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 28,209 - -
Change - 3.9% 53.37% 16.64% 75.83% 30.09% - -
Enterprise Value (EV) 1 4,627 6,670 10,174 13,035 21,667 26,924 26,709 25,843
Change - 44.17% 52.52% 28.12% 66.23% 24.26% -0.8% -3.24%
P/E 2.19x 10.7x 13.4x 15x 23x 23.8x 20.4x 17.6x
PBR 1.03x 1.25x 1.96x 2.32x 4.58x 4.56x 4.24x 3.67x
PEG - -0.1x 0.7x 1.96x 1.6x 1.5x 1.2x 1.1x
Capitalization / Revenue 0.24x 0.21x 0.3x 0.3x 0.44x 0.51x 0.46x 0.43x
EV / Revenue 0.17x 0.2x 0.28x 0.31x 0.43x 0.49x 0.44x 0.39x
EV / EBITDA 2.9x 3.82x 5.33x 5.31x 7.06x 7.67x 6.92x 6.18x
EV / EBIT 4.27x 6.03x 7.67x 8.2x 10.3x 10.9x 9.6x 8.39x
EV / FCF -25.3x 7.23x 10.1x 6.11x 9.41x 14.5x 12.2x 11x
FCF Yield -3.96% 13.8% 9.9% 16.4% 10.6% 6.88% 8.21% 9.05%
Dividend per Share 2 2 2 1.96 - 2.01 2.526 2.866 3.179
Rate of return 8.49% 7.47% 4.88% - 2.37% 2.48% 2.82% 3.12%
EPS 2 10.74 2.5 3 3.23 3.69 4.282 4.998 5.779
Distribution rate 18.6% 80% 65.3% - 54.5% 59% 57.3% 55%
Net sales 1 27,837 33,615 35,738 41,633 49,848 55,443 61,280 66,285
EBITDA 1 1,598 1,747 1,909 2,456 3,070 3,511 3,857 4,182
EBIT 1 1,084 1,106 1,326 1,590 2,100 2,461 2,781 3,081
Net income 1 3,045 668.2 780 828 950.3 1,124 1,321 1,517
Net Debt 1 -2,009 -224 -400 702 -17 -1,285 -1,500 -2,365
Reference price 2 23.57 26.77 40.16 48.44 84.85 101.80 101.80 101.80
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.($)
23.77x0.49x7.67x2.48% 32.7B
53.36x2.44x23.34x0.07% 91.92B
12.55x1.07x5.87x4.66% 73.3B
26.81x2.06x20.21x1.14% 57.84B
32x4.01x21.78x0.21% 54.61B
51.64x4.16x26.42x1.72% 41.87B
28.9x0.71x11.78x2.14% 36.27B
22.45x1.53x14.11x0.21% 32.43B
5.21x0.32x5.81x5.32% 26.8B
13.85x0.38x4.24x4.8% 19.86B
Average 27.06x 1.72x 14.12x 2.28% 46.76B
Weighted average by Cap. 30.48x 1.97x 15.86x 1.93%

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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