ACS, Actividades de Construcción y Servicios, S.A (0HAC) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of ACS, Actividades de Construcción y Servicios, S.A €336, price €94.35, upside +255.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €16.88 – €138.25 · fair‑value band €233.43 – €437.80 · the €94.35 price screens below the €335.62 fair value. Dashed = 300-day average. As of Sep 24, 2026.
ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, the United States, Australia, Canada, Germany, the rest of Europe, and internationally. It operates through five segments: Turner, CIMIC, Engineering and Construction, Infrastructure, and Other.
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ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, the United States, Australia, Canada, Germany, the rest of Europe, and internationally. It operates through five segments: Turner, CIMIC, Engineering and Construction, Infrastructure, and Other. The Turner segment offers comprehensive construction and project management services, focusing on high-tech growth markets, including data centers and battery plants, primarily in North America. The CIMIC segment delivers construction, services, and public-private partnership (PPP) solutions, and includes mining services through Thiess. The Engineering and Construction segment encompasses Dragados' activities in Europe and North America, as well as Hochtief's construction and PPP operations in Europe. The Infrastructure segment covers Iridium and ACS Digital & Energy, and manages a 50% equity interest in Abertis Infraestructuras, S.A., focusing on digitalization, energy transition, sustainable mobility, concessions, and traditional infrastructure across Europe, Latin America, and North America. The Other segment comprises real estate, renewable energy, water assets, facilities management, social and health services, and insurance activities. The company offers services such as public and private works construction, maintenance and operation of transport and urban infrastructure, building restoration, development and management of energy and digital infrastructure, environmental services, waste treatment, logistics, and auxiliary urban services. ACS, Actividades de Construcción y Servicios, S.A. was incorporated in 1942 and is based in Madrid, Spain.
Stock analysis
ACS, Actividades de Construcción y Servicios, S.A (0HAC) currently trades at €94.35, while our model-based Fair Value estimate is €335.62, implying the stock looks roughly 71.9% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €287.71 per share, and 18 of the 23 models we run sit above the €94.35 price.
Bear case: the Asset-Based group reads lowest at €33.78, and 5 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: €233.43 (bear) to €437.80 (bull), the price of €94.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
ACS, Actividades de Construcción y Servicios, S.A reported revenue of €34.9B in FY2020 versus €32.0B in FY2016, a compound +2.2%/yr. Reported net income was €574M in FY2020, compounding −6.5%/yr from FY2016.
Key figures
Market cap €6.6B · P/S ratio 0.13 · Net margin 1.6% · Return on equity 24.6% · Return on assets (EBIT) 4.6% · Operating margin 4.5% · Revenue (TTM) €50.4B · Revenue growth (YoY) +4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −33% fair-value upside, at 256%, 0HAC screens cheaper than that median.
Fair Value models
Bear €233.43Fair Value €335.62Bull €437.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−10.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
’16
’17
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.8% (2016) → 4.3% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Compare ACS, Actividades de Construcción y Servicios, S.A with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 779 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)24.6% · Top 25%
Return on assets3.4% · Above median
Net margin (TTM)2.0% · Below median
Operating margin (TTM)4.5% · Below median
Growth and dividend
Revenue growth4.7% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity2.37× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "ACS, Actividades de Construcción y Servicios, S.A Fair Value". https://www.fairvalue-calculator.com/stock/0HAC
Frequently asked questions
Is ACS, Actividades de Construcción y Servicios, S.A (0HAC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €335.62 versus a price of €94.35, about +256% upside (undervalued).
What is the fair value of 0HAC?
Our model-based fair value for ACS, Actividades de Construcción y Servicios, S.A is €335.62 (as of Sep 24, 2026), built from audited fundamentals. The current price: €94.35.
What is the quality score of 0HAC?
ACS, Actividades de Construcción y Servicios, S.A has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
Our model-based price target is the fair value of €335.62 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario €233.43, optimistic scenario €437.80. It is a calculation from audited fundamentals, not an analyst target.
What is the ACS, Actividades de Construcción y Servicios, S.A stock forecast for 2026?
Our models put fair value at €335.62, about +256% upside versus a price of €94.35 (undervalued). Cautious scenario €233.43, optimistic scenario €437.80. The calculation is refreshed regularly with new filings.
What is the revenue of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
ACS, Actividades de Construcción y Servicios, S.A reported trailing-twelve-month revenue of about €50.4B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ACS, Actividades de Construcción y Servicios, S.A it is €335.62 per share (as of Sep 24, 2026), against a price of €94.35. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is ACS, Actividades de Construcción y Servicios, S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0HAC trades below its calculated fair value: price €94.35, fair value €335.62, a gap of about +256% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0HAC?
No. The price is what the market pays today (€94.35); the fair value is what the company's own numbers justify (€335.62). For ACS, Actividades de Construcción y Servicios, S.A the two are €241.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is ACS, Actividades de Construcción y Servicios, S.A worth?
The market values ACS, Actividades de Construcción y Servicios, S.A at about €6.6B (market capitalisation, as of Sep 24, 2026). Per share that is €94.35; our models calculate a fair value of €335.62 per share.
What do the bullish and bearish scenarios say about 0HAC?
Our models span a range for ACS, Actividades de Construcción y Servicios, S.A: cautious scenario €233.43, base €335.62, optimistic €437.80 per share (as of Sep 24, 2026, price €94.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
Balance-sheet figures for ACS, Actividades de Construcción y Servicios, S.A (as of Sep 24, 2026): return on equity 24.6%, debt of 2.37 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 0HAC from its 52-week high?
ACS, Actividades de Construcción y Servicios, S.A trades at €94.35, about 32% below its 52-week high of €138.25 and 38% above the low of €68.33 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €335.62 is for.
Which stocks are comparable to ACS, Actividades de Construcción y Servicios, S.A?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ACS, Actividades de Construcción y Servicios, S.A stock attractive at the current price?
The data as of Sep 24, 2026: price €94.35, calculated fair value €335.62 (+256%), Quality Score 51/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0HAC calculated?
We run ACS, Actividades de Construcción y Servicios, S.A through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €335.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ACS, Actividades de Construcción y Servicios, S.A currently trades 72 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The closing price on Oct 2, 2026 was €94.35. Our model-based fair value is €335.62, about +256% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ACS, Actividades de Construcción y Servicios, S.A right now?
The price is below even our cautious bear case (€233.43). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€233.43 to €437.80) leaves room in how you read the outcome.
Key figures of ACS, Actividades de Construcción y Servicios, S.A
How large is the market capitalisation of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The market capitalisation of ACS, Actividades de Construcción y Servicios, S.A is €6.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The price-to-sales ratio of ACS, Actividades de Construcción y Servicios, S.A is 0.13 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The net margin of ACS, Actividades de Construcción y Servicios, S.A is 1.6% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The return on equity (ROE) of ACS, Actividades de Construcción y Servicios, S.A is 24.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
On an EBIT basis the return on assets of ACS, Actividades de Construcción y Servicios, S.A is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
The operating margin of ACS, Actividades de Construcción y Servicios, S.A is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
Revenue at ACS, Actividades de Construcción y Servicios, S.A is growing +4.7% versus a year earlier (3y avg +0.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ACS, Actividades de Construcción y Servicios, S.A (0HAC)?
Earnings per share at ACS, Actividades de Construcción y Servicios, S.A are growing +18.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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