FERROVIAL: WARMING UP THE ENGINE (ANÁLISIS BANCO SABADELL)
Warming Up the Engine. BUY.We cut our EBITDA estimates’20-23e by -6.5% to reflect a slower traffic recovery in Toll Roads (80% T.P.) and a better performance in Construction (5% T.P.). This means an impact of -145% on Net Profit’20-23e due to the effect from the drop in traffic in Heathrow (5% T.P.), meaning only -4% on T.P. (€ 27.00/sh.; +29% upside), and thus we reiterate our BUY recommendation. Despite the quality of its infrastructure assets, FER has slid -13% since Nov’20 highs, being the worst performer in the sector in 2021, with trading levels pricing in stagnated traffic in the 407ETR starting from 2022 and a value near 0 in Airports, a scenario we believe does not make any sense and that will make FER a clear winner once vaccination progresses.
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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