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    José Arroyas

    European Equity Analyst at Banco Santander

    José M. Arroyas is a European Equity Analyst at Banco Santander, specializing in coverage of major Spanish and European infrastructure and construction firms such as Ferrovial and Vinci. Demonstrating a robust track record, he has achieved a 100% success rate on five stock recommendations and maintains an average analyst rating of 2.43 stars on TipRanks, with his coverage frequently outperforming broader industry metrics. Arroyas began his career as a Senior Analyst at Bestinver Gestión before joining Banco Santander, where he continues to provide high-impact research and actionable insights to institutional investors. He holds the Chartered Financial Analyst (CFA) designation as a key professional credential.

    José Arroyas's questions to Ferrovial (FER) leadership

    José Arroyas's questions to Ferrovial (FER) leadership • Q1 2025

    Question

    José Arroyas inquired about the New Terminal One (NTO) project, asking how many more airline agreements are needed to reach full capacity. He also questioned if the strong heavy vehicle traffic in Managed Lanes was a temporary anomaly, possibly due to pre-tariff stocking from Mexico, and asked for clarification on the two-step 407 ETR transaction.

    Answer

    Executive Ernesto Lopez Mozo responded that NTO is a fully international terminal, so a large number of airline agreements is expected, and capacity is not a concern for the first few years. He noted no unusual traffic patterns were detected on the 35 West that would suggest a temporary effect. He also confirmed the two-step nature of the 407 ETR transaction still holds, with an incentive for earlier payment.

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    José Arroyas's questions to Ferrovial (FER) leadership • Q1 2024

    Question

    José Arroyas sought clarification on the expected impact of construction on NTE's performance, asked about the timing of equity injections for the Lima Ring Road and SR-400 projects, and requested a reconciliation of the new share buyback program.

    Answer

    CFO Ernesto Lopez Mozo clarified his earlier comment, stating the potential double-digit decline referred to traffic, not EBITDA, and that performance should be better than budgeted. He explained the new buyback program is designed to catch up on 2023 shareholder remuneration and neutralize the scrip dividend, with flexibility for more. Corporate Finance Director Ignacio Del Pino provided an equity range for the Lima project but could not give timing for it or SR-400.

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    José Arroyas's questions to ANYYY leadership

    José Arroyas's questions to ANYYY leadership • Q1 2025

    Question

    Asked about the aviation tariffs for 2026, specifically if they are expected to rise to recover past revenue dilution and how this would relate to the DORA III tariff path.

    Answer

    It is too early to discuss 2026 tariffs, but the company confirmed it will be entitled to recover past dilution in that year according to the established regulatory formula, as the tariff caps will no longer be applicable.

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