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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Ferrovial, S.A.    FER   ES0118900010

FERROVIAL, S.A.

(FER)
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Ferrovial SA : Ferrovial-led consortium achieves financial close for the extension of the North Tarrant Express in Texas for 1 billon euro

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09/19/2013 | 12:42pm EDT
Ferrovial, through a consortium led by subsidiary Cintra Infraestructuras, has achieved financial close for the concession to extend the North Tarrant Express in Texas (US). Investment is estimated at 1.350 billion dollars. With this project, the fourth in Texas to be headed by Cintra, the company's managed investment in the state exceeds 7.4 billion dollars.

Madrid, 19 September 2013.- Ferrovial, through a consortium led by subsidiary Cintra Infraestructuras, has achieved financial close for the concession to extend the North Tarrant Express in Texas (US). Investment is estimated at 1.35 billion dollars (around 1.01 billion euro). NTE Mobility Partners Segments 3 LLC, the consortium led by Cintra, also includes Meridiam Infrastructure, Dallas Police and Fire Pension System and APG.

The project will be financed with a combination of public and private funds: 531 million dollars from a federal TIFIA loan (Transportation Infrastructure Finance and Innovation Act); 127 million dollars from the Texas Department of Transportation (TxDOT); 274 million dollars in Private Activity Bonds (PABs), maturing in 25 and 30 years (which were 2.5 and 4 times oversubscribed respectively); and 430 million dollars in equity.

This operation again highlights Cintra's capacity to issue debt in the capital markets. Enrique Díaz-Rato, CEO of Cintra: "We are very pleased to have successfully attained financial close for this project. We have achieved an efficient capital structure despite the complex economic situation at present. We are looking forward to commencing a project that will bring growth and employment to the region, as well as great benefits to citizens".

The operation also evidences investor appetite for managed lanes projects. Managed lanes are currently the most advanced, safest and most reliable form of tolling. This totally electronic barrier-free system does not require vehicles to stop, and tolls are set dynamically on the basis of demand.

Segment 3A
The construction of segment 3A, measuring 6.5 miles (10.5 kilometres), is part of the project to rebuild and expand one of the most important corridors in the Dallas/Fort Worth area, the fifth-largest metropolitan area in the United States and one of the fastest-growing conurbations in the country.

The Cintra-led consortium will upgrade the existing lanes, which will be toll-free, and build two additional managed lanes each way which will use electronic tolling; the consortium will also handle operation and maintenance of the entire roadway, which includes a second section, 3B, measuring 3.6 miles (5.8 kilometres) built by TxDOT. The 43-year concession will start from the date the highway opens to traffic, which is scheduled for mid-2018.

With this project, the fourth in Texas to be headed by Cintra, the company's managed investment in the state exceeds 7.4 billion dollars. In 2009, a consortium headed by Cintra was awarded the contract to develop and operate the first two sections of the NTE, in the Dallas/Fort Worth area. In October 2012, Cintra inaugurated sections 5 and 6 of State Highway 130, between the cities of Austin and San Antonio in Texas; it will manage that concession until 2062. Also in the US, the company operates Chicago Skyway and Indiana Toll Road.
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Financials
Sales 2020 6 069 M 7 134 M 7 134 M
Net income 2020 -201 M -236 M -236 M
Net Debt 2020 3 479 M 4 089 M 4 089 M
P/E ratio 2020 -84,0x
Yield 2020 2,84%
Capitalization 15 851 M 18 600 M 18 633 M
EV / Sales 2020 3,19x
EV / Sales 2021 3,14x
Nbr of Employees 18 399
Free-Float 66,1%
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Number of Analysts 20
Average target price 25,98 €
Last Close Price 21,58 €
Spread / Highest target 43,7%
Spread / Average Target 20,4%
Spread / Lowest Target -4,08%
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NameTitle
Ignacio Madridejos Fernández Chief Executive Officer & Director
Rafael del Pino y Calvo-Sotelo Executive Chairman
Ernesto López Mozo Chief Financial Officer
Federico Flórez Gutiérrez Chief Information & Innovation Officer
María del Pino y Calvo-Sotelo Director
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