Rankings Construction & materials ACS
ACS
90
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history and peers−7
- Margin−5
- Concentration in AI data centres−4
Strengths
- Raised guidance+2
- Insider buying+1
- Record order book+1
How the score is built
From 100 to 90, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 90.55 EUR
- Median analyst target
- 132.35 EUR
- Upside to median
- +46.2%
- Analysts
- 16
- Target range
- 104.00 – 153.10 EUR
- 52-week change
- +26%
- P/E (trailing)
- 23.4
- Forward P/E
- 19.9
- PEG
- 1.08
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−9 of −30
- −5MarginOperating margin only 3.3% and net margin 1.95% (TTM) on revenue of €51.9bn; the net margin has stayed at 1.9–2.2% every year since 2022, so growth has not made the business more profitable on the bottom line.
- −2Capital allocationAfter years of buybacks, ACS issued new shares worth €679m at €125 in May 2026 (5% discount, about 2% dilution) and unwound equity swaps worth €1.1bn to fund its own data centre projects; the share count has risen 1.97% in a year, and the stock now trades 26% below the issue price.
- −1ROICROIC of 15.5% is lifted by negative working capital; ROCE is only 7.3% and was 4.4–4.5% in 2023–24.
- −1Quality of growthPart of the growth was bought: cash acquisitions of €1.0–1.5bn a year in 2023–TTM, while revenue growth has slowed from 19.8% (2025) to 10.5% TTM.
Price
Today's multiples against the company's own history and its peers. · 1 finding−7 of −35
- −7Multiples vs own history and peersForward P/E 20.2 vs 10.8–22.8 in 2021–25 (upper part) and P/B 4.0 vs 0.9–4.2 (near the top), while EV/EBITDA 9.3 is lower than 10.4–15.3. Vinci trades at forward P/E 11.6. FCF yield 9.7% TTM, but only about 5% on analysts' 2026 FCF (€1.32bn).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −4Concentration in AI data centresData centres are 22% of the group's order book and 44% of Turner's; the share fell 6.51% to EUR 91.85 on 14 Sep 2026 when the market feared a slowdown in AI investment, and has fallen about 26–35% from the peak of EUR 141.20 in May.
- −1Debt and interestGross debt EUR 16.3bn and interest paid EUR 928m TTM; interest coverage only 2.3x and debt/equity 2.6. The net cash rests on customer prepayments and the May capital raise.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Raised guidanceAt H1 2026 the forecast for growth in ordinary net profit was raised to 30–35% (€1,110–1,155m) from 20–25%; ordinary net profit rose 30.1% in H1, and Hochtief also raised its operating forecast.
- +1Insider buyingChairman and CEO Florentino Pérez (via Rosán Inversiones) bought about 1.2m new shares at €125 in the May issue and increased his stake to 14.72%; CriteriaCaixa increased to 10.65%.
- +1Record order bookThe order book grew 18.5% to €105.9bn (about 2 years of revenue), and new contracts rose 15.3% to €36.6bn in H1 2026.
Caveats
What the score does not capture, or where the data is weak.
stockanalysis' FCF of €2.49bn TTM is lifted by working capital (+€765m, incl. customer prepayments in construction); analysts expect only €1.32bn in 2026, which is used in the assessment. Net debt: the company reports net cash of €1.0bn as of June 2026 (after the capital increase and the unwinding of equity swaps in May), while stockanalysis shows net debt of €0.47bn incl. project debt and leasing; gross debt is €16.3bn. EPS expectations (€4.20 for 2026) are adjusted ('ordinary' profit); reported EPS is €3.88 TTM. Price targets (average €134.71) have largely not been updated after the fall from €141 in May to €92.50, so the upside is probably overstated. ACS owns about 78% of Hochtief (which owns Turner and Cimic) and 50% of Abertis – minority interests and Abertis' debt have not been analysed separately. Insider selling not investigated.
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