Actividades de Construccion y Servicios SA (ACSAY)
OTHER OTC:ACSAY
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Actividades de Construccion y Servicios SA
(OTC:ACSAY)
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Rating:62Neutral
Price Target:
$30.00
▲(39.15% Upside)
Action:Reiterated
Date:05/08/26
The score is driven primarily by improving operating/cash-flow performance but tempered by balance-sheet leverage and thin margins. Technicals support an uptrend but look overbought, while valuation is a clear headwind given the high P/E and no dividend yield provided. Earnings call tone and guidance were strong, supporting the outlook despite execution and debt-related risks.
Positive Factors
Cash generation & conversion
Material improvement in operating cash flow and a positive net cash outcome after heavy strategic spend show stronger internal funding capacity. Better cash conversion and higher free cash flow reduce reliance on external financing and support sustained investment and shareholder returns over coming years.
Negative Factors
High leverage reduces flexibility
Elevated leverage limits financial flexibility and raises refinancing and interest expense sensitivity. In a cyclical, execution‑sensitive sector, this reduces the firm's ability to absorb project overruns or delayed receipts and constrains opportunistic M&A or shareholder returns if cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & conversion
Material improvement in operating cash flow and a positive net cash outcome after heavy strategic spend show stronger internal funding capacity. Better cash conversion and higher free cash flow reduce reliance on external financing and support sustained investment and shareholder returns over coming years.
Read all positive factors
Actividades de Construccion y Servicios SA (ACSAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$38.60B
Dividend YieldN/A
Average Volume (3M)279.00
Price to Earnings (P/E)33.1
Beta (1Y)0.74
Revenue Growth25.12%
EPS Growth23.08%
CountryUS
Employees157,284
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.82
Shares Outstanding1,385,489,400
10 Day Avg. Volume0
30 Day Avg. Volume279
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)22.59
Price to Sales (P/S)2.18
P/FCF Ratio46.93
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue0.79
Enterprise Value/Gross Profit1.97
Enterprise Value/Ebitda11.76
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.96
Revenue Forecast (FY)$65.01B
Actividades de Construccion y Servicios SA Business Overview & Revenue Model
Company Description
ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain and internationally. The company undertakes construction activities related to development of highways, railways, maritime, airport works, hydra...
How the Company Makes Money
ACSAY generates revenue primarily through its construction and infrastructure development projects. The company earns income by designing, building, and managing large-scale infrastructure projects including transportation networks, energy facilit...
Actividades de Construccion y Servicios SA Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance: double-digit revenue growth, robust EBITDA expansion, record backlog and very strong cash generation supported a series of strategic investments and major data center, energy and defense awards. Key challenges are manageable and primarily execution/timing and balance-sheet composition risks — notably Abertis' high net debt, some assets held for sale, cash timing at CIMIC and conservative FX assumptions in guidance. Overall, the positives (broad-based growth, exceptional data center momentum, Turner outperformance and strong cash conversion) materially outweigh the lowlights.Positive Updates
Strong Revenue and Profit Growth
Sales rose 19.7% to EUR 49.8 billion and reported ordinary net profit increased 25.3% to EUR 857 million (32.4% FX-adjusted); reported net profit was EUR 950 million. EBITDA grew 25% to EUR 3.1 billion with margin expansion across segments.
Negative Updates
Limited Group Net Cash Despite Strong Cash Flow
After significant strategic spend and shareholder payouts the group's net cash position was only EUR 17 million at year-end 2025, highlighting high capital deployment despite excellent operating cash generation.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue and Profit Growth
Sales rose 19.7% to EUR 49.8 billion and reported ordinary net profit increased 25.3% to EUR 857 million (32.4% FX-adjusted); reported net profit was EUR 950 million. EBITDA grew 25% to EUR 3.1 billion with margin expansion across segments.
