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72Buffett Hold ACS Equity Research: Construction Scale, AI Infrastructure, and the Cost of a Re-rating ACS is the Madrid-listed infrastructure group whose earnings now come mainly from Turner's North American construction-management business and from the operations it controls through Hochtief. First-half 2026 sales were €26.17 billion and attributable net profit €510 million, with Turner's backlog at a record €46.1 billion on a 4.0% EBITDA margin, but the group fully consolidates a Hochtief it owns 77.77% of, so €149.5 million of the half's consolidated income belonged to minority shareholders rather than to ACS. Rating Hold: at €105.60, roughly 24 to 25 times the report's estimate of 2026 operational earnings, the re-rating is earned but the €72 to €80 conservative value leaves no margin of safety. ACS, Actividades de Construcción y Servicios, S.A.ACS · MCConstruction & Engineering21 de agosto de 2026