ACS wins one of three lots of Vancouver elevated train contract, with investment of close on €2,850 M

ACS Vinci

Intermoney| ACS (ACS) (Buy, PO 43 €) has been awarded one of the three lots in which the future Vancouver elevated train is divided, an initiative that will mobilise a total investment of C$4,200 million, some €2,850 million, according to Expansión. The Spanish multinational is participating in the project through Dragados, which has teamed up with Lecor, Systra and IBI. ACS won this first bid against the consortium of Acciona, which participated with Aecom, Aecon and Pomerlou.

Assessment: Good news for ACS, which further strengthens its position in North America, a market that accounts for half of its revenues and 30-35% of consolidated EBITDA. In the US, construction activities are carried out through Turner, among other companies, with Dragados also present. In recent quarters, the Group has managed to grow within construction in technology sectors such as data centres, which is having a favourable effect on margins; last year, this magnitude grew by 40 b.p. to 3.0%, implying an EBITDA growth in North America of +18% to €546 million.

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