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, while the new shares issued will be announced on 11 December and the dividend will be paid out on 13 December. The cash dividend will be subject to a withholding tax of 15%, in accordance with Dutch law.
Assessment: Ferrovial increases its dividend, in line with the good results it has been reporting in recent quarters. Just today, at the close of the New York session (9pm in Spain), the Group will announce its Q3 figures, with a conference call tomorrow at 3pm. We expect the increase in construction margins, which we already saw in June, to have continued last quarter, leading to an increase in EBITDA of +39% to €976 million. FER will report this time only up to the EBIT figure. In the note prior to these figures we increased both our forecasts (+5% EBITDA in the period 24e-26e), and our Target Price (€35 as of Dec 25e versus €32).
