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Eiffage SA (FGR) Fair Value & Analysis

Industrials · FR · Market cap €11.9B

ES Eiffage SA FGR · PA
Price€125.25
Fair Value€219.00
Upside+74.9%
Quality56/100
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Healthy Growth
Thin margins · 3.9% net margin
High debt · generates free cash flow
3.98% dividend yield
Ranks above peers (11/15)
Moderate moat 49/100
Evidence: High Range €164.25 – €273.75 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 16, 2026, revised from €234.10 to €219.00 (−6.5%) since Jun 24, 2026. Share price +0.9% over the past month.

A solid business, screening 75% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€164.25). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) 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)

€140.91 €67.70 Fair Value €219.00 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €67.70 – €140.91 · fair‑value band €164.25 – €273.75 · the €125.25 price screens below the €219.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Eiffage SA (FGR) currently trades at €125.25, while our model-based Fair Value estimate is €219.00, implying the stock looks roughly 74.9% undervalued today. We read business quality at 56/100 (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, Eiffage SA generated revenue of €26.1B at a net margin of 3.9%. Revenue grew 9.6% year over year. It earns a return on equity of 17.3%. Net debt stands at €10.9B. Fundamentals as of Jul 16, 2026

Our scenario range runs from €164.25 (bear case) to €273.75 (bull case); at €125.25, 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 12% below its 52-week high and 26% 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 75%, FGR 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 BearBaseBull Evidence
Highest evidence
Growth DCF €272.28 €429.62 €654.01 80
Residual Income €73.97 €91.56 €201.05 76
Rev-Margin DCF €204.91 €348.93 €513.99 74
All 26 models by family
DCF Models
FCF DCF €266.29 €443.19 €711.32 38
Owner Earnings €168.11 €291.47 €478.48 31
5Y Revenue Exit €204.91 €346.92 €525.53 39
5Y EBITDA Exit €296.53 €517.44 €773.27 41
5Y P/E Exit €145.68 €236.65 €329.45 38
10Y Revenue Exit €216.86 €351.40 €527.46 36
10Y EBITDA Exit €282.47 €469.47 €715.68 37
10Y P/E Exit €186.49 €275.05 €378.48 35
Earnings-Based
Graham-Dodd €70.91 €215.15 €285.41 54
Lynch FV €45.99 €65.70 €85.41 50
PEG = 1.0 €45.99 €65.70 €85.41 46
EPV €115.96 €144.98 €170.38 59
Dividend Discount
Gordon GGM €38.98 €81.04 €128.56 70
DDM Multi-Stage €38.98 €63.73 €85.05 61
Multiples
P/E Multiple €156.43 €208.57 €260.71 63
P/S Multiple €132.96 €177.29 €221.61 58
P/B Multiple €132.96 €177.29 €221.61 55
EV/EBIT €300.38 €419.91 €539.43 53
EV/EBITDA €359.36 €498.55 €637.74 54
EV/Revenue €183.51 €287.10 €390.69 43
Asset-Based
NCAV (Graham) €38.27 €51.28 €76.54 50
Growth DCF
Growth DCF €272.28 €429.62 €654.01 80
Rev-Margin DCF €204.91 €348.93 €513.99 74
Economic Profit
Residual Income €73.97 €91.56 €201.05 76
ROIC Compounder €124.36 €173.57 €233.74 72
Growth Earnings
Growth-Adj P/E €128.87 €184.11 €239.34 68

Widest divergence: Growth DCF (€348.93) versus Asset-Based (€51.28). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €26.1B
Revenue growth (YoY) +9.6%
Net margin 3.9%
Return on equity 17.3%
Free cash flow €2.8B FY2025
P/E ratio 11.3
More key figures
Operating margin 11.6%
EPS (TTM) €10.70
Dividend yield 4.0%
EPS growth (YoY) +7.0%
Net debt €10.9B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 55

Profitability 34
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 22
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 97
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

Eiffage SA, together with its subsidiaries, engages in the construction and concessions businesses in France, Germany, Europe, and internationally. It operates through five segments: Construction, Infrastructure, Energy Systems, Concessions, and Holding.

Full company description

Eiffage SA, together with its subsidiaries, engages in the construction and concessions businesses in France, Germany, Europe, and internationally. It operates through five segments: Construction, Infrastructure, Energy Systems, Concessions, and Holding. The company constructs and renovates housing, offices, retail, hospitality, and public facilities; develops properties; and offers urban planning and regeneration. It also engages in the construction and maintenance of roads, motorways, ports, and airports, as well as industrial and commercial projects; civil engineering of transport infrastructure, water and waste treatment plants, energy production and transmission equipment, and hydraulic structures; and turnkey metal construction. In addition, the company designs, builds, implements, integrates, operates, and maintains systems and equipment related to electrical, industrial, climate control, and energy engineering. Further, it is involved in the construction and management of works under concession contracts and public-private partnerships; development and production of hydroelectric and photovoltaic energy; and management of equity investments and services. The company was founded in 1844 and is headquartered in Vélizy-Villacoublay, France.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Eiffage SA reported revenue of €26.1B in FY2025 versus €19.2B in FY2021, a compound +8.0%/yr. Reported net income was €1.0B in FY2025, compounding +7.9%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€26.1B
Latest YoY
+8.8%
Avg. growth/yr (3Y)
+7.8%
Avg. growth/yr (5Y)
+9.4%
Avg. growth/yr (27Y)
+6.2%
Revenue +8.0%/yr
FY21 €19.2B
FY22 €20.9B
FY23 €22.4B
FY24 €24.0B
FY25 €26.1B
Net income +7.9%/yr
FY21 €753M
FY22 €896M
FY23 €1.0B
FY24 €1.0B
FY25 €1.0B

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Cite: Fair Value Calculator (2026). "Eiffage SA Fair Value". https://www.fairvalue-calculator.com/stock/FGR

Peer Group

Engineering & Construction · 831 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 56 · Above median
Fair Value upside +75% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 12% · Top 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 4.0% · Top 25%
Debt / equity 1.54× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than median
P/B 1.82× · Pricier than median
P/S (TTM) 0.52× · Cheaper than median
P/FCF 4.9× · Pricier than median
EV/EBITDA 5.1× · Cheaper than median
PEG 1.81× · 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 17
FUTURE 48 · sector 17
PAST 69 · sector 26
HEALTH 23 · sector 94
DIVIDEND 80 · sector 33

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

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 16, 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 ₹102.36 ₹48.22 -53%
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 Eiffage SA (FGR) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €219.00 versus a price of €125.25, about +75% (undervalued).
What is the fair value of FGR?
Our model-based fair value for Eiffage SA is €219.00 (as of Jul 16, 2026), built from audited fundamentals. The current price is €125.25.
What is the quality score of FGR?
Eiffage SA has a Quality Score of 56/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Eiffage SA (FGR)?
Eiffage SA reported trailing-twelve-month revenue of about €26.1B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of FGR?
The net profit margin of Eiffage SA is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does Eiffage SA pay a dividend?
Eiffage SA currently shows a dividend yield of about 3.88% relative to its recent price (as of Jul 16, 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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