Ferrovial posted lfl growth of 12.2% on the back of a weak comparison base. The net result, which includes the equity-accounted result, stood at €-379m (vs €-6m in H1 19). Heathrow has a strong cash position but AGS is suffering and may require an equity injection. All toll roads except LBJ are well above the dividend lockup ratio. LBJ might join this club too if Ferrovial executes a favourable refinancing. Lastly, Ferrovial sold a 5% stake in Budimex but should retain the rest.

31 Jul 2020
H1-20: traffic taking a toll on profitability

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H1-20: traffic taking a toll on profitability
Ferrovial SE (FER2:WBO) | 0 0 2.1% | Mkt Cap: 12,921m
- Published:
31 Jul 2020 -
Author:
Sejal Varshney -
Pages:
3 -
Ferrovial posted lfl growth of 12.2% on the back of a weak comparison base. The net result, which includes the equity-accounted result, stood at €-379m (vs €-6m in H1 19). Heathrow has a strong cash position but AGS is suffering and may require an equity injection. All toll roads except LBJ are well above the dividend lockup ratio. LBJ might join this club too if Ferrovial executes a favourable refinancing. Lastly, Ferrovial sold a 5% stake in Budimex but should retain the rest.