Intermoney | ACS (ACS) (Buy, PO 48 ), through Turner, its main subsidiary in the United States, has won a new contract to build a data centre campus in New Albany (Ohio) commissioned by Vantage, owned by the Silver Lake fund. The €1.85 billion project will involve the construction of three new buildings with a combined capacity of 192 megawatts (MW). It is the technology giant’s first asset in the US Midwest. The order, which will have the LEED Silver seal, will generate some 1,500 jobs and will be located on an area of 283,000 square metres. The first centre will open in 2025.
Assessment: This is Turner’s new contract in the technology sector, and is in line with its strategy of focusing on sectors with higher margin potential, such as, for example, pharmaceuticals. As a result, Turner has managed to increase its EBITDA margin by 30 bps in recent quarters. In 2023 this unit reported an EBITDA of €433m, and we expect this magnitude to grow by 24% in 2024. Next Thursday 07 Hochtief will announce its 9m 24 results, in which we expect Turner to have generated an EBITDA of around €375m (+23%). On Tuesday 12 ACS will do the same, with our estimate of €1,704m (+20%).
