Morgan Stanley | The company has unexpectedly announced an increase in tolls on its 407 ETR highway by 2025, with multiple new features and an overall increase of ~20%/trip (MSe). Changes include: i) toll increase from 1 January versus (typical) 1 February, ii) further fine-tuning of the toll network, with the 108km motorway now divided into 12 zones (against four previous) plus five vehicle types (as opposed to three previously) and tighter maximum prices during weekends and holidays. Nicolas Mora (analyst) estimates that the changes could boost the value of the motorway by between 10 and 12%, which could translate into a share price increase of €1.4-€1.7 (~+4%). OVERWEIGHT, €44.
Ferrovial to raise tolls on Canada’s 407 ETR by 20% per trip by 2025
