Intermoney | ACS (Hold, Target Price €90 from €84) will announce its results for the year to 26 March next Tuesday, 12 May, likely after the market opens, holding a conference call on the same day at 12 noon. Almost all relevant operational figures will then already be known following Hochtief’s publication the previous day. In these results, we expect a slowdown in year-on-year EBITDA growth due to a strong base effect and unfavourable forex, but still recording double-digit growth. Overall, therefore, we expect an increase in EBITDA of 12% to around €785 million, including 13% in Integrated Solutions. Below EBITDA, we have not factored in any extraordinary items, which would lead to a net profit of €230 million, up 20%. Following the 2025 annual figures, we are raising our 2026–2028 EBITDA forecasts in this note by an average of 5%, mainly due to Turner’s strong performance. We are raising our target price to €90 from €84 due to this increase, as well as the higher valuation of Abertis and treasury shares.
We confirm our Hold recommendation, which we revised from Buy in our note of 20 February, whilst raising our target price to €90 from €84, effective 26 December 2026. Whilst we acknowledge the soundness of the growth strategy in data centres, both for third parties and in-house developments, and reflect this in our target price, we believe this is already more than factored into market prices. In this note, we are again raising our consolidated EBITDA forecasts, once again mainly thanks to Turner, which has a direct impact on our valuation.
