Ferrovial : Good cash flow generation, US managed lanes still strong and good prospects

>Strong underlying P&L once adjusted by non-recurring expenses from US - Ferrovial’s Q4 results were largely in line with consensus at the headline P&L (EBITDA 3% below, EBIT 10% above) and above our estimates (revenues 19% above and EBITDA 13% above), with the underlying results being above in both cases (EBITDA c.2% above consensus, in our estimates), as the EBITDA was impacted by non-recurring costs from the US listing process. In fact, EBITDA in construction and ...