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    Augustin Cendre

    Vice President and Equity Analyst at Stifel

    Augustin Cendre is a Vice President and Equity Analyst at Stifel, specializing in Canadian financials and diversified issuers with deep expertise in equity research and capital markets. He covers companies such as CIBC, Gordon Capital, and Genuity Capital Markets, consistently delivering actionable investment recommendations and differentiated research insights. Cendre began his analyst career in the early 2000s, previously serving in leadership roles at Eight Capital and as a Founding Partner of Genuity Capital Markets before joining Stifel in 2025. He holds multiple securities licenses, is registered with FINRA, and is recognized for his excellence in market analysis and relationships with institutional investors.

    Augustin Cendre's questions to Ferrovial (FER) leadership

    Augustin Cendre's questions to Ferrovial (FER) leadership • Q1 2024

    Question

    Augustin Cendre asked whether the current construction backlog supports margin improvement and questioned the impact of low-profitability new projects on Ferrovial Construction's Q1 loss.

    Answer

    CFO Ernesto Lopez Mozo explained that the negative margin in Ferrovial Construction was due to not recognizing profits on large projects in their very early stages, like the Ontario line, which is standard practice. He expressed confidence in the backlog, noting it consists of projects contracted post-inflationary spikes, and expects margins to improve as these projects mature and recognize profits.

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