Ferrovial presented itself to investors in the United States this Thursday with a plan to invest intensively in the country and distribute dividends of 1.7 billion euros until 2026. The figure could increase if the company manages to sell its 25% in London's Heathrow airport.
After the presentations of the directors at the capital markets day held in New York, where the company aspires to be listed shortly, the company's shares have recorded falls on the stock market of up to 4%. They then moderated until closing the session with a decline of 3%.
Beyond the financial messages, the company has not reported any major progress in the IPO process in the United States or the problems in selling its stake in Heathrow to Saudi Arabia and the French fund Ardian for more than 2.7 billion. of euros.
"We have been operating in North America for 25 years" and "we are embarked on a journey of growth in the country, with solid credentials and important infrastructure projects that contribute to economic growth," was the message from the company's president, Rafael del Pino, before investors.
The idea is to start trading this quarter on the Nasdaq and "the process is underway," the managers explained. The company is awaiting approval from the US authorities and plans to list "ordinarily" in three markets, the United States, the Netherlands and Spain, without one prevailing over the other. "We hope there will be a response from shareholders" and "acquire liquidity in the United States," they indicated.
The company's CEO, Ignacio Madridejos, assured that "85% of the company's value currently comes from North America," which is "where there are more opportunities and where the focus is on continuing to grow."
Ferrovial operates highway or airport concessions in the United States with an average term of 55 years. They are located in Toronto (Canada), Charlotte (North Carolina), Virginia, Dallas (Texas) and New York, thanks to the award of Terminal 1 at JFK airport. "Cash flow is guaranteed and will increase with inflation and economic growth," Madridejos said.
The company also aims to operate seven other projects with "several billion" investors. They are located in Atlanta, Nashville and Virginia. "They are not simple projects, they require a lot of investment and it is not easy to find companies that can undertake them and at the same time provide the necessary capabilities and skills," he indicated.
Regarding Heathrow, Madridejos explained the problem: "We have a sales agreement, but our pact with the partners allows them to sell as well, and some of them have been there for a long time, so 35% of the capital wants to sell with us and we have to sell together. 60%".
For now, Ferrovial assures that the departure from Heathrow is "an opportunity to rotate assets and look for opportunities in other areas with more growth potential."
The company assures that "the proceeds from the potential sale of Heathrow could be used both to investors and to remunerate shareholders." The 1,700 million euros already committed to the shareholders are less than the 2,200 million that the company receives in dividends from its subsidiaries.
"The dividends come from infrastructure assets and will grow in the coming years," Madridejos said. If the company sets its sights on the United States, it is because it suffers from a "major infrastructure deficit." Works worth 4 billion dollars will be built until 2040 and traffic at airports will increase by 157% in the same period, according to its forecasts.
