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ACS Actividades de Construcción y Servicios

WBAG:ACS
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ACS
WBAG
€13B
Market Cap
  1. Home
  2. AT
  3. Capital Goods
Company description

ACS, Actividades de Construcción y Servicios, S.A. The last earnings update was 15 days ago. More info.


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ACS Share Price and Events
7 Day Returns
0.2%
WBAG:ACS
1.5%
Europe Construction
3.4%
AT Market
1 Year Returns
19%
WBAG:ACS
-2.3%
Europe Construction
-2%
AT Market
ACS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ACS Actividades de Construcción y Servicios (ACS) 0.2% 2.9% 15.1% 19% - -
Europe Construction 1.5% 1.6% 13.3% -2.3% 12% 11%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • ACS outperformed the Construction industry which returned -2.3% over the past year.
  • ACS outperformed the Market in Austria which returned -2% over the past year.
Price Volatility
ACS
Industry
5yr Volatility vs Market

Value

 Is ACS Actividades de Construcción y Servicios undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ACS Actividades de Construcción y Servicios to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ACS Actividades de Construcción y Servicios.

WBAG:ACS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.7%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:ACS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 8.2%
Construction Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.035 (1 + (1- 25%) (67.06%))
1.372
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (1.372 * 8.18%)
11.74%

Discounted Cash Flow Calculation for WBAG:ACS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for ACS Actividades de Construcción y Servicios is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WBAG:ACS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 11.74%)
2019 1,335.31 Analyst x7 1,195.06
2020 1,443.91 Analyst x7 1,156.52
2021 1,735.82 Analyst x4 1,244.30
2022 1,757.67 Analyst x3 1,127.63
2023 1,892.00 Analyst x1 1,086.32
2024 1,992.45 Est @ 5.31% 1,023.84
2025 2,069.55 Est @ 3.87% 951.76
2026 2,128.78 Est @ 2.86% 876.17
2027 2,174.68 Est @ 2.16% 801.05
2028 2,210.83 Est @ 1.66% 728.83
Present value of next 10 years cash flows €10,191.46
WBAG:ACS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €2,210.83 × (1 + 0.51%) ÷ (11.74% – 0.51%)
€19,794.36
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €19,794.36 ÷ (1 + 11.74%)10
€6,525.48
WBAG:ACS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €10,191.46 + €6,525.48
€16,716.94
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €16,716.94 / 308.22
€54.24
WBAG:ACS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:ACS represents 0.99706x of BME:ACS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99706x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 54.24 x 0.99706
€54.08
Value per share (EUR) From above. €54.08
Current discount Discount to share price of €40.65
= -1 x (€40.65 - €54.08) / €54.08
24.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price ACS Actividades de Construcción y Servicios is available for.
Intrinsic value
25%
Share price is €40.65 vs Future cash flow value of €54.08
Current Discount Checks
For ACS Actividades de Construcción y Servicios to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ACS Actividades de Construcción y Servicios's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • ACS Actividades de Construcción y Servicios's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ACS Actividades de Construcción y Servicios's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ACS Actividades de Construcción y Servicios's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:ACS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €2.94
BME:ACS Share Price ** BME (2019-04-18) in EUR €40.77
Europe Construction Industry PE Ratio Median Figure of 93 Publicly-Listed Construction Companies 10.91x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ACS Actividades de Construcción y Servicios.

