Assystem S.A. (ASY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Assystem S.A. stock €20.66, price €34.70, that is 40.4% below the price, quality 60 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 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 7, 2026.
How to read this chart
60‑month range €21.68 – €51.33 · fair‑value band €14.15 – €24.37 · the €34.70 price screens above the €20.66 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. As of Nov 7, 2026.
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Assystem S.A. provides engineering and infrastructure project management services in France, the United Kingdom, and internationally.
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The company offers siting, licensing, environmental services, system engineering and design, construction management and commissioning, and nuclear safety and risk, as well as project management office, project controls, project management consultancy consulting, and other consulting services.
It also provides digital transformation consulting, engineering information systems, data as a source of value, 3D immersive technologies and tools, industrial control systems and cybersecurity, and security and site protection systems.
It serves nuclear, hydrogen, renewables, grids, transportation, cities and territorial development, and defense sectors. In addition, the company offers decommissioning and waste processing, treatment, and storage services.
The company was formerly known as AssystemBrime S.A. and changed its name to Assystem S.A. in June 2005. Assystem S.A. was founded in 1966 and is based in Courbevoie, France. Assystem S.A. is a subsidiary of HDL Development.
Stock analysis
Assystem S.A. (ASY) currently trades at €34.70, while our model-based Fair Value estimate is €20.66, 40% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €23.55 per share, and 0 of the 25 models we run sit above the €34.70 price.
Bear case: the Earnings-Based group reads lowest at €5.19, and 25 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: €14.15 (bear) to €24.37 (bull), the price of €34.70 sits above 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 60/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Assystem S.A. reported revenue of €657M in FY2025 versus €445M in FY2021, a compound +10.2%/yr. Reported net income was €7.4M in FY2025, compounding −31.8%/yr from FY2021.
Key figures
Market cap €515M Small · P/S ratio 0.79 · EPS (TTM) €−0.2400 · Dividend yield 2.9% · Net margin −0.5% · Return on equity −1.6% · Return on assets (EBIT) 7.0% (5-year average) · Operating margin 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 10% 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 −40%, ASY screens cheaper than that median.
Fair Value models
Bear€14.15Fair Value €20.66Bull€24.37
Price €34.70 · Downside -40.4%
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.
Best data coverage
FCF DCF€20.87€29.33€39.6281
Growth DCF€21.18€28.76€37.5580
Owner Earnings€8.98€13.36€18.6877
All 25 models by family
DCF Models
FCF DCF€20.87€29.33€39.6281
Owner Earnings€8.98€13.36€18.6877
5Y Revenue Exit€12.44€17.87€24.3073
5Y EBITDA Exit€17.95€27.76€38.6275
5Y P/E Exit€10.72€14.78€18.6972
10Y Revenue Exit€15.67€20.91€27.0468
10Y EBITDA Exit€18.98€26.87€36.3769
10Y P/E Exit€14.95€19.05€23.3965
Earnings-Based
Graham-Dodd€3.39€8.48€11.0065
PEG = 1.0€1.55€2.21€2.8857
EPV€4.17€5.19€6.0374
Dividend Discount
Gordon GGM€7.08€11.48€15.8768
DDM Multi-Stage€7.08€9.96€12.5767
Multiples
P/E Multiple€7.86€10.48€13.0963
P/S Multiple€6.36€8.48€10.6058
P/B Multiple€22.61€30.15€37.6855
EV/EBIT€8.73€13.66€18.5965
EV/EBITDA€16.29€23.74€31.1967
EV/Revenue€4.50€9.02€13.5451
Asset-Based
NCAV (Graham)€4.79€6.42€9.5854
Growth DCF
Growth DCF€21.18€28.76€37.5580
Rev-Margin DCF€12.44€18.34€24.9473
Economic Profit
Residual Income€12.10€12.30€12.8876
ROIC Compounder€4.17€5.19€6.0372
Growth Earnings
Growth-Adj P/E€6.05€8.65€11.2467
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
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.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.4%
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.
+10.0%
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.
+8.4%
Start year 2020 (pandemic). Over 10 years: −3.2% a year
Revenue growth 25 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.
+1.4%
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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.
−21.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.4%
Dividend (yield on the price)2.9%
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.−24.4% vs −5.8%, slowing
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.4% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more 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).
+9.0%
Yearly growth needed for the next five years to justify today's price.
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.
+3.3%
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 +6.6% a year for the price and +1.1% for the forecasts.
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 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside−40.4% · Below median
Profitability
Return on assets1.2% · Below median
Net margin (12 months)−0.5% · Bottom 25%
Operating margin (12 months)5.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.6% · Below median
Dividend yield (12 months)2.9% · Above median
Balance sheet
Debt / equity0.27× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/B1.80× · Pricier than median
P/S (12 months)0.78× · Cheaper than median
Price / free cash flow (fiscal year)13.7× · Pricier than median
EV/EBITDA15.1× · Priciest 25%
PEG11.64× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 34
FUTURE (revenue growth)3· sector 20
PAST (return on equity)0· sector 28
HEALTH (low debt)87· sector 94
DIVIDEND (yield)58· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Assystem S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ASY
Frequently asked questions
Is Assystem S.A. (ASY) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €20.66 versus a price of €34.70, about 40% lower (overvalued).
