Opinions
Andy Nasr
Ferrovial SA
FER-SM
TOP PICK
Jan 31, 2017
N/A
Stock price when the opinion was issued
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COMMENT
With global utilities or yield plays falling, what would be a good name to buy? This one is a Spanish infrastructure group. It is utility-like in that they own part of the Highway 407 toll road, so you are almost getting an infrastructure play. This gives you a long dated asset that is earning 5%-6%, compared to where 30-year yields are in the 2% range. Thinks it is good value moving forward.
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TOP PICK
A defensive real asset holding. A Spanish listed infrastructure company with a list of world-class assets. They own over 43% of the 407 ETR -- high quality, high margin business with a long life (until 2098). It trades at a premium to peers, but there is still catch up in value, he believes. Yield 2.77% (Analysts’ price target is $29.08)
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HOLD
A transportation and infrastructure name. It has been disappointing, especially with the shutdown heavily affecting this sector. The 407 is still the crown jewel in all of transportation infrastructure. Long term, it is still a good investment. Once COVID is under control, people will not want to take public transport. We will probably see more driving.
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An infrastructure company and their 2 assets are the Highway 407 and Heathrow Airport. A good example of an infrastructure company that has been beat up giving a decent dividend yield and 2 great assets that give you inflation protection. Trades at a big discount to its replacement costs. Dividend yield of 4.87%. (Analysts’ price target is $20.92.)