Bankinter | Ferrovial is interested in participating in the development of the new airport in Warsaw, which will be located between the Polish capital and the city of Lodz. The project is valued at around 8 billion euros and the Spanish firm has put itself forward to invest in it, along with other partners.
Analyst team’s view: Good news for Ferrovial. The operation would make strategic sense, as it would allow the company to increase its exposure to concessions and expand its presence in Poland, where its subsidiary Budimex operates. Ferrovial has strong investment capacity. We estimate it will close 2022 with a net cash position at the parent company of over 1 billion euros. Whatsmore, it could obtain additional resources from asset sales like, for example, the 25% stake it has in Heathrow airport. We maintain our Buy recommendation. Ferrovial has capacity to grow in traffic and tariffs, generating some protection against inflation. 80% of its assets are in North America, where the economy and consumption will suffer less.
