Ferrovial : 407 ETR: Traffic volatility was on the wrong side this time
>Minor P&L difference but with increased concerns on future traffic evolution - The 407 ETR’s Q4 2022 results were slightly below our estimates as they showed a sequential deterioration in traffic to -14.7% in Q4 2022 over Q4 2019 from the -12.4% in Q3 2022, -19.4% in Q2 2022 and the -34.0% in Q1 2022 (all vs 2019). This led to a 7% miss to our traffic estimate, as well as a 7% shortfall in ‘toll revenues’. The rest of the P&L showed a smaller difference as higher ‘f...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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