ACS: POTENCIAL DE SUBIDA ADICIONAL (ANÃLISIS BANCO SABADELL)
Potencial de subida adicional. COMPRAR.Revisamos estimaciones a la baja por el Covid-19 de forma que bajo un escenario de recuperación en “V†rebajamos el BDI’20e un –56% (-50% vs 2019; -52% el consenso) y un –7% de media en 2021/22, lo que supone una TACC’19-22e del -5% (-8% en un escenario en “Uâ€), no alcanzando un nivel similar al 2019 hasta el 2024. En base a este escenario situamos nuestro P.O. en 29,19 euros/acc. (-27% vs anterior; 25,8 euros/acc. en el escenario en “Uâ€) que implica un EV/EBITDA’21e de 5,7x (3,8x ex factoring y con minoritarios a BV vs media histórica 5,7x) y un PER’21e de 11,0x (vs media histórica 11,8x). A pesar de que bate un +9% al IBEX 35 desde el máximo del Ãndice el 19/02 cuando empezó el Covid-19, tiene potencial incluso en escenario “Uâ€. COMPRAR.
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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