Report by Intermoney
ACS (ACS) announced on Monday, after the market closed, an accelerated placement of shares without pre-emptive rights, comprising some 5.4 million new shares, 2% of the total, together with 11.1 million treasury shares. The latter are being placed on the market following ACS’s decision to cancel two equity swaps, entered into in 2023. The total value of the transaction is estimated at around €1.8 billion. Both Chairman Florentino Pérez and Criteria have confirmed that they are participating in the placement with orders for 1.2 million and 4.1 million shares, respectively. There is a 90-day lock-up period. Media reports suggest the placement was completed very quickly, although there is no confirmation of the price at this time. ACS closed on Monday at €131.7.
Assessment: ACS had not envisaged capital increases to finance its ambitious investment in data centres, which would be based on asset turnover and internal cash generation. It is likely, as the group states in Monday’s press release regarding this transaction, that it wishes to accelerate investments, which would total around €6 billion, without being pressured by asset sales, thereby gaining financial flexibility. It is noteworthy that the chairman and largest shareholder, Florentino Pérez, who holds 14.6% of the capital, has participated in the share issue, increasing his stake in line with the number of new shares. Criteria CaixaBank’s strong commitment is highly significant.
Recommendation Hold, Target price €90 per share
