VINCI (OP, TP EUR84.0): We raise our 2017-19E EPS f’casts c2-6% following FY-16 results, on contribution from acquisitions in late 2016, and better growth in Concessions and Contracting. We see further upside in both segments on a 12-month view on the back of an improving contracting outlook and i margin improvements. We forecast over €1bn p.a. in cash-flow after dividends and growth CAPEX. We do not anticipate any change in Vinci's 50% dividend payout policy in the near term, but see DPS growth in-line with Vinci's c9% 2016-19E EPS CAGR, with upside to EPS from accretive.