Ferrovial hopes to jump onto Wall Street in 2024 with the stock at all-time highs

Ferrovial is about to close its first full trading quarter as a Dutch company. Three months in which the price has been characterized by stable behavior. Since its debut on June 16 on the Amsterdam Stock Exchange, the shares of the group founded by the Del Pino family have appreciated almost 4%, from the 28.92 euros at which it closed in the Madrid park before making its cross-border merger with FISE, its subsidiary in the Netherlands.

Except for the small correction at the end of August, when it fell below 27 euros, the sluggishness has been what has marked the pace of the new Ferrovial, renamed Ferrovial SE. It was not until September when the stock market gave a small push to reach 30 euros, an area of ​​historical highs. The peak was reached at the beginning of this week after reaching 30.57 euros on the Spanish stock market and 30.61 on the Euronext Amsterdam stock market, given the small gap between the shares of Spain and those of the Netherlands.

Although this Thursday it closed at 30.05 euros, the infrastructure group has barely exceeded the ceiling of 30.45 euros registered in February 2020, just before the pandemic fever attacked the stock markets. After breaking resistance, the objective is at its theoretical value, which the ‘Bloomberg’ consensus is slightly above 32 euros. At this point, the latest revisions imposed leave a division among analysts about whether it will break this ceiling or return to lower levels, as it continues with preparations to make the jump to Wall Street.

Although there is still no official date for its landing in the US market, which is the reason why it moved its headquarters outside of Spain, the company itself is considering early 2024 as the most feasible time horizon. Everything will depend on the time it takes for the US Securities and Exchange Commission (SEC) to approve the procedures. This was stated by the Director of Investor Relations, Silvia Ruiz, in a conference organized by JP Morgan, a meeting in which she defended that the decision will allow Ferrovial to “access a broader spectrum of investors”, in addition to increasing “liquidity ” of actions.”

In the conversation, Ruiz also commented that the company is optimistic about the opportunities in the North American country. After acknowledging that profitability has been affected this year by the completion of work on highways I-66 in Virginia and I-285 in Georgia, Ruiz emphasizes the “good health” of the portfolio. At the end of last June, the volume of construction projects amounted to 14,850 million, a figure that does not include pre-awarded contracts, which amount to 1,700 million.

Ferrovial has managed to double its profit in the first half of the year, up to 114 million, supported, precisely, by the business on the other side of the Atlantic, where the different concessions have registered an improvement in their performance. Looking at the end of the year, the market expects an improvement in income of almost 6% to almost 8,000 million and a net profit of 328 million, compared to 126 million last year.

With a capitalization slightly above 22,000 million at the close of the markets this Thursday, around 3,000 million more since he announced his decision to move from Spain, purchase recommendations have been reduced slightly since last February, when he revealed his intentions. . . In this way, 50% recommend holding, compared to 14% who advise getting rid of the value in the absence of knowing more details about its next journey on the New York Stock Exchange.

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September 22, 2023 9:24 pm