Ferrovial and the goose that lays the golden eggs

Remember in Ferrovial, which have the most valuable asset in the world. It is the highway ETR 407 in Toronto, with an estimated value of around 11.600 million e

Ferrovial and the goose that lays the golden eggs

Remember in Ferrovial, which have the most valuable asset in the world. It is the highway ETR 407 in Toronto, with an estimated value of around 11.600 million euros, which is a huge laying hen of golden eggs. Between 2002 and 2018, according to an analysis of the Bank Santander, the pathway by which they pass daily 415.000 vehicles grew in density at a rate of 2.7%, while their rates did so in an 8.1% thanks to the regulation canada does not impose price restrictions. The managed lanes (roads managed toll dynamic) of the multinational in areas where there are huge problems of urban density and regulation very lax in regard to the fixation of fees are giving the greatest joys of the Spanish group. And the Bag the note.

The last good news will arrive this month in the form of dividends: approximately 125 million (the figure has not yet been specified) for the first time out of the box North Tarrant Express (NTE), a vial of the four that operated in USA through its subsidiary Cintra. Are concessions to the 52-year-old view with traffic daily means of between 130,000 and 270.000 vehicles. - Value projects that have focused the company that presides over Rafael del Pino, in a country that allows you to apply dynamic prices, for example, ensuring drivers will be able to move forward at a speed determined by the route by which the tolls go up when there is a lot of influx of vehicles and the other way around. The model of Uber led to the road.

“We are building the new Ferrovial”, summarised in the company since last October as ceo Ignacio Madridejos. North america remains the target of his radar. For this new company focused on greenfield projects, infrastructure, completely new, Ferrovial detects many opportunities in the hands of the new mobility and services. In Maryland, for example, expect to be put out to tender four or five motorways similar, between 30 and 50 kilometres of the route, and have just started the works of the I-66 one of the arteries of Washington, which will enter service in 2022. The country is interesting for three reasons: legal security, a stable policy framework and the possibility of funding. So says the latest report from Bankinter on the company, which recommends as one of the star values of the last few months. Trump, create the analysis service of the bank, could recover his campaign promise of a great plan of infrastructure of the face of the presidential election in November 2020, and “Ferrovial is well positioned to benefit from it”. To this is added the policy of the central banks which surround a ground of excess liquidity and few investment alternatives, ideal for construction companies noted a growth in the whole of Europe.

three Hundred and sixty five million in dividends until October and greedy contests earned in other destinations, such as the United Kingdom, mean that the multinational has fired its Stock market value to more than 20,000 million after a revaluation of 52%, although sales through September are below last year (4.292 million), and the result sheds a loss of 104 million by a provision of 345 of the construction division.

In 2019, the company has also been sound tripping, as the decision of the Denver airport, to terminate a signed contract with her to remodel and exploit the main terminal for 34 years. “For us it was a learning”, excuse sources from the company, and move that the formula used for the termination of the agreement, for convenience, does not refer to objective reasons, and is more of a “just because”. Behind was a problem with the concrete of the original work, found later, that shot costs.

Overall, the division of construction falls in sales, although not so does its portfolio of projects, which stood at 11.365 million. In the company emphasize a high presence in works in London, where they have won several competitions, from the expansion of the metro to the construction of the new sewer or a tunnel under the Thames, a project 1,170 million in the participating 30%. In Poland its construction is the largest in the country and in Spain are attentive to the new Government, arrive when you arrive, announce any plan of social infrastructure in which they can participate.

After the motorways and the construction industry, another of its legs, the airports (Heathrow, Glasgow, Aberdeen and Southampton) have weathered such disasters as the collapse of Thomas Cook or the Brexit, already discounted thanks to the recruitment of coverages and in the transfer to the Netherlands of their international structure to continue to be under the umbrella of the community. Heathrow reached traffic figures record up to October, with 61 million passengers.

An operation that gets up close and personal

When, in November of last year, Ferrovial announced the sale of its entire services division, in the company thought that it was going to be an operation block in the entire division, valued at about 2,000 million. In April its chairman, Rafael del Pino, claimed to shareholders that there would be an agreement in the summer. Completed 12 months without news of any buyer –and frustrated multiple offers– now segment the target. “Is still here. We are in the moment of selling it for parts. May be blocks, geography, areas of specialty or a combination of both.” This approach, nowadays, is a decision not to return, because the company do not see their future in that division. With the money from the sale Ferrovial could try to lower gross debt reaches 9.611 million.

Date Of Update: 26 December 2019, 06:00