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Ferrovial’s divestment of Heathrow at a good price allows it to reinvest the funds in assets offering greater growth potential. The proceeds could be redeployed to invest in other airports, to rebalance its toll-road-heavy portfolio.
Companies: Ferrovial (FER:BME)Ferrovial SE (FER:MCE)
AlphaValue
Ferrovial reported impressive 9M results, attributable to a strong rebound in traffic. The MLs experienced growth of at least high single digits, with rev/transaction surpassing the soft cap. Traffic on the 407ETR also registered a strong double-digit increase, although it remained below the 2019 levels. Heathrow Airport witnessed a substantial traffic surge, prompting a 2023 traffic forecast revision. Meanwhile, the construction business, affected by higher H1 operational costs, began showing i
Ferrovial posted Q1 results which missed the consensus EBITDA estimate by 8%. Traffic at its MLs exceeded the 2019 levels and experienced double-digit growth. The 407ETR traffic also rose by 28%, but remained below the 2019 levels. Meanwhile, Heathrow airport witnessed a significant surge in traffic, leading to a revised traffic forecast for 2023, ranging between 70 million to 78 million passengers. However, the construction business was affected by higher operational costs, which partly offset
Ferrovial announced better-than-expected results for the fiscal year, with revenues and EBITDA above the consensus and our estimates. Revenue growth was supported by the recovery in airport and highway traffic as well as the construction activities. Ferrovial is planning a reorganization of the company’s structure in order to apply for a listing in the United States.
Ferrovial reported a good set of results, with a strong traffic recovery at 407ETR and airports partially offset by margin erosion in its construction activities. While the traffic growth at its MLs softened in Q3, higher toll rates and a higher proportion of heavy vehicles led to a strong revenue performance.
Ferrovial reported a good set of results, with a strong traffic recovery at 407ETR and airports partially offset by margin erosion in its construction activities. While the traffic growth at its MLs softened in Q2, higher toll rates and a higher proportion of heavy vehicles led to a strong revenue performance.
Ferrovial posted its Q1 results, missing the consensus EBITDA estimate by 12%. Traffic at its MLs is already above the 2019 level (except for LBJ) but it is still behind at 407ETR due to the low voluntary return to office. Heathrow saw a sharp increase in traffic in March after the unexpectedly quick removal of UK travel restrictions, but Heathrow’s management believes this recovery to be temporary. The construction business was impacted by inflation and saw its EBITDA margin halved.
Ferrovial announced better than expected FY results, with the bottom-line figures positively impacted by disposals and impairments. The recovery at managed lanes is good but 407ETR and Airports continue to suffer. Ferrovial has divested the majority of its Services business, divested non-core construction activities, increased its stake in I-66, acquired a minority stake in IRB, and has proposed a total scrip dividend of €0.715/share.
While the motorway (407ETR in particular) and airport concessions continue to struggle, Ferrovial has managed to reduce its losses in H1 21, largely due to a robust construction sector and a recovery in the Services activities. With limited cash inflow from its crown assets – 407ETR and Heathrow, all eyes are mainly on the divestment of the Services activities.
Ferrovial posted weak Q1 results, with its crown assets – 407 ETR and Heathrow still under pressure from travel restrictions. However, the managed lanes in the US have seen a sharp recovery in traffic after the upliftment of restrictions on 10 March, with traffic on the NTE35W for Q1 even above the 2019 level. Construction and Services businesses continue to show resilience with margin improvements.
Ferrovial reported top-line figures which were better than expected due to the favourable construction market. However, the slower traffic recovery, especially on its motorways, led to lower equity-accounted contributions. Ferrovial expects traffic to recover soon on its motorways once the situation is normal and anticipates a 67% yoy increase in traffic at Heathrow, but has not provided any further quantifiable guidance. It has completed divestments worth €501m, and has proposed a total scrip d
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ferrovial. We currently have 23 research reports from 3 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Companies: MPE TRI VNET BVXP HVO
Shore Capital
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Edison
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Companies: James Latham Plc
SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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