ACS Hochtief

ACS

ACS cash flow profile is now more resistant

Santander Corporate & Investment | We reiterate our recommendation to Buy after revising our model with the aim of including the performance in the first quarter of 2019 and recent tendencies. We have lowered our new objective price (OP) for the close of 2019 from 4.7€/share to 42.5€/share mainly because the valuation at market prices of CIMIC (without recommendation) in our model.


ACS

ACS: Underweight pending reinvestment of excess capital

Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).