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Fomento de Construcciones y Contratas, S.A (0HAA) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Fomento de Construcciones y Contratas, S.A €14.52, price €10.44, upside +39.1%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Industrials · GB · Home Spain · ISIN ES0122060314

FD Broad data Sep 24, 2026

Fomento de Construcciones y Contratas, S.A

0HAA · LSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value €14.52 · Undervalued (+39.1%)
!Quality 46/100
!Mixed Growth (revenue 3y +2.0 %/yr)
!Thin margins · 1.6% net margin (TTM)
!Moderate debt
!Narrow moat 36/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

€13.91 €6.73 Fair Value €14.52 Jul 2021 Oct 2026

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 €6.73 – €13.91 · fair‑value band €10.89 – €19.81 · the €10.44 price screens below the €14.52 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Fomento de Construcciones y Contratas, S.A., together with its subsidiaries, provides environmental services in Europe and internationally. It operates through Environmental Services; Integrated Water Management; Construction; Concessions; Cement; and Real Estate segments.

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Fomento de Construcciones y Contratas, S.A., together with its subsidiaries, provides environmental services in Europe and internationally. It operates through Environmental Services; Integrated Water Management; Construction; Concessions; Cement; and Real Estate segments. The company offers municipal, waste treatment and resource recycling, and facility management services; and concessions and proprietary infrastructure for the entire cycle, BOT, operation and maintenance services, and irrigation, as well as technology and network activities, which include EPC contracts and industrial water treatment activities; design, planning, construction, and maintenance services. It also engages in developing, financing, managing, and operating social and transportation infrastructure concessions. The company was formerly known as Fomento de Obras y Construcciones S.A. and changed its name to Fomento de Construcciones y Contratas, S.A. in January 1992. Fomento de Construcciones y Contratas was founded in 1900 and is headquartered in Madrid, Spain. The company operates as a subsidiary of Control Empresarial de Capitales SA de CV.

Stock analysis

Fomento de Construcciones y Contratas, S.A (0HAA) currently trades at €10.44, while our model-based Fair Value estimate is €14.52, implying the stock looks roughly 28.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €24.77 per share, and 13 of the 23 models we run sit above the €10.44 price.

Bear case: the Asset-Based group reads lowest at €3.59, and 10 of the 23 models stay below the price. Evidence for this calculation is high.

Scenario range: €10.89 (bear) to €19.81 (bull), the price of €10.44 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 46/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Fomento de Construcciones y Contratas, S.A reported revenue of €6.2B in FY2020 versus €6.0B in FY2016, a compound +0.9%/yr. Reported net income was €262M in FY2020.

Key figures

Market cap €4.5B · P/S ratio 0.45 · Net margin 4.3% · Return on equity 6.5% · Return on assets (EBIT) 3.6% · Operating margin 6.1% · Revenue (TTM) €10.0B · Revenue growth (YoY) +4.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 21% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −14% fair-value upside, at 39%, 0HAA screens cheaper than that median.

Fair Value models

Bear €10.89 Fair Value €14.52 Bull €19.81
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.
Highest evidence
FCF DCF €28.52 €40.73 €62.75 76
Growth DCF €29.93 €41.70 €61.28 75
EPV €5.58 €7.26 €8.71 74
All 23 models by family
DCF Models
FCF DCF €28.52 €40.73 €62.75 76
5Y Revenue Exit €15.05 €20.88 €29.29 70
5Y EBITDA Exit €21.20 €31.49 €45.17 72
5Y P/E Exit €13.30 €17.84 €23.39 68
10Y Revenue Exit €19.97 €24.77 €29.61 65
10Y EBITDA Exit €23.92 €31.21 €38.76 67
10Y P/E Exit €19.23 €22.93 €26.20 62
Earnings-Based
Graham-Dodd €4.18 €5.19 €5.87 65
EPV €5.58 €7.26 €8.71 74
Dividend Discount
Gordon GGM €0.2200 €0.2400 €0.2700 67
DDM Multi-Stage €0.2200 €0.2700 €0.3500 65
Multiples
P/E Multiple €9.68 €12.90 €16.13 63
P/S Multiple €7.83 €10.44 €13.05 58
P/B Multiple €7.83 €10.44 €13.05 55
EV/EBIT €12.03 €17.74 €23.44 65
EV/EBITDA €19.94 €28.28 €36.61 67
EV/Revenue €7.14 €12.37 €17.60 52
Asset-Based
NCAV (Graham) €2.68 €3.59 €5.36 54
Growth DCF
Growth DCF €29.93 €41.70 €61.28 75
Rev-Margin DCF €15.05 €21.69 €30.19 69
Economic Profit
Residual Income €4.87 €5.47 €6.60 73
ROIC Compounder €5.58 €7.49 €9.55 69
Growth Earnings
Growth-Adj P/E €6.83 €9.76 €12.69 65

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Quality Score breakdown

Overall quality 46/100

Of which business quality 48 · Market factors (momentum, volatility) 43

Profitability 38
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 95
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)

