Report
Ferrovial : Outperformance driven by strong profitability in construction; US Managed Lanes just in-line
>High margin in construction leads the outperformance - Ferrovial’s Q3 results were slightly ahead of both the consensus (EBITDA 9% above) and our estimates (EBITDA 6% above). However, the outperformance was mainly driven by the construction division, where the EBITDA and EBIT margin came as a positive surprise (7.5% and 5.1% respectively in Q3). Due to the volatility of the business, we remain cautious about the sustainability of the reported margin, however, the ris...
Underlying
FERROVIAL SA
Provider
Oddo BHF
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.
Ana Arjona-Martinez
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