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Conduril - Engenharia, S.A (CDU) Fair Value & Analysis

Industrials · PT · Market cap €27.0M

CE Conduril - Engenharia, S.A CDU · LS
Price€14.90
Fair Value€44.70
Upside+200.0%
Quality55/100
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Healthy Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Narrow moat 40/100
Evidence: High Range €31.14 – €62.77 Share as image

Fair value as of: Jul 24, 2026

From 23 valuation models · updated 18 days ago

Fair value updated Jul 24, 2026, revised from €62.90 to €44.70 (−28.9%) since Jun 25, 2026. Share price −0.7% over the past month.

A solid business, screening 200% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€31.14). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€31.14 to €62.77) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€41.98 €6.05 Fair Value €44.70 Jun 2015 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range €6.05 – €41.98 · fair‑value band €31.14 – €62.77 · the €14.90 price screens below the €44.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Conduril - Engenharia, S.A (CDU) currently trades at €14.90, while our model-based Fair Value estimate is €44.70, implying the stock looks roughly 200.0% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Conduril - Engenharia, S.A generated revenue of €177M at a net margin of 3.5%. Revenue grew 89.4% year over year. It earns a return on equity of 4.3%. Net debt stands at €69.9M. Fundamentals as of Jul 24, 2026

Our scenario range runs from €31.14 (bear case) to €62.77 (bull case); at €14.90, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 200%, CDU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
Growth DCF €126.94 €157.70 €191.12 80
Residual Income €53.57 €51.25 €41.06 76
Rev-Margin DCF €86.30 €113.74 €143.50 74
All 23 models by family
DCF Models
FCF DCF €125.22 €158.83 €196.76 38
Owner Earnings €53.86 €67.85 €83.63 31
5Y Revenue Exit €86.30 €111.02 €139.80 39
5Y EBITDA Exit €103.82 €141.66 €182.44 41
5Y P/E Exit €84.32 €107.55 €129.59 38
10Y Revenue Exit €102.26 €125.20 €150.80 36
10Y EBITDA Exit €112.70 €142.74 €176.95 37
10Y P/E Exit €102.33 €123.21 €144.55 35
Earnings-Based
Graham-Dodd €23.37 €49.67 €63.00 54
PEG = 1.0 €7.55 €10.79 €14.03 46
EPV €24.37 €26.94 €29.02 59
Multiples
P/E Multiple €54.13 €72.17 €90.22 63
P/S Multiple €43.82 €58.43 €73.03 58
P/B Multiple €43.82 €58.43 €73.03 55
EV/EBIT €79.29 €104.71 €130.14 53
EV/EBITDA €98.48 €130.31 €162.13 54
EV/Revenue €57.45 €80.78 €104.12 43
Asset-Based
NCAV (Graham) €39.67 €53.16 €79.34 50
Growth DCF
Growth DCF €126.94 €157.70 €191.12 80
Rev-Margin DCF €86.30 €113.74 €143.50 74
Economic Profit
Residual Income €53.57 €51.25 €41.06 76
ROIC Compounder €24.37 €26.94 €29.02 72
Growth Earnings
Growth-Adj P/E €39.85 €56.93 €74.01 68

Widest divergence: DCF Models (€123.21) versus Earnings-Based (€26.94). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €177M
Revenue growth (YoY) +89.4%
Net margin 3.5%
Return on equity 4.3%
Free cash flow €28.5M FY2025
P/E ratio 4.4
More key figures
Operating margin 17.7%
EPS (TTM) €3.44
EPS growth (YoY) +300%
Net debt €69.9M FY2025

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 49 · Market factors (momentum, volatility) 65

Profitability 32
Margins and returns on capital today
Quality Growth 91
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 63
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Conduril - Engenharia, S.A. engages in the marketing, sale, execution, and construction of civil engineering works in Portugal, Angola, Mozambique, Zambia, Malawi, and Gabon.

Full company description

Conduril - Engenharia, S.A. engages in the marketing, sale, execution, and construction of civil engineering works in Portugal, Angola, Mozambique, Zambia, Malawi, and Gabon. The company undertakes transport infrastructure; energy, environment, and hydraulic; maritime; building; and other projects, as well as quality control services, including plate-bearing test, SDG probe test, deflectometer test with light impact, macro test, sand cone, sampling/collection of concrete specimens. Conduril - Engenharia, S.A.was founded in 1959 and is headquartered in Ermesinde, Portugal.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Conduril - Engenharia, S.A reported revenue of €176M in FY2025 versus €156M in FY2021, a compound +3.1%/yr. Reported net income was €6.2M in FY2025, compounding +1.7%/yr from FY2021.

Growth Quality 74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€176M
Latest YoY
+42.3%
Avg. growth/yr (3Y) 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.
−6.9%
Avg. growth/yr (5Y) 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.
+7.3%
Avg. growth/yr (10Y) 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.
−1.3%
Revenue +3.1%/yr
FY21 €156M
FY22 €219M
FY23 €183M
FY24 €124M
FY25 €176M
Net income +1.7%/yr
FY21 €5.8M
FY22 €7.2M
FY23 €2.3M
FY24 −€28.4M
FY25 €6.2M

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Cite: Fair Value Calculator (2026). "Conduril - Engenharia, S.A Fair Value". https://www.fairvalue-calculator.com/stock/CDU

Peer Group

Engineering & Construction · 839 stocks

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.

Quality Score 55 · Above median
Fair Value upside +200% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 18% · Top 25%
Revenue growth 89% · Top 25%
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 4.4× · Cheaper than 75% of peers
P/B 0.22× · Cheaper than 75% of peers
P/S (TTM) 0.18× · Cheaper than 75% of peers
P/FCF 1.1× · Cheaper than median
EV/EBITDA 1.3× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 16
FUTURE 100 · sector 17
PAST 17 · sector 26
HEALTH 96 · sector 94
DIVIDEND 0 · sector 33

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Conduril - Engenharia, S.A (CDU) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of €44.70 versus a price of €14.90, about +200% (undervalued).
What is the fair value of CDU?
Our model-based fair value for Conduril - Engenharia, S.A is €44.70 (as of Jul 24, 2026), built from audited fundamentals. The current price is €14.90.
What is the quality score of CDU?
Conduril - Engenharia, S.A has a Quality Score of 55/100. 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 revenue of Conduril - Engenharia, S.A (CDU)?
Conduril - Engenharia, S.A reported trailing-twelve-month revenue of about €177M (latest available figure, as of Jul 24, 2026).
What is the net profit margin of CDU?
The net profit margin of Conduril - Engenharia, S.A is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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