ACS looks like an interesting opportunity after the correction: it trades at €90.15, 35.8% below its annual high, while maintaining a P/E of 19.7x, below Ferrovial (34.1x), Acciona (32.8x) and Sacyr (24.5x). Expected growth supports paying that valuation: EPS could rise 25.0% in 2026 and 20.8% in 2027, reaching €5.025. In addition, it generated €1,219M in free cash flow in Q2 2026 (+4.6%) and reduced debt-to-equity by 20.7%, although the level of 2.70 warrants monitoring. I am not ignoring the 2.0% net margin, which is down 0.1 percentage points, or the 18.0% quarterly decline in the share price. With 13 of 17 analysts rating it a buy and a median price target of €130.00, I am initiating a moderate position.
I am initiating a moderate position based on EPS growth, a sector discount and strong consensus upside.