Intermoney | ACS (Hold, Target Price €90 from €84) will announce its results for the year to 26 March next Tuesday, 12 May, likely after the market opens, holding a conference call on the same day at 12 noon. Almost all relevant operational figures will then already be known following Hochtief’s publication the previous day. In these results, we expect a slowdown in year-on-year EBITDA growth due to a strong…

Morgan Stanley | Nic Mora (analyst) upgrades ACS to OW, seeing greater growth potential in its data centre construction division. Nic acknowledges the strong share price rally (5x in 4 years), which reflects the impressive data centre construction business (Turner), with global leadership, growth and potential for margin expansion. His new EBITDA estimates are 9–15% above the consensus, driven by both revenue growth and improved margins in data centres. Furthermore,…

Link Securities | Cimic, the Australian subsidiary of ACS, has been awarded a contract to develop a large-scale data centre project in Malaysia, further consolidating its presence in the Asian region. Its subsidiary Leighton Asia will be responsible for the comprehensive execution of the campus works, drawing on its regional expertise and strong partnerships with suppliers. Preliminary works and preparatory activities have enabled a smooth transition to the execution of…

Link Securities | ACS (ACS) has strengthened its position in the UK by winning, through a consortium in which its subsidiary Hochtief is a partner, a €200 million contract for the University of Southampton’s accommodation project, according to the newspaper Expansión. The University of Southampton plans to increase its student numbers to 30,000 by 2031 and needs to expand its accommodation facilities to meet this demand. Hochtief, which forms part…

Alphavalue / Divacons | Hochtief, the German subsidiary of ACS, has been awarded a €900 million contract in Sweden to design and extend a 26-kilometre section of the East Link railway line near Stockholm. The project, carried out in collaboration with Swedish administrator Trafikverket, is scheduled for completion in 2024, strengthening the group’s infrastructure portfolio in the Scandinavian market. The OL31 Vagnhärad project, located southwest of Stockholm, is part of…

Renta 4 | ACS (ACS) is expected to publish its 2025 results on 25 February, with the time of the conference call still to be confirmed. We reiterate our Hold rating and target price of €74.60 per share. Although we expect sales to continue to be supported by growth in segments such as data centres and different types of infrastructure, we anticipate a slight slowdown compared to 9M25 (24% versus…

Link Securities | The public entity promoting the construction of a rail tunnel between New York and New Jersey (Gateway Development Commission or GDC) has halted the project after the Trump administration blocked federal funds earmarked for the work, the newspaper Expansión reports today. One of the many contracts included in this project is currently being executed by two ACS subsidiaries (Schiavone and Dragados). Specifically, it involves the construction of…