History, recent context and fundamentals

Ferrovial has its origin in 1952 when Rafael del Pino started to manage works to renovate Renfe's roads. That is where his name comes from, although he is no longer dedicated precisely to the railway sector. Rafael del Pino is a descendant of some of the great Spanish, Fernando I de León and Castilla and his family has always been linked to those who have sent in Spain, having different noble titles. His descendants, which are those who control Ferrovial today, also have influence in other companies of the selective where they are part of the shareholding. In the fifties it would continue in the train sector but the company started to internationalize with the first project outside of Spain, specifically in Venezuela.
In the 60s it would expand to the road sector, starting with the first toll highway in Spain. In the 70s would continue with communications both train and road and especially in northern Spain. In the 1980s, it would diversify its projects, also entering into industrial infrastructures through the acquisition of Cadagua. In the 90s he would acquire the construction company Agroman, and in many of the projects they would take his name, being Ferrovial Agroman. In 1999 it would go public. Later he would also get Budimex, increasing the weight of the construction in its structure.

Starting in the year 2000, the company's boom would start, with large projects both outside and within Spain. It would enter the aeronautical sector with the purchase of the airport operator and would manage seven airports, already present in all means of transport. In 2010 due to the impact of the crisis, it would need to divest in many sectors and specifically in those more expensive such as airports. Completely completing the activity in this sector. It is from 2005 that he would start many projects in the United Kingdom where he already had the airports and where he began to have many benefits when he would start to shine internationally. That is why after divestments I would bet again with the construction of numerous projects, by subway, roads, tunnels or airports. As of 2015, I would begin to carry out more projects in North America, Canada and the United States. Here I present the data of fundamentals that I think are most important:

• Capitalization
• Net profit
• EBDITA
• Debt/Ebdita:
• PER:

From the fundamentals table we can see how in 2017 it was a bad year for Ferrovial, having negative circumstantial benefits that would be reflected in the stock when it did not climb positions since it has been on the side for 3 years. At the moment it follows with the path that it took, and is that the airports in the United Kingdom went expensive to Ferrovial, although little by little it has been detached from those that left less profitable to maintain them.

The capitalization has already exceeded the numbers of 2016 and will try to prove important resistances. Unlike other Spanish construction companies Ferrovial suffered a lot after the crisis due to having bet too strong in sectors with a lot of risk and the market is wise and ends up putting everything into value.

Análisis técnico

If we look at the long-term chart, we see how it is about to touch the resistance of the lateral channel in which it has been immersed since 2016. From then on to maximums it would only have 10% left. This makes that presently present a considerable risk to continue inside and I believe that it will go back. Not to seek support if not to go to the level before this rise as we will see below.



In the short term, with the 6-month chart, it can be seen how in MACD the lines have crossed and will begin to correct. This small bullish channel that has been doing since the beginning of the year tells us the next support around € 19.8. In case of losing it due to the context of current uncertainty surrounding the elections, I could easily visit the € 17 , since a visit to the long channel support I see it quite unlikely.