ACS Actividades de Construccion y Servicios SA (ACS) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of ACS Actividades de Construccion y Servicios SA stock €62.21, price €84.95, that is 26.8% below the price, quality 56 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 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. As of Nov 3, 2026.
How to read this chart
60‑month range €16.40 – €138.35 · fair‑value band €46.46 – €80.76 · the €84.95 price screens above the €62.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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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.
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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 Construccion y Servicios SA (ACS) currently trades at €84.95, while our model-based Fair Value estimate is €62.21, 27% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €111.29 per share, and 10 of the 24 models we run sit above the €84.95 price.
Bear case: the Dividend Discount group reads lowest at €18.57, and 14 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €46.46 (bear) to €80.76 (bull), the price of €84.95 sits above 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 56/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ACS Actividades de Construccion y Servicios SA reported revenue of €49.8B in FY2025 versus €27.8B in FY2021, a compound +15.7%/yr. Reported net income was €950M in FY2025, compounding −25.3%/yr from FY2021.
Key figures
Market cap €22.1B Large · P/E ratio 18.5 · P/S ratio 0.54 · EPS (TTM) €4.60 · Dividend yield 2.7% · Net margin 2.0% · Return on equity 24.1% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −41% fair-value upside, at −27%, ACS screens cheaper than that median.
Fair Value models
Bear€46.46Fair Value €62.21Bull€80.76
Price €84.95 · Downside -26.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.93 per share) are deliberately not added.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.Coverage ⓘCoverage = 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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.7%
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.
+14.0%
Revenue growth 5 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.
+11.2%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 25 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.
−9.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.6%
Dividend (yield on the price)2.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.6% vs 4.9%, picking up
Profit margin 2020 to 2025 ⓘ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.−1% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −6.3% a year for the price and +7.2% for the forecasts.
AI conclusion: The company's main strength lies in rapid expansion of its data center backlog from AI demand while its main weakness remains low-margin traditional construction with elevated leverage and client concentration risks.
Main risk: A small number of hyperscale technology firms could reduce or cancel large data center contracts, hitting ACS's rapidly expanded backlog and margins in its engineering and construction activities.
Bull case: ACS could leverage its scale and Turner subsidiary's established relationships to win a broader mix of data center and defense projects while adopting AI tools for faster delivery and higher margins.
Bear case: If hyperscale clients concentrate orders with fewer contractors or rivals undercut on price and execution, ACS could see its data center backlog shrink sharply and traditional infrastructure work remain exposed to cycles without offsetting growth.
ACS has rapidly expanded its data center project backlog to over sixty billion dollars, fueled by AI-driven demand across multiple continents. Its traditional engineering and construction activities, however, remain exposed to the usual infrastructure cycle and client concentration risks. Will the digital infrastructure contracts lift overall profitability more than they increase dependence on a narrow set of hyperscale clients?
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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 · 788 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−26.8% · Below median
Profitability
Return on equity (12 months)24.1% · Top 25%
Return on assets2.6% · Above median
Net margin (12 months)2.5% · Below median
Operating margin (12 months)3.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.2% · Above median
Dividend yield (12 months)2.7% · Above median
Balance sheet
Debt / equity2.36× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)18.5× · Pricier than median
P/B4.60× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.54× · Cheaper than median
Price / free cash flow12.2× · Cheaper than median
EV/EBITDA11.7× · Pricier than median
PEG1.08× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 34
FUTURE (revenue growth)61· sector 20
PAST (return on equity)96· sector 30
HEALTH (low debt)0· sector 94
DIVIDEND (yield)55· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ACS Actividades de Construccion y Servicios SA Fair Value". https://www.fairvalue-calculator.com/stock/ACS
Frequently asked questions
Is ACS Actividades de Construccion y Servicios SA (ACS) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of €62.21 versus a price of €84.95, about 27% lower (overvalued).
What is the fair value of ACS?
Our model-based fair value for ACS Actividades de Construccion y Servicios SA is €62.21 (as of Nov 3, 2026), built from audited fundamentals. The current price: €84.95.
What is the quality score of ACS?
ACS Actividades de Construccion y Servicios SA has a Quality Score of 56/100. 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 Construccion y Servicios SA (ACS)?
Our model-based price target is the fair value of €62.21 (as of Nov 3, 2026) from 24 valuation models. Cautious scenario €46.46, optimistic scenario €80.76. It is a calculation from audited fundamentals, not an analyst target.
What is the ACS Actividades de Construccion y Servicios SA stock forecast for 2026?
Our models put fair value at €62.21, about 27% lower versus a price of €84.95 (overvalued). Cautious scenario €46.46, optimistic scenario €80.76. The calculation is refreshed regularly with new filings.
What is the revenue of ACS Actividades de Construccion y Servicios SA (ACS)?
ACS Actividades de Construccion y Servicios SA reported trailing-twelve-month revenue of about €51.9B (latest available figure, as of Nov 3, 2026).
Does ACS Actividades de Construccion y Servicios SA pay a dividend?
ACS Actividades de Construccion y Servicios SA currently shows a dividend yield of 2.73% relative to its recent price (as of Nov 3, 2026).
What growth is priced into ACS Actividades de Construccion y Servicios SA (ACS)?
For today's price to be fair in a discounted-cash-flow model, ACS Actividades de Construccion y Servicios SA would have to grow free cash flow by -4.3 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of ACS use?
