AlphaValue cuts Spain's FCC to 'add' as value may take time to emerge

Fomento de Construcciones y Contratas

13/08/2026 08:41

** AlphaValue downgrades Spanish environmental group FCC FCC.MC to "add" from "buy," as value "may take time to emerge
** Cuts target price by 12% to €13.4
** Shares rise 0.5% in Madrid general index .SMSI
** Notes that with a free float of around 10%, the firm is effectively controlled by the Slim and Koplowitz families, resulting in thin stock liquidity
** "This has supported disciplined capital allocation, but leaves no clear catalyst for closing the valuation discount," broker says 
** Points out that the group's scrip dividend added 18.1 million shares, creating further dilution and spreading the enterprise value across more shares
** Broker adjusts its earnings forecasts to reflect FCC's current perimeter and new structure after it spun off cement and property units and sold a 25% stake in environmental services
** Out of 6 analysts that cover FCC, four rate the stock "strong buy" or "buy"​ and two rate "hold" - data compiled by LSEG 

     
     

 (Reporting by Marta Serafinko in Gdansk)
 ((marta.serafinko@thomsonreuters.com;))