Ferrovial N.v. · BME:FER
Ferrovial — Cintra — Investor Day (2017)
131 slides from Ferrovial's investor day presentation, 2017
Slide 1: Investor Day 2017
INVESTOR DAY 2017 cintra
Slide 2: The Future of P3 Transportation Infrastructure in the United States
The Future of P3 Transportation Infrastructure in the United States Robert W. Poole, Jr. Director of Transportation Policy = Reason Foundation ; d http://reason.org/transportation ~ 162 -
Slide 3: The Future of P3 Transportation Infrastructure in the United States
The Future of P3 Transportation Infrastructure in the United States Robert W. Poole, Jr. Director of Transportation Policy = Reason Foundation ; d http://reason.org/transportation - 163 -
Slide 4: Overview
Overview <>Federal and state budgets under serious stress <Large backlog of unmet needs €>Need to replace fuel tax as main funding source €5P3s an excellent fit for major projects <> Impact of autonomous vehicles Prospects for Trump infrastructure - 164 -
Slide 5: Federal fiscal retrenchment
Federal fiscal retrenchment €>Both CBO and GAO warn about the looming insolvency of the federal government. GAO's long-term simulations show “the federal government faces unsustainable growth in deficits and debt.” <$CBO projects net interest costs will double by 2026 and double again by 2046. < Hen
Slide 6: Can states pick up the slack?
Can states pick up the slack? <Ravitch/Volcker State Budget Crisis Task Force report (2014): taMedicaid expansion a major threat EaHuge unfunded pension liabilities EaBudget gimmicks disguise fiscal crisis. “American Enterprise Institute estimates combined pension fund debt + unfunded liabilities =
Slide 7: Simpson-Bowles Commission
Simpson-Bowles Commission ¢>Bipartisan 2010 commission to propose solutions to impending federal insolvency. <>Recommended protecting infrastructure investment, by making it 100% self-supporting from user taxes/ fees. <>President and Congress ignored its recommendations, enacted sequester. - 167 -
Slide 8: Large unmet funding need
Large unmet funding need €5US DOT estimates $43 billion annual highway & bridge investment shortfall. <3This is based on investments with positive benefit/ cost ratio. ¢$Largest needs are to rebuild and modernize urban and rural Interstate Highways. - 168 -
Slide 9: VMT uptrend has resumed
VMT uptrend has resumed (million miles) 3.500.000 3.200.000 2.900.000 2.600.000 2.300.000 2.000.000 1991 1994 1997 2000 2003 2006 2009 2012 2015 - 169 -
Slide 10: VMT per capita also growing
VMT per capita also growing 12.000 11.000 10.000 9.000 8.000 7.000 6.000 1991 1994 1997 2000 2003 2006 2009 2012 2015 - 170 -
Slide 11: America's two greatest highway investment needs
What are America’s two greatest highway investment needs? € Rebuilding and widening the Interstate highway system nationwide, as it wears out. Cost: about $1 trillion. €$Reducing chronic freeway congestion. Direct cost to highway users: about $160 billion per year. There is no serious federal progra
Slide 12: Tolling is a powerful tool
Tolling is a powerful tool for both: ¢>Can mobilize large sums of money up-front to finance major highway projects. ¢>Can reduce traffic congestion sustainably (if used as a variable price). -172-
Slide 13: Two major funding priorities
Two major funding priorities: ¢>Replace the obsolescing Interstate system with a 2"4- generation system, including dedicated truck lanes. <>Add networks of Express Toll Lanes in the 15 largest metro areas, for serious congestion relief. Both could be toll-financed and procured as long-term P3 conces
Slide 14: A new model is needed for major highways
A new model is needed for major highways <>Charge users per mile, not per gallon. Finance major projects, rather than using annual tax funding. Shift decision focus from lowest initial cost to lowest total (life-cycle) cost Solve the “deferred maintenance” problem. -174-
Slide 15: From fuel taxes to per-mile charges
From fuel taxes to per-mile charges Why the fuel tax is “running out of gas”: <3 Assessed per gallon, not per mile driven. <>Fuel economy doubled since the 1970s. €3CAFE standards require new doubling by 2025 (to 54.5 mpg). $F Alternative fuel vehicles keep increasing. < Most fuel taxes aren't infla
Slide 16: From annual funding to financing
From annual funding to financing <3If we switched to financing for all major projects: EaWe could build a lot more, sooner, working down the existing large backlog. EaWe could design projects to minimize total (life-cycle) costs, not initial cost. EaWe could guarantee ongoing maintenance, as require
