First Read: Ferrovial "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Ferrovial "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

Global Research

12 May 2026ab

First Read

EquitiesFerrovial

Best of Europe Virtual Conference 2026 - Spain

Feedback Transportation Services

12-month rating Buy

12m price target €65.00

Ferrovial at the Best of Europe Virtual Conference 2026

We hosted Silvia Ruiz, Global Head of Investor Relations, Natalia del Olmo Escobar,

Investor Relations Manager, and Paula Medel Luque, Investor Relations Analyst, today Price (12 May 2026) €58.28

for group meetings. RIC: FER.MC BBG: FER SM

Trading data and key metrics

Key takeaways

52-wk range €63.16-43.46

407ETR: The company reiterated that higher gas prices have not represented a

Market cap. €41.9b/US$49.1b

meaningful headwind to March traffic. Analysing historical performance, the

company notes that they have not observed a strong correlation between oil price Shares o/s 719m (ORD)

and traffic levels. Historically ETR 407 managed to increase revenues also in Free float 67%

periods of contracting economies. The details on the introduction of a loyalty plan Avg. daily volume ('000) 798

are still under discussion. Promotions remain in their early implementation and the Avg. daily value (m) €46.8

company believes that pricing has not reached a ceiling, with further runway to Common s/h equity (12/26E) €5.29b

realise pricing potential. Some sectors have contributed to truck traffic weakness P/BV (12/26E) 7.9x

in 1Q although they believe this is a function of the tariff impact in certain Net debt to EBITDA (12/26E) 4.3x

industries e.g. automotive and not gas price related, with no signs of weakness in

EPS (UBS, diluted) (EUR)

the local economy so far.

UBS Cons.

US lanes: i) the company re-iterated that a higher incidence of mandatory modes 12/26E 0.85 0.99