Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FERROVIAL SA. We currently have 5 research reports from 1 professional analysts.
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Feel the Brexit
27 Oct 16
Results Ferrovial release a disappointing 9-month release. Consolidated revenue were up 6.4% and reached €7,697m. Group EBITDA came in at €650m, down 20.3% yoy. The results were mostly driven by the strong toll road business (+20% lfl) which continued performing well during the third quarter whereas all three other divisions were weak. Construction was down 6.2% and Services’ margins declined strongly. The Airport division was strongly down due to a loss on hedges following Brexit (higher inflation expectation and lower interest rates in the UK). As a result, the Airport equity associates’ contribution was strongly down, from c.€119m in 9m15 to €-56m in 9m16. Reported EBIT was up 5.5% at €684m with a margin of 8.9%, down 10bp. Attributable net profit fell 42.2%, mainly reflecting the fair value adjustments at Heathrow. Debt Net consolidated debt reached €5,693m, with €5,993m of concession projects (vs. €6,057m in December 2015) while the net cash position ex-infrastructure projects stood at €300m on 30 September (vs. €1,514m in December 2015), mainly reflecting the acquisition of Broadspectrum (€934m). New developments The company listed several pending bidding processes: Ferrovial confirmed that Cintra has presented a bid for the I-66 project, a $2.1bn toll concession project in Virginia, USA. The consortium has been put on the local authorities’ short list and the award should be announced in the fourth quarter of this year (expected in November). Cintra has been pre-qualified in the US for the design, construction and maintenance of an airport shuttle to connect Los Angeles International Airport’s terminals. Cintra has also presented a bid for the extension and widening of Highway 427 in Toronto. Lastly, a consortium including Cintra and Agroman has been pre-qualified for the Melbourne Metro project, for the design, construction, financing and maintenance of a 9km tunnel and five underground stations. Ferrovial also announced the completion of the Transchile acquisition announced in September. Once funded, the operation will represent an investment of $72m.
Strong Brexit sensitivity
10 Aug 16
The H1 16 results are down mainly due to sterling depreciation and the lower results of the service division in the UK: - H1 16 revenues -1.8% lfl (vs reported -0.8%); - H1 16 EBITDA -17.6% lfl (reported -21.8%); - Net profit after fair value adjustments €189m (of which +€268m disposals and impairments and €5m from equity associates) vs €268m for H1 15 (of which +€58m disposals and impairments and €55m from equity associates). In July, a consortium led by Ferrovial was selected by Denver airport to start negotiations about remodelling and the operation of its main terminal.
Negative forex effects and disappointment from the UK service division recently acquired
09 May 16
Q1 16 results were marked by another negative impact from UK activity in services and negative forex effects which were not offset by the strong traffic growth at Ferrovial’s airports & toll roads despite the positive calendar year effect. Consolidated revenues & EBITDA were both down by 3.0% and 7.4% respectively and lfl revenues were +0.4% and EBITDA -2.8%. Net profit increased by +32.3% to €157m thanks to capital gains (Chicago Skyway €110m; Irish toll roads €20m).
The founding family's control is reduced to 30% (from 40%)
14 Mar 16
Information released with the FY 15 annual report In August 2015, Portman Baela SL and Karlovy SL, transferred all the capital that they held in Ferrovial to their associates and the previous shareholder agreement regarding Ferrovial SA has been dissolved. On 13/01/2016, UBS Limited sold a block of 30,387,965 shares in Ferrovial SA, representing around 4.15% of the capital, on the orders of Siemprelara SL (at €19.07/share, which were placed with qualified investors. On 21/01/2016, Mr Leopoldo del Pino y Calvo-Sotelo gave notice of his resignation as a Director on Ferrovial’s Board. The significant shareholdings in Ferrovial SA are now: Rijn Capital BV (company controlled by Rafael del Pino y Calvo-Sotelo): 20.3% Menosmares SLU (company controlled by Maria del Pino y Calvo-Sotelo): 8.2% Siemprelara SLU (company controlled by Leopoldo del Pino y Calvo-Sotelo): 4.2% (vs formerly 8.35%) Soziancor SLU (company controlled by Joaquin del Pino y Calvo-Sotelo): 2.5%
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume