rease by 11% in 2018E. This potential deal has seen escalating newsflow. - This would also help reduce Vinci's overexposure to the French economy. Domestic EBITDA would fall from 76% to 63% of the total (assuming ADP traffic mix, Intl 84% of its total). ■ Vinci trades on 16.5x PIE. Our target implies an adjus