Elecnor S.A (ENO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Elecnor S.A stock €27.46, price €29.05, that is 5.5% below the price, quality 62 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €5.39 – €41.19 · fair‑value band €20.59 – €34.32 · the €29.05 price screens above the €27.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Elecnor, S.A. engages in the development, construction, and operation of projects and services in Spain and internationally. It operates through three segments: Services, Projects, and Concessions and Own Projects.
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The company offers electricity distribution, telecommunications, and infrastructure maintenance; construction, operation, and maintenance of energy generation and transmission infrastructure; and promotion, financing, investment, and management of energy transmission and generation assets.
It also provides electricity, power generation, maintenance, efficiency energy, telecommunications and systems, railways, gas, facilities, construction, water, environment, and natural resource activities.
In addition, the company offers distribution and transmission networks, substations, transformer stations, and live-line work; public lighting; wind farms, solar photovoltaics, power generation plants, and self-consumption; catenary, traction substations, signaling, and interlocking, and communications; construction and rehabilitation of non-residential buildings; electricity and instrumentation, air conditioning, fire protection, ventilation, automation and control, plumbing and sanitation, security, public address and sound, and comprehensive installations; hydraulic works, water treatment plants, and environmental works.
Elecnor, S.A. was incorporated in 1958 and is based in Madrid, Spain. Elecnor, S.A. operates as a subsidiary of Cantiles XXI, S.L.
Stock analysis
Elecnor S.A (ENO) currently trades at €29.05, while our model-based Fair Value estimate is €27.46, so the stock looks roughly fairly valued today (gap 5.8%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of €69.46 per share, and 16 of the 26 models we run sit above the €29.05 price.
Bear case: the Asset-Based group reads lowest at €6.99, and 10 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €20.59 (bear) to €34.32 (bull), the price of €29.05 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Elecnor S.A reported revenue of €4.4B in FY2025 versus €3.1B in FY2021, a compound +8.9%/yr. Reported net income was €111M in FY2025, compounding +6.6%/yr from FY2021.
Key figures
Market cap €2.5B Mid · P/E ratio 19.1 · P/S ratio 0.56 · EPS (TTM) €1.52 · Dividend yield 11.1% · Net margin 2.9% · Return on equity 13.4% · Return on assets (EBIT) 3.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at −5%, ENO screens cheaper than that median.
Fair Value models
Bear€20.59Fair Value €27.46Bull€34.32
Price €29.05 · Downside -5.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
Start year 2020 (pandemic). Over 10 years: +8.8% a year
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.2%
Dividend (yield on the price)11.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.2% vs 5.3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−14.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −16.6% a year for the price and +2.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (13 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Moderate positioning in engineering with strength in data center infrastructure capabilities yet main weak point in thin signals of durable advantage and efficiency versus peers.
Main risk: Execution risks and resource constraints on large-scale projects would hit operational delivery and margins in the engineering business.
Elecnor is showcasing its full suite of capabilities for data centers, covering power and water grid connections, construction, MEP installations, and ongoing operations and maintenance. This taps into rising demand for critical digital infrastructure while exposing the business to the same execution risks and resource constraints that affect large-scale projects. Does the recurring services revenue provide a buffer against project volatility, or does it amplify exposure to the same cyclical pressures?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Engineering & Construction · 791 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−5.5% · Below median
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets3.0% · Above median
Net margin (12 months)2.9% · Below median
Operating margin (12 months)4.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)−0.2% · Below median
Dividend yield (12 months)11.1% · Top 25%
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)19.1× · Pricier than median
P/B2.61× · Pricier than median
P/S (12 months)0.56× · Cheaper than median
Price / free cash flow (fiscal year)6.6× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Elecnor S.A Fair Value". https://www.fairvalue-calculator.com/stock/ENO
Frequently asked questions
Is Elecnor S.A (ENO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €27.46 versus a price of €29.05, about 5% lower (fairly valued).
What is the fair value of ENO?
Our model-based fair value for Elecnor S.A is €27.46 (as of Nov 8, 2026), built from audited fundamentals. The current price: €29.05.
What is the quality score of ENO?
Elecnor S.A has a Quality Score of 62/100. 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 price target for Elecnor S.A (ENO)?
Our model-based price target is the fair value of €27.46 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario €20.59, optimistic scenario €34.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Elecnor S.A stock forecast for 2026?
Our models put fair value at €27.46, about 5% lower versus a price of €29.05 (fairly valued). Cautious scenario €20.59, optimistic scenario €34.32. The calculation is refreshed regularly with new filings.