WBAG:ACS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:ACS Share Price ÷ EPS (both in EUR)

= 40.77 ÷ 2.94

13.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ACS Actividades de Construcción y Servicios is overvalued based on earnings compared to the Europe Construction industry average.
  • ACS Actividades de Construcción y Servicios is good value based on earnings compared to the Austria market.
Price based on expected Growth
Does ACS Actividades de Construcción y Servicios's expected growth come at a high price?
Raw Data
WBAG:ACS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
5.4%per year
Europe Construction Industry PEG Ratio Median Figure of 45 Publicly-Listed Construction Companies 1.22x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:ACS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.86x ÷ 5.4%

2.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ACS Actividades de Construcción y Servicios is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ACS Actividades de Construcción y Servicios's assets?
Raw Data
WBAG:ACS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €14.24
BME:ACS Share Price * BME (2019-04-18) in EUR €40.77
Europe Construction Industry PB Ratio Median Figure of 130 Publicly-Listed Construction Companies 1.2x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:ACS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:ACS Share Price ÷ Book Value per Share (both in EUR)

= 40.77 ÷ 14.24

2.86x

* Primary Listing of ACS Actividades de Construcción y Servicios.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ACS Actividades de Construcción y Servicios is overvalued based on assets compared to the Europe Construction industry average.
X
Value checks
We assess ACS Actividades de Construcción y Servicios's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Construction industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Construction industry average (and greater than 0)? (1 check)
  5. ACS Actividades de Construcción y Servicios has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is ACS Actividades de Construcción y Servicios expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ACS Actividades de Construcción y Servicios expected to grow at an attractive rate?
  • ACS Actividades de Construcción y Servicios's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • ACS Actividades de Construcción y Servicios's earnings growth is positive but not above the Austria market average.
  • ACS Actividades de Construcción y Servicios's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:ACS Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:ACS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 5.4%
WBAG:ACS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 3%
Europe Construction Industry Earnings Growth Rate Market Cap Weighted Average 11.6%
Europe Construction Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:ACS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:ACS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,585 1,073
2022-12-31 41,095 2,485 1,134 2
2021-12-31 39,931 2,406 1,172 6
2020-12-31 39,680 2,246 1,088 12
2019-12-31 38,279 2,222 1,027 10
WBAG:ACS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 36,642 2,051 915
2018-09-30 36,217 1,838 890
2018-06-30 35,266 1,967 833
2018-03-31 35,197 1,974 819
2017-12-31 34,884 1,863 802
2017-09-30 34,356 1,563 405
2017-06-30 33,783 1,651 404
2017-03-31 32,809 1,605 367
2016-12-31 31,969 1,403 337
2016-09-30 31,531 2,160 679
2016-06-30 30,999 1,611 618
2016-03-31 32,243 2,026 671

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ACS Actividades de Construcción y Servicios's earnings are expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
  • ACS Actividades de Construcción y Servicios's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:ACS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from ACS Actividades de Construcción y Servicios Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:ACS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 3.40 3.40 3.40 1.00
2021-12-31 3.51 3.60 3.43 4.00
2020-12-31 3.49 4.03 3.23 10.00
2019-12-31 3.27 3.58 3.08 9.00
WBAG:ACS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 2.94
2018-09-30 2.86
2018-06-30 2.67
2018-03-31 2.62
2017-12-31 2.57
2017-09-30 1.30
2017-06-30 1.30
2017-03-31 1.19
2016-12-31 1.10
2016-09-30 2.21
2016-06-30 2.01
2016-03-31 2.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ACS Actividades de Construcción y Servicios is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ACS Actividades de Construcción y Servicios's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ACS Actividades de Construcción y Servicios has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has ACS Actividades de Construcción y Servicios performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ACS Actividades de Construcción y Servicios's growth in the last year to its industry (Construction).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ACS Actividades de Construcción y Servicios's year on year earnings growth rate has been positive over the past 5 years.
  • ACS Actividades de Construcción y Servicios's 1-year earnings growth exceeds its 5-year average (14.1% vs 5.7%)
  • ACS Actividades de Construcción y Servicios's earnings growth has not exceeded the Europe Construction industry average in the past year (14.1% vs 15.5%).
Earnings and Revenue History
ACS Actividades de Construcción y Servicios's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ACS Actividades de Construcción y Servicios Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:ACS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 36,642.06 915.02 7,909.96
2018-09-30 36,216.94 890.01 7,815.16
2018-06-30 35,265.52 832.64 7,683.78
2018-03-31 35,196.94 819.01 7,596.16
2017-12-31 34,883.94 802.01 7,688.16
2017-09-30 34,355.92 405.45 7,547.76
2017-06-30 33,783.25 404.08 7,319.17
2017-03-31 32,808.92 367.45 7,084.76
2016-12-31 31,968.92 337.45 6,751.76
2016-09-30 31,531.39 679.19 6,571.02
2016-06-30 30,999.46 617.59 6,278.80
2016-03-31 32,243.39 671.19 6,641.02
2015-12-31 33,295.39 675.19 7,103.02
2015-09-30 34,599.31 617.28 7,649.39
2015-06-30 35,810.23 554.59 8,307.07
2015-03-31 35,406.31 555.28 8,080.39
2014-12-31 34,919.31 522.28 7,761.39
2014-09-30 31,669.83 540.67 6,561.99
2014-06-30 32,423.08 670.69 6,589.26
2014-03-31 34,162.83 658.67 7,274.99
2013-12-31 35,186.83 652.67 7,597.99
2013-09-30 38,925.76 -280.39 9,065.56
2013-06-30 39,321.79 -337.78 9,003.37
2013-03-31 38,493.76 -1,974.39 8,692.56
2012-12-31 38,421.76 -2,035.39 8,680.56
2012-09-30 38,748.38 -995.85 10,506.52
2012-06-30 37,845.43 -1,006.80 8,506.49