Slide 17: Revenue-based P3 concessions answer these needs
Revenue-based P3 concessions answer these needs Per-mile charging and revenue-bond financing are a good fit for major projects, such as: EReplacing worn-out or obsolete highways, interchanges, and bridges mzAdding express toll lanes to freeways ElAdding missing links to freeway systems EiAdding new
Slide 18: Advantages of P3 approach
Advantages of P3 approach Ensures B>C in project selection €$Design innovations, thanks to outcome-based specifications Risk transfer shields taxpayers from cost overruns, late completion, revenue shortfalls Minimizes total (life-cycle) costs Equity cushion for early years’ revenue shortfall Enforce
Slide 19: Major opportunity: toll-financed Interstate reconstruction
Major opportunity: toll-financed Interstate reconstruction Interstates are America’s most important highway infrastructure: 25% of miles traveled on just 2.5% of all lane-miles; < Nearing the end of 50-year design life; Many corridors need widening; “Many designs are obsolete, especially major inter
Slide 20: Toll-financed Interstate reconstruction & modernization
Toll-financed Interstate reconstruction & modernization “Interstate 2.0” study: <> NPV of cost to reconstruct & widen: just under $1 trillion NPV of toll revenue: just under $1 trillion ? Modest CPI-linked toll rates: 30 states toll-feasible & Somewhat higher toll rates: 15 states <> Not toll-feasib
Slide 21: Express Toll Lane networks to relieve congestion
Express Toll Lane networks to relieve congestion in 15 largest metro areas “Largest 15 metros account for 50% of annual direct congestion cost of $160 billion. 3 Individual ETL projects thus far: =2580 centerline miles £31,065 lane-miles Networks now in long-range transportation plans of 14 metro ar
Slide 22: Managed lanes map
Alameda County @*« San Jose @@ Entire Bay Area _— -. t f ¢ 7 Dallas/Ft.Worth fs 7 ! hystin @* Houston Orlando | #'San Antoni Tarps * OB Miami @ Managed lanes in operation 4 Managed lanes being implemented or under construction @ Feasibility studies - 182 -
Slide 23: Largest US highway P3 concessions (I)
Largest US highway P3 concessions (I) Indiana Toll Road $5.72B 66yrs. Toll 2015 Chicago Skyway $2.84B 89 yrs. Toll 2015 LBJ Express (TX) $2.80B 52 yrs. Toll 2010 I-4 Ultimate (FL) $2.32B 40 yrs. Toll-AP 2014 Midtown Tun. (VA) $2.10B 58yrs. Toll 2012 NTE, 1&2 (TX) $2.05B 52 yrs. Toll 2009 Cap. Beltwa
Slide 24: Largest highway P3 concessions (2)
Largest highway P3 concessions (2) NTE3(TX) $1.40B 52yrs. Toll 2013 SH130 (TX) $1.36B 52yrs._ Toll 2008 E.End (IN) $1.18B 35 yrs. Toll-AP 2013 PR-22 (PR) $1.08B 40yrs. Toll 2011 I-95 Exp (VA) $0.94B 73 yrs. Toll 2012 Port Tun (FL) $0.91B 35 yrs. AP 2009 S.Bay Ex (CA) $0.77B 35 yrs. Toll 2003 I-77 Ex
Slide 25: Impact of autonomous vehicles on future highways
What impact will autonomous vehicles have on future highways? What level of automation do we mean? £3What time frames are realistic? <$What impact on urban VMT and roadways? < What impact on inter-city VMT and highways? - 185 -
Slide 26: Example Systems at Each Automation Level
Example Systems at Each Automation Level Source: Steve Shladover, UC Berkeley PATH Example Systems Driver Roles Adaptive Cruise Control OR Lane Keeping Assistance Adaptive Cruise Control AND Lane Keeping Assistance Traffic Jam Assist (Mercedes — and others) Must drive other function and monitor driv
Slide 27: Estimates of Market Introductions
| al a =. ace he Ta | “Er * Nee Estimates of Market Introductions Source: Steve Shladover Everywhere Some urban streets Campus or pedestrian zone Limited-access highway Fully Segregated Guideway Level 1 Level2 Level3 Level 4 High Level 5 (ACC) (ACC+ = Conditional Automation Full LKA) Color Key: Now
Slide 28: Owned vs. shared AVs
Owned vs. shared AVs Some future scenarios show urban VMT reductions if most people shift from owned AVs to ride-sharing “mobility as a service.” $$Sharing owned vehicles is different. Both require Level 5 automation, which is far- off for use everywhere. What fraction will share rides or vehicles i
Slide 29: Shared-mobility market share
Shared-mobility market share <>Morgan Stanley estimates global increase from 5% today to 25% by 2030. Largest increase in developing countries, not US or Europe. $3In the US, “private car ownership is deeply woven into the American cultural fabric.” €3US share projected at 7% by 2030, from 5% today.
