* We initiate coverage of Vinci with an Outperform rating and an €80 target price. Vinci is the market leader in French toll road concessions where we see upside from traffic growth and new stimulus plans. Margins in construction look to be at troug
* We initiate coverage of Eiffage with a Neutral rating and a €74 target price. Eiffage has a less attractive business mix, in our view, with more construction exposure and less diversification. We estimate that expensive legacy debt maturing over 2015-18E supports a c13% three-year EPS CAGR, but consensus already reflects even more than this