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst ACS Actividades de Construcción y Servicios has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • ACS Actividades de Construcción y Servicios used its assets less efficiently than the Europe Construction industry average last year based on Return on Assets.
  • ACS Actividades de Construcción y Servicios has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ACS Actividades de Construcción y Servicios's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Construction industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ACS Actividades de Construcción y Servicios has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is ACS Actividades de Construcción y Servicios's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ACS Actividades de Construcción y Servicios's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ACS Actividades de Construcción y Servicios is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ACS Actividades de Construcción y Servicios's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ACS Actividades de Construcción y Servicios's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ACS Actividades de Construcción y Servicios Company Filings, last reported 3 months ago.

WBAG:ACS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,055.71 8,427.26 7,817.04
2018-09-30 3,652.00 16,830.00 8,666.00
2018-06-30 3,209.06 16,227.99 7,377.97
2018-03-31 3,419.00 7,829.00 7,461.00
2017-12-31 5,164.03 8,039.78 6,943.83
2017-09-30 5,145.00 8,599.00 7,177.00
2017-06-30 5,017.55 8,623.29 6,184.40
2017-03-31 5,284.00 8,773.00 7,072.00
2016-12-31 4,967.55 8,689.12 6,831.68
2016-09-30 4,894.00 9,610.00 6,854.00
2016-06-30 4,658.15 10,822.14 6,672.54
2016-03-31 4,732.00 10,770.00 6,918.00
2015-12-31 5,197.27 10,744.86 7,711.90
2015-09-30 5,519.00 10,817.00 6,871.00
2015-06-30 5,530.40 11,297.03 7,438.58
2015-03-31 5,693.00 12,640.00 7,825.00
2014-12-31 4,897.89 12,294.41 6,860.67
2014-09-30 5,112.00 12,266.00 5,956.00
2014-06-30 5,009.89 12,556.13 6,323.00
2014-03-31 5,720.00 11,762.00 6,657.00
2013-12-31 5,488.91 11,274.60 6,689.06
2013-09-30 5,693.00 11,460.00 5,740.00
2013-06-30 5,979.06 11,408.49 5,146.31
2013-03-31 6,431.00 11,808.00 5,357.00
2012-12-31 5,711.51 11,682.38 5,989.98
2012-09-30 5,277.00 15,173.00 5,597.00
2012-06-30 5,284.44 14,945.08 6,638.36
  • ACS Actividades de Construcción y Servicios's level of debt (139.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (205.4% vs 139.2% today).
  • Debt is well covered by operating cash flow (24.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11x coverage).
X
Financial health checks
We assess ACS Actividades de Construcción y Servicios's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ACS Actividades de Construcción y Servicios has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is ACS Actividades de Construcción y Servicios's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.4%
Current annual income from ACS Actividades de Construcción y Servicios dividends. Estimated to be 4.68% next year.
If you bought €2,000 of ACS Actividades de Construcción y Servicios shares you are expected to receive €68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ACS Actividades de Construcción y Servicios's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • ACS Actividades de Construcción y Servicios's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:ACS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Europe Construction Industry Average Dividend Yield Market Cap Weighted Average of 71 Stocks 3.6%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:ACS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.07 1.00
2022-12-31 2.12 2.00
2021-12-31 2.11 6.00
2020-12-31 1.84 13.00
2019-12-31 1.81 10.00
WBAG:ACS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-07-25 1.385 3.875
2018-04-04 1.385 3.908
2017-07-28 1.210 3.811
2017-03-31 1.196 3.470
2017-02-28 1.196 3.924
2016-03-21 1.151 4.199
2015-05-12 1.160 4.249
2015-04-29 1.160 3.731
2014-04-25 1.156 3.732
2014-02-27 1.156 4.175
2013-11-14 0.892 3.566
2013-08-29 0.892 3.776
2013-05-14 1.150 5.398
2013-04-05 1.150 6.011
2011-05-10 2.050 10.275
2011-04-18 2.050 6.196
2010-12-17 2.050 6.086
2010-09-30 2.050 5.633
2010-03-15 2.050 6.214
2009-12-18 2.050 5.977
2009-04-20 2.050 5.776

