FY19 was a good year for Vinci with top line growth of 10% to €48.1bn (with growth being observed along all the divisions and geographies of operations). NI went up by 9% to €3.3bn. Overall, the company fared better than the consensus and expects single digit growth in 2020. The company will pay a dividend of €3.05/share. We believe that we have already priced in the current and expected performance in our target price.