinational involved in construction and concessions, presented its 2024 annual results highlighting a robust year in terms of both performance and strategic acquisitions. The company reported strong earnings and record order intake, reflecting a solid operational year bolstered by major new contracts and consistent cash flow generation. On the positive side, Eiffage’s order book reached a record level by the end of 2024, growing by 11% compared to the previous year. This growth spans all construction business lines and includes substantial new contracts such as the EPR 2 for the Greater Paris express, the Line 15 construction, and significant infrastructure and energy projects across Europe like offshore wind farms and photovoltaic plants.