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of ACS Actividades de Construcción y Servicios's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess ACS Actividades de Construcción y Servicios's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ACS Actividades de Construcción y Servicios afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ACS Actividades de Construcción y Servicios has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of ACS Actividades de Construcción y Servicios's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marcelino Fernandez Verdes
AGE 63
TENURE AS CEO 1.9 years
CEO Bio

Mr. Marcelino Fernández Verdes, Civ Eng, has been an Executive Chairman of CIMIC Group Limited since June 11, 2014 and its Executive Director since October 10, 2012. Mr. Fernández Verdes has been the Chairman of the Executive Board and Chief Executive Officer at HOCHTIEF Solutions AG (Germany) since November, 2012 and April 2013 respectively and serves as its Member of Executive Board. He has been the Chief Executive Officer of ACS, Actividades de Construcción y Servicios, S.A since May 11, 2017. He has served as Co-Chief Executive Officer of ACS, Actividades de Construcción y Servicios, S.A. He has been the Chief Executive Officer and Chairman of the Executive Board at HOCHTIEF Aktiengesellschaft (alternate name Hochtief AG) since November 21, 2012 and its Member of the Executive Board since March 2012 and served as its Chief Operating Officer from April 15, 2012 to November 2012. He served as the Chief Executive Officer of CIMIC Group Limited since March 13, 2014 until October 18, 2016 and served as its Managing Director. He served as the Chairman and CEO of Dragados since 2004 and was responsible for the Construction area. In 2006, he was appointed Chairman and CEO of ACS Servicios y Concesiones, as well as responsible for the group’s Concessions and environment areas, a responsibility he held until March 2012. He served as the Chief Operating Officer of Hochtief AG. He served as Head of Construction, Concessions & Services Division at Hochtief AG. Mr. Fernández Verdes served as the President of Constructions Division of Actividades de Constuccion y Servicios SA (ACS Actividades De Constuccion&servicios Saacs Actividades De). He joined Actividades De Constuccion Y Servicios SA in 1987 and served as General Director since 1994. He served as a Director of Construction Division of Actividades de Construcción y Servicios, S.A. since 2002. In 1997, he became General Manager of ACS Proyectos, Obras y Construcciones, and then took over as Chairman and CEO in 2000. He has been the Chairman of ACS Servicios since 2001. He has been an Executive Director of Leighton Holdings Limited since October 10, 2012. He served as a Director of Autopista Vasco Aragonesa C.E.S.A., ACS Servicios and Construction Services and Concession areas of Actividades de Construcción y Servicios, S.A. He has been a Director of ACS, Actividades de Construcción y Servicios, S.A. since May 4, 2017. He served as a Director of Thiess Pty Ltd. from April 14, 2014 to March 25, 2015. He served as a Member of the Supervisory Board at Hochtief AG from June 6, 2007 to April 12, 2012. He served as a Director of Inmobiliaria Urbis S.A. and Dragados S.A. Mr. Fernández Verdes was appointed to the Executive Committee of the ACS Group in 2000, and as Chairman and CEO of ACS Servicios y Concesiones, S.L. in 2006. He serves as CEO of ACS Group. He served as a Director of Unión Fenosa, S.A. since December 2007. Mr Fernández Verdes was granted a one-off award of 1,200,000 SARs in 2014 in accordance with the terms of his ESA. Mr. Fernández Verdes is a Civil Engineer. He studied Civil Engineering at the University of Barcelona.

