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Koninklijke BAM Groep NV (BAMNB) Fair Value & Analysis

Industrials · NL · Market cap €3.0B · ISIN NL0000337319

What is Koninklijke BAM Groep NV really worth?

KB Koninklijke BAM Groep NV BAMNB · AS
Price€11.42
Fair Value€15.34
Upside+34.3%
Quality69/100

A solid business, trading 26% below our fair value of €15.34.

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Strengths

Low debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Weak Growth (revenue 5y +0.8 %/yr)
!Thin margins · 3.0% net margin
!Moderate moat 47/100

For context

·2.63% dividend yield
Evidence: High Range €11.81 – €18.87

Fair value as of: Aug 30, 2026

From 24 valuation models · updated 6 days ago

Share price −3.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (€11.81). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

€12.70 €1.56 Fair Value €15.34 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range €1.56 – €12.70 · fair‑value band €11.81 – €18.87 · the €11.42 price screens below the €15.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Koninklijke BAM Groep NV (BAMNB) currently trades at €11.42, while our model-based Fair Value estimate is €15.34, implying the stock looks roughly 25.6% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €17.05 per share, and 17 of the 24 models we run sit above the €11.42 price. Bear case: the Dividend Discount group reads lowest at €2.46, and 7 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Koninklijke BAM Groep NV generated revenue of €7.0B at a net margin of 3.0%. Revenue grew 7.3% year over year. It earns a return on equity of 22.8%. The balance sheet holds a net cash position of €311M. Fundamentals as of Aug 30, 2026

Our scenario range runs from €11.81 (bear case) to €18.87 (bull case); at €11.42, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 66% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 34%, BAMNB screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.3384 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €13.35 €17.04 €23.69 81
Growth DCF €13.78 €17.34 €23.25 80
Owner Earnings €14.22 €18.23 €25.45 77
All 24 models by family
DCF Models
FCF DCF €13.35 €17.04 €23.69 81
Owner Earnings €14.22 €18.23 €25.45 77
5Y Revenue Exit €11.43 €14.75 €19.57 74
5Y EBITDA Exit €14.51 €20.07 €27.45 76
5Y P/E Exit €13.91 €19.04 €25.17 71
10Y Revenue Exit €11.94 €14.46 €17.11 68
10Y EBITDA Exit €13.96 €17.68 €21.65 70
10Y P/E Exit €13.60 €17.05 €20.33 65
Earnings-Based
Graham-Dodd €5.58 €6.88 €7.76 67
EPV €9.45 €10.43 €11.28 74
Dividend Discount
Gordon GGM €2.25 €2.46 €2.76 69
DDM Multi-Stage €2.25 €2.79 €3.52 67
Multiples
P/E Multiple €12.92 €17.23 €21.53 63
P/S Multiple €10.46 €13.95 €17.43 58
P/B Multiple €10.46 €13.95 €17.43 55
EV/EBIT €13.81 €17.35 €20.88 66
EV/EBITDA €17.30 €22.00 €26.69 67
EV/Revenue €10.78 €14.02 €17.26 54
Asset-Based
NCAV (Graham) €1.86 €2.50 €3.72 54
Growth DCF
Growth DCF €13.78 €17.34 €23.25 80
Rev-Margin DCF €11.43 €14.99 €19.41 74
Economic Profit
Residual Income €5.14 €6.83 €28.26 64
ROIC Compounder €9.45 €10.50 €11.44 72
Growth Earnings
Growth-Adj P/E €9.12 €13.03 €16.94 67

Widest divergence: DCF Models (€17.05) versus Dividend Discount (€2.46). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 14.1
P/S ratio 0.42 P/E × margin
EPS (TTM) €0.8000 price ÷ EPS = P/E 14.1
Dividend yield 2.6% payout 37.5%
Net margin 3.0% FY2025
Return on equity 22.8% TTM
More key figures
Profitability
Return on assets (EBIT) 3.7% avg 5y
Operating margin 3.5% TTM
Growth
Revenue (TTM) €7.0B TTM
Revenue growth (YoY) +7.3% 3y avg +2.1%
EPS growth (YoY) +90.0%
Balance sheet & cash flow
Free cash flow €281M FY2025
Net cash €311M FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 67 · Market factors (momentum, volatility) 75

Profitability 53
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 99
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Koninklijke BAM Groep nv, together with its subsidiaries, provides products and services in the construction and property and civil engineering sectors in the Netherlands, the United Kingdom, Ireland, Germany, Belgium, and internationally.

Full company description

Koninklijke BAM Groep nv, together with its subsidiaries, provides products and services in the construction and property and civil engineering sectors in the Netherlands, the United Kingdom, Ireland, Germany, Belgium, and internationally. The company designs, builds, and maintains sustainable buildings, homes, and infrastructure for public and private clients. It is also involved in the development and construction of property; and operation of maintenance and service contracts. Koninklijke BAM Groep nv was founded in 1869 and is headquartered in Bunnik, the Netherlands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Koninklijke BAM Groep NV reported revenue of €7.0B in FY2025 versus €7.3B in FY2021, a compound −1.0%/yr. Reported net income was €211M in FY2025, compounding +84.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€7.0B
Latest YoY
+9.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+74.4% (71.8 + 2.6)
Revenue −1.0%/yr
FY21 €7.3B
FY22 €6.6B
FY23 €6.3B
FY24 €6.5B
FY25 €7.0B
Net income +84.7%/yr
FY21 €18.1M
FY22 €180M
FY23 €175M
FY24 €82.2M
FY25 €211M
Character of growth · EPS growth decomposed (2015-2025) +22.6 % p.a.
Revenue per share −0.7 %

of which total revenue −1.0 % · buybacks/dilution +0.3 %

EBIT margin +13.9 %
Tax rate +1.2 %
Residual (interest, one-offs) +7.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Koninklijke BAM Groep NV Fair Value". https://www.fairvalue-calculator.com/stock/BAMNB

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 816 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside +34% · Above median
Return on equity (TTM) 23% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 7% · Above median
Dividend yield (TTM) 2.6% · Above median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 14.1× · Cheaper than median
P/B 3.61× · Pricier than 75% of peers
P/S (TTM) 0.49× · Cheaper than median
P/FCF 12.3× · Pricier than 75% of peers
EV/EBITDA 9.5× · Pricier than median
PEG 11.11× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE79 · sector 16
FUTURE37 · sector 11
PAST91 · sector 26
HEALTH97 · sector 94
DIVIDEND53 · sector 39

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $620.06 $143.92 −77%
Vinci SA DG €114.35 €185.62 +62%
Comfort Systems USA, Inc FIX $1,615 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.40 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
EMCOR Group EME $775.04 $549.47 −29%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Koninklijke BAM Groep NV (BAMNB) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of €15.34 versus a price of €11.42, about +34% upside (undervalued).
What is the fair value of BAMNB?
Our model-based fair value for Koninklijke BAM Groep NV is €15.34 (as of Aug 30, 2026), built from audited fundamentals. The current price: €11.42.
What is the quality score of BAMNB?
Koninklijke BAM Groep NV has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Koninklijke BAM Groep NV (BAMNB)?
Koninklijke BAM Groep NV reported trailing-twelve-month revenue of about €7.0B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of BAMNB?
The net profit margin of Koninklijke BAM Groep NV is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. Based on the latest reported figures.
Does Koninklijke BAM Groep NV pay a dividend?
Koninklijke BAM Groep NV currently shows a dividend yield of about 2.63% relative to its recent price (as of Aug 30, 2026).
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