What is the revenue of Elecnor S.A (ENO)?
Elecnor S.A reported trailing-twelve-month revenue of about €4.4B (latest available figure, as of Nov 8, 2026).
Does Elecnor S.A pay a dividend?
Elecnor S.A currently shows a dividend yield of 11.09% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Elecnor S.A (ENO) and when is the ex-dividend date?
Elecnor S.A pays a dividend of €3.22 per share a year, a dividend yield of 11.1%. The last ex-dividend date was Jun 8, 2026. A dividend has been paid every year since at least 1998. Free cash flow covers the dividend 1.37 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Elecnor S.A (ENO)?
For today's price to be fair in a discounted-cash-flow model, Elecnor S.A would have to grow free cash flow by -14.8 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of ENO use?
Our models discount Elecnor S.A at 9.8 %: a base by market capitalisation (mid), damped by beta 0.54, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Elecnor S.A that is -14.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Elecnor S.A (ENO) delivered so far?
Over the past 5 years revenue at Elecnor S.A grew +12.3 % a year. The price currently implies free-cash-flow growth of -14.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Elecnor S.A (ENO) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Elecnor S.A (-14.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Elecnor S.A (ENO)?
The free-cash-flow yield on the price is 15.22 %: that much free cash flow Elecnor S.A produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Elecnor S.A (ENO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elecnor S.A it is €27.46 per share (as of Nov 8, 2026), against a price of €29.05. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Elecnor S.A stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ENO trades above its calculated fair value: price €29.05, fair value €27.46, a gap of about −5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENO?
No. The price is what the market pays today (€29.05); the fair value is what the company's own numbers justify (€27.46). For Elecnor S.A the two are €1.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elecnor S.A worth?
The market values Elecnor S.A at about €2.5B (market capitalisation, as of Nov 8, 2026). Per share that is €29.05; our models calculate a fair value of €27.46 per share.
What do the bullish and bearish scenarios say about ENO?
Our models span a range for Elecnor S.A: cautious scenario €20.59, base €27.46, optimistic €34.32 per share (as of Nov 8, 2026, price €29.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENO?
Elecnor S.A trades at a price-to-earnings ratio of 19.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €27.46 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 10.7. Other multiples: PEG 2.1, P/B 2.6, P/S 0.6, EV/EBITDA 8.7.
What is the PEG ratio of ENO?
The PEG ratio of Elecnor S.A is 2.05 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Elecnor S.A (ENO)?
Balance-sheet figures for Elecnor S.A (as of Nov 8, 2026): return on equity 13.4%, debt of 0.17 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is ENO from its 52-week high?
Elecnor S.A trades at €29.05, about 29% below its 52-week high of €41.19 and 22% above the low of €23.83 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €27.46 is for.
Which stocks are comparable to Elecnor S.A?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Elecnor S.A stock attractive at the current price?
The data as of Nov 8, 2026: price €29.05, calculated fair value €27.46 (−5%), Quality Score 62/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENO calculated?
We run Elecnor S.A through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €27.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Elecnor S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Elecnor S.A (ENO)?
The closing price on Nov 6, 2026 was €29.05. Our model-based fair value is €27.46, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elecnor S.A right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Elecnor S.A (ENO) come from?
Earnings per share at Elecnor S.A grew +6.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.0 %, EBIT margin −6.7 %, tax rate +2.8 %, residual (interest, one-offs) +1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Elecnor S.A
How large is the market capitalisation of Elecnor S.A (ENO)?
The market capitalisation of Elecnor S.A is €2.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Elecnor S.A (ENO)?
The price-to-sales ratio of Elecnor S.A is 0.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Elecnor S.A (ENO)?
Earnings per share at Elecnor S.A are €1.52 (price ÷ EPS = P/E 19.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elecnor S.A (ENO)?
The dividend yield of Elecnor S.A is 11.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Elecnor S.A (ENO)?
The net margin of Elecnor S.A is 2.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Elecnor S.A (ENO)?
The return on equity (ROE) of Elecnor S.A is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Elecnor S.A (ENO)?
On an EBIT basis the return on assets of Elecnor S.A is 3.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Elecnor S.A (ENO)?
The operating margin of Elecnor S.A is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elecnor S.A (ENO)?
Revenue at Elecnor S.A is growing −0.2% versus a year earlier (3y avg +8.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Elecnor S.A (ENO)?
Earnings per share at Elecnor S.A are growing +35.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Elecnor S.A (ENO) hold?
Elecnor S.A holds more cash than debt, €165M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026