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)