Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market.
Bankinter analyst team’s view:
This is positive news for ACS which continues to show how strong its business is and the growth capacity of its portfolio. (We recall that in the last few quarterly results the company’s total portfolio of projects stood at 70.417 billion euros, up 13.6% yr/yr). In the year to date, ACS’ shares have registered an accumulated revaluation of +24.4% vs -5.6% for the IBEX 35. We reiterate our BUY stance.