Slide 30: KPMG study estimated urban VMT increases from non-drivers
KPMG study estimated [urban] VMT increases from non-drivers Non-driver categories: EsChildren and teenagers mElderly people maDisabled people €5Projected increased personal miles of travel for each group, then converted that to VMT. Projected VMT in 2050 would be up to 5 trillion, compared with arou
Slide 31: AV impacts on long-distance VMT
AV impacts on long-distance VMT TWO CATEGEGORIES WITH VERY SIGNIFICANT CHARACTERISTICS VMT IMPLICATIONS ae mere eeentaes travel 9 Major implications Social <3 Lower Operating Costs = Recreational More Competitive = more Visit friends & relatives VMT Thru freight travel Agriculture/ mining <> Reduced
Slide 32: Summary on AVs and highways
Summary on AVs and highways ¢Level 4 automation unlikely before 2025. ¢ Replacing entire fleet would take 20 years from then (2045). <>Decades-long transition with mixed fleets, increased urban VMT, and increased congestion. What fraction will own AVs is unknown. ¢}Hence, long-term impact on transit
Slide 33: Trump Administration positive on P3s
Trump Administration positive on P3s <Campaign proposal: $1 trillion worth of revenue- financed P3 infrastructure. <Recently, “mostly” private capital with “some” new federal money. ¢3Focus still more on reconstruction and replacement than all-new facilities. €3Not only transportation, but that gets
Slide 34: Appointees very P3-supportive
Appointees very P3-supportive White House EaGary Cohn, NEC £5D.J. Gribbin, Asst. to President, Infrastructure €3US DOT EaElaine Chao, Secretary EJeff Rosen and Derek Kan (#2 and #3) -194-
Slide 35: Congress still a question mark
Congress still a question mark €>P3 supporters mostly Republican. <>Some market-oriented Democrats support financing, private capital (e.g., Delaney). Rural state Senators and urban area House members want large new federal spending, leery of P3s. <>Compromise might emulate Australia’s “asset recycl
Slide 36: Conclusions
Conclusions Traditional US highway model is broken. <$VMT has resumed upward trend, and AVs will increase it further. There's a large backlog of highway and bridge investment needs. €>Financing and per-mile charging must replace per- gallon taxes. The P3 model addresses many shortcomings of the old
Slide 37: Questions?
Questions? Bob.poole@reason.org - 197 -
Slide 38: Module: Cintra's Future
MODULE 3 CINTRA’S FUTURE
Slide 39: Future Growth
FUTURE GROWTH CARLOS UCARTE
Slide 40: Index: Future Growth
| N D EX Investor Day 2017 FUTURE GROWTH 1- Infra Need: Why High Complexity Concessions (HCCs)? Why Private? 2- Cintra’s core markets 3- Key strategic priorities 4- Pipeline 5- Why Cintra will capture a significant part of the open procurement pipeline 6- How will Cintra stay “ahead of the curve” ci
Slide 41: Infra need: why high complexity concessions? Why private?
