Feedback from Roadshow: Ferrovial SE

Goldman Sachs hosted investor meetings with Ferrovial management, reinforcing their Buy rating based on the underestimated pricing power of the 407 ETR and growth in US infrastructure.

Key Takeaways

• 1.The 407 ETR toll road is transitioning to active revenue management and more granular pricing, which GS believes is currently underestimated by the market.
• 2.Management views Ontario's Highway 413 construction as a net positive for 407 traffic in the long run due to regional growth, despite potential minor short-term traffic diversion.
• 3.Ferrovial is prioritizing US Managed Lanes and airport projects with higher return requirements to account for increased risks.

Table of Contents

• Ferrovial SE (FER.MC): Feedback from roadshow
• Price Target Risks and Methodology - Ferrovial SE
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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