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

BATS-CHIXE:ACSE Stock Report

Market Cap: €11.2b

ACS Actividades de Construcción y Servicios Valuation

Is ACSE 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 ACSE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ACSE (€41.35) is trading below our estimate of fair value (€48.05)

Significantly Below Fair Value: ACSE 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 ACSE?

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

The above table shows the Price to Earnings ratio for ACSE. This is calculated by dividing ACSE's market cap by their current earnings.
What is ACSE's PE Ratio?
PE Ratio13.9x
Earnings€809.12m
Market Cap€11.25b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ACSE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.5x
BBY Balfour Beatty
10x0.1%UK£2.3b
MGNS Morgan Sindall Group
14.4x2.8%UK£1.8b
KLR Keller Group
8.6x2.4%UK£1.1b
RNWH Renew Holdings
16.9x7.2%UK£821.5m
ACSE ACS Actividades de Construcción y Servicios
13.9x9.0%€11.2b

Price-To-Earnings vs Peers: ACSE is expensive based on its Price-To-Earnings Ratio (13.9x) compared to the peer average (12.3x).


Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies19PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ACSE is expensive based on its Price-To-Earnings Ratio (13.9x) compared to the European Construction industry average (12.9x).


Price to Earnings Ratio vs Fair Ratio

What is ACSE'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.

ACSE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ACSE's Price-To-Earnings Fair Ratio for valuation analysis.


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 ACSE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
€42.64
0%
10.8%€49.25€33.00n/a16
Nov ’25n/a
€42.42
0%
11.1%€49.25€33.00n/a16
Oct ’25€42.26
€40.89
-3.2%
12.1%€49.25€30.40n/a16
Sep ’25€40.99
€40.89
-0.2%
12.1%€49.25€30.40n/a16
Aug ’25€38.93
€40.54
+4.1%
12.8%€49.25€29.80n/a16
Jul ’25€40.60
€38.28
-5.7%
13.0%€46.00€29.80n/a16
Jun ’25€41.60
€37.08
-10.9%
12.8%€43.00€29.80n/a16
May ’25€38.06
€36.69
-3.6%
13.0%€43.00€29.80n/a15
Apr ’25€40.37
€35.71
-11.5%
13.8%€43.00€29.80n/a14
Mar ’25€37.05
€34.97
-5.6%
17.7%€46.00€26.00n/a15
Feb ’25€36.50
€33.35
-8.6%
16.4%€43.00€26.00n/a13
Jan ’25n/a
€32.80
0%
15.0%€43.00€26.00n/a13
Dec ’24€36.71
€32.96
-10.2%
14.5%€43.00€26.00n/a14
Nov ’24€33.91
€32.63
-3.8%
15.7%€43.00€24.00n/a14
Oct ’24€34.11
€31.85
-6.6%
15.2%€40.10€24.00€42.2614
Sep ’24n/a
€31.35
0%
13.3%€40.00€24.00€40.9916
Aug ’24n/a
€31.35
0%
13.3%€40.00€24.00€38.9316
Jul ’24€31.78
€30.89
-2.8%
14.7%€40.00€24.00€40.6016
Jun ’24€31.28
€30.78
-1.6%
14.2%€40.00€24.00€41.6016
May ’24€31.09
€30.14
-3.1%
14.2%€40.00€24.00€38.0616
Apr ’24€28.95
€29.84
+3.1%
15.0%€40.00€24.00€40.3716
Mar ’24€28.82
€30.19
+4.8%
14.3%€40.00€24.00€37.0516
Feb ’24€27.32
€30.09
+10.1%
14.6%€40.00€24.00€36.5016
Jan ’24€27.03
€30.03
+11.1%
14.7%€40.00€24.00n/a16
Dec ’23€27.19
€30.03
+10.4%
14.7%€40.00€24.00€36.7116
Nov ’23€25.79
€30.13
+16.8%
14.3%€40.00€24.00€33.9116

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


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