Intermoney | Ferrovial (FER) (Hold, Target Price €35) announced on Monday, after the market close, the amount of its interim dividend for 2024, which will amount to €330 million, or up 5% over last year, implying approximately €0.45/share. Shareholders will have until 22 November to choose to receive their dividend in cash or in shares, the latter being the default option. The ex-dividend date will be 6 November in Europe,...

Alphavalue / Divacons | The Spanish construction, services and concessions company and Interogo Holding created a joint venture called Umbrella Roads BV, aimed at managing Ferrovial’s stakes in motorway and parking concessions in Spain, Scotland, Ireland and Canada. These assets operate under availability payment schemes or with limited traffic risk. According to a Ferrovial statement, the group will transfer the economic rights of Umbrella Roads BV, while retaining majority voting...

Renta 4 | The Ontario government, through its Premier, has announced the possibility of taking control of the ETR 407 highway, in which Ferrovial (FER) has a 43.23% stake (50.01% CPP Investments and 6.76% AtkinsRéalis Canada), given the economic complexities involved in the construction of a tunnel under highway 401 (parallel to the 407 and which has high levels of traffic congestion). The expropriation of the asset would be done...

Alphavalue / Divacons | The company headed by Rafael del Pino is leading the consortium building T1 at New York’s JFK airport, according to Expansión newspaper. This is the most important project currently under way in the US city. The investment amounts to $10,000 million (about €9,200 million), including a historic green bond issue of 2,550 million. It is also the largest public-private project in the United States. Ferrovial took...

Link | Ferrovial announced on Friday that, in accordance with the authorisation granted by the General Shareholders’ Meeting of 11 April 2024, it has agreed to implement a share buyback programme, which will be executed in accordance with applicable law. The Programme will have the following characteristics: Purpose: To buy back own shares of FER in the framework of different corporate actions (such as, for example, share incentives for employees,...

Intermoney | The company (Hold, PO €32) announced its 1H24 results yesterday after the close of trading in New York, and will hold a conference call today at 3pm. The key figures of the results, together with our forecasts, are shown in the attached table. Overall, EBITDA rose +50% to €603m at June 24, vs. +40% IMVe, which showed the contribution of new toll road assets, with lower growth than...