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Compagnie d'Entreprises CFE SA (CFEB) Fair Value & Analysis

Industrials · BE · Market cap €298M

CD Compagnie d'Entreprises CFE SA CFEB · BR
Price€12.10
Fair Value€28.60
Upside+136.4%
Quality58/100
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Mixed Growth
Thin margins · 3.2% net margin
Low debt · generates free cash flow
4.17% dividend yield
Mixed vs. peers (7/15)
Narrow moat 38/100
Evidence: High Range €21.45 – €35.75 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 4 days ago

Share price −4.3% over the past month.

A solid business, screening 136% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€21.45). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€115.79 €5.32 Fair Value €28.60 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €5.32 – €115.79 · fair‑value band €21.45 – €35.75 · the €12.10 price screens below the €28.60 fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Compagnie d'Entreprises CFE SA (CFEB) currently trades at €12.10, while our model-based Fair Value estimate is €28.60, implying the stock looks roughly 136.4% undervalued today. The Quality Score stands at 58/100 (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, Compagnie d'Entreprises CFE SA generated revenue of €1.0B at a net margin of 3.2%. Revenue declined 14.7% year over year. It earns a return on equity of 13.1%. The balance sheet holds a net cash position of €43.8M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €21.45 (bear case) to €35.75 (bull case); at €12.10, 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 17% below its 52-week high and 50% 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 136%, CFEB 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 €36.21 €43.74 €55.11 80
Residual Income €9.08 €10.15 €14.54 76
Rev-Margin DCF €26.14 €33.23 €42.35 74
All 24 models by family
DCF Models
FCF DCF €35.44 €43.44 €56.54 38
Owner Earnings €18.22 €21.84 €27.77 31
5Y Revenue Exit €26.14 €32.34 €41.35 39
5Y EBITDA Exit €30.15 €39.25 €51.38 41
5Y P/E Exit €28.57 €36.53 €46.19 38
10Y Revenue Exit €30.13 €34.75 €39.40 36
10Y EBITDA Exit €32.51 €38.43 €44.48 37
10Y P/E Exit €31.69 €36.98 €41.85 35
Earnings-Based
Graham-Dodd €9.26 €11.83 €13.48 54
EPV €12.77 €13.83 €14.68 59
Dividend Discount
Gordon GGM €2.81 €3.00 €3.28 70
DDM Multi-Stage €2.81 €3.27 €3.84 61
Multiples
P/E Multiple €21.45 €28.60 €35.75 63
P/S Multiple €17.37 €23.15 €28.94 58
P/B Multiple €17.37 €23.15 €28.94 55
EV/EBIT €24.98 €31.98 €38.98 53
EV/EBITDA €28.92 €37.24 €45.55 54
EV/Revenue €18.97 €25.39 €31.82 43
Asset-Based
NCAV (Graham) €5.36 €7.18 €10.72 50
Growth DCF
Growth DCF €36.21 €43.74 €55.11 80
Rev-Margin DCF €26.14 €33.23 €42.35 74
Economic Profit
Residual Income €9.08 €10.15 €14.54 76
ROIC Compounder €12.78 €14.04 €15.24 72
Growth Earnings
Growth-Adj P/E €15.15 €21.64 €28.13 68

Widest divergence: DCF Models (€36.53) versus Dividend Discount (€3.00). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €1.0B
Revenue growth (YoY) -14.7%
Net margin 3.2%
Return on equity 13.1%
Free cash flow €107M FY2025
P/E ratio 8.9
More key figures
Operating margin 2.6%
EPS (TTM) €1.36
Dividend yield 4.1%
EPS growth (YoY) +32.3%
Net cash €43.8M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 61

Profitability 38
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 87
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

Compagnie d'Entreprises CFE SA engages in the real estate development, multitechnics, construction and renovation, and sustainable investment businesses in Belgium, Poland, Luxembourg, and internationally. The Real Estate Development segment develops real estate projects.

Full company description

Compagnie d'Entreprises CFE SA engages in the real estate development, multitechnics, construction and renovation, and sustainable investment businesses in Belgium, Poland, Luxembourg, and internationally. The Real Estate Development segment develops real estate projects. Its Multitechnics segment provides commercial electricity, heating, ventilation, and air conditioning services; building management; energy and mobility infrastructure; and industrial automation services that offers robotization, automation, and production operations management. This segment also provides rail engineering works, which includes track and catenary installation, and signalling; and energy transport and public lighting services. The Construction & Renovation segment builds and refurbishes office buildings, residential properties, hotels, schools, universities, parking lots, industrial buildings, and others. Its Sustainable Investments segment develops greenfield projects for developing ports and related industrial zones, as well as batteryfarms; and develops and operates offshore wind farms. Compagnie d'Entreprises CFE SA was incorporated in 1880 and is headquartered in Brussels, Belgium. Compagnie d'Entreprises CFE SA operates as a subsidiary of Ackermans & van Haaren SA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Compagnie d'Entreprises CFE SA reported revenue of €1.0B in FY2025 versus €1.1B in FY2021, a compound −1.9%/yr. Reported net income was €33.5M in FY2025, compounding −31.2%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€1.0B
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.
+1.7%
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.
−20.1%
Avg. growth/yr (24Y) 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.
−12.9%
Revenue −1.9%/yr
FY21 €1.1B
FY22 €1.2B
FY23 €1.2B
FY24 €1.2B
FY25 €1.0B
Net income −31.2%/yr
FY21 €150M
FY22 €229M
FY23 €22.8M
FY24 €24.0M
FY25 €33.5M
Character of growth · EPS growth decomposed (2014-2025) −18.3 % p.a.
Revenue per share −10.4 pp

of which total revenue −10.6 pp · buybacks/dilution +0.2 pp

EBIT margin −8.6 pp
Tax rate −0.7 pp
Residual (interest, one-offs) +1.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Compagnie d'Entreprises CFE SA Fair Value". https://www.fairvalue-calculator.com/stock/CFEB

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 58 · Above median
Fair Value upside +136% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -15% · Below median
Dividend yield (TTM) 4.2% · Top 25%
Debt / equity 0.38× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 8.9× · Cheaper than 75% of peers
P/B 1.30× · Pricier than median
P/S (TTM) 0.33× · Cheaper than median
P/FCF 3.2× · Pricier than median
EV/EBITDA 8.0× · Cheaper than median
PEG 1.33× · Pricier than median

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 0 · sector 17
PAST 52 · sector 26
HEALTH 81 · sector 94
DIVIDEND 83 · 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 Aug 6, 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 Compagnie d'Entreprises CFE SA (CFEB) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €28.60 versus a price of €12.10, about +136% (undervalued).
What is the fair value of CFEB?
Our model-based fair value for Compagnie d'Entreprises CFE SA is €28.60 (as of Aug 6, 2026), built from audited fundamentals. The current price is €12.10.
What is the quality score of CFEB?
Compagnie d'Entreprises CFE 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 revenue of Compagnie d'Entreprises CFE SA (CFEB)?
Compagnie d'Entreprises CFE SA reported trailing-twelve-month revenue of about €1.0B (latest available figure, as of Aug 6, 2026).
What is the net profit margin of CFEB?
The net profit margin of Compagnie d'Entreprises CFE SA is about 3.2%, meaning it keeps roughly 3.2% of revenue as net income. Based on the latest reported figures.
Does Compagnie d'Entreprises CFE SA pay a dividend?
Compagnie d'Entreprises CFE SA currently shows a dividend yield of about 4.05% relative to its recent price (as of Aug 6, 2026).

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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