Ferrovial NV

FER: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ferrovial: Untolled Upside; Raising Fair Value 25% to EUR 80 ($93)

Jack Fletcher-Price

May 21, 2026

We are updating our longer-term forecasts for Ferrovial’s portfolio of long-duration, high-quality transport infrastructure concessions, including the 407 ETR in Toronto, and the New Terminal One at JFK Airport.

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Ferrovial NV

Ferrovial: Untolled Upside; Raising Fair Value 25% to EUR 80 ($93)

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