bankinter | Ferrovial is opting for 3 major infrastructure projects in the coming months, with investment budgets of more than $4,000 million. The main and most advanced is the SR 400, in the state of Georgia. Local authorities could launch their tender in August this year, with an investment volume of around $1.7 billion. He is also closely following the competition for the project on the I-10 in Louisiana. This involves the construction of a toll bridge for approximately €800 million. Eventually, Ferrovial proposed to the authorities the installation of managed lanes in the I-77 corridor to the border with South Carolina. The volume of investment could reach $2,000 million, but it is not yet known whether it will be the subject of a call for tenders.
Opinion of the analysis team: Good news for Ferrovial. It offers possible catalysts for the future, although as a precaution we have not included any of these projects in the evaluation.
It would mean doubling its size in the United States, where it now has assets that we value at nearly 4,000 million euros (20% of the total). Including Canadian highway 407 ETR, 80% of its assets are located in North America. We reiterate a purchase recommendation. It offers protection against inflation and possible short-term catalysts, such as the possible increase in fares on the Canadian highway, which would allow us to revise our valuation upwards.
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