Varun Anand Eiffage SA FGR-EPA TOP PICK Apr 27, 2021

Price target: 106.02 Euros Trades in Paris. A French infrastructure company in toll roads. Toll roads lag in terms of valuation though traffic has been robust, down 15-20% pre-Covid. In contrast, airports trade at 10-15% below pre-Covid levels, but traffic is down over 50%. FGR also does construction and services build-put lifted by a $100 billion stimulus plan in France. FGR is one of the top contractors in that country, so that's a huge tailwind. Undervalued and a great way to play the European reopening.