Bankinter| Ferrovial has notified the SEC, the US stock exchange regulator, of its intention to list on the Nasdaq. The aim is to ring the bell before the end of the first quarter of this year. The choice of Nasdaq over NYSE is due to several reasons: lower cost, electronic trading and greater dynamism.
Analysis team’s opinion: Ferrovial had already announced its intention to list in the US. In fact, it was one of the reasons for moving its fiscal headquarters to the Netherlands, where it is already listed on Euronext. This is good news, as it will allow it to gain visibility and accessibility from the US, as well as becoming part of the Russell indices, the benchmark for passive investment funds and ETFs. It will not affect taxation, dividend collection or the operations of investors who own or trade Spanish shares. We reiterate our Buy recommendation and maintain it in our most restrictive Model Equity Portfolio, that of five Spanish stocks. We foresee a favourable 2024 for infrastructure, with moderate economic growth, still high inflation and falling interest rates.
