Ferrovial is on the exit ramp of the recovery, still with a slope ahead, but improving. The construction company of the Del Pino family will return to pay its shareholders at the end of the year, payment with which it joins Ecodividendo, the portfolio that groups the five most attractive payments on the Spanish stock market and prepared by elEconomista . It will occupy the place left by Logista, who paid his payment this Friday. Check here the calendar of upcoming dividends for the Spanish stock market
As usual, Ferrovial is expected to distribute the first of the dividends charged to its fiscal year in November of this year. According to the forecasts of the experts, it will do so on November 18, although the data and dates of the scrip dividend are still unknown.
The calendar is usually made public about three weeks before the operation. Predictably, in order to access the payment of the dividend, Ferrovial shares must be held on November 2, according to the consensus.
Almost 100% of the Group’s shareholders accepted the payment in ‘scrip’ in May, compared to 81% in November
The toll road concessionaire will distribute to its investors 0.20 gross euros per share on November 18 , which rents 0.8% at current prices. Facing the next payment, scheduled for May, Ferrovial is expected to pay another 0.35 euros gross per share.
In total, this would raise the shareholder remuneration to 0.55 euros charged to the results of 2021, which represents an increase of 38.5%, and a total return of 2.25%. However, the amount of the dividend is still below what was paid prior to Covid-19. With a charge to 2019, the firm distributed 0.72 euros, as was customary in the previous four years.
Despite the fact that Ferrovial maintains the payment format in shares (or scrip dividend ), the company amortizes all the new securities that reach the market, thus avoiding the dilution of shareholders who decide to receive the remuneration in cash. 91.95% of the holders of free allocation rights chose to receive the dividend in shares in the last payment in May. In the previous one, first with a charge to 2020 of November of last year, the acceptance percentage was 81.1%, as reported by the company to the National Securities Market Commission (CNMV).
Last year the construction company closed with losses of 10 million euros, but this year it is on track to return to positive terrain. Estimates predict net profits of 86 million at the end of December, after having managed to halve the red numbers during the first half compared to 2020.
Despite the pandemic, the Del Pino family company has never stopped paying dividends, although it drastically reduced their amount last year – practically in half – partly because its main highway, the 407 ETR in Canada, also reduced Ferrovial’s dividend by 50% in 2020, up to 160 million euros – in fact, it kept payments canceled throughout the first semester-. The consensus expects Ferrovial to recover the pre-Covid dividend in 2022, with an expected amount of 0.73 euros.