CONCESSIONS (HCCs)? WHY PRIVATE? 1 | INFRA NEED? WAY HIGH COMPLEXIEY
Slide 42: Infra need: massive demand in urban areas
1. INFRA NEED: WHY HCCs? WHY PRIVATE? INFRA TRENDS: MASSIVE DEMAND IN URBAN AREAS WORLD POPULATION IN 2016: 7.4B PEOPLE e?* 46% Rural The World Economic Forum estimates that the current global investment gap for infrastructure is $1tr per annum against an annual global investment demand of $3.7tr
Slide 43: Infra need: massive demand in urban areas
1. INFRA NEED: WHY HCCs? WHY PRIVATE? INFRA TRENDS: MASSIVE DEMAND IN URBAN AREAS Global population expected to grow 1B by 2030 (World Economic Forum) Urban population will grow at a much higher rate than rural Number of vehicles will increase by 2x. From 1B in 2015 to 2B in 2030 60% Number of kilom
Slide 44: Key strategic priorities
3. KEY STRATEGIC PRIORITIES HIGH COMPLEXITY PROJECTS MASSIVE DEMAND FOR ROADS AND TRANSIT INFRA IN WESTERN URBAN AREAS
Slide 45: HCCs & private investment will play a decisive role
1. INFRA NEED: WHY HCCs? WHY PRIVATE? HCCs & PRIVATE INVESTMENT WILL PLAY A DECISIVE ROLE QOQE Infra gap is bigger in urban areas, both in developing and developed countries / Adding road capacity does not solve the problem in the medium/long term Traditional tolling (fixed toll rates escalated over
Slide 46: Private investment in managed lanes is the only long term solution
1. INFRA NEED: WHY HCCs?, WHY PRIVATE? PRIVATE INVESTMENT IN MANAGED LANES IS THE ONLY LONG TERM SOLUTION TO ADDRESS MOBILITY PROBLEMS IN HIGHLY CONGESTED WESTERN URBAN AREAS
Slide 47: Cintra's Core Markets
? CINTRA’S CORE MARKETS Investor Day 2017
Slide 48: Cintra's core markets
2. CINTRA’S CORE MARKETS Cintra concentrates on a handful of markets and certain categories of projects
Slide 49: Cintra's core markets
2. CINTRA’S CORE MARKETS Cintra concentrates on a handful of markets and certain categories of projects v Institutional predictability @ 0 mans ~ SOUTHKOREA @ e-- oud mem . samaco @ ae @rvccano
Slide 50: Cintra's core markets
2. CINTRA’S CORE MARKETS Cintra concentrates on a handful of markets and certain categories of projects Vv Institutional predictability Dy v¥ Good economic prospects -210 -
Slide 51: Other markets
2. OTHER MARKETS Cintra concentrates on a handful of markets and certain category of projects bg ~~ +h ¥ Institutional predictability al £ v Good economic prospects : ’ y Essential projects CORE MARKETS: USA, AUSTRALIA, CANADA & UK -211 -
Slide 52: Other markets
2. OTHER MARKETS Cintra concentrates on a handful of markets and certain category of projects +4 al: ¥ Institutional predictability d — om . l, ili ¥ Good economic prospects Essential projects & y Other countries of interest CORE MARKETS: USA, AUSTRALIA, CANADA & UK OTHER COUNTRIES OF INTEREST: PERU
Slide 53: Other markets
2. OTHER MARKETS Cintra concentrates on a handful of markets and certain category of projects x Sa M 4 Institutional predictability ih v Good economic prospects ¥ Essential projects ls iy \ | ) i ND t., y Other countries of interest Mu fh vy Other countries we follow ‘y ‘a CORE MARKETS: USA, AUSTRAL
Slide 54: Key Strategic Priorities
3 KEY STRATEGIC PRIORITIES
Slide 55: High Complexity Concessions (HCCs)
HIGH COMPLEXITY CONCESSIONS (HCCs) 3.1
Slide 56: Key strategic priorities: High complexity concessions
3. KEY STRATEGIC PRIORITIES HIGH COMPLEXITY CONCESSIONS (HCCs) HIGH COMPLEXITY (MANAGED LANES or 407 ETR) WHY? BEST SOURCE OF VALUE CREATION Value arises from offering consumers the right service at the right price therefore capturing consumers willingness to pay THERE IS A PIPELINE MANAGED LANES AR
Slide 57: Key strategic priorities: HCCs competitive advantages
3. KEY STRATEGIC PRIORITIES fefovial HIGH COMPLEXITY CONCESSIONS (HCCs) Investor Day 2017 Cintra has unrivaled competitive advantages when competing WHY? . for this asset class PRIVATE MANAGED LANES PROJECTS IN US Others: 1-495, |-95, 7 SH-288, US-36 Cintra: sescssnee ’ posses NTE, LBJ, 1-77, +66 ()
