Befesa SA (BFSA) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of Befesa SA €28.89, price €34.85, upside -17.1%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Befesa SA for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range €16.88 – €64.35 · fair‑value band €14.03 – €44.40 · the €34.85 price screens above the €28.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
Follow Befesa in your weekly email
Every Wednesday you see whether Befesa is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Befesa S.A. offers environmental recycling services to the steel and aluminum industries in the European, Asian, and North American markets. It operates in two segments, Steel Dust Recycling Services and Aluminium Salt Slags Recycling Services.
Show more
Befesa S.A. offers environmental recycling services to the steel and aluminum industries in the European, Asian, and North American markets. It operates in two segments, Steel Dust Recycling Services and Aluminium Salt Slags Recycling Services. The Steel Dust Recycling Services segment collects and recycles crude steel dust; sells waelz oxide to zinc smelters; and treats crude steel dust; produces stainless steel by electric arc furnace or other metallurgical processes; and galvanization residues, as well as offers refining, logistics, administration, and advisory services. The Aluminium Salt Slags Recycling Services segment recycles salt slags; spent pot linings, a hazardous residue generated by primary aluminum producers; and recovers and sells salt, aluminum concentrate, and aluminum oxides. This segment also collects and recycles aluminum scrap and other aluminum residues, such as aluminum dross, shavings, cuttings, and aluminum concentrates; and produces secondary aluminum alloys for automotive and construction industries. The company also provides logistics, and waelz oxide and aluminum waste treatment services, as well as develops projects and technology. Befesa S.A. was founded in 1987 and is based in Luxembourg, Luxembourg.
Stock analysis
Befesa SA (BFSA) currently trades at €34.85, while our model-based Fair Value estimate is €28.89, implying the stock looks roughly 20.6% overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of €37.92 per share, and 9 of the 26 models we run sit above the €34.85 price.
Bear case: the Dividend Discount group reads lowest at €7.86, and 17 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €14.03 (bear) to €44.40 (bull), the price of €34.85 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 58/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Befesa SA reported revenue of €1.2B in FY2025 versus €822M in FY2021, a compound +9.5%/yr. Reported net income was €80.5M in FY2025, compounding −5.2%/yr from FY2021.
Key figures
Market cap €1.4B · P/E ratio 16.9 · P/S ratio 1.15 · EPS (TTM) €2.06 · Dividend yield 2.9% · Net margin 6.8% · Return on equity 10.0% · Return on assets (EBIT) 6.3%.
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 8% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −18% fair-value upside, at −17%, BFSA screens cheaper than that median.
Fair Value models
Bear €14.03Fair Value €28.89Bull €44.40
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.7899 per share) are deliberately not added.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.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.6%
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.
+1.3%
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.
+14.4%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 12 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.
+11.8%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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. Basis: EBIT basis.
+3.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.9%
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.−3.7% vs 14.1%, 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.15% → 12%
Start year 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).
+15.8%
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.
+5.4%
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 +13.3% a year for the price and +3.1% for the forecasts.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Waste Management · 163 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside−17.1% · Below median
Profitability
Return on equity (TTM)10.0% · Above median
Return on assets5.2% · Top 25%
Net margin (TTM)7.1% · Above median
Operating margin (TTM)13.1% · Above median
Growth and dividend
Revenue growth−7.5% · Bottom 25%
Dividend yield (TTM)2.9% · Above median
Balance sheet
Debt / equity0.80× · Above median
Valuation Multiplesvs Waste Management median · lower = cheaper
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). "Befesa SA Fair Value". https://www.fairvalue-calculator.com/stock/BFSA
Frequently asked questions
Is Befesa SA (BFSA) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €28.89 versus a price of €34.85, about −17% upside (overvalued).
What is the fair value of BFSA?
Our model-based fair value for Befesa SA is €28.89 (as of Sep 27, 2026), built from audited fundamentals. The current price: €34.85.
What is the quality score of BFSA?
Befesa SA has a Quality Score of 58/100. 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 Befesa SA (BFSA)?
Our model-based price target is the fair value of €28.89 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario €14.03, optimistic scenario €44.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Befesa SA stock forecast for 2026?
Our models put fair value at €28.89, about −17% upside versus a price of €34.85 (overvalued). Cautious scenario €14.03, optimistic scenario €44.40. The calculation is refreshed regularly with new filings.
