Alphavalue upgrades ACS to "add" on Turner's AI and digital projects

Acs Actividades de Construccion y Servicios SA

14/08/2026 16:34

** Alphavalue raises Spanish construction group ACS ACS.MC to "add" from "reduce", citing US construction unit Turner as its main driver
** "Sales rose 22.7% FX-adjusted, margins expanded by almost 70bp and AI and digital projects now account for 44% of its €46bn backlog", the broker underlines
** It notes that the full acquisition of Australian mining company Thiess also reduces minority leakage from 22.6% towards 19%, increasing profit attributable to ACS shareholders
** The broker also adds that the €1.7 bln capital raise and the S&P upgrade to BBB reduce financing costs
** Out of 19 analysts that cover ACS, nine rate the stock "strong buy" or "buy", ​seven rate it "hold" and three​ rate "strong sell" or "sell"

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))