What is the fair value of ASY?
Our model-based fair value for Assystem S.A. is €20.66 (as of Nov 7, 2026), built from audited fundamentals. The current price: €34.70.
What is the quality score of ASY?
Assystem S.A. has a Quality Score of 60/100. 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 Assystem S.A. (ASY)?
Our model-based price target is the fair value of €20.66 (as of Nov 7, 2026) from 25 valuation models. Cautious scenario €14.15, optimistic scenario €24.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Assystem S.A. stock forecast for 2026?
Our models put fair value at €20.66, about 40% lower versus a price of €34.70 (overvalued). Cautious scenario €14.15, optimistic scenario €24.37. The calculation is refreshed regularly with new filings.
What is the revenue of Assystem S.A. (ASY)?
Assystem S.A. reported trailing-twelve-month revenue of about €659M (latest available figure, as of Nov 7, 2026).
Does Assystem S.A. pay a dividend?
Assystem S.A. currently shows a dividend yield of 2.88% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Assystem S.A. (ASY) and when is the ex-dividend date?
Assystem S.A. pays a dividend of €1.00 per share a year, a dividend yield of 2.9%. The last ex-dividend date was Jul 7, 2026. A dividend has been paid every year since at least 2004. Free cash flow covers the dividend 2.54 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Assystem S.A. (ASY)?
For today's price to be fair in a discounted-cash-flow model, Assystem S.A. would have to grow free cash flow by +9.0 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of ASY use?
Our models discount Assystem S.A. at 11.7 %: a base by market capitalisation (small), damped by beta 0.96, country premium for France. 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 Assystem S.A. that is +9.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has Assystem S.A. (ASY) delivered so far?
Over the past 5 years revenue at Assystem S.A. grew +8.4 % a year. The price currently implies free-cash-flow growth of +9.0 % 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 Assystem S.A. (ASY) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Assystem S.A. (+9.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Assystem S.A. (ASY)?
The free-cash-flow yield on the price is 7.32 %: that much free cash flow Assystem S.A. produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Assystem S.A. (ASY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Assystem S.A. it is €20.66 per share (as of Nov 7, 2026), against a price of €34.70. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Assystem S.A. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, ASY trades above its calculated fair value: price €34.70, fair value €20.66, a gap of about −40% (overvalued). 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 ASY?
No. The price is what the market pays today (€34.70); the fair value is what the company's own numbers justify (€20.66). For Assystem S.A. the two are €14.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Assystem S.A. worth?
The market values Assystem S.A. at about €515M (market capitalisation, as of Nov 7, 2026). Per share that is €34.70; our models calculate a fair value of €20.66 per share.
What do the bullish and bearish scenarios say about ASY?
Our models span a range for Assystem S.A.: cautious scenario €14.15, base €20.66, optimistic €24.37 per share (as of Nov 7, 2026, price €34.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ASY?
The PEG ratio of Assystem S.A. is 11.64 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Assystem S.A. (ASY)?
Balance-sheet figures for Assystem S.A. (as of Nov 7, 2026): return on equity −1.6%, debt of 0.27 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is ASY from its 52-week high?
Assystem S.A. trades at €34.70, about 26% below its 52-week high of €47.06 and 10% above the low of €31.65 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €20.66 is for.
Which stocks are comparable to Assystem 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 Assystem S.A. stock attractive at the current price?
The data as of Nov 7, 2026: price €34.70, calculated fair value €20.66 (−40%), Quality Score 60/100, from 25 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 ASY calculated?
We run Assystem S.A. through 25 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 €20.66 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 13.3% above its aggregate fair value. Assystem 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 Assystem S.A. (ASY)?
The closing price on Nov 6, 2026 was €34.70. Our model-based fair value is €20.66, about 40% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Assystem S.A. right now?
The price sits above even our optimistic bull case (€24.37). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Assystem S.A. (ASY) come from?
Earnings per share at Assystem S.A. grew +16.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.9 %, EBIT margin +7.5 %, tax rate +4.6 %, residual (interest, one-offs) +0.7 %. 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 Assystem S.A.
How large is the market capitalisation of Assystem S.A. (ASY)?
The market capitalisation of Assystem S.A. is €515M. 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 Assystem S.A. (ASY)?
The price-to-sales ratio of Assystem S.A. is 0.79 (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 Assystem S.A. (ASY)?
Earnings per share at Assystem S.A. are €−0.2400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Assystem S.A. (ASY)?
The dividend yield of Assystem S.A. is 2.9%. 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 Assystem S.A. (ASY)?
The net margin of Assystem S.A. is −0.5% (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 Assystem S.A. (ASY)?
The return on equity (ROE) of Assystem S.A. is −1.6% (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 Assystem S.A. (ASY)?
On an EBIT basis the return on assets of Assystem S.A. is 7.0% (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 Assystem S.A. (ASY)?
The operating margin of Assystem S.A. is 5.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Assystem S.A. (ASY)?
Revenue at Assystem S.A. is growing +0.6% versus a year earlier (3y avg +10.0%). 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 Assystem S.A. (ASY)?
Earnings per share at Assystem S.A. are growing −10.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Assystem S.A. (ASY) carry?
The net debt of Assystem S.A. is €89.8M (fiscal year 2025, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026