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Revenue & earnings trend

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. 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.9%
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.
+2.0%
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.
1.5% (2016) → 9.3% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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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 Waste Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $203.92 $224.31 +10%
Republic Services, Inc RSG $211.92 $128.63 −39%
Waste Connections, Inc WCN $150.66 $165.73 +10%
Veolia Environnement SA VIE €30.73 €20.32 −34%
Clean Harbors, Inc CLH $313.04 $155.54 −50%
GFL Environmental Inc GFL $40.43 $34.29 −15%
Umicore SA UMI €21.40 €25.28 +18%
Casella Waste Systems, Inc CWST $82.24 $14.82 −82%
GEM Co 002340 ¥6.12 ¥5.27 −14%
Zhejiang Weiming Environment Protection Co 603568 ¥13.36 ¥20.95 +57%

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Fomento de Construcciones y Contratas, S.A · Fair Value
€14.52 +28%Fair Value
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Cite: Fair Value Calculator (2026). "Fomento de Construcciones y Contratas, S.A Fair Value". https://www.fairvalue-calculator.com/stock/0HAA

Frequently asked questions

Is Fomento de Construcciones y Contratas, S.A (0HAA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €14.52 versus a price of €10.44, about +39% upside (undervalued).
What is the fair value of 0HAA?
Our model-based fair value for Fomento de Construcciones y Contratas, S.A is €14.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: €10.44.
What is the quality score of 0HAA?
Fomento de Construcciones y Contratas, S.A has a Quality Score of 46/100. 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 Fomento de Construcciones y Contratas, S.A (0HAA)?
Our model-based price target is the fair value of €14.52 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario €10.89, optimistic scenario €19.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Fomento de Construcciones y Contratas, S.A stock forecast for 2026?
Our models put fair value at €14.52, about +39% upside versus a price of €10.44 (undervalued). Cautious scenario €10.89, optimistic scenario €19.81. The calculation is refreshed regularly with new filings.
What is the revenue of Fomento de Construcciones y Contratas, S.A (0HAA)?
Fomento de Construcciones y Contratas, S.A reported trailing-twelve-month revenue of about €10.0B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Fomento de Construcciones y Contratas, S.A (0HAA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fomento de Construcciones y Contratas, S.A it is €14.52 per share (as of Sep 24, 2026), against a price of €10.44. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Fomento de Construcciones y Contratas, S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0HAA trades below its calculated fair value: price €10.44, fair value €14.52, a gap of about +39% (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 0HAA?
No. The price is what the market pays today (€10.44); the fair value is what the company's own numbers justify (€14.52). For Fomento de Construcciones y Contratas, S.A the two are €4.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fomento de Construcciones y Contratas, S.A worth?
The market values Fomento de Construcciones y Contratas, S.A at about €4.5B (market capitalisation, as of Sep 24, 2026). Per share that is €10.44; our models calculate a fair value of €14.52 per share.
What do the bullish and bearish scenarios say about 0HAA?
Our models span a range for Fomento de Construcciones y Contratas, S.A: cautious scenario €10.89, base €14.52, optimistic €19.81 per share (as of Sep 24, 2026, price €10.44). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0HAA from its 52-week high?
Fomento de Construcciones y Contratas, S.A trades at €10.44, about 21% below its 52-week high of €13.25 and 4% above the low of €10.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €14.52 is for.
Which stocks are comparable to Fomento de Construcciones y Contratas, S.A?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 Fomento de Construcciones y Contratas, S.A stock attractive at the current price?
The data as of Sep 24, 2026: price €10.44, calculated fair value €14.52 (+39%), Quality Score 46/100, from 23 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 0HAA calculated?
We run Fomento de Construcciones y Contratas, S.A through 23 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 €14.52, 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. Fomento de Construcciones y Contratas, S.A currently trades 28 % 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 Fomento de Construcciones y Contratas, S.A (0HAA)?
The closing price on Oct 2, 2026 was €10.44. Our model-based fair value is €14.52, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fomento de Construcciones y Contratas, S.A right now?
The price is below even our cautious bear case (€10.89). The market is more pessimistic than our downside scenario. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€10.89 to €19.81) leaves room in how you read the outcome.

Key figures of Fomento de Construcciones y Contratas, S.A

How large is the market capitalisation of Fomento de Construcciones y Contratas, S.A (0HAA)?
The market capitalisation of Fomento de Construcciones y Contratas, S.A is €4.5B. 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 Fomento de Construcciones y Contratas, S.A (0HAA)?
The price-to-sales ratio of Fomento de Construcciones y Contratas, S.A is 0.45 (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 Fomento de Construcciones y Contratas, S.A (0HAA)?
The net margin of Fomento de Construcciones y Contratas, S.A is 4.3% (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 Fomento de Construcciones y Contratas, S.A (0HAA)?
The return on equity (ROE) of Fomento de Construcciones y Contratas, S.A is 6.5% (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 Fomento de Construcciones y Contratas, S.A (0HAA)?
On an EBIT basis the return on assets of Fomento de Construcciones y Contratas, S.A is 3.6% (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 Fomento de Construcciones y Contratas, S.A (0HAA)?
The operating margin of Fomento de Construcciones y Contratas, S.A is 6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fomento de Construcciones y Contratas, S.A (0HAA)?
Revenue at Fomento de Construcciones y Contratas, S.A is growing +4.6% versus a year earlier (3y avg +2.0%). 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 Fomento de Construcciones y Contratas, S.A (0HAA)?
Earnings per share at Fomento de Construcciones y Contratas, S.A are growing −49.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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