Bankinter S.A. - Ferrovial S.A. (FER) FER: Take the highway

Report

Bankinter S.A.

Juan Moreno

EUR 10.18 For Business Accounts Only

FER: Take the highway

Attractive upside potencial of 16% to our target price (€21.37/share). The managed lanes and Heathrow Airport should be the main drivers for the stock price. In addition, the impact of a possible turnaround of the sovereign bond yields in Europe should be limited. We recommend to Buy.

31/01/2018 7 EN

Underlying

Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

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ES0118900010 Madrid Stock Exchange Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Juan Moreno

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FERROVIAL: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 2.410 M euros (+0,9% vs +3,3% BS(e) y +3,8% consenso); EBITDA: 346,0 M euros (-0,9% vs +7,9% BS(e) y +9,2% consenso); EBIT: 232,0 M euros (-41,9% vs -34,3% BS(e) y -32,8% consenso). Rdos. 1S'25 vs 1S'24: Ventas: 4.469 M euros (+4,7% vs +6,1% BS(e) y +6,3% consenso); EBITDA: 655,0 M euros (+8,6% vs +13,7% BS(e) y +14,4% consenso); EBIT: 431,0 M euros (-21,8% vs -16,3% BS(e) y -15,2% consenso); BDI: 540,0 M euros (n/a vs n/a BS(e) y n/a consenso).

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Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

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Pedro Echeguren

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Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

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FER: Take the highway

FERROVIAL: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

FERROVIAL: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 30 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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