ACS, Actividades de Construcción y Servicios, S.A.

WBAG:ACS Stock Report

Market Cap: €11.1b

ACS Actividades de Construcción y Servicios Valuation

Is ACS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ACS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ACS (€43.66) is trading below our estimate of fair value (€52.35)

Significantly Below Fair Value: ACS is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ACS?

Key metric: As ACS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ACS. This is calculated by dividing ACS's market cap by their current earnings.
What is ACS's PE Ratio?
PE Ratio13.7x
Earnings€809.12m
Market Cap€11.10b

Price to Earnings Ratio vs Peers

How does ACS's PE Ratio compare to its peers?

The above table shows the PE ratio for ACS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.6x
STR Strabag
6.9x-4.7%€4.5b
POS PORR
6.7x15.8%€602.5m
ANDR Andritz
10.5x5.2%€5.3b
HST Hutter & Schrantz Stahlbau
10.4xn/a€29.2m
ACS ACS Actividades de Construcción y Servicios
13.7x9.0%€11.1b

Price-To-Earnings vs Peers: ACS is expensive based on its Price-To-Earnings Ratio (13.7x) compared to the peer average (8.6x).

Price to Earnings Ratio vs Industry

How does ACS's PE Ratio compare vs other companies in the European Construction Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ACS 13.7xIndustry Avg. 13.1xNo. of Companies19PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ACS is expensive based on its Price-To-Earnings Ratio (13.7x) compared to the European Construction industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is ACS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ACS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.7x
Fair PE Ratio12.8x

Price-To-Earnings vs Fair Ratio: ACS is expensive based on its Price-To-Earnings Ratio (13.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ACS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€43.66
€42.64
-2.3%
10.8%€49.25€33.00n/a16
Nov ’25€44.46
€42.42
-4.6%
11.1%€49.25€33.00n/a16
Oct ’25€41.76
€40.89
-2.1%
12.1%€49.25€30.40n/a16
Sep ’25€40.84
€40.89
+0.1%
12.1%€49.25€30.40n/a16
Aug ’25€40.76
€40.54
-0.5%
12.8%€49.25€29.80n/a16
Jul ’25€40.70
€38.28
-6.0%
13.0%€46.00€29.80n/a16
Jun ’25€41.12
€37.08
-9.8%
12.8%€43.00€29.80n/a16
May ’25€37.90
€36.69
-3.2%
13.0%€43.00€29.80n/a15
Apr ’25€40.09
€35.71
-10.9%
13.8%€43.00€29.80n/a14
Mar ’25€36.70
€34.97
-4.7%
17.7%€46.00€26.00n/a15
Feb ’25€39.59
€33.35
-15.8%
16.4%€43.00€26.00n/a13
Jan ’25€40.22
€32.80
-18.4%
15.0%€43.00€26.00n/a13
Dec ’24€36.93
€32.96
-10.7%
14.5%€43.00€26.00n/a14
Nov ’24€34.07
€32.63
-4.2%
15.7%€43.00€24.00€44.4614
Oct ’24€33.99
€31.85
-6.3%
15.2%€40.10€24.00€41.7614
Sep ’24€32.48
€31.35
-3.5%
13.3%€40.00€24.00€40.8416
Aug ’24€31.90
€31.35
-1.7%
13.3%€40.00€24.00€40.7616
Jul ’24€31.95
€30.89
-3.3%
14.7%€40.00€24.00€40.7016
Jun ’24€31.47
€30.78
-2.2%
14.2%€40.00€24.00€41.1216
May ’24€31.29
€30.14
-3.7%
14.2%€40.00€24.00€37.9016
Apr ’24€29.31
€29.84
+1.8%
15.0%€40.00€24.00€40.0916
Mar ’24€26.82
€30.19
+12.5%
14.3%€40.00€24.00€36.7016
Feb ’24€27.12
€30.09
+11.0%
14.6%€40.00€24.00€39.5916
Jan ’24€26.76
€30.03
+12.2%
14.7%€40.00€24.00€40.2216
Dec ’23€27.19
€30.03
+10.4%
14.7%€40.00€24.00€36.9316
Nov ’23€25.88
€30.13
+16.4%
14.3%€40.00€24.00€34.0716

Analyst Forecast: Target price is lower than the current share price.

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