Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).
And it has high volatility in US construction margins and high dependence on internal renewable services and Mexico.
We are waiting to see how it will reinvest its excess capital.
ACS, Underweight, Objective Price 36.5 euros/share