# Ferrovial Toll Road Stake Still Expensive

> Ferrovial's Toronto toll road stake remains costly despite strong EBITDA.
- Title: Ferrovial Toll Road Stake Still Expensive · Seekingalpha
- Summary: Ferrovial's Toronto toll road stake remains costly despite strong EBITDA. Ferrovial's Toronto toll road stake generates C$1 billion annual EBITDA but is…
- Keywords: ferrovial, toronto, 407 toll road, c$1 billion, ebitda, toll road operator, money, business, Toll, Road, Stake, Still
- Source: Seekingalpha — https://seekingalpha.com/article/4959180-ferrovial-this-toll-road-operator-is-still-expensive
- Author: Ian Bezek
- Published: 2026-10-29T11:50:00+00:00
- Read time: 1 min
- Topics: ferrovial, toronto, 407 toll road, c$1 billion, ebitda, toll road operator, money, business
## Ferrovial's Toronto Toll Road Stake
Ferrovial derives significant value from its 48% stake in Toronto's 407 toll road, contributing roughly C$1 billion in annual EBITDA.
## Investor Concerns on Toll Roads
Bulls assign a huge multiple to this long-life concession asset. I take a more cautious approach.
## Toll Road Risks
I view toll roads as structurally riskier than airports due to competition from free roads, economic downturn exposure, and potential disruption from autonomous vehicles.
## Ferrovial's Asset Mix
I like Ferrovial's overall asset mix, but I don't like it enough to pay a large premium to the pure-play airport operators.
## Key takeaway

Ferrovial's Toronto toll road stake generates C$1 billion annual EBITDA but is priced too high for investors.