Independent equity research
Is ACS, Actividades de Construcción y Servicios, S.A. (ACS) a Buy, Hold or Sell?
ACS, Actividades de Construcción y Servicios, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD (accumulate)
12-mo fair value
€107.00
To fair value
+15%
By · report dated 2026-09-15 · fair value derived independently of the market price.
The thesis, in brief
ACS's 75.71% of HOCHTIEF is worth EUR 22.2bn against a EUR 24.3bn market capitalisation, so the market pays almost nothing for Abertis, Iridium and Coravel; we are wrong if Turner's book-to-bill falls below 1.0x in any quarter through 2027, which would validate the stub discount
How we value it
We value ACS, Actividades de Construcción y Servicios, S.A. using Sum-of-the-parts; HOCHTIEF 75.71% marked at EUR 400 (spot/200dma midpoint). The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full ACS, Actividades de Construcción y Servicios, S.A. report
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