olivLaw · European equity research
ACS, Actividades de Construcción y Servicios, S.A. ACS.MC
Spain · BME Madrid · ISIN ES0167050915 · Vertical: Listed companies from Spain
ACS, Actividades de Construccion y Servicios, is an international construction and services group whose subsidiaries Hochtief, Cimic (Thiess) and Iridium operate in infrastructure, construction and services. The group's risk profile remains tied to the 2024 adjustments linked to a contract termination, whose scale was set out in its 2025 annual report.
At the close of 04 Nov 2026, ACS, Actividades de Construcción y Servicios, S.A. (ACS.MC) stock was 87.60 EUR (−5.09% on the day), with market capitalisation 22.6 bn EUR, P/E 23.7 on diluted EPS of 3.69 EUR over the last 12 months, dividend yield 0.52%, beta 1.14, 52-week range 72.30–140.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- 87.32 – 93.38
- in the lower half of the band · %B 0.05 · band width 6.7%
- SMA 50 / 200
- 94.10 / 109.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.13 / -1.44
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.3% | +0.4% | −7.6 pp | — |
| 3 months | −20.3% | −3.3% | −17.0 pp | — |
| 6 months | −37.6% | +4.0% | −41.6 pp | — |
| Year to date | +3.2% | +8.1% | −4.9 pp | — |
| 1 year | +19.8% | +10.7% | +9.1 pp | +3.2% |
| 3 years | +161.5% | +50.1% | +111.4 pp | +24.0% |
| 5 years | +280.2% | +43.6% | +236.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 13.2, median 15.0, max 23.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 35.7 bn | 41.6 bn | 49.8 bn |
| Revenue YoY | unavailable | +16.5% | +19.7% |
| Net income | 780.1 m | 827.6 m | 950.3 m |
| Net income YoY | unavailable | +6.1% | +14.8% |
| Diluted EPS | 3.00 | 3.23 | 3.69 |
| Diluted EPS YoY | unavailable | +7.7% | +14.2% |
| net % | 2.2% | 2.0% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.1 bn EUR
- Financial debt
- 13.7 bn EUR
- Net debt
- 1.6 bn EUR
- Equity
- 5.2 bn EUR
- Total assets
- 45.2 bn EUR
- Debt / equity
- 2.65x
- Current ratio
- 1.16x
- ROE
- 18.5%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 35.7 bn | 41.6 bn | 49.8 bn | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 551.0 m | 866.2 m | 969.7 m | esef· 20 Oct 2026verified |
| Interest expense | 659.1 m | 843.3 m | 888.1 m | esef· 20 Oct 2026verified |
| Pre-tax income | 1.1 bn | 993.3 m | 1.7 bn | esef· 20 Oct 2026verified |
| Income tax | 199.1 m | -86.5 m | 452.9 m | esef· 20 Oct 2026verified |
| Net income | 780.1 m | 827.6 m | 950.3 m | esef· 20 Oct 2026verified |
| Diluted EPS | 3.00 | 3.23 | 3.69 | esef· 20 Oct 2026verified |
| Dividend per share | — | 0.46 | 0.45 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.1 bn | 11.4 bn | 12.1 bn | esef· 20 Oct 2026verified |
| Receivables | 9.4 bn | 11.4 bn | 12.2 bn | esef· 20 Oct 2026verified |
| Inventories | 790.0 m | 1.0 bn | 873.8 m | esef· 20 Oct 2026verified |
| Current assets | 23.6 bn | 26.9 bn | 29.4 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.6 bn | 2.8 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Goodwill | 2.7 bn | 4.8 bn | 5.1 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 547.1 m | 838.8 m | 843.2 m | esef· 20 Oct 2026verified |
| Total assets | 36.5 bn | 42.0 bn | 45.2 bn | esef· 20 Oct 2026verified |
| Short-term debt | 1.4 bn | 2.6 bn | 2.5 bn | esef· 20 Oct 2026verified |
| Long-term debt | 8.0 bn | 10.2 bn | 11.2 bn | esef· 20 Oct 2026verified |
| Current liabilities | 19.6 bn | 23.1 bn | 25.3 bn | esef· 20 Oct 2026verified |
| Equity | 5.6 bn | 5.1 bn | 5.2 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 260.0 m | 256.2 m | 257.5 m | esef· 20 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 22.6 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 53.29 – 84.39 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E53.29 – 84.39 (Mid 73.17)20 companies used · median multiple 19.8x · quartiles 14.4x – 22.9xADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)outside the aggregate6.17 – 8.42 (Mid 7.12)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.9% | 32 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 23.7x | 32 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial30/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial32/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A. (ACS.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 49.8 bn EUR in 2025; YoY growth 19.7%; net margin 1.9%; ROE 19.9%.
The estimated value range is 53.29–84.39 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 73.17 EUR, the price of 87.60 EUR leaves a potential of -16.5% (value / price − 1) and a margin of safety of -19.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for ACS.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 57.24 Total return -34% · Per year -34% | 100.74 Total return 16% · Per year 16% | 151.11 Total return 73% · Per year 73% |
| 3 years | 67.90 Total return -21% · Per year -8% | 133.23 Total return 54% · Per year 16% | 217.60 Total return 151% · Per year 36% |
| 5 years | 80.54 Total return -5% · Per year -1% | 176.19 Total return 105% · Per year 15% | 313.34 Total return 263% · Per year 29% |
- Exit P/E± 33.31
- Net margin± 23.32
- Annual revenue growth± 17.39
- Annual dilution± 1.96
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ACS, Actividades de Construccion y Servicios, is an international construction and services group whose subsidiaries Hochtief, Cimic (Thiess) and Iridium operate in infrastructure, construction and services. The group's risk profile remains tied to the 2024 adjustments linked to a contract termination, whose scale was set out in its 2025 annual report 1.