What is the revenue of Befesa SA (BFSA)?
Befesa SA reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Sep 27, 2026).
Does Befesa SA pay a dividend?
Befesa SA currently shows a dividend yield of about 2.87% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Befesa SA (BFSA)?
For today's price to be fair in a discounted-cash-flow model, Befesa SA would have to grow free cash flow by +15.8 % per year for five years (discount rate 13.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.4 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of BFSA use?
Our models discount Befesa SA at 13.2 %: a base by market capitalisation (small), damped by beta 1.79, country premium for Germany. 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 Befesa SA that is +15.8 % per year a year over ten years, using the same discount rate (13.2 %) and the same formula as our fair value.
How much growth has Befesa SA (BFSA) delivered so far?
Over the past 5 years revenue at Befesa SA grew +14.4 % a year. The price currently implies +15.8 % per year free-cash-flow growth a 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 Befesa SA (BFSA) growing?
The median revenue growth in the sector is +5.4 % a year. That is the yardstick for the growth priced into Befesa SA (+15.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Befesa SA (BFSA)?
The free-cash-flow yield on the price is 7.49 %: that much free cash flow Befesa SA produces per unit of market value. When it exceeds the discount rate of our models (13.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Befesa SA (BFSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Befesa SA it is €28.89 per share (as of Sep 27, 2026), against a price of €34.85. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Befesa SA stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BFSA trades above its calculated fair value: price €34.85, fair value €28.89, a gap of about −17% (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 BFSA?
No. The price is what the market pays today (€34.85); the fair value is what the company's own numbers justify (€28.89). For Befesa SA the two are €5.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Befesa SA worth?
The market values Befesa SA at about €1.4B (market capitalisation, as of Sep 27, 2026). Per share that is €34.85; our models calculate a fair value of €28.89 per share.
What do the bullish and bearish scenarios say about BFSA?
Our models span a range for Befesa SA: cautious scenario €14.03, base €28.89, optimistic €44.40 per share (as of Sep 27, 2026, price €34.85). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BFSA?
Befesa SA trades at a price-to-earnings ratio of 16.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €28.89 is built from several models across several years. Other multiples: P/B 1.7, P/S 1.2, EV/EBITDA 8.3.
How solid is the balance sheet of Befesa SA (BFSA)?
Balance-sheet figures for Befesa SA (as of Sep 27, 2026): return on equity 10.0%, debt of 0.80 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is BFSA from its 52-week high?
Befesa SA trades at €34.85, about 8% below its 52-week high of €37.95 and 33% above the low of €26.17 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of €28.89 is for.
Which stocks are comparable to Befesa SA?
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 Befesa SA stock attractive at the current price?
The data as of Sep 27, 2026: price €34.85, calculated fair value €28.89 (−17%), Quality Score 58/100, 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 BFSA calculated?
We run Befesa SA through 26 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 €28.89, 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 15.9 % above its aggregate fair value. Befesa SA 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 Befesa SA (BFSA)?
The closing price on Sep 28, 2026 was €34.85. Our model-based fair value is €28.89, about −17% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Befesa SA right now?
The model range is unusually wide (€14.03 to €44.40). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Befesa SA
How large is the market capitalisation of Befesa SA (BFSA)?
The market capitalisation of Befesa SA is €1.4B. 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 Befesa SA (BFSA)?
The price-to-sales ratio of Befesa SA is 1.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Befesa SA (BFSA)?
Earnings per share at Befesa SA are €2.06 (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Befesa SA (BFSA)?
The dividend yield of Befesa SA is 2.9% (payout 48.5%). 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 Befesa SA (BFSA)?
The net margin of Befesa SA is 6.8% (fiscal year 2025). 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 Befesa SA (BFSA)?
The return on equity (ROE) of Befesa SA is 10.0% (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 Befesa SA (BFSA)?
On an EBIT basis the return on assets of Befesa SA is 6.3% (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 Befesa SA (BFSA)?
The operating margin of Befesa SA is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Befesa SA (BFSA)?
Revenue at Befesa SA is growing −7.5% versus a year earlier (3y avg +1.3%). 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 Befesa SA (BFSA)?
Earnings per share at Befesa SA are growing +10.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Befesa SA (BFSA) carry?
The net debt of Befesa SA is €548M (fiscal year 2025, ≈ 5.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Befesa SA in the live analysis
One click puts Befesa SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 27, 2026