Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 85% of Ferrovial’s value is derived from its toll roads, 9% from airports, and the balance from construction businesses.