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Vinci S.A. (DG) Fair Value & Analysis

Industrials · FR · Market cap €65.4B · ISIN FR0000125486

What is Vinci S.A. really worth?

VS Vinci S.A. DG · PA
Price€113.95
Fair Value€185.62
Upside+62.9%
Quality55/100

A solid business, trading 39% below our fair value of €185.62.

As of Sep 6, 2026, the fair value of Vinci S.A. is €185.62 per share against a price of €113.95, so the fair value sits 63% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +11.3 %/yr)
Moderate debt · generates free cash flow
Ranks above peers (10/15)

Risks

!Thin margins · 6.5% net margin
!Moderate moat 51/100
!Weak on future: 26 out of 100

For context

·4.43% dividend yield
Evidence: High Range €125.37 – €237.08

Fair value as of: Sep 6, 2026

From 26 valuation models · updated today

Share price −9.4% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (€125.37). 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 (€125.37 to €237.08) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€138.24 €68.34 Fair Value €185.62 Jul 2021 Sep 2026

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

How to read this chart

60‑month range €68.34 – €138.24 · fair‑value band €125.37 – €237.08 · the €113.95 price screens below the €185.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 6, 2026.

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Analysis

Vinci S.A. (DG) currently trades at €113.95, while our model-based Fair Value estimate is €185.62, implying the stock looks roughly 38.6% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of €214.40 per share, and 19 of the 26 models we run sit above the €113.95 price. Bear case: the Asset-Based group reads lowest at €37.14, and 7 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Vinci S.A. generated revenue of €75.7B at a net margin of 6.5%. Revenue grew 5.2% year over year. It earns a return on equity of 15.4%. Net debt stands at €20.4B. Fundamentals as of Sep 6, 2026

Our scenario range runs from €125.37 (bear case) to €237.08 (bull case); at €113.95, 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 18% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at 63%, DG screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €2.46 per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence €141.98 €235.51 €379.10 79
Growth DCF €144.65 €227.13 €345.84 77
Owner Earnings €84.85 €145.98 €239.82 74
All 26 models by family
DCF Models
FCF DCF best evidence €141.98 €235.51 €379.10 79
Owner Earnings €84.85 €145.98 €239.82 74
5Y Revenue Exit €126.28 €214.09 €325.89 71
5Y EBITDA Exit €169.31 €294.94 €441.80 74
5Y P/E Exit €115.32 €193.51 €275.12 70
10Y Revenue Exit €125.88 €207.59 €317.03 66
10Y EBITDA Exit €157.88 €263.85 €405.86 67
10Y P/E Exit €123.40 €193.26 €278.11 63
Earnings-Based
Graham-Dodd €60.10 €191.00 €254.54 64
Lynch FV €42.07 €60.10 €78.14 61
PEG = 1.0 €42.07 €60.10 €78.14 57
EPV €85.75 €103.87 €119.71 74
Dividend Discount
Gordon GGM €44.11 €91.72 €145.50 66
DDM Multi-Stage €44.11 €73.63 €96.26 66
Multiples
P/E Multiple €139.21 €185.62 €232.02 63
P/S Multiple €112.69 €150.26 €187.82 58
P/B Multiple €112.69 €150.26 €187.82 55
EV/EBIT €183.73 €252.62 €321.50 66
EV/EBITDA €209.05 €286.38 €363.70 67
EV/Revenue €124.57 €187.78 €250.99 53
Asset-Based
NCAV (Graham) €27.72 €37.14 €55.44 54
Growth DCF
Growth DCF €144.65 €227.13 €345.84 77
Rev-Margin DCF €126.28 €214.40 €316.37 72
Economic Profit
Residual Income €58.17 €73.50 €173.80 69
ROIC Compounder €92.25 €124.22 €163.37 72
Growth Earnings
Growth-Adj P/E €115.94 €165.63 €215.32 67

Widest divergence: Growth DCF (€214.40) versus Asset-Based (€37.14). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 13.2
P/S ratio 0.86 P/E × margin
EPS (TTM) €8.65 price ÷ EPS = P/E 13.2
Dividend yield 4.4% payout 58.4%
Net margin 6.5% FY2025
Return on equity 15.4% TTM
More key figures
Profitability
Return on assets (EBIT) 6.1% avg 5y
Operating margin 13.1% TTM
Growth
Revenue (TTM) €75.7B TTM
Revenue growth (YoY) +5.2% 3y avg +6.4%
EPS growth (YoY) +6.8%
Balance sheet & cash flow
Free cash flow €8.0B FY2025
Net debt €20.4B FY2025 · ≈ 2.6 yrs of FCF

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

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 48

Profitability 37
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 91
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Vinci SA, together with its subsidiaries, engages in concessions, energy, and construction businesses in France and internationally. It operates through Concessions, Energy Solutions, and Construction segments. The company's Concessions segment operates motorways, autoroutes, airports, highways, railways, and stadiums.

