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Vertical Aerospace & Ferrovial Reach Agreement to Rollout Electric Flight Infrastructure

10/28/2021 | 07:00am EST

Vertical Aerospace ("Vertical") announced an agreement with Ferrovial, a leading global infrastructure operator, to cooperate on creating a network of 25 vertiports across the UK. Vertiports are dedicated sites that enable the take-off, landing and recharging of electric vertical take-off and landing ("eVTOL") aircraft. Vertiports are expected to be integrated with other modes of transport to offer efficient travel and increase connectivity to cities and regions across the UK. Vertical will now work with Ferrovial to locate and design a network of UK vertiports, which is expected to allow Vertical's piloted four passenger aircraft, the VA-X4, to operate from these sites for the proposed launch of its UK services with Virgin Atlantic. By enabling inter-city electric aviation in the UK, the VA-X4 hopes to cut travel times and open up new links across the UK. Vertical's recent report: The Future of Advanced Aerial Mobility [link], explains how passengers arriving at Heathrow for example could take the VA-X4 to hop to Cambridge from the airport in just 28 minutes, compared with a 90-minute taxi or a two-hour train journey. Ferrovial will bring its operational capabilities, design expertise and investment strength to building a compelling UK network of vertiports. Ferrovial invests, develops and operates 33 airports around the world, including in the UK being a shareholder of Heathrow, Glasgow, Aberdeen and Southampton airports. Vertical also announced this week, that it is collaborating with Heathrow to explore the launch of its services from the airport from the mid-2020s. Vertical's focus is the design, build, manufacture and aftersales of its VA-X4. Vertical works closely with an ecosystem of best-in-class partners and operators to give passengers the best experience possible travelling in its aircraft at speeds up to 200mph, in near silence and at a cost at a small premium to a taxi. Vertical is targeting highest global safety certification standards for the VA-X4 in line with the CAA and EASA expected regulations, equivalent to that a passenger jet. It expects to be certified by 2024. The VA-X4's future operators include Virgin Atlantic, American Airlines, JAL, Bristow Group, Gol, Marubeni and Iberojet, which along with others have placed conditional pre-orders for the VA-X4 of up to 1,350 units for an estimated $5.4bn.

ę S&P Capital IQ 2021
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Sales 2021 6 482 M 7 229 M 7 229 M
Net income 2021 76,5 M 85,3 M 85,3 M
Net Debt 2021 2 481 M 2 766 M 2 766 M
P/E ratio 2021 125x
Yield 2021 2,29%
Capitalization 17 743 M 19 787 M 19 787 M
EV / Sales 2021 3,12x
EV / Sales 2022 3,07x
Nbr of Employees 18 515
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 24,48 €
Average target price 28,22 €
Spread / Average Target 15,3%
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Managers and Directors
Ignacio Madridejos Fernßndez Chief Executive Officer & Director
Ernesto Lˇpez Mozo Chief Financial Officer
Rafael del Pino y Calvo-Sotelo Executive Chairman
Dimitris Bountolos Chief Information & Innovation Officer
JosÚ Fernando Sßnchez-Junco Mans Independent Director