Intermoney | Ferrovial (FER) (Hold, Target Price €43/share) announced on Friday after the market closed that it would be included in the Nasdaq-100 index, after a year and a half of trading on Wall Street. This move will take effect before the market opens on Monday, 22 December.
Assessment: Ferrovial’s inclusion in the Nasdaq-100 index is, in a way, the culmination of the announcement made in November 2023, which initiated the process of listing the stock on Wall Street, something that began in 2024. We expect the stock to benefit throughout this week as ETFs and index funds adjust. However, the news itself came as no surprise, as it was likely that FER would be included in the Nasdaq 100 given its market capitalisation. The next challenge will be to improve the liquidity of the stock, which is currently concentrated in Madrid. Operationally, Ferrovial increased its EBITDA by 2% to €1.031 billion in September 2025, well below expectations (9%).
