Intermoney | The company (Hold, PO €39) announced yesterday after the market closed that it has sold the remaining 5.25% of Heathrow to the Ardian fund for £455 million. At the same time, other Heathrow shareholders have agreed to sell 4.75% to Ardian as well. Ferrovial has not reported any capital gains, although it is most likely that they are very small or non-existent, as this package had been adjusted…
Link Securities | The United Kingdom Chancellor, Rachel Reeves, gave a speech yesterday in Oxford in which she emphasised the importance of political and economic stability and the stability of public finances; she proposed reforms to promote trade and the construction of all kinds of projects, and wants to incentivise public and private investment, according to Expansión. The most important announcement concerns the third runway at London Heathrow Airport, the…
Alphavalue/DIVACONS | CAA, the British aviation regulator, announced on Wednesday that it may further reduce the fees charged by Heathrow Airport, in which Ferrovial is the largest shareholder with 25%. The cut would be applied to the fees charged to airlines per passenger in 2025 and 2026. Ferrovial: Reduce, Target Price €37.1/share.
Bankinter| Some Heathrow shareholders have exercised their right of first refusal. The sale of the 25% stake held by Ferrovial has run into difficulties. Some Heathrow shareholders have exercised their right of first refusal on 35% of the capital. They are Caisse de Dépôt et Placement du Québec (12.62%), the Singapore sovereign wealth fund GIC (11.2%) and Australian Retirement Trust (11.18%). Although the agreement to sell the 25% stake held…
Ferrovial (FER) has announced in a Significant Event to the CNMV (National Securities Market Commission) that it has reached an agreement to sell its entire stake (approximately 25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd. for £2,368 million (approximately EUR 2,735 million). The current sterling value of FER’s stake in Heathrow Airport Holdings Ltd, according to FER’s consolidated accounts, is €0. The deal has been reached by…
Intermoney | Ferrovial (Hold, Target Price 24 euros/share) would be considering selling its 25% stake in Heathrow, where it has been present since 2006, according to various media outlets on Tuesday. These same sources say that one of the interested parties in this stake would be the fund Ardian, who would join forces with the Saudi firm PIF. Currently, in addition to Ferrovial, Heathrow’s shareholders are QIA (20%), the Canadian…
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…
Morgan Stanley | Heathrow (C.8% of the value of Ferrovial (FER)) beat expectations in terms of revenues and costs in Q1’22. In light of an acceleration in the recovery during March/Easter, and a good outlook for airline capacity this summer, management has upgraded its previously conservative guidance for FY’22 by 16% (45.5 million people → 52.8m). It maintains its traditional cautious view with regard to the outlook for Autumn/Winter. The establishment…
More than 3 million passengers used Heathrow airport in October, encouraged by the easing of UK travel restrictions prior to the Autumn half-term holiday. Spanish infrastructure group Ferrovial is the largest stakeholder in Heathrow, with 25 percent.
Heathrow Airport Limited is controlled by a consortium led by Ferrovial with a 25% stake, Qatar Investment (20% of the capital), Caisse du Quebec (12.62%) and Singapore’s GIC fund (11.2%). The partners have already activated new urgent lines of financing for a total of 850 million euros. Heathrow wants to increase prices, and the regulatory body (CAA) is receptive to the request. But it wants the dividend cut to shareholders to be extended.