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Actividades de Construccion y Servicios SA
(OTC:ACSAY)
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Rating:59Neutral
Price Target:
$26.00
â–²(8.20% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by solid and improving cash generation and steady revenue growth, tempered by high leverage and consistently thin margins. Technicals are mildly negative in the near-to-medium term (below key moving averages), and valuation looks somewhat demanding at a ~28x P/E without a provided dividend yield.
Positive Factors
Free Cash Flow Strength
Consistent and rising free cash flow—running at roughly three-quarters of reported earnings—improves the firm's ability to fund operations, capex and working capital from internal sources. Durable FCF reduces near-term refinancing pressure and provides a cash buffer through project cycles.
Negative Factors
High Leverage
Elevated leverage materially increases sensitivity to project execution, interest-cost rises and funding conditions in a cyclical engineering and construction sector. High gearing constrains strategic flexibility, raises refinancing risk, and elongates the timeline required to de-risk the balance sheet if earnings soften.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Consistent and rising free cash flow—running at roughly three-quarters of reported earnings—improves the firm's ability to fund operations, capex and working capital from internal sources. Durable FCF reduces near-term refinancing pressure and provides a cash buffer through project cycles.
Read all positive factors
Actividades de Construccion y Servicios SA (ACSAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.56B
Dividend Yield0.9%
Average Volume (3M)17.45K
Price to Earnings (P/E)26.3
Beta (1Y)0.75
Revenue Growth18.47%
EPS Growth23.30%
CountryUS
Employees167,803
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.16
Shares Outstanding1,405,569,000
10 Day Avg. Volume24,599
30 Day Avg. Volume17,452
Financial Highlights & Ratios
PEG Ratio7.70
Price to Book (P/B)21.64
Price to Sales (P/S)2.09
P/FCF Ratio45.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.97
Revenue Forecast (FY)$63.82B
Actividades de Construccion y Servicios SA Business Overview & Revenue Model
Company Description
ACS, Actividades de Construcción y Servicios, S.A., a company founded in Madrid, Spain, in 1997, provides a broad spectrum of construction and related services both domestically and internationally. Their core activities encompass the development ...
Actividades de Construccion y Servicios SA Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and financial picture: robust revenue and EBITDA growth, strong cash generation, significant backlog expansion (notably in data centers), and material improvements in net debt and shareholder remuneration. Management reiterated 2026 guidance but declined to upgrade immediately due to external risks (geopolitics and FX), some one‑off consolidation impacts (Dragados) and residual execution/chain risks in data center buildouts. On balance, the company showed strong momentum and execution but acknowledged near‑term external uncertainties and concentration considerations.Positive Updates
Strong Operational Profit Growth
Operational net profit reached EUR 239 million, up 25% year‑on‑year and in line with the top end of 2026 guidance; nominal net profit stood at EUR 232 million, up 30% FX adjusted.
Negative Updates
Guidance Conservatism and External Uncertainties
Management kept 2026 operational net profit guidance (growth 20%–25%) unchanged despite strong Q1 results, citing geopolitical uncertainty (notably Middle East/Iran) and FX volatility as reasons to avoid an immediate upgrade.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Operational Profit Growth
Operational net profit reached EUR 239 million, up 25% year‑on‑year and in line with the top end of 2026 guidance; nominal net profit stood at EUR 232 million, up 30% FX adjusted.
Read all positive updates
Company Guidance
ACS reiterated 2026 operational net profit guidance of roughly €1.07–1.30bn (implying 20–25% growth), a view the company says is supported by Q1 outperformance (operational net profit €239m, +25% yoy, and net profit €232m, +30% FX‑adj). Key Q1/rolling metrics cited: sales €12.3bn (+12.5% FX‑adj), EBITDA €772m (~+16% FX‑adj), PBT €410m (~+24% FX‑adj), new orders €17.5bn (L12M book‑to‑bill 1.3x; +20.3% FX‑adj), backlog ~€99.8bn (+16% FX‑adj) with data‑center backlog €19.4bn (≈+118% YoY), L12M net operating cash flow €2.3bn, net debt €1.5bn (improved €1.4bn YoY), and management expects ongoing annual net operating cash flow post‑dividend of roughly €0.8–0.9bn; shareholder payout was increased 20% to €2.4 per share (around a 65% payout ratio).Actividades de Construccion y Servicios SA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.91B | 49.85B | 41.63B | 35.74B | 33.62B | 27.84B |
| Gross Profit | 46.87B | 4.62B | 13.35B | 11.28B | 10.25B | 8.84B |
| EBITDA | 2.41B | 2.42B | 2.70B | 1.90B | 2.11B | 805.65M |
| Net Income | 1.01B | 950.34M | 827.58M | 780.12M | 668.23M | 3.05B |
Balance Sheet | ||||||
| Total Assets | 49.87B | 45.93B | 42.03B | 36.50B | 37.58B | 35.66B |
| Cash, Cash Equivalents and Short-Term Investments | 15.83B | 14.32B | 12.34B | 9.82B | 10.42B | 12.29B |
| Total Debt | 16.29B | 16.08B | 14.34B | 10.39B | 11.00B | 10.99B |
| Total Liabilities | 43.52B | 40.75B | 36.91B | 30.87B | 31.20B | 28.64B |
| Stockholders Equity | 6.04B | 4.82B | 4.71B | 5.33B | 5.55B | 6.33B |
Cash Flow | ||||||
| Free Cash Flow | 2.49B | 2.30B | 2.18B | 1.01B | 1.46B | -183.07M |
| Operating Cash Flow | 3.21B | 3.05B | 2.79B | 1.50B | 1.74B | 203.14M |
| Investing Cash Flow | -1.04B | -1.65B | -1.25B | -15.75M | -198.10M | 3.40B |
| Financing Cash Flow | 2.53B | 47.58M | 496.66M | -1.65B | -3.54B | -770.95M |
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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $93.88B | 70.63 | 14.86% | 0.07% | 26.30% | 34.94% | |
70 Outperform | $17.11B | 50.95 | 9.81% | 0.96% | 20.03% | -28.63% | |
70 Outperform | $4.64B | 11.09 | 27.41% | 1.79% | -4.37% | 13.37% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $8.57B | 30.13 | 12.54% | 1.79% | -4.24% | -44.22% | |
59 Neutral | $31.56B | 26.31 | 19.75% | 0.90% | 18.47% | 23.30% | |
58 Neutral | $7.51B | -4.66 | -57.08% | 6.65% | -4.77% | -151.32% |
* Industrials Sector Average
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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.