CEO Compensation
  • Insufficient data for Marcelino to compare compensation growth.
  • Insufficient data for Marcelino to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Florentino Pérez Rodríguez

TITLE
Executive Chairman
COMPENSATION
€5M
AGE
71

Agustín Torrego

TITLE
Executive Director
COMPENSATION
€80K
AGE
69

José Del Valle Pérez

TITLE
General Secretary & Executive Director
COMPENSATION
€3M
AGE
68
TENURE
22.3 yrs

Marcelino Fernandez Verdes

TITLE
CEO & Executive Director
AGE
63
TENURE
1.9 yrs

Eugenio Llorente Gómez

TITLE
Chairman & Chief Executive Officer of Industrial Services
AGE
71

Cristóbal Valderas Alvarado

TITLE
Chief Executive Officer of Clece

José Castillo Lacabex

TITLE
Chief Executive Officer of Cobra

Peter Davoren

TITLE
Chairman & Chief Executive Officer of Turner Construction
AGE
63

John DiCiurcio

TITLE
Chairman & Chief Executive Officer of Flatiron
AGE
63

Nikolaus von Matuschka

TITLE
CEO of HOCHTIEF Solutions & Member of the Executive Board - HOCHTIEF AG
AGE
55
Board of Directors Tenure

Average tenure and age of the ACS Actividades de Construcción y Servicios board of directors in years:

15.3
Average Tenure
70
Average Age
  • The average tenure for the ACS Actividades de Construcción y Servicios board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Florentino Pérez Rodríguez

TITLE
Executive Chairman
COMPENSATION
€5M
AGE
71
TENURE
26.3 yrs

José María Viguri

TITLE
Vice-Chairman
COMPENSATION
€400K
AGE
82

Antonio Ferrer

TITLE
Vice-Chairman
COMPENSATION
€2M
AGE
73
TENURE
15.3 yrs

Agustín Torrego

TITLE
Executive Director
COMPENSATION
€80K
AGE
69
TENURE
19.8 yrs

José Del Valle Pérez

TITLE
General Secretary & Executive Director
COMPENSATION
€3M
AGE
68
TENURE
29.8 yrs

