2025-05-20-Jefferies-杰富瑞基础设施峰会-问题集_20页_1mb

Infrastructure Summit Preview

The Jefferies Infrastructure & Transport Summit is scheduled for Thursday, 22 May 2025, at their offices in London. The event features discussions on infrastructure regulation, demand outlook, cost inflation, capital structure, and M&A, with key attendees from companies like Vinci, Ferrovial, ACS, Aena, ADP, Fraport, Eiffage, Skanska, and Balfour Beatty.

Analyst Coverage & Company Ratings

Notably, Jefferies assigns ratings and price targets to several participants:

• Vinci: Buy (€141 PT), high FCF yield.
• Aena: Hold (€211 PT), cautious due to valuation.
• Ferrovial: Buy (€46 PT), strong pricing power.
• ADP: Buy (€131 PT), undervalued with ERA potential.
• ACS: Hold (€49 PT), caution on capital allocation.
• Fraport: UNPF (€51 PT), underperform due to traffic and opex issues.
• Others like Balfour Beatty, Eiffage, Sacyr also featured under various ratings.

Key Focus Areas

1. Regulation & DORA Compliance: Several companies, like Aena and Fraport, face regulatory scrutiny.
2. Capex & Cost Inflation: Rising costs and investments in infrastructure (e.g., airports, toll roads).
3. M&A & Capital Structure: Companies like Ferrovial and ACS focus on strategic acquisitions while managing debt.

Tickets & Disclosures

All Equity Analysts at Jefferies are based in Jefferies International Limited (non-US affiliate) and are not registered as research analysts with FINRA. The report carries standard disclosures and potential conflicts of interest, ensuring recommendations are informed but independent.

Summary

The summit leverages strong European infrastructure trends, yet backdrop concerns include economic slowdown, trade tariffs, and regulatory hurdles. Analysts prioritize companies with stable dividends, pricing power, and low valuations, though headlines also spotlight tail risks from cost escalation and geopolitical factors.