The chaos greeting passengers at the opening of Heathrow Terminal 5 may produce a windfall for shareholders of owner Ferrovial, Bloomberg quotes Steven Fernandez, an analyst for Exane BNP Paribas in Paris, saying. The problems may give British regulators ammunition to force the sale of at least one of the seven UK airports run by BAA, he says.
Gatwick could fetch as much £3.4 billion, and a sale would help Spain's second- biggest construction company reduce debt and focus investment on fewer airports. Depending on the price Gatwick may bring, 'it's a positive.' Mr Fernandez said: 'The sale of an airport would be very positive, as that would be a jump in the quality of Ferrovial's debt, which is very high at the moment.'
He raised his target price for Ferrovial shares to €66 from €55, citing a possible sale of Gatwick along with a Scottish airfield (probably Glasgow). The stock closed at €43.12 yesterday. |
