EFTA Document EFTA01385541

> BLT 0 Vinci - Guillermo Fernandez-Gao, BUY, close €86.7, €94.1 tgt, 9% upside ■ Vinci is a large company (market cap > €50bn) with substantial absolute cash generation potential at E4.5bn FCF ex growth capex, implying a 9.3% yield (well above Ferrovial's at 4.5%). - Growth capex derives from stimulus programmes and construction of new assets (which is M&A-like in nature). ■ 8% EBIT CAGR to 2019E driven mostly by French construction market recovery boosting the late-cycle Contracting se