Ferrovial : 407 ETR: no sequential improvement in the quarter (just within it) maintains the doubts on the recovery speed
>Q1 results below our estimates - The 407 ETR’s Q1 2023 results were slightly below our estimates as they showed no sequential improvement in traffic during Q1 2023: -15.3% over Q1 2019 from the -14.7% in Q4 2022, -12.4% in Q3 2022, -19.4% in Q2 2022 and the -34.0% in Q1 2022 (all vs 2019). This led to a 28.4% y-o-y growth, which implied a 3% miss to our traffic estimate, as well as a 6% miss in ‘toll revenues’ and 4% in total revenues. The higher opex, increasing by...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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