Heathrow hikes passenger estimates for 2022: will recover 67% of pre-Covid levels this year

HeathrowUK regulator proposes cutting Heathrow charges

Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant downside risks.

Bankinter analyst team’s view:

Good news. The demand from its infrastructures is recovering even more quickly than initially estimated. On Thursday, Ferrovial’s shares reacted to the news with a rise of 2.5% and it reinforces our Buy recommendation. The Spanish infrastructure group’s transport concessions, which represent over 80% of the valuation, will also revise their tariffs upwards, offering a certain protection against inflation.

FERROVIAL (Buy; Target Price: 28,5 euros/share)

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.