SPIE SA (SPIE) Fair Value & Analysis
Industrials · FR · Market cap €8.2B · ISIN FR0012757854
What is SPIE SA really worth?
Below-average quality, and trading another 50% above our fair value of €29.12.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 26 valuation models · updated 13 days ago
Share price −6.4% 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 sits above even our optimistic bull case (€40.89). The favourable scenario is already priced in.
- Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (€17.36 to €40.89) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range €16.51 – €52.88 · fair‑value band €17.36 – €40.89 · the €43.80 price screens above the €29.12 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 23, 2026.
Analysis
SPIE SA (SPIE) currently trades at €43.80, while our model-based Fair Value estimate is €29.12, implying the stock looks roughly 50.4% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of €49.62 per share, and 10 of the 26 models we run sit above the €43.80 price. Bear case: the Earnings-Based group reads lowest at €6.27, and 16 of the 26 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, SPIE SA generated revenue of €10.5B at a net margin of 1.7%. Revenue grew 2.6% year over year. It earns a return on equity of 8.4%. Net debt stands at €2.0B. Fundamentals as of Aug 23, 2026
Our scenario range runs from €17.36 (bear case) to €40.89 (bull case); at €43.80, the current price sits above 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 18% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −34%, SPIE screens cheaper than that median.
Fair Value models
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.
All 26 models by family
Widest divergence: Growth DCF (€49.62) versus Earnings-Based (€6.27). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 42 · Market factors (momentum, volatility) 45
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
SPIE SA provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally. It operates through five segments: France, Germany, North-Western Europe, Central Europe, and Global Services Energy.
Full company description
SPIE SA provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally. It operates through five segments: France, Germany, North-Western Europe, Central Europe, and Global Services Energy. The company provides design, ICT consultancy and engineering, installation, maintenance and maintenance durability, technical facility management, and managed services. It also offers E-Mobility, smart packing, barriers, smart FM 360, energy efficiency, modernization, maintid, fabloop, IoT and data management, control room, ergonomie, and cybersecurity products. SPIE SA was founded in 1900 and is headquartered in Cergy-Pontoise, France.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
SPIE SA reported revenue of €10.4B in FY2025 versus €7.0B in FY2021, a compound +10.4%/yr. Reported net income was €176M in FY2025, compounding +1.1%/yr from FY2021.
of which total revenue +7.4 % · buybacks/dilution −9.8 %
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).
SPIE screens 50% overvalued. Compare with Quanta Services, Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SPIE SA (SPIWF) (H1 2026) Earnings Call Highlights: Strong Revenue Growth and Margin Expansion ...
- SPIE - Press release - 2026 Half-Year results
- SPIE acquires nimeg ag
- SPIE implements a liquidity contract with BNP Paribas Financial Markets
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
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.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 23, 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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