Intermoney: The daily newspaper Expansión reports today that ACS (Buy, PO 43) has been awarded several construction contracts in the US and UK for a total of approximately construction contracts in the US and the UK for a total of approximately €400 M€. Thus, the Group has been the preferred bidder for a contract worth some £100 million ( €117 million) at the port of Immingham, the UK’s main port in terms of tonnes of goods handled, with 46 million.
In the US, ACS has won two contracts worth $350 million (about €321 million) to carry out projects to combat storm surges, sea level rise and other environmental threats from climate change. These projects are located in Virginia Beach and Port Arthur (Texas).
Assessment: New contracts for ACS in the US and the UK, although the North American market is by far the most important, accounting for nearly 30% of EBITDA and just over 50% of the Group’s revenues. Due to the form of the contracts, which are more focused on the supervision and integral management of the contracts, margins tend to be lower than in markets such as Australia, for example. In recent times, the Group has focused more on securing works in economic sectors with higher added value, such as data centres or the pharmaceutical sector. As of September 2023, ACS reported EBITDA of €1,425 million, implying an increase of +13% compared to 9M22. The Group will announce its annual results on Thursday 29 February at the close of the market.
