The infrastructure group Hochtief has suffered from emerging concerns about potentially unprofitable investments in new AI data centers. After the brilliant rally before (+34% two months), profit-taking is understandable.
Nevertheless, the segment remains a promising growth market for Hochtief, as evidenced by the investment in the construction of a data center campus for Facebook parent company Meta worth USD 10 billion announced at the beginning of December.
However, the 12-month forward P/E ratio of 15 is now slightly above the 10-year average.