Our models discount ACS Actividades de Construccion y Servicios SA at 9.6 %: a base by market capitalisation (large), damped by beta 0.65, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ACS Actividades de Construccion y Servicios SA that is -4.3 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has ACS Actividades de Construccion y Servicios SA (ACS) delivered so far?
Over the past 5 years revenue at ACS Actividades de Construccion y Servicios SA grew +11.2 % a year. The price currently implies -4.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ACS Actividades de Construccion y Servicios SA (ACS) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into ACS Actividades de Construccion y Servicios SA (-4.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ACS Actividades de Construccion y Servicios SA (ACS)?
The free-cash-flow yield on the price is 10.40 %: that much free cash flow ACS Actividades de Construccion y Servicios SA produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ACS Actividades de Construccion y Servicios SA (ACS)?
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 Construccion y Servicios SA it is €62.21 per share (as of Nov 3, 2026), against a price of €84.95. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is ACS Actividades de Construccion y Servicios SA stock overvalued or undervalued in 2026?
As of Nov 3, 2026, ACS trades above its calculated fair value: price €84.95, fair value €62.21, a gap of about −27% (overvalued). 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 ACS?
No. The price is what the market pays today (€84.95); the fair value is what the company's own numbers justify (€62.21). For ACS Actividades de Construccion y Servicios SA the two are €22.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is ACS Actividades de Construccion y Servicios SA worth?
The market values ACS Actividades de Construccion y Servicios SA at about €22.1B (market capitalisation, as of Nov 3, 2026). Per share that is €84.95; our models calculate a fair value of €62.21 per share.
What do the bullish and bearish scenarios say about ACS?
Our models span a range for ACS Actividades de Construccion y Servicios SA: cautious scenario €46.46, base €62.21, optimistic €80.76 per share (as of Nov 3, 2026, price €84.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ACS?
ACS Actividades de Construccion y Servicios SA trades at a price-to-earnings ratio of 18.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €62.21 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 25.5 (reported for FY2025: 23.0). Other multiples: PEG 1.1, P/B 4.6, P/S 0.5, EV/EBITDA 11.7.
What is the PEG ratio of ACS?
The PEG ratio of ACS Actividades de Construccion y Servicios SA is 1.08 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ACS Actividades de Construccion y Servicios SA (ACS)?
Balance-sheet figures for ACS Actividades de Construccion y Servicios SA (as of Nov 3, 2026): return on equity 24.1%, debt of 2.36 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is ACS from its 52-week high?
ACS Actividades de Construccion y Servicios SA trades at €84.95, about 39% below its 52-week high of €138.35 and 20% above the low of €70.90 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €62.21 is for.
Which stocks are comparable to ACS Actividades de Construccion y Servicios SA?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Construccion y Servicios SA stock attractive at the current price?
The data as of Nov 3, 2026: price €84.95, calculated fair value €62.21 (−27%), Quality Score 56/100, from 24 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 ACS calculated?
We run ACS Actividades de Construccion y Servicios SA through 24 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 €62.21, 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 15.0% above its aggregate fair value. ACS Actividades de Construccion y Servicios SA itself currently trades above fair value. 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 Construccion y Servicios SA (ACS)?
The closing price on Nov 5, 2026 was €84.95. Our model-based fair value is €62.21, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ACS Actividades de Construccion y Servicios SA right now?
The price sits above even our optimistic bull case (€80.76). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of ACS Actividades de Construccion y Servicios SA (ACS) come from?
Earnings per share at ACS Actividades de Construccion y Servicios SA grew +5.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin −1.1 %, tax rate +2.0 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ACS Actividades de Construccion y Servicios SA
How large is the market capitalisation of ACS Actividades de Construccion y Servicios SA (ACS)?
The market capitalisation of ACS Actividades de Construccion y Servicios SA is €22.1B. 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 Construccion y Servicios SA (ACS)?
The price-to-sales ratio of ACS Actividades de Construccion y Servicios SA is 0.54 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ACS Actividades de Construccion y Servicios SA (ACS)?
Earnings per share at ACS Actividades de Construccion y Servicios SA are €4.60 (price ÷ EPS = P/E 18.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ACS Actividades de Construccion y Servicios SA (ACS)?
The dividend yield of ACS Actividades de Construccion y Servicios SA is 2.7% (payout 56.0%, on adjusted earnings, reported 50.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ACS Actividades de Construccion y Servicios SA (ACS)?
The net margin of ACS Actividades de Construccion y Servicios SA is 2.0% (last twelve months). 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 Construccion y Servicios SA (ACS)?
The return on equity (ROE) of ACS Actividades de Construccion y Servicios SA is 24.1% (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 Construccion y Servicios SA (ACS)?
On an EBIT basis the return on assets of ACS Actividades de Construccion y Servicios SA is 2.2% (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 Construccion y Servicios SA (ACS)?
The operating margin of ACS Actividades de Construccion y Servicios SA is 3.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ACS Actividades de Construccion y Servicios SA (ACS)?
Revenue at ACS Actividades de Construccion y Servicios SA is growing +12.2% versus a year earlier (3y avg +14.0%). 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 Construccion y Servicios SA (ACS)?
Earnings per share at ACS Actividades de Construccion y Servicios SA are growing +5.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ACS Actividades de Construccion y Servicios SA (ACS) carry?
The net debt of ACS Actividades de Construccion y Servicios SA is €4.0B (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026