Intermoney | The company, through its US subsidiary Flatiron, has been awarded a series of water treatment and broadband network deployment contracts in California, involving an investment of €315 million, according to the financial daily Expansión, among other media. The largest of these will provide drinking water to communities in and around Oakland. Flatiron will upgrade existing facilities and build new ones. The developer of these investments is the East Bay Municipal Utilities District of California (EBMUD). In addition, Flatiron will be responsible for providing a broadband network to serve the Californian counties of San Luis Obispo and Santa Barbara for about €97 million.
Valuation: Although ACS has recently stood out for winning a series of contracts in the technology and pharmaceutical areas, the largest part of its portfolio is still made up of civil works with public administrations, as in the case of the above news item. The Group’s total backlog at the end of the year was close to €70bn. In 2022, construction revenues at consolidated level increased by 21% to over €32bn, while cost increases limited EBITDA growth to +9% to €1.747bn.