Slide 58: Our main priority is managed lanes
3. KEY STRATEGIC PRIORITIES HIGH COMPLEXITY PROJECTS OUR MAIN PRIORITY IS MANAGED LANES
Slide 59: Low-medium complexity availability projects
3 ? | LOW-MEDIUMCOMPLEXITY AVAILABILITY PROJECTS
Slide 60: Other Cintra priorities: low-medium complexity availability projects
3.2 OTHER CINTRA PRIORITIES LOW-MEDIUM COMPLEXITY AVAILABILITY PROJECTS LOW-MEDIUM COMPLEXITY AVAILABILITY PROJECTS WHAT TYPE? WHY? G G Y Big equity tickets Construction complexity Operational complexity Not only roads but also other infra that requires Cintra’s bidding & operating skills Hit Ratio:
Slide 61: Other Cintra priorities
3.2 OTHER CINTRA PRIORITIES LOW -MEDIUM COMPLEXITY AVAILABILITY PROJECTS THE BEST TEAM IN THE WORLD CAN'T WIN ONLY ON ITS WILL, THEY NEED TRAINING, HARD WORK AND TO BE TUNED
Slide 62: Pipeline
4 PIPELINE
Slide 63: Pipeline: short to medium term 3-5 years
4, PIPELINE SHORT TO MEDIUM TERM 3-5 YEARS - Enough pipeline in our target markets (our “small world”) of complex revenue projects HCC and low-medium complex availability projects ees SS TOTAL INVESTMENT VALUE €103B TOTAL EQUITY REQUIREMENTS (CINTRA) €9B aa Na i Ths 6 13 38 TOTAL MANAGED TOTAL REVEN
Slide 64: Pipeline by type
B Toll 7 Rail C1 Availavit vai, = & €13B | €580M equity
Slide 65: Managed lanes pipeline
Slide 66: Why Cintra will capture a significant portion of the pipeline
5 WHY CINTRA WILL CAPTURE A SIGNIFICANT PORTION OF THE PIPELINE
Slide 67: Why Cintra will capture a significant portion of the pipeline
5. WHY CINTRA WILL CAPTURE A SIGNIFICANT ferrovial PORTION OF THE PIPELINE Competitive Ferrovial Group Credibility in the advantages vertical integration market - Capable of extracting - Coordinated bidding - Better market conditions from value from HCC portfolio approach with Ferrovial partners and
Slide 68: How will Cintra stay ahead of the curve?
HOW WILL CINTRA STAY “AHEAD OF THE CURVE”? 6
Slide 69: How will Cintra stay ahead of the curve?
ferrovial 6. HOW WILL CINTRA STAY “AHEAD OF THE CURVE”? THROUGH PROACTIVE BUSINESS DEVELOPMENT 1 - Positioning Cintra as a “local player” to maximize our competitiveness 2 - Proposing innovative and value-added solutions to the client, both at planning and bidding phases, to make projects feasible a
Slide 70: Nicolas Rubio - Ricardo Sanchez
NICOLAS RUBI O - RICARDO SANCHEZ
Slide 71: Big data as the source of new competitive advantages
BIG DATA AS THE SOURCE OF NEW COMPETITIVE ADVANTAGES OVER TIME, COMPETITIVE ADVANTAGES BECOME WIDESPREAD KNOWLEDGE | HOW ARE WE REMAINING AHEAD OF THE CURVE? | - Big Data Analytics: - New technologies are opening an amazing array of possibilities to better understand network traffic conditions and u
Slide 72: Availability of data for understanding drivers' behavior: old world
AVAILABILITY OF DATA FOR UNDERSTANDING DRIVERS’ BEHAVIOR THE OLD WORLD | DATA SCARCE, OUTDATED, HARD AND EXPENSIVE TO GET, WITH POOR GRANULARITY AND LOW ACCURACY - Origin-destination data based on surveys - Congestion data collected manually - Willingness to pay not based on real observations (state
Slide 73: Availability of data for understanding drivers' behavior: new world
AVAILABILITY OF DATA FOR UNDERSTANDING DRIVERS’ BEHAVIOR | THE OLD WORLD DATA SCARCE, OUTDATED, HARD AND EXPENSIVE TO GET, WITH POOR GRANULARITY AND LOW ACCURACY - Origin-destination data based on surveys - Congestion data collected manually - Willingness to pay not based on real observations (state
Slide 74: Improving accuracy of traffic & revenue forecasts for new projects
IMPROVING ACCURACY OF TRAFFIC & REVENUE FORECASTS FOR NEW PROJECTS BIG DATA ALLOWS FOR BETTER INSIGHT INTO KEY FORECASTING VARIABLES 1, CORRIDOR CONGESTION LEVELS 2. CORRIDOR TRIP PATTERNS 3. DRIVER’S WILLINGNESS TO PAY Continuous speed data from cellphones Bluetooth or GPS location data from From u
Slide 75: Improving revenue optimization in existing projects: 407 ETR
