HIGHWAYS SECTOR REPORT: PROVEN RESILIENCE AGAINST AN ADVERSE MACRO BACKDROP (ANÁLISIS BANCO SABADELL)
Proven resilience in an adverse macro scenario.In spite of the current scenario of rate hikes, we maintain a positive stance on the sector in view of its capacity to pass on inflationary pressures and the defensive nature of its business (historically resilient to cycles). We maintain our positive view on SCYR bearing in mind its higher upside potential (T.P. € 3.25/sh.; +15% upside) and a number of catalysts in the short term that should also improve its risk profile. As for FER (T.P. € 30.00/sh.; +10% upside), we see upside potential as well, as it is still trading -4% below pre Covid-19 levels, a gap that should narrow with the normalisation of traffic (407 ETR; LBJ, Heathrow), the delivery of new assets (I-66; NTE 35WC) and increased toll rates in the 407 ETR.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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