Hochtief Seals A$1.18 Billion Thiess Deal and Berlin Data Center Win as Shares Slip from Peak
Published on 07/18/2026 at 06:04 | Redaktion boerse-global.de
Hochtief’s stock has shed roughly 10% over the past month, retreating from a 52-week high of €554.50 reached in early May, even as the construction group piles on fresh contracts across three continents and completes a long-planned takeover of its mining services arm. The divergence between operational momentum and market price has become the central story for investors awaiting the half-year report due July 27.
The Essen-based builder landed a major assignment in the German capital alongside its US subsidiary Turner Construction, winning the mandate from NTT Global Data Centers to build a data center campus with 36 megawatts of capacity in Berlin. Valued in the triple-digit million-euro range, the project is slated to break ground in summer 2026. The order book for digital infrastructure continues to swell: Turner is also expanding Meta’s facility in Richland Parish, Louisiana to handle AI workloads, while Leighton Asia — part of the CIMIC group — secured a data center project in Thailand and separately won a contract from Hong Kong’s government to modernise the Sha Tin Transfer Station waste facility.
Parallel to the flurry of project wins, Hochtief moved to fully integrate its mining services business. The company’s Australian subsidiary CIMIC Group completed the acquisition of the remaining shares in Thiess Group from Elliott Advisors (UK) Ltd for A$1.18 billion, effective July 1. Thiess, which handles contract mining across multiple commodities, now sits wholly under CIMIC’s roof, giving Hochtief clearer control over a division that had been partially consolidated for years. The €6.60 per share dividend for fiscal 2025 was paid out in early July as scheduled.
Should investors sell immediately? Or is it worth buying Hochtief?
Analysts have responded to the deal flow with cautious upgrades. Bernstein Research raised its price target on Hochtief to €532.60 on July 14. Jefferies followed the next day, lifting its target from €494 to €508 while maintaining a “Hold” rating. Jefferies analyst Graham Hunt pointed to sustained hyperscaler demand for data center capacity and the strong performance of Turner as underpinning the positive revision, but stopped short of calling the stock a buy at current levels.
At Friday’s close, the shares stood at €455.20 — a 17.9% discount to the 52-week high and down about 10.1% over the trailing 30 days. Despite the pullback, the stock still carries a year-to-date gain of 36%. The combination of a stretched valuation after a long rally and a “Hold” consensus from the Street has tempered enthusiasm, even as the underlying business gathers steam.
All eyes now turn to the half-year figures, set for release on July 27 alongside an analyst conference. With the data center pipeline deepening, the Thiess acquisition now fully consolidated, and the recent contract wins yet to feed into reported revenue, the update will offer the first concrete signal on whether the record order book is translating into earnings acceleration — and whether the current share price reflects more downside consolidation or a fresh buying opportunity.
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