杰富瑞基础设施峰会反馈

Graham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.comGlynis Johnson * | Equity Analyst44 (0) 20 7029 8677 | glynis.johnson@jefferies.comPriyal Woolf * | Equity Analyst44 (0) 20 7029 8183 | pwoolf@jefferies.comLaura Ojeil * | Equity Analyst+44 (0)20 7029 8220 | lojeil@jefferies.comGonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.com ACSUS outlook remains solid.ACS confirm they continue to see a positive trend in the US, particularlyfor data centers, BHE, and in hospitality. Almost all of Turner revenue for 2025 is secured withgood visibility on 2026. Sentiment from data center customers remains positive, and theseprojects continue to increase weighting in the orderbook. ACS note as technology progressesquickly and data centers grow larger and more sophisticated, speed to market remains key. Largedata center campus projects can take 24 months or more.Other global markets broadly stable. Outside of the US, ACS sees good growth in order intakein Germany and expects additional opportunities from increased Infra and Defense spending.Civils work in Australia sees more moderate growth. No change in utilization of factoring despitereduction in Q1. ACS continue to hold energy assets for sale which were not disposed alongwith Cobra IS in 2023, as well as Clece which remains under review. ACS confirms Clece is stillprofitable and cash flow positive - there is no urgency in these potential disposals and receivingthe right valuation remains key to completing them.Well positioned for Managed Lanes.ACS remain confident in their competitive advantages tobid on and win further Managed Lanes projects. These offer long-term cash flows and potentialrotation opportunities into Abertis. ACS do see competition for the US managed lanes, but alsonote there are few players are able to be truly competitive, especially relative to the numberof opportunities in the pipeline. ACS maintain the target IRRs for these projects should remainsimilar to historical levels.Please see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. ADPInvestor focus on ERA and WACC.Investor focus was on ADP's priorities for the next ERA, whereADP aim to publish further details towards the end 2025. ADP are looking to accommodate moreinternational traffic in Paris, improve connections with rail and intermodality, as well as preparefor new technologies (e.g. Hydrogen after 2035). Investments like the people mover betweenterminals, contact boarding gates and improved border control area are key and ADP highlightthe ERA can go up to 10 years, although only if the investment allows for this.ART looks to achieve balance.The French regulator was discussed, where ADP stressedthe ART's role is to be independent, and ensure compliance with regulation according totheir published methodologies. From ADP's perspective they adopt a very methodological /administrative approach and as the ART is a relatively new regulator, it looks to provide moreclarity on their approach and methodology through publications. Any proposal from ADP is thenbased on what they understand can be approved by the ART.Transatlantic trends appear intact.As of the end of April, ADP are yet to see a slowdown in trafficwith the US. ADP acknowledges potential pressure from a weaker USD, particularly for retail wherethe US traveler represents above 10% of sales (vs. about 9% of traffic). Retail guidance remainsrealistically cautious, with Q1 slightly above expectations. New acquisitions are dilutive to overallmargins on a standalone basis, but overall add to the revenue opportunity in retail through higherspend passengers.Retail expanding into VVIP.ADP discussed the two acquisitions from 2024, PS and ParisExperience Group (PEG). PS aims to develop a network of VIP terminals over time to help developthe retail network globally (a terminal in Dallas will open this year and one in Miami in 2026). Thebusiness provides direct access to customers where ADP can build up a long-term relationshipand provide a more personalized offering. PEG similarly provides access to travelers lookingfor more premium experiences in Paris, as well as expanding ADP's network of VVIP travelersglobally.Please see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. AenaA focus on the DORA 3.Investor focus was firmly on the planning parameters for DORA 3, forwhich Aena expect to submit a proposal at the beginning of 2026. The main uncertainties herewill be opex and traffic forecasts and allowable returns, where capex has been well flagged asincreasing significantly, (much, much higher than €1bn annually on average). Aena expect theCNMC to follow a similar WACC methodology as the DORA 2, and see the 6.5% awarded tothe Utilities companies as a reasonable floor for expe