ACS, Actividades de Construcción y Servicios, S.A. (ACS.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+100.9%

€180.92

vs €90.05 price

Levered DCF

€258.28

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.68

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.99×	15×	13.39×	11.39×	2.49×	13.92×	15.3×	17.26×
P/B	4.54×	2.66×	1.96×	1.37×	1.2×	2.26×	3.53×	3.6×
P/S	0.44×	0.3×	0.29×	0.23×	0.27×	0.27×	0.4×	0.43×
EV / EBITDA	10.68×	5.72×	6.19×	4.34×	9.47×	5.92×	5.48×	6.21×
Gross margin	9.3%	32.1%	31.6%	30.5%	31.7%	30.0%	34.1%	34.5%
Operating margin	2.9%	3.5%	2.3%	0.8%	2.0%	-0.9%	4.0%	3.9%
Net margin	1.9%	2.0%	2.2%	2.0%	10.9%	2.0%	1.8%	2.5%
Current ratio	1.16×	1.17×	1.2×	1.28×	1.43×	1.08×	1.01×	1.06×
Debt / equity	3.34×	3.04×	1.95×	1.98×	1.73×	3.34×	2.48×	1.9×
Interest coverage	1.63×	1.71×	1.31×	0.57×	1.62×	-0.73×	3.46×	27.94×
Dividend yield	1.9%	2.9%	3.8%	4.6%	5.2%	6.1%	3.1%	2.0%
Payout ratio	44.3%	44.5%	50.6%	52.6%	13.0%	85.4%	67.9%	34.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.7%	17.6%	14.6%	12.0%	48.1%	16.3%	16.2%	20.9%
Return on invested capital	4.4%	6.5%	3.6%	1.1%	-33.9%	-1.0%	8.5%	6.5%
Return on assets	2.1%	2.0%	2.1%	1.8%	8.5%	1.5%	1.9%	2.7%
Free cash flow yield	10.5%	17.4%	9.6%	19.2%	-2.4%	3.3%	7.8%	9.6%
Earnings yield	4.4%	6.6%	7.5%	8.8%	40.1%	7.2%	4.6%	5.8%
Enterprise value	€25.8B	€15.5B	€11.8B	€9.2B	€7.6B	€12B	€18.4B	€17.2B
Net debt / EBITDA	1.65×	1.08×	0.69×	0.75×	0.06×	1.98×	0.84×	0.5×
Cash conversion cycle (days)	17	-25	-1	-18	-12	-8	-38	-27