Alphavalue has raised its rating on Spanish construction group ACS (BME:ACS) from Reduce to Add as of Friday, highlighting the U.S. construction subsidiary Turner as the chief catalyst for the upgrade. Turner reported a currency‑adjusted sales increase of 22.7% and an expansion of operating margins by roughly 70 basis points, indicating robust top‑line and profitability momentum. The broker also noted that artificial intelligence and digital projects now constitute 44% of Turner’s €46 billion order backlog, reflecting a significant shift toward technology‑driven construction work.
In parallel, ACS completed the full acquisition of Australian mining firm Thiess, which is expected to cut minority‑interest leakage from 22.6% to 19%, thereby enhancing earnings attributable to ACS shareholders. The acquisition, together with a €1.7 billion capital raise and S&P’s upgrade of ACS’s credit rating to BBB, is projected to lower the company’s financing costs. These developments collectively underpin Alphavalue’s more optimistic outlook for ACS, positioning the group for continued growth and improved financial efficiency.