SWOT
Strengths
- Diversification across several subsidiaries and regions reduces dependence on a single segment and supports revenue stability 1.
- The ability to integrate acquisitions, such as an Australian mining services firm, shows experience in extending the portfolio 1.
- Environmental and health and safety certifications applied to a large part of operations support reputation and access to contracts 1.
Weaknesses
- The termination of a contract in 2024 produced significant negative adjustments, showing exposure to project-level risk 1.
- The complex group structure, with stakes held through several entities, may make segment-level performance harder to assess 1.
- Reliance on large infrastructure contracts can produce revenue swings from one year to the next 1.
Opportunities
Risks
- Contract terminationhigh
Adjustments linked to a contract termination had a negative effect on 2024 results, and the impact could return if other large projects stop 1.
- Climate and environmental risksmedium
Decarbonisation targets and emission-reduction requirements could generate additional costs if the desired technologies are not available in time 1.
- Sensitivity to investment cyclesmedium
Demand for construction and infrastructure depends on public and private budgets, which may slow in periods of economic uncertainty 1.
- Acquisition integration risklow
Recent acquisitions such as Pybar and Road Management involve operational and reporting integration, with the risk that expected synergies are delayed 1.
- Workplace safety riskmedium
Construction and mining operations carry accident risks, and managing them remains essential for business continuity 1.
Investment thesis
What would need to be true (bull case)
- If infrastructure projects and the energy transition keep their pace, the group could benefit from a diversified portfolio and its experience in integrating acquisitions 1.
- Expansion into mining services through the Pybar acquisition could add recurring revenue if the sector stays active 1.
- Sustainability commitments and certifications could strengthen access to public and private contracts that require environmental criteria 1.
What would break the thesis
- The negative effect of a contract termination shows that a single large project could significantly affect group results 1.
- Environmental compliance and reporting costs could rise, pressing margins if they cannot be passed on through prices 1.
- The complexity of a structure with multiple stakes may make it harder to evaluate the performance of each segment 1.
What to watch
- Progress of large infrastructure contracts and any adjustments linked to terminations2026
- Results of the mining segment after the Pybar integration2026
- Progress on decarbonisation targets and the Transition Plannext annual report
- Effects of the Road Management and Pybar acquisitions on group results2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The ACS group carries out its activity through several consolidated companies, and the 2025 annual report describes a structure in which subsidiaries operate in different fields, from construction to mining services 1. The group explicitly assesses sustainability risks and opportunities, with material topics such as climate change, water, biodiversity and circular economy 1. Its decarbonisation strategy includes energy efficiency measures and the use of renewable energy in its own operations 1.
The acquisition and integration policy appears in the 2024 transactions, when Cimic, through Thiess, bought Pybar and Iridium took full control of Road Management (A13) Plc, with contributions considered immaterial for that year 1. Goodwill generated in 2024 was considered final, with no significant variation from the first estimate 1.
The group's accounting follows International Financial Reporting Standards as adopted by the European Union, with goodwill not amortised but tested for impairment, and lease contracts recognised as right-of-use assets and lease liabilities 1.
Segments
Cimic (Thiess) and mining
Subsidiary Cimic, through Thiess, extended its activity into mining services with the acquisition of Pybar, a company based in New South Wales (Australia) specialised in underground metal mining; its contribution was considered immaterial for 2024 1.
Iridium (infrastructure)
Iridium Infraestructuras manages stakes in transport infrastructure; in 2024 it took full control of Road Management (A13) Plc, but together with the Abertis stake it absorbed the effects of a contract termination recorded in the annual report 1.
Construction and services
The annual report covers the group's construction and services activities, with emphasis on ISO 14001 and ISO 45001 certifications applied to a large part of operations 1.
Market context
The market in which ACS operates is linked to large infrastructure, mining and industrial service projects, and market figures are not detailed in the source provided 1. The annual report points to an orientation towards the energy transition and sustainable infrastructure, which may shape demand over the long term 1.
The group's activity is sensitive to public and private investment cycles, material costs and environmental rules, themes that appear in the sustainability chapters of the report 1.
Trends
- Energy transition and decarbonisationtailwind
The group has set up a Climate Change Mitigation Transition Plan and aims to reduce emissions, which could open opportunities in sustainable projects if sector investment grows 1.
- Environmental compliance costsheadwind
Reporting requirements and emission-reduction targets, including the rollout of a GHG Protocol, add administrative and operational costs that could weigh on margins if not offset 1.
- Consolidation in mining and servicesmixed
The Pybar acquisition shows interest in underground mining services; if sector demand rises this segment could contribute to growth, but it remains sensitive to metal prices 1.
- Digitalisation and innovationmixed
The group emphasises digitalisation and process innovation and lower resource use, which can improve operational efficiency but requires continued investment 1.
Competitive position
The source provided does not detail the group's competitors; ACS operates in fields where it competes with other large international construction and services companies, and its relative position cannot be established from the annual report alone 1.
The group's competitive edge appears to come from its international scale, diversification across subsidiaries and capacity to integrate acquisitions, but competitive pressure could rise if construction margins narrow 1.
- International construction companies
Generic competitors in infrastructure construction; the source does not name specific firms.
- Mining services companies
Competition in underground mining services, where Thiess is active through Pybar.
- Transport infrastructure operators
Competition in concessions and infrastructure management, where Iridium holds stakes.
- Industrial services firms
Competition in maintenance and operation services for industrial clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ACS, Actividades de Construcción y Servicios, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.