We raise 2017-18 operating profit by 4-5% due to a more positive outlook for Telecoms and Colas. We are in line with consensus for 2017 operating profit, but 5% ahead for 2018. We raise our TP to €38 and upgrade the stock to Outperform (from Neutral) on a more positive outlook on infrastructure investment spend at Colas and continued strong momentum in mobile at Bouygues Telecom.