80% of Ferrovial´s free cash flow comes from dividends in the US and UK

heathrowHeathrow passenger traffic

Alphavalue | The Spanish constructor revealed on Friday the traffic figures for February. Heathrow airport had 1.48 M passengers in February, an increase if +1.7% yoy.

The singularity of Ferrovial is that more than 80% of its free cash flow is generated from the dividends derived from its activities in the UK, US and Canada. The North American concessions represent more tan 70% of Net Asset Value (NAV). For its part, Heathrow represents a mere 8% of gross assets, which is why, according to our analysts, its passenger traffic is less important data.


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The Corner
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.