Sabadell - Ferrovial S.A. (FER) FERROVIAL: CALENTANDO MOTORES… (ANÁLISIS BANCO SABADELL)

Report

Sabadell

Luis Arredondo

EUR 400.00 For Business Accounts Only

FERROVIAL: CALENTANDO MOTORES… (ANÁLISIS BANCO SABADELL)

Calentando motores, timing incierto pero está barata. COMPRAR
Revisamos estimaciones -6,5% en EBITDA’20/23e para reflejar una recuperación de tráfico más lento en Autopistas (80% P.O.) y una mejor evolución en Construcción (5% P.O.), lo que deja un impacto en BDI’20/23 del -145% por el efecto de la caída de tráfico en Heathrow (5% P.O.). Esto implica tan sólo -4% en P.O. (27 euros/acc.;+29% potencial). Reiteramos COMPRAR. A pesar de la calidad de sus activos de infraestructuras, FER ha caído –13% desde máximos de noviembre’20 y es el peor valor del sector en desde el inicio del Covid y en 2021, cotizando a niveles que descuentan tráficos estancados en la 407ETR desde 2022 y valor cercano a “0” en Aeropuertos. Vemos a FER como un claro ganador a medida que avance la vacunación.

05/02/2021 10 ES

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

Sabadell

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Analysts

Luis Arredondo

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FERROVIAL: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 2.059 Bn (+9.6% vs. +4.2% BS(e) and +6.5% consensus); EBITDA: € 309.0 M (+21.7% vs. +14.4% BS(e) and +19.7% consensus); EBIT: € 199.0 M (+30.9% vs. +21.5% BS(e) and +32.9% consensus);

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FERROVIAL: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 2.059 M euros (+9,6% vs +4,2% BS(e) y +6,5% consenso); EBITDA: 309,0 M euros (+21,7% vs +14,4% BS(e) y +19,7% consenso); EBIT: 199,0 M euros (+30,9% vs +21,5% BS(e) y +32,9% consenso). Rdos. 1T’25 ligeramente por encima de consenso en operativo (EBITDA 309 M euros vs 291 M euros BS(e) y 304 M euros consenso; +22% vs 1T’24) y marcados por la sólida evolución de Autopistas (EBITDA 235 M euros vs 224 M euros BS(e) y 231 M consenso; +16% vs 1T’24) donde las Managed Lanes volvieron a dejar una excelente evolución del ingreso medio por transacción (≥+9% en todos los ac...

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IBERIAN DAILY 14 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FERROVIAL, MERLIN PROPERTIES, TELEFÓNICA. The Ibex nearing 13,800 points Gains continued yesterday after the strong rises seen last Monday with positive surprises in macroeconomic data. In the STOXX 600, Retail and Autos were the best-performing sectors vs. Real Estate and Food that suffered the biggest losses. On the macro side, in the UK, March’s ILO unemployment rate rose to 4.5%, as expected. In Germany, April’s ZEW climbed more than expected whereas the current situation index was disappointing, falling and remaining at record lows. In the US, April’s general inflation mod...

EUR 100.00

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IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. IBEX nears 14,100 points There was little impact on European markets from Moody’s downgrade of the US’s rating downgrade, except the Italian MIB, which fell more than -1.0%. In the STOXX 600, the best-performing sectors were Telecoms and Travel & Leisure, whereas Autos and Energy saw the biggest losses. On the macro side, in the euro zone, April’s final inflation confirmed the 2.2% YoY for the general figure and 2.7% core. The new EC forecasts cut euro zone growth in 2025-26 to 0.9% and 1.4% (vs. the previous 1.3% and 1.6%), whereas in Spain it raised its forecasts to 2.6% ...

EUR 100.00

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Research Department

Research Department

INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: N/A El Ibex cerca de los 14.100 puntos Poco impacto en los mercados europeos tras el recorte de calificación de Moody’s a EE.UU. a excepción del MIB italiano que terminó con pérdidas superiores al -1,0%. En el STOXX 600 los mejores sectores fueron Telecomunicaciones y Viajes&Ocio, mientras que Autos y Energía sufrieron las mayores caídas. Por el lado macro, en la Eurozona la inflación final de abril confirmó el 2,2% interanual en la general y el 2,7% en la subyacente. Las nuevas previsiones de la Comisión Europea recortaron el crecimiento de la Eurozona e...

EUR 100.00

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Research Department

Research Department

VISIÓN TÁCTICA DE LOS MERCADOS 19 MAYO (ANÁLISIS BANCO SABADELL)

EUR 100.00

May 19, 2025 May 19, 2025 1 ES

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FERROVIAL: CALENTANDO MOTORES… (ANÁLISIS BANCO SABADELL)

FERROVIAL: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

FERROVIAL: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 14 MAY (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)

VISIÓN TÁCTICA DE LOS MERCADOS 19 MAYO (ANÁLISIS BANCO SABADELL)

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