We Think ACS Actividades de Construcción y Servicios' (BME:ACS) Solid Earnings Are Understated
Nov 19
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Spanish (IBEX) Industrials Sector Analysis
UpdatedNov 21, 2024
DataAggregated Company Financials
Companies34
- 7D1.5%
- 3M2.7%
- 1Y17.1%
- YTD7.5%
The Industrials industry is up 1.5% in the last week, with Aena S.M.E up 2.8%. During this same period, the Construcciones y Auxiliar de Ferrocarriles underperformed, falling 11%. This takes the industry's 12 month performance to a gain of 17%. Earnings are forecast to grow by 8.1% annually.
Sector Valuation and Performance
Has the Spanish Industrials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 22 Nov 2024 | €91.3b | €107.1b | €4.7b | 13.3x | 19.5x | 0.9x |
| Sun, 20 Oct 2024 | €95.4b | €104.9b | €4.6b | 13.6x | 20.9x | 0.9x |
| Tue, 17 Sep 2024 | €91.7b | €104.9b | €4.6b | 14.3x | 20.1x | 0.9x |
| Thu, 15 Aug 2024 | €87.0b | €104.9b | €4.6b | 13.3x | 19x | 0.8x |
| Sat, 13 Jul 2024 | €92.8b | €102.3b | €4.2b | 13.8x | 22x | 0.9x |
| Mon, 10 Jun 2024 | €91.2b | €102.2b | €4.2b | 14.3x | 21.6x | 0.9x |
| Wed, 08 May 2024 | €87.0b | €101.3b | €4.2b | 14.3x | 20.9x | 0.9x |
| Fri, 05 Apr 2024 | €87.4b | €101.4b | €4.1b | 15.1x | 21.4x | 0.9x |
| Sun, 03 Mar 2024 | €85.3b | €102.0b | €4.1b | 16.1x | 20.6x | 0.8x |
| Tue, 30 Jan 2024 | €95.7b | €110.8b | €2.2b | 17x | 44x | 0.9x |
| Thu, 28 Dec 2023 | €95.6b | €110.8b | €2.2b | 16.2x | 44x | 0.9x |
| Sat, 25 Nov 2023 | €90.5b | €110.8b | €2.2b | 15.7x | 41.6x | 0.8x |
| Mon, 23 Oct 2023 | €82.7b | €110.2b | €1.9b | 13.4x | 42.5x | 0.8x |
| Wed, 20 Sep 2023 | €86.9b | €110.3b | €2.0b | 14.2x | 44.4x | 0.8x |
| Fri, 18 Aug 2023 | €87.0b | €110.1b | €2.0b | 14.8x | 43.8x | 0.8x |
| Sun, 16 Jul 2023 | €85.7b | €107.6b | €1.6b | 17.4x | 53.6x | 0.8x |
| Tue, 13 Jun 2023 | €85.1b | €107.4b | €1.6b | 16.5x | 53.2x | 0.8x |
| Thu, 11 May 2023 | €85.6b | €105.9b | €1.6b | 17.4x | 54.2x | 0.8x |
| Sat, 08 Apr 2023 | €83.1b | €105.1b | €1.4b | 17.3x | 60x | 0.8x |
| Mon, 06 Mar 2023 | €83.9b | €104.6b | €1.4b | 18x | 61.3x | 0.8x |
| Wed, 01 Feb 2023 | €81.3b | €100.2b | €974.4m | 17.9x | 83.4x | 0.8x |
| Fri, 30 Dec 2022 | €75.1b | €100.2b | €974.4m | 15.7x | 77x | 0.7x |
| Sun, 27 Nov 2022 | €76.0b | €99.9b | €1.3b | 17.6x | 59.7x | 0.8x |
| Tue, 25 Oct 2022 | €68.0b | €95.7b | €557.9m | 15.9x | 121.9x | 0.7x |
| Thu, 22 Sep 2022 | €71.1b | €95.5b | €546.9m | 14.8x | 130.1x | 0.7x |
| Sat, 20 Aug 2022 | €76.7b | €95.5b | €544.1m | 16.6x | 140.9x | 0.8x |
| Mon, 18 Jul 2022 | €74.4b | €91.5b | -€103,200,726.00 | 20.2x | -720.8x | 0.8x |
| Wed, 15 Jun 2022 | €75.4b | €91.5b | -€79,758,344.00 | 15.2x | -945.3x | 0.8x |
| Fri, 13 May 2022 | €75.6b | €89.9b | -€10,487,344.00 | 18.1x | -7206.5x | 0.8x |
| Sun, 10 Apr 2022 | €80.6b | €88.9b | €114.2m | 20x | 706.2x | 0.9x |
| Tue, 08 Mar 2022 | €75.1b | €88.9b | €114.8m | 18.9x | 654.5x | 0.8x |
| Thu, 03 Feb 2022 | €84.5b | €96.3b | €944.3m | 22.7x | 89.5x | 0.9x |
| Sat, 01 Jan 2022 | €89.1b | €96.3b | €899.9m | 23.6x | 99x | 0.9x |
| Mon, 29 Nov 2021 | €84.7b | €95.0b | €741.0m | 23.2x | 114.3x | 0.9x |
Price to Earnings Ratio
114.3x
Current Industry PE
- Investors are pessimistic on the Spanish Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 19.5x which is higher than its 3-year average PE of -4.6x.
- The industry is trading close to its 3-year average PS ratio of 0.83x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 85% per year over the last three years.
- Revenues for these companies have grown 4.1% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Spanish Industrials sector?
| ES Market | 1.51% | |
| Industrials | 1.49% | |
| Infrastructure | 2.76% | |
| Construction | 1.74% | |
| Logistics | 1.29% | |
| Professional Services | 0.95% | |
| Commercial Services | 0.11% | |
| Aerospace & Defense | 0% | |
| Building | 0% | |
| Industrials | 0% | |
| Airlines | 0% | |
| Marine and Shipping | 0% | |
| Transportation | 0% | |
| Trade Distributors | -1.54% | |
| Electrical | -1.77% | |
| Machinery | -3.78% | |
Industry PE
- Investors are most optimistic about the Construction industry even though it's trading below its 3-year average PE ratio of 38.0x.
- Analysts are expecting annual earnings growth of 6.7%, which is lower than the prior year's growth of 19.7% per year.
Forecasted Growth
- Analysts are most optimistic on the Professional Services industry, expecting annual earnings growth of 51% over the next 5 years.
- In contrast, the Logistics industry is expected to see its earnings growth to stay flat over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| AENA Aena S.M.E | €199.60 | 1.6% +€480.0m | 28.0% | PE15.4x | |
| ACS ACS Actividades de Construcción y Servicios | €42.28 | 1.9% +€203.7m | 17.4% | PE13.3x | |
| LOG Logista Integral | €29.96 | 2.3% +€89.8m | 26.6% | PE12.8x | |
| SCYR Sacyr | €3.05 | 2.8% +€65.0m | 0.8% | PS0.5x | |
| CASH Prosegur Cash | €0.53 | 2.7% +€20.6m | -0.9% | PE12.2x |