IMPROVING REVENUE OPTIMIZATION IN EXISTING PROJECTS: 407 ETR BIG DATA APPLICATION EXAMPLE: 2017 INTRODUCTION OF DIRECTIONAL TOLLING THROUGH BIG DATA, 407 ETR MANAGEMENT HAS ACCESS TO ies LAL CII ACCURATE INFORMATION OF USER-BEHAVIOR ON ALTERNATIVE ROADS, KEY TO DESIGN OPTIMAL TOLLING STRATEGIES - Fo
Slide 76: Improving revenue optimization in existing projects: managed lanes
IMPROVING REVENUE OPTIMIZATION IN EXISTING PROJECTS: MANAGED LANES CASE-IN-POINT: INFREQUENT CUSTOMER CHARACTERIZATION (KEY TO DESIGN TARGETED PRICE STRATEGY) - Collecting and processing more data is a powerful tool: With data on ML Trips only User 1 User 2 Infrequent ML user Infrequent ML user UNIF
Slide 77: Improving revenue optimization in existing projects: managed lanes
IMPROVING REVENUE OPTIMIZATION IN EXISTING PROJECTS: MANAGED LANES CASE-IN-POINT: INFREQUENT CUSTOMER CHARACTERIZATION (KEY TO DESIGN TARGETED PRICE STRATEGY) - Collecting and processing more data is a powerful tool: With data on MLs and GPLs trips User 1 User 2 Infrequent ML user Infrequent ML user
Slide 78: Challenges & Opportunities
CHALLENGES & OPPORTUNITIES NICOLAS RUBIO - RICARDO SANCHEZ - FRANCISCO CLEMENTE = Pte oe | HAY ; ) | 3 =~ | ay | : = ° | Ht yp a] | E | | . Se oe ly ae cintra
Slide 79: Index: Challenges & Opportunities
INDEX CHALLENGES & OPPORTUNITIES livestor Day 2017 1- Technological developments and mobility trends Connected and autonomous vehicles (CAVs) - Car sharing and ride sharing Millennials’, changes in travel behavior and habits 2 - Interest and exchange rate risks - Categories of assets - Economic theo
Slide 80: Technological developments & mobility trends
. at 1 | TECHNOLOGICAL DEVELOPMENTS & MOBILITY TRENDS®
Slide 81: Pipeline: short to medium term 3-5 years
Slide 82: Technological & mobility trends: context
Slide 83: Connected and autonomous vehicles (CAVs)
Slide 84: Car sharing and ride sharing
Slide 85: Millennial's changes in travel behavior and habits
Slide 86: Technological developments & mobility trends: conclusion
Slide 87: Interest & exchange rate risks
Slide 88: Index: Challenges & Opportunities
Slide 89: Interest rate risk in infra-asset valuation
Slide 90: Categories of infra-assets according to variability of cash flows
Slide 91: What the economic theory says
Slide 92: Effect of interest rates on asset valuation by category (II)
EFFECT OF INTEREST RATES ON ASSET VALUATION 94% BY CATEGORY (II) Cintra´s Value DEMAND RISK & TOTAL FREE-RATE TOLLING TRAFFIC - Traffic ( VKT ) increases when the real GDP Project i.e.: 407 ETR increases Sub-optimal price Optimal price TARIFFS - Maximum discretional adjustment 300 - Ability to captu
Slide 93: Effect of interest rates on asset valuation by category (I)
Slide 94: Valuation model of the company
Slide 95: Index: Valuation model of the company
Slide 96: What we are providing you within one week?
Slide 97: What we are providing you within one week?
Slide 98: What we are providing you within one week?
Slide 99: Future updates
Slide 100: Future updates
Slide 101: Wrap-up
Slide 102: Wrap-up
Slide 103: Q&A session
Slide 104: Final remarks
Slide 105: Q&A session
Slide 106: Annex
Slide 107: The effects of interest rates on the valuation of highway infrastructure assets
Slide 108: Paper: Introduction and asset categories
Slide 109: Paper: Category 3-5 assets and cash flow effect
Slide 110: Paper: Macroeconomic framework
Slide 111: Paper: Monetary transmission mechanism
Slide 112: Paper: Monetary policy, inflation and GDP
Slide 113: Paper: Fisher effect
Slide 114: Paper: Real interest rate and exchange rate
Slide 115: Paper: Empirical analysis of 407 ETR
Slide 116: Paper: VAR specification
Slide 117: Paper: VAR results tables
Slide 118: Paper: Results discussion
Slide 119: Paper: Impulse-response functions
Slide 120: Paper: Channels driving category 5 asset value
Slide 121: Paper: Structural valuation model
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