Indra Sistemas, S.A (0HA9) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Indra Sistemas, S.A €108, price €59.74, upside +80.6%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €6.85 – €64.92 · fair‑value band €84.29 – €144.87 · the €59.74 price screens below the €107.90 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Indra Sistemas, S.A., together with its subsidiaries, provides technology services for the defense, aerospace, and advanced digital technologies sectors in Spain, Brazil, the rest of America, Italy, the rest of Europe, Asia, the Middle East, and Africa. It operates through the Defense, Air Traffic, Mobility, and Minsait segments.
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Indra Sistemas, S.A., together with its subsidiaries, provides technology services for the defense, aerospace, and advanced digital technologies sectors in Spain, Brazil, the rest of America, Italy, the rest of Europe, Asia, the Middle East, and Africa. It operates through the Defense, Air Traffic, Mobility, and Minsait segments. The company engages in the design, development, production, integration, and maintenance of systems, solutions, and services based on the use of information technologies, including computing, electronics, and communications. It also offers radars and radar systems, air defense systems, surveillance, security and unmanned vehicles, and shipboard systems for air and naval platforms; command and control systems, communications systems, and simulators; land military vehicles; unmanned aerial systems; satellite communication systems; air traffic management systems and equipment; air traffic control training services; and ticketing and tolling systems, information and control systems for multiple infrastructures and modes of transport, railway safety and signaling systems, and transport planning and consulting services. In addition, the company provides proprietary product solutions; implementation of third-party solutions; digital business services, including business consulting, cybersecurity, and advanced technologies; traditional information technology (IT) services, such as IT outsourcing, business process outsourcing, IT restructuring management, and user management; and technology solutions for the energy and industry, telecom and media, public administration and healthcare, and financial services. It offers its services to governments and public administrations under the Indra and Minsait brands. The company was formerly known as Experiencias Industriales S.A. and changed its name to Indra Sistemas, S.A. in 1993. Indra Sistemas, S.A. was founded in 1921 and is headquartered in Alcobendas, Spain.
Stock analysis
Indra Sistemas, S.A (0HA9) currently trades at €59.74, while our model-based Fair Value estimate is €107.90, implying the stock looks roughly 44.6% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €133.86 per share, and 8 of the 12 models we run sit above the €59.74 price.
Bear case: the Asset-Based group reads lowest at €16.67, and 4 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: €84.29 (bear) to €144.87 (bull), the price of €59.74 sits below 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 44/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Indra Sistemas, S.A reported revenue of €3.1B in FY2020 versus €2.7B in FY2016, a compound +2.7%/yr. Reported net income was −€65.2M in FY2020.
Key figures
Market cap €1.6B · P/S ratio 0.28 · Net margin −2.1% · Return on equity 26.5% · Return on assets (EBIT) 3.8% · Operating margin 8.5% · Revenue (TTM) €5.8B · Revenue growth (YoY) +16.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −24% fair-value upside, at 81%, 0HA9 screens cheaper than that median.
Fair Value models
Bear €84.29Fair Value €107.90Bull €144.87
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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.Evidence ⓘEvidence = 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−5.1%
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.
+0.3%
’16
’17
’18
’19
’20
Profit margin (trend) ⓘ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.
5.9% (2016) → −1.1% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
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.Aerospace & Defense · 227 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−55.6% · Below median
Profitability
Return on equity (TTM)26.5% · Top 25%
Return on assets4.1% · Above median
Net margin (TTM)7.9% · Above median
Operating margin (TTM)8.5% · Below median
Growth and dividend
Revenue growth16.3% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity2.07× · Highest 25%
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
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Is Indra Sistemas, S.A (0HA9) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €107.90 versus a price of €59.74, about +81% upside (undervalued).
What is the fair value of 0HA9?
Our model-based fair value for Indra Sistemas, S.A is €107.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: €59.74.
What is the quality score of 0HA9?
Indra Sistemas, S.A has a Quality Score of 44/100. 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 Indra Sistemas, S.A (0HA9)?
Our model-based price target is the fair value of €107.90 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario €84.29, optimistic scenario €144.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Indra Sistemas, S.A stock forecast for 2026?
Our models put fair value at €107.90, about +81% upside versus a price of €59.74 (undervalued). Cautious scenario €84.29, optimistic scenario €144.87. The calculation is refreshed regularly with new filings.
What is the revenue of Indra Sistemas, S.A (0HA9)?
Indra Sistemas, S.A reported trailing-twelve-month revenue of about €5.8B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Indra Sistemas, S.A (0HA9)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indra Sistemas, S.A it is €107.90 per share (as of Sep 24, 2026), against a price of €59.74. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Indra Sistemas, S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0HA9 trades below its calculated fair value: price €59.74, fair value €107.90, a gap of about +81% (undervalued). 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 0HA9?
No. The price is what the market pays today (€59.74); the fair value is what the company's own numbers justify (€107.90). For Indra Sistemas, S.A the two are €48.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indra Sistemas, S.A worth?
The market values Indra Sistemas, S.A at about €1.6B (market capitalisation, as of Sep 24, 2026). Per share that is €59.74; our models calculate a fair value of €107.90 per share.
What do the bullish and bearish scenarios say about 0HA9?
Our models span a range for Indra Sistemas, S.A: cautious scenario €84.29, base €107.90, optimistic €144.87 per share (as of Sep 24, 2026, price €59.74). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Indra Sistemas, S.A (0HA9)?
Balance-sheet figures for Indra Sistemas, S.A (as of Sep 24, 2026): return on equity 26.5%, debt of 2.07 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 0HA9 from its 52-week high?
Indra Sistemas, S.A trades at €59.74, about 8% below its 52-week high of €64.92 and 53% above the low of €38.99 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €107.90 is for.
Which stocks are comparable to Indra Sistemas, S.A?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Indra Sistemas, S.A stock attractive at the current price?
The data as of Sep 24, 2026: price €59.74, calculated fair value €107.90 (+81%), Quality Score 44/100, from 12 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 0HA9 calculated?
We run Indra Sistemas, S.A through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €107.90, 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 14.5 % above its aggregate fair value. Indra Sistemas, S.A currently trades 45 % below its own fair value, and the market average says nothing about that. 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 Indra Sistemas, S.A (0HA9)?
The closing price on Oct 2, 2026 was €59.74. Our model-based fair value is €107.90, about +81% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indra Sistemas, S.A right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€84.29). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Indra Sistemas, S.A
How large is the market capitalisation of Indra Sistemas, S.A (0HA9)?
The market capitalisation of Indra Sistemas, S.A is €1.6B. 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 Indra Sistemas, S.A (0HA9)?
The price-to-sales ratio of Indra Sistemas, S.A is 0.28 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Indra Sistemas, S.A (0HA9)?
The net margin of Indra Sistemas, S.A is −2.1% (fiscal year 2020). 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 Indra Sistemas, S.A (0HA9)?
The return on equity (ROE) of Indra Sistemas, S.A is 26.5% (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 Indra Sistemas, S.A (0HA9)?
On an EBIT basis the return on assets of Indra Sistemas, S.A is 3.8% (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 Indra Sistemas, S.A (0HA9)?
The operating margin of Indra Sistemas, S.A is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indra Sistemas, S.A (0HA9)?
Revenue at Indra Sistemas, S.A is growing +16.3% versus a year earlier (3y avg +0.3%). 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 Indra Sistemas, S.A (0HA9)?
Earnings per share at Indra Sistemas, S.A are growing +27.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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