I like the stock but prefer $FER when it comes to Infrastructure. Spanish Dividend also is not something I want to have too much of due to the tax difference.
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@Keineui That’s a totally fair point on the withholding taxes! Spanish taxes are definitely a drag, though Ferrovial moving to the Netherlands helps a bit on that front.
Ferrovial has incredible monopoly assets (those North American toll lanes are cash machines), but from a pure valuation standpoint right now, the difference is wild.
I actually just ran $FER through my algorithm to compare them:
AENA is trading at 12.3x P/FFO.
Ferrovial is trading at 26.5x P/FFO (priced to absolute perfection) with only a ~1.5% yield.
For me, AENA is just a special case. I bought it deep in the 2020 crash when everyone thought airports were finished. I'm sitting on a 103% capital gain and a 9.17% Yield on Cost right now. At that YoC, I can stomach the Spanish tax man! 😂
Do you hold $FER currently or just keeping it on the watchlist?
Ferrovial has incredible monopoly assets (those North American toll lanes are cash machines), but from a pure valuation standpoint right now, the difference is wild.
I actually just ran $FER through my algorithm to compare them:
AENA is trading at 12.3x P/FFO.
Ferrovial is trading at 26.5x P/FFO (priced to absolute perfection) with only a ~1.5% yield.
For me, AENA is just a special case. I bought it deep in the 2020 crash when everyone thought airports were finished. I'm sitting on a 103% capital gain and a 9.17% Yield on Cost right now. At that YoC, I can stomach the Spanish tax man! 😂
Do you hold $FER currently or just keeping it on the watchlist?
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