Read all positive updates
Company Guidance
Management guided 2026 ordinary net profit growth of 20–25% to a target of up to EUR 1.070 billion, noting that this view is conservative (it assumes US dollar weakness); Turner was given up to ~30% growth (implying roughly EUR 1.3–1.4 billion PBT in 2026), and capital allocation plans remain based on a prudent net‑operating‑cash‑flow assumption of about EUR 1.5 billion p.a. (despite delivering EUR 2.2 billion net operating cash flow LTM and reaching a group net cash position of EUR 17 million at Dec‑25 after EUR 2.1 billion of strategic investments and EUR 448 million of shareholder remuneration). Management also reiterated longer‑term targets and pipeline metrics that underpin the guidance: Turner data‑center revenues of ~EUR 25 billion by 2030, a defense revenue ambition of EUR 10 billion by 2030, the 1.7 GW BlackRock GIP data‑center JV, ~EUR 17.6 billion digital‑infra intake in 2025, advanced lease talks covering ~150 MW IT (first lease targeted in H1) and near‑term commercialization goals of ~14 MW IT in Spain and ~250 MW in the U.S. this year.Actividades de Construccion y Servicios SA Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
52
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 47.00B | 49.85B | 41.63B | 35.74B | 33.62B | 27.84B |
| Gross Profit | 18.71B | 15.61B | 13.35B | 11.28B | 10.25B | 8.84B |
| EBITDA | 3.14B | 3.52B | 2.70B | 1.12B | 897.79M | 805.65M |
| Net Income | 861.20M | 950.34M | 827.58M | 780.12M | 668.23M | 3.05B |
Balance Sheet | ||||||
| Total Assets | 41.30B | 45.19B | 42.03B | 36.50B | 37.58B | 35.66B |
| Cash, Cash Equivalents and Short-Term Investments | 10.87B | 14.32B | 12.34B | 9.82B | 10.42B | 12.29B |
| Total Debt | 14.24B | 13.94B | 14.20B | 10.39B | 11.00B | 11.08B |
| Total Liabilities | 36.88B | 40.01B | 36.91B | 30.87B | 31.20B | 28.64B |
| Stockholders Equity | 4.19B | 4.82B | 4.71B | 5.33B | 5.55B | 6.33B |
Cash Flow | ||||||
| Free Cash Flow | 1.63B | 2.32B | 2.18B | 1.01B | 1.46B | -183.07M |
| Operating Cash Flow | 2.45B | 3.05B | 2.79B | 1.50B | 1.74B | 203.14M |
| Investing Cash Flow | -839.90M | -1.65B | -1.25B | -15.75M | -198.10M | 3.40B |
| Financing Cash Flow | -636.92M | 47.58M | 496.66M | -1.65B | -3.54B | -770.95M |
Actividades de Construccion y Servicios SA Technical Analysis
Positive
21.56
Price Trends
28.67
Positive
26.19
Positive
21.80
Positive
Market Momentum
-0.05
Positive
49.03
Neutral
76.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACSAY, the sentiment is Positive. The current price of 21.56 is below the 20-day moving average (MA) of 29.80, below the 50-day MA of 28.67, and below the 200-day MA of 21.80, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 49.03 is Neutral, neither overbought nor oversold. The STOCH value of 76.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACSAY.
Actividades de Construccion y Servicios SA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $104.31B | 93.32 | 13.03% | 0.09% | 21.09% | 17.37% | |
77 Outperform | $36.33B | 27.59 | 38.34% | 0.16% | 18.31% | 31.81% | |
72 Outperform | $28.75B | 61.82 | 14.53% | ― | 22.59% | 111.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $38.60B | 33.11 | 21.61% | ― | 25.12% | 23.08% | |
62 Neutral | $9.14B | 18.11 | 21.32% | 1.06% | -0.38% | 2.58% | |
60 Neutral | $14.47B | 37.82 | 10.82% | 0.94% | 0.95% | -10.51% |
* Industrials Sector Average
ACSAY
Actividades de Construccion y Servicios SA
29.11
16.45
129.92%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.