Barclays ups ACS on data centre valuation gap

HOCHTIEF AG

09/03/2026 08:30

Corrects ACS stake in paragraph 6

** Barclays upgrades Spanish construction group ACS ACS.MC to "overweight" from "equal-weight" and raises its PT by 63% to 127 euros on a data centre valuation gap

** It highlights ACS as "best positioned" among contractors to capture upside potential from the data centre growth due to its strategic focus and early investment

** It says the market ascribes minimal value to ACS-owned platforms, creating what the broker sees as a "free option" on an advanced business

** A bottom-up analysis implies over 3 billion euros for its initial 1.7GW pipeline, which is not yet priced in, it adds

** As an upcoming catalyst to prove the data centre valuation, it points to the first lease expected in H1 2026, with over 250 MW to be commercialized by year-end

** Barclays reiterates an "equal-weight" on the German unit Hochtief HOTG.DE, in which ACS holds an about 79% stake, as the data centre theme is already reflected in its valuation

(Reporting by Marta Serafinko in Gdansk)

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