Sign in

    Nicolas Mora

    Research Analyst at Morgan Stanley

    Nicolas Mora is an Executive Director at Morgan Stanley specializing in equity research and valuation within the insurance and European infrastructure sectors, with a notable focus on companies such as Ferrovial. He has maintained a positive track record, recently reiterating Buy ratings and setting ambitious price targets that reflect strong upside potential for his covered stocks. Mora began his analyst career at Societe Generale, moved to Ecofin and later Exane, before joining Morgan Stanley in March 2018, building a career spanning over twenty years in European financial markets. He holds an MBA from ESSEC Business School and is recognized for his expertise in high-pressure environments and profound understanding of market dynamics.

    Nicolas Mora's questions to Ferrovial (FER) leadership

    Nicolas Mora's questions to Ferrovial (FER) leadership • Q1 2025

    Question

    Nicolas Mora questioned the long-term sustainability of the strong pricing power in North American motorways, especially with low traffic growth on mature assets. He also asked about the potential for refinancing or releveraging the U.S. Managed Lanes given current interest rates and sought an update on the expansion of Mandatory Mode pricing.

    Answer

    Executive Ernesto Lopez Mozo explained that pricing power is driven by Mandatory Modes, which are supported by long-term population and business growth in the regions, making them a recurring feature. He declined to comment on specific refinancing plans but reiterated the existing dividend guidance. He noted it is too early to gauge Mandatory Mode potential on the LBJ lane due to ongoing adjacent construction.

    Ask Fintool Equity Research AI

    Nicolas Mora's questions to Ferrovial (FER) leadership • Q1 2024

    Question

    Nicolas Mora asked about the pricing terms for new airlines at New Terminal One, current trends in truck penetration on managed lanes like NTE 35W, and the company's confidence in achieving its 3.5% construction margin guidance for the year.

    Answer

    CFO Ernesto Lopez Mozo expressed confidence in hitting the construction margin target, citing seasonality and profit recognition from various maturing projects, not just one or two large ones. Corporate Finance Director Ignacio Del Pino noted that positive heavy vehicle performance has historically supported revenue growth in the DFW region, which benefits from favorable long-term prospects like AllianceTexas. The question on NTO airline pricing was not directly addressed.

    Ask Fintool Equity Research AI