Ferrovial: Current Valuation Is Unattractive, Hold Until 2026

2026-02-09 04:22:20 ET

Ferrovial ( FER ) is a company that I've considered including in my coverage spectrum for some time. Not necessarily because I believe it to be a great investment at this time, but because it might become one. It's also an operator that's exposed to a market that I find relatively interesting, because of investments in companies like Vinci, Aeroport De Paris, et. al. The company is in the business of designing and building/operating transport infrastructure. This is a very appealing and interesting business model to me, reflected by my significant investments in the aforementioned companies and segments. Transport infrastructure, insofar as it concerns roads and major hubs like airports, is a sector that's going absolutely nowhere. Provided the company has solid contractual frameworks for its operations, then the upside is limited only by what can conceivably be achieved by the company's expansion, pricing, and the underlying geographies....

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