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    Marcin Wojtal

    Senior Equity Analyst at Bank of America

    Marcin Wojtal is a Senior Equity Analyst at Bank of America Securities specializing in European infrastructure and utilities, with a focus on major publicly listed companies including Ferrovial SA and Redeia Corporacion (formerly Red Electrica). He has issued highly visible recommendations on these companies, with TipRanks data showing recent target price updates and outperformance projections, such as a €48 price target on Ferrovial implying over 6% upside and a €18.5 price target on Redeia. Wojtal has built expertise in the utilities and infrastructure sectors through successive roles since the early 2000s, joining Bank of America Securities after gaining analytical experience at other global financial institutions. He holds industry-standard credentials including relevant European and potentially US securities licenses, reflected in his standing as a trusted equities voice for institutional investors.

    Marcin Wojtal's questions to Ferrovial (FER) leadership

    Marcin Wojtal's questions to Ferrovial (FER) leadership • Q2 2025

    Question

    Marcin Wojtal from Bank of America Merrill Lynch asked about the traffic impact on the 407 ETR from toll removal on an adjacent road and the company's plans for adopting U.S. GAAP reporting.

    Answer

    CEO Ignacio Madridejos said it was too early to quantify any traffic benefit to the 407 ETR from the toll removal. CFO Ernesto López Mozo acknowledged that U.S. GAAP is necessary for inclusion in most U.S. indices and the company is analyzing it, but there are no short-term plans to switch.

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    Marcin Wojtal's questions to Ferrovial (FER) leadership • Q1 2025

    Question

    Marcin Wojtal asked if the acquisition of an additional stake in the 407 ETR provides any incremental governance or influence over its operations. He also sought confirmation on whether the transaction is expected to generate a double-digit equity IRR for Ferrovial.

    Answer

    Executive Ernesto Lopez Mozo stated that he could not comment on governance matters until the transaction is officially closed. However, he did confirm that Ferrovial was targeting a double-digit equity IRR for the investment, noting that the target for a brownfield asset like this is typically tighter than for a greenfield project with construction risk.

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    Marcin Wojtal's questions to Ferrovial (FER) leadership • Q1 2024

    Question

    Marcin Wojtal questioned the company's confidence in completing the Heathrow transaction by year-end and asked if any hard deadlines exist within the shareholder agreement.

    Answer

    CFO Ernesto Lopez Mozo declined to provide any new commentary on the Heathrow divestment, stating that the company would provide updates in due course and offered no comment beyond his prepared remarks.

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    Marcin Wojtal's questions to Balfour Beatty plc/ADR (BAFBF) leadership

    Marcin Wojtal's questions to Balfour Beatty plc/ADR (BAFBF) leadership • FY 2016

    Question

    Marcin Wojtal from Bank of America Merrill Lynch asked for the expected total cash outflow to complete the remaining UK legacy projects and whether the cash performance on these projects had outperformed original expectations.

    Answer

    CFO Phil Harrison stated that the cash performance on the legacy projects has been broadly in line with expectations, with some positive and negative outcomes balancing each other out. He confirmed that a further £50 million cash outflow is anticipated in 2017 related to the completion of these contracts.

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