Intermoney | The company (Hold, PO €39) announced yesterday after the market closed that it has sold the remaining 5.25% of Heathrow to the Ardian fund for £455 million. At the same time, other Heathrow shareholders have agreed to sell 4.75% to Ardian as well. Ferrovial has not reported any capital gains, although it is most likely that they are very small or non-existent, as this package had been adjusted to the implicit valuation of the previous sale of 19.75%.
Assessment: The sale of this final block of shares comes as no surprise, as it did not make much strategic sense to hold on to a small stake after having tried to sell it in its entirety two years ago. However, on this occasion, the sale price is equivalent to that of the initial 19.75% placement. Specifically, Ferrovial, together with other shareholders, sold off 37.62% of Heathrow for £3.259 billion in June 2024.
Ferrovial also sold its 50% stake in other small UK airports last year. The Group will announce its 2024 annual results today after the close in New York, and will hold a conference call tomorrow, Friday, at 3pm. We expect Ferrovial to report EBITDA of €1,366 million, up 38%, thanks to the construction business doubling its contribution to €440 million.
