Company Valuation: ACS, Actividades de Construcción y Servicios, S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,636 6,894 10,574 12,333 21,684 26,324 - -
Change - 3.9% 53.37% 16.64% 75.83% 21.4% - -
Enterprise Value (EV) 1 4,627 6,670 10,174 13,035 21,667 24,632 24,557 23,752
Change - 44.17% 52.52% 28.12% 66.23% 13.68% -0.31% -3.28%
P/E 2.19x 10.7x 13.4x 15x 23x 22.5x 18.9x 16.6x
PBR 1.03x 1.25x 1.96x 2.32x 4.58x 4.39x 4.1x 3.69x
PEG - -0.1x 0.7x 1.96x 1.6x 1.6x 1x 1.2x
Capitalization / Revenue 0.24x 0.21x 0.3x 0.3x 0.44x 0.47x 0.43x 0.4x
EV / Revenue 0.17x 0.2x 0.28x 0.31x 0.43x 0.44x 0.4x 0.36x
EV / EBITDA 2.9x 3.82x 5.33x 5.31x 7.06x 7.03x 6.37x 5.69x
EV / EBIT 4.27x 6.03x 7.67x 8.2x 10.3x 10x 8.84x 7.73x
EV / FCF -25.3x 7.23x 10.1x 6.11x 9.41x 18.7x 12.4x 11.5x
FCF Yield -3.96% 13.8% 9.9% 16.4% 10.6% 5.36% 8.04% 8.68%
Dividend per Share 2 2 2 1.96 - 2.01 2.602 2.963 3.304
Rate of return 8.49% 7.47% 4.88% - 2.37% 2.74% 3.12% 3.48%
EPS 2 10.74 2.5 3 3.23 3.69 4.216 5.021 5.733
Distribution rate 18.6% 80% 65.3% - 54.5% 61.7% 59% 57.6%
Net sales 1 27,837 33,615 35,738 41,633 49,848 55,486 61,205 66,244
EBITDA 1 1,598 1,747 1,909 2,456 3,070 3,506 3,853 4,176
EBIT 1 1,084 1,106 1,326 1,590 2,100 2,456 2,779 3,073
Net income 1 3,045 668.2 780 828 950.3 1,133 1,364 1,550
Net Debt 1 -2,009 -224 -400 702 -17 -1,692 -1,767 -2,573
Reference price 2 23.57 26.77 40.16 48.44 84.85 95.00 95.00 95.00
Nbr of stocks (in thousands) 281,531 257,535 263,286 254,594 255,562 277,098 - -
Announcement Date 2/24/22 2/27/23 2/29/24 2/27/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
58.37x2.69x25.68x0.06% 102B
11.76x1.02x5.57x4.97% 66.61B
35.58x4.48x24.33x0.19% 60.72B
24.84x1.93x18.95x1.19% 52.74B
49.38x3.96x25.08x1.96% 38.53B
24.02x1.64x15.14x0.19% 34.7B
27.92x0.7x11.55x2.21% 34.5B
22.53x0.44x7.03x2.74% 29.63B
5.01x0.31x5.98x5.63% 26.75B
Average 28.82x 1.91x 15.48x 2.13% 49.54B
Weighted average by Cap. 32.95x 2.18x 17.31x 1.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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