Full company description

Vinci SA, together with its subsidiaries, engages in concessions, energy, and construction businesses in France and internationally. It operates through Concessions, Energy Solutions, and Construction segments. The company's Concessions segment operates motorways, autoroutes, airports, highways, railways, and stadiums. Its Energy segment provides services to the manufacturing sector, infrastructure, building solutions and facilities management, and information and communication technology; and industrial and energy-related services, which includes development of renewable energy assets, as well as engineering, procurement, construction projects in the energy sector, and development of renewable energy production facilities of solar, and wind farms. The company's Construction segment engages in designing and undertaking projects, which includes general contractor; geotechnical, and structural engineering and related digital activities, as well as provision of services in nuclear engineering; undertaking building, civil engineering, roadworks, rail works, and water works; development of properties, including residential and commercial properties; and management of residences and property services. Vinci SA was founded in 1899 and is headquartered in Nanterre, France.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vinci S.A. reported revenue of €75.4B in FY2025 versus €50.2B in FY2021, a compound +10.7%/yr. Reported net income was €4.9B in FY2025, compounding +17.2%/yr from FY2021.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€75.4B
Latest YoY
+3.6%
Avg. revenue 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.
+6.4%
Avg. revenue 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.
+11.3%
Avg. revenue growth/yr (29Y) 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.
+8.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+18.3% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+13.9%
Dividend yield4.4%
Trend 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.5Y 13.9% vs 10Y 6.9%, picking up
Operating margin (EBIT) 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.5.6% (2020) → 11.9% (2025) · rising
Worst earnings drop62% (2020) · in EUR
Revenue +10.7%/yr
FY21 €50.2B
FY22 €62.5B
FY23 €69.9B
FY24 €72.8B
FY25 €75.4B
Net income +17.2%/yr
FY21 €2.6B
FY22 €4.3B
FY23 €4.7B
FY24 €4.9B
FY25 €4.9B
Character of growth · EPS growth decomposed (2014-2025) +8.1 % p.a.
Revenue per share +6.9 %

of which total revenue +7.1 % · buybacks/dilution −0.3 %

EBIT margin +1.6 %
Tax rate −0.1 %
Residual (interest, one-offs) −0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Vinci S.A. Fair Value". https://www.fairvalue-calculator.com/stock/DG.PA

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 817 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 +63% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 13% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 4.4% · Top 25%
Debt / equity 0.98× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median
P/B 2.47× · Pricier than median
P/S (TTM) 1.00× · Pricier than median
P/FCF 9.5× · Pricier than 75% of peers
EV/EBITDA 7.2× · Cheaper than median
PEG 2.44× · Pricier than 75% of peers

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Vinci S.A. deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years-2.7 % per year
Achieved revenue growth, 5 years+11.3 % p.a.
Sector median revenue growth+4.6 %
FCF yield on price12.40 %
Discount rate (WACC) in the models9.2 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 17
FUTURE26 · sector 12
PAST62 · sector 26
HEALTH51 · sector 94
DIVIDEND89 · sector 39

Insider activity: 40/100

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $620.06 $143.92 −77%
Comfort Systems USA, Inc FIX $1,610 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.00 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
EMCOR Group EME $754.16 $549.47 −27%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%
Sterling Infrastructure, Inc STRL $460.03 $198.57 −57%

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Frequently asked questions

Is Vinci S.A. (DG) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of €185.62 versus a price of €113.95, about +63% upside (undervalued).
What is the fair value of DG?
Our model-based fair value for Vinci S.A. is €185.62 (as of Sep 6, 2026), built from audited fundamentals. The current price: €113.95.
What is the quality score of DG?
Vinci 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 price target for Vinci S.A. (DG)?
Our model-based price target is the fair value of €185.62 (as of Sep 6, 2026) from 26 valuation models. Cautious scenario €125.37, optimistic scenario €237.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Vinci S.A. stock forecast for 2026?
Our models put fair value at €185.62, about +63% upside versus a price of €113.95 (undervalued). Cautious scenario €125.37, optimistic scenario €237.08. The calculation is refreshed regularly with new filings.
What is the revenue of Vinci S.A. (DG)?
Vinci S.A. reported trailing-twelve-month revenue of about €75.7B (latest available figure, as of Sep 6, 2026).
What is the net profit margin of DG?
The net profit margin of Vinci S.A. is about 6.5%, meaning it keeps roughly 6.5% of revenue as net income. Based on the latest reported figures.
Does Vinci S.A. pay a dividend?
Vinci S.A. currently shows a dividend yield of about 4.43% relative to its recent price (as of Sep 6, 2026).
What growth is priced into Vinci S.A. (DG)?
For today's price to be fair in a discounted-cash-flow model, Vinci S.A. would have to grow free cash flow by -2.7 % per year for ten years (discount rate 9.2 %, then 2 % perpetual growth). Over the last 5 years revenue grew +11.3 % per year. As of Sep 6, 2026.
What discount rate (WACC) does the fair value of DG use?
Our models discount Vinci S.A. at 9.2 %: a base by market capitalisation (large), damped by beta 0.76, country premium for France. The same rate applies in all 26 models.
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