I'll analyze Ferrovial SA's suitability for hybrid bond issuance based on the provided financial data and the guidance criteria.

## Company Profile Analysis

**Sector Classification**: Ferrovial is a transportation infrastructure company (toll roads, airports, construction). This falls under the "Transportation Infrastructure" sector described in the S&P methodology.

**Business Model Characteristics**:
- Heavy reliance on infrastructure projects (€13.7B in investments in infrastructure projects, representing ~52% of total assets)
- Regulated/quasi-regulated infrastructure assets with long-term concessions
- Essential service provider with limited competition in core markets

## Financial Analysis

**Balance Sheet (2022 year-end)**:
- Total Assets: €26.3B (up from €24.9B in 2021)
- Equity: €6.4B (up from €5.8B)
- Noncurrent Liabilities: €13.1B (up from €11.1B)
- Current Liabilities: €5.4B (down from €6.5B)

**Key Leverage Metrics**:
- Total Debt (approximate): Noncurrent borrowings €10.8B + Current borrowings €0.9B = ~€11.7B
- Net Debt would be lower due to €5.1B cash and cash equivalents
- Equity/Total Assets ratio: ~24% (moderate leverage for infrastructure)

**Profitability (2022)**:
- Revenue: €7.6B (up 9.3% from €6.9B)
- Operating Profit: €423M
- Profit before tax: €268M
- Net Profit: €302M
- EBITDA margin can be estimated: Operating profit + depreciation/amortization ≈ €423M + €299M = ~€722M on €7.6B revenue = ~9.5% margin (low for pure infrastructure, but Ferrovial has significant construction activity)

**Cash Flow**:
- Operating cash flow: €1.0B (strong)
- Free cash flow after capex: Positive but constrained by €784M infrastructure investments
- Dividend payments: €578M shareholder remuneration + €161M to noncontrolling interests

**Critical Observations**:

1. **Hybrid Bond History**: The data explicitly states "Issued hybrid bonds in 2021 or 2022: no" and "First year of hybrid bond issuance: stopped" - this is a **strong negative signal** per the guidance.

2. **No Rating Agency Data**: S&P Net Debt/EBITDA and FFO/Net Debt are "not available"; Moody's adjusted leverage is "NA" - this suggests limited engagement with rating agencies on hybrid-specific metrics or no active hybrid program.

3. **Equity Structure**: 
   - Perpetual subordinated bonds appear in equity movements at only €1M (Other Equity Securities) with €9M negative reserve impact - minimal existing hybrid capital
   - Share premium was largely eliminated (€218M → €0), suggesting capital restructuring or share transactions

4. **Financial Policy**: 
   - Significant share buybacks (€446M in 2022, €432M in 2021)
   - Substantial dividends (€578M total shareholder remuneration)
   - This suggests equity-friendly financial policy rather than building hybrid-eligible equity buffers

5. **Infrastructure Project Concentration**: 
   - €13.5B intangible asset model investments (PPP/concessions)
   - €7.9B noncurrent debt securities of infrastructure projects
   - Heavy project finance structure with ring-fenced debt

## Assessment Against Criteria

**Strongly Suitable indicators**:
- ✓ Infrastructure-like business with quasi-regulated cash flows
- ✗ No recent hybrid issuance (strong negative signal)
- ✗ No rating agency hybrid metrics available
- ✗ No clear refinancing need for existing hybrids
- ✗ Financial policy emphasizes dividends/buybacks over building equity credit

**Marginally Suitable indicators**:
- ✓ Infrastructure-adjacent with moderate cash flow visibility
- ? Could use hybrid for M&A or infrastructure investment funding
- ✓ Market access likely given size and sector
- ✗ No clear temporary credit support need
- ✗ Stable metrics; hybrid would be opportunistic rather than necessary

**Not Suitable indicators**:
- ✓ No recent hybrid issuance (stopped)
- ✓ Strong investment grade potential (BBB area likely)
- ✓ No deteriorating metrics requiring hybrid to preserve rating
- ✓ No existing hybrid approaching call date
- ✓ Financial policy doesn't suggest need for equity-like capital

## Conclusion

Ferrovial exhibits several characteristics that would typically support hybrid issuance (infrastructure focus, long-term assets, essential services). However, the **absence of recent hybrid issuance** ("stopped"), **lack of rating agency hybrid metrics**, and **equity-friendly financial policy** (dividends, buybacks) strongly suggest the company does not currently need or want hybrid capital. 

The company appears to have adequate access to conventional debt markets (€10.8B noncurrent borrowings) and sufficient equity. There's no evidence of:
- Deteriorating metrics requiring rating preservation
- Existing hybrid refinancing needs
- Material leverage improvement opportunity from hybrid equity credit

The "stopped" hybrid issuance status is particularly telling - this indicates a deliberate decision to discontinue a previously used instrument, suggesting either: (a) the company found hybrids expensive or unnecessary, (b) it achieved desired capital structure through other means, or (c) market conditions were unfavorable.

Given the explicit guidance that "an entity not having issued hybrid bonds recently is a *strong* signal that it is Not Suitable, or at most Marginally Suitable," and the absence of compelling refinancing or leverage-improvement rationale, Ferrovial appears **Marginally Suitable** at best, with strong leaning toward **Not Suitable** due to the "stopped" status.

However, the infrastructure nature and potential for M&A funding provide some marginal case. The lack of any active hybrid program or rating agency engagement on hybrid metrics pushes toward the lower end.

<answer>Not Suitable</answer>