ACS: CMD’24 - CRECIMIENTO SIN RIESGO (ANÁLISIS BANCO SABADELL)
CMD’24: Crecimiento sin riesgo. COMPRARDel CMD’24 celebrado ayer destacamos su previsión de CF Neto Operativo’24-26 ~3.300 M euros, lo que unido a desinversiones (>2.000 M euros) dejaría >2.500 M euros disponibles para adquisición de activos concesionales (brownfield y greenfield) y M&A para acelerar la expansión de Turner (EE.UU). Revisamos estimaciones +5% y +12% en EBITDA/BDI’24-26 (-6% y -7% vs consenso) por mejor evolución operativa (Turner/Cimic) y situamos P.O. en 43,00 euros/acc. (+11% potencial). Tras su mal performance reciente (-4% en 2024; -9% vs IBEX) seguimos viendo recorrido con el progresivo “de-risking” de los negocios (~85% cartera), lo que justificaría valoraciones/múltiplos más altos, en línea con sus comparables americanos (>12x EV/EBITDA).
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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