Marcelino Fernandez Verdes

TITLE
CEO & Executive Director
AGE
63
TENURE
1.9 yrs

Eugenio Llorente Gómez

TITLE
Chairman & Chief Executive Officer of Industrial Services
AGE
71

Peter Davoren

TITLE
Chairman & Chief Executive Officer of Turner Construction
AGE
63

John DiCiurcio

TITLE
Chairman & Chief Executive Officer of Flatiron
AGE
63
TENURE
2.9 yrs

Antonio García

TITLE
Independent Director
COMPENSATION
€84K
AGE
71
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by ACS Actividades de Construcción y Servicios insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
05. Mar 19 Buy José Del Valle Pérez Individual 19. Feb 19 19. Feb 19 3,764 €50.00 €188,200
26. Feb 19 Buy Pedro López Jiménez Individual 20. Feb 19 20. Feb 19 7,425 €34.20 €253,935
21. Feb 19 Buy José Echenique Landiríbar Individual 18. Feb 19 18. Feb 19 457 €34.20 €15,629
04. Dec 18 Buy José María Viguri Individual 29. Nov 18 30. Nov 18 34,000 €34.07 €1,156,675
26. Jul 18 Buy María Soledad Rodríguez Individual 30. Jun 15 13. Jul 18 786 €36.50 €24,365
17. Jul 18 Buy Pedro López Jiménez Individual 11. Jul 18 11. Jul 18 14,108 €36.50 €514,942
17. Jul 18 Buy Antonio Ferrer Individual 11. Jul 18 11. Jul 18 2,256 €36.50 €82,344
17. Jul 18 Buy José Echenique Landiríbar Individual 11. Jul 18 11. Jul 18 868 €36.50 €31,682
14. Jun 18 Buy Marcelino Fernandez Verdes Individual 07. Jun 18 07. Jun 18 12,133 €36.45 €442,248
X
Management checks
We assess ACS Actividades de Construcción y Servicios's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ACS Actividades de Construcción y Servicios has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, Rest of Europe, North America, South America, the Asia Pacific, and Africa. The company operates through Construction, Industrial services, and Services segments. The Construction segment undertakes projects, including construction of civil work projects, such as highways, railways, ports, and airport works; and residential buildings, social installations and facilities, and infrastructure services, as well as contracts for the provision of mining services and infrastructure required for mining activities. The Industrial services segment is involved in industrial maintenance contracts and services, as well as support services to the clients’ operational activities, including electricity, gas, and water network maintenance services; construction, installation, and maintenance services for high-voltage electricity lines, telecommunications systems, railway installations, electricity facilities, mechanical assemblies, and heating and cooling systems; and installation and operational control systems for industrial and municipal services, as well as the execution of EPC projects for the design, construction, and commissioning of projects connected to the energy sector. The Services segment offers services for people, such as care for the elderly and collective restoration, as well as managing playschools, nursery schools, and food services for communities; services for buildings, including maintenance, energy efficiency, cleaning, security, logistics, and ancillary; and services to the city and the environment comprising public lighting, environmental, and airport services. ACS, Actividades de Construcción y Servicios, S.A. is based in Madrid, Spain.

Details
Name: ACS, Actividades de Construcción y Servicios, S.A.
ACS
Exchange: WBAG
Founded:
€12,566,194,754
308,221,603
Website: http://www.grupoacs.com
Address: ACS, Actividades de Construcción y Servicios, S.A.
Avenida de Pío XII, 102,
Madrid,
Madrid, 28036,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME ACS Ordinary Shares Bolsas y Mercados Espanoles ES EUR 26. Oct 1990
OTCPK ACSA.F Ordinary Shares Pink Sheets LLC US USD 26. Oct 1990
DB OCI1 Ordinary Shares Deutsche Boerse AG DE EUR 26. Oct 1990
LSE 0HAC Ordinary Shares London Stock Exchange GB EUR 26. Oct 1990
WBAG ACS Ordinary Shares Wiener Boerse AG AT EUR 26. Oct 1990
BATS-CHIXE ACSE Ordinary Shares BATS 'Chi-X Europe' GB EUR 26. Oct 1990
OTCPK ACSA.Y UNSPONSORED ADR Pink Sheets LLC US USD 29. Oct 2008
Number of employees
Current staff
Staff numbers
191,823
ACS Actividades de Construcción y Servicios employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:07
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/16
Last earnings filing: 2019/04/03
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.