Intermoney | ACS and OHLA, which are already present in the US market, are positioning themselves ahead of investments expected to be made by the state of New York in its main city. This is according to today’s Expansion newspaper. To this end, the state Governor has updated the Penn Station macro project which is now valued at between 6 and 7 billion dollars. And both of the Spanish contruction firms could bid for that.
Along with the remodelling of the infrastructure, advantage will be taken of the urban opportunities in the surrounding land to build both offices and homes. As well as being turned into a a modern infrastructure, with easier access, the station will become a large double-height commercial centre.
Valuation: We will see how the project develops, and the calendar for the work, once it really gets up and running. For many years, the US has been one of the most important markets for both ACS and OHLA, as far as civil works are concerned.
In fact, ACS (Buy, TP 40 euros/share) generates nearly 60% of its revenues in the US alone, through its affiliates Hochtief, Dragados and other companies controlled by the latter two. And almost half of its works’ portfolio, some 27 billion euros, is based in that country. Spain accounts for less than 10% of ACS’ revenues.
For its part, OHLA (Buy, TP 0,95,euros/share) has been present in North America since 2006, when it bought the company Judlau, and operates specifically in New York, amongst other states; 46% of its construction portfolio is based in the US.
Although Ferrovial (Hold, TP 24,0 euros/share) has important concessionary assets in the US, civil works for third parties does not appear to be a priority for the company in this market.
