Implenia AG (IMPN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Implenia AG CHF 77.00, price CHF 64.50, upside +19.4%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range CHF 16.73 – CHF 80.82 · fair‑value band CHF 57.75 – CHF 96.26 · the CHF 64.50 price screens below the CHF 77.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Implenia AG provides construction and real estate services in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through Buildings; Civil Engineering; and Service Solutions segments.
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Implenia AG provides construction and real estate services in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through Buildings; Civil Engineering; and Service Solutions segments. The company engages in tunnel construction; civil engineering; structural engineering; foundation engineering; structural design; building preservation; and depots. It also engages in construction maintenance; works yards; building construction logistics; and bar post-tensioning systems services, as well as solutions for excavations, retaining structures, deep foundations, and noise barriers. In addition, it provides building construction services, such as new construction, modernization, master builder, and timber construction; real estate development, management, investment, consulting, and planning services; real estate products; building technology planning; construction logistics; building physics, acoustics, sustainability, and energy; facade and geotechnical engineering; and pre-tensioning technology services. Further, the company provides system solutions; fibre building materials; and expanded polystyrene tunnel elements. The company is headquartered in Opfikon, Switzerland.
Stock analysis
Implenia AG (IMPN) currently trades at CHF 64.50, while our model-based Fair Value estimate is CHF 77.00, implying the stock looks roughly 16.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 77.00 per share, and 12 of the 24 models we run sit above the CHF 64.50 price.
Bear case: the Dividend Discount group reads lowest at CHF 7.87, and 12 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 57.75 (bear) to CHF 96.26 (bull), the price of CHF 64.50 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 46/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Implenia AG reported revenue of CHF 3.5B in FY2025 versus CHF 3.8B in FY2021, a compound −2.0%/yr. Reported net income was CHF 83.6M in FY2025, compounding +8.1%/yr from FY2021.
Key figures
Market cap CHF 1.2B · P/E ratio 14.2 · P/S ratio 0.34 · EPS (TTM) CHF 4.53 · Dividend yield 2.2% · Net margin 2.4% · Return on equity 12.0% · Return on assets (EBIT) 3.0%.
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 20% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 19%, IMPN screens cheaper than that median.
Fair Value models
Bear CHF 57.75Fair Value CHF 77.00Bull CHF 96.26
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 (CHF 2.29 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.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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.4%
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.
−0.6%
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.
−2.7%
Start year 2020 (pandemic). Over 10 years: +0.6% a year
Revenue growth 21 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.
+6.7%
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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.
+18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.9%
Dividend (yield on the price)2.2%
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.16% vs 5%, picking up
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.−6% → 2%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less 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).
+0.2%
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.
+4.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about −0.4% a year for the price and +4.0% for the forecasts.
Price, fair value, quality and upside side by side.
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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.Engineering & Construction · 822 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+20% · Above median
Profitability
Return on equity (TTM)12% · Above median
Return on assets1% · Below median
Net margin (TTM)2% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−11% · Below median
Dividend yield (TTM)2.2% · Above median
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Engineering & Construction 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). "Implenia AG Fair Value". https://www.fairvalue-calculator.com/stock/IMPN
Frequently asked questions
Is Implenia AG (IMPN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 77.00 versus a price of CHF 64.50, about +19% upside (undervalued).
What is the fair value of IMPN?
Our model-based fair value for Implenia AG is CHF 77.00 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 64.50.
What is the quality score of IMPN?
Implenia AG has a Quality Score of 46/100. 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 Implenia AG (IMPN)?
Our model-based price target is the fair value of CHF 77.00 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario CHF 57.75, optimistic scenario CHF 96.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Implenia AG stock forecast for 2026?
Our models put fair value at CHF 77.00, about +19% upside versus a price of CHF 64.50 (undervalued). Cautious scenario CHF 57.75, optimistic scenario CHF 96.26. The calculation is refreshed regularly with new filings.
What is the revenue of Implenia AG (IMPN)?
Implenia AG reported trailing-twelve-month revenue of about CHF 3.5B (latest available figure, as of Sep 23, 2026).
Does Implenia AG pay a dividend?
Implenia AG currently shows a dividend yield of about 2.17% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Implenia AG (IMPN)?
For today's price to be fair in a discounted-cash-flow model, Implenia AG would have to grow free cash flow by +0.2 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of IMPN use?
Our models discount Implenia AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.41, country premium for Switzerland. 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 Implenia AG that is +0.2 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Implenia AG (IMPN) delivered so far?
Over the past 5 years revenue at Implenia AG grew -2.7 % a year. The price currently implies +0.2 % 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 Implenia AG (IMPN) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Implenia AG (+0.2 % 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 Implenia AG (IMPN)?
The free-cash-flow yield on the price is 7.97 %: that much free cash flow Implenia AG produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Implenia AG (IMPN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Implenia AG it is CHF 77.00 per share (as of Sep 23, 2026), against a price of CHF 64.50. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Implenia AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IMPN trades below its calculated fair value: price CHF 64.50, fair value CHF 77.00, a gap of about +19% (undervalued). 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 IMPN?
No. The price is what the market pays today (CHF 64.50); the fair value is what the company's own numbers justify (CHF 77.00). For Implenia AG the two are CHF 12.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Implenia AG worth?
The market values Implenia AG at about CHF 1.2B (market capitalisation, as of Sep 23, 2026). Per share that is CHF 64.50; our models calculate a fair value of CHF 77.00 per share.
What do the bullish and bearish scenarios say about IMPN?
Our models span a range for Implenia AG: cautious scenario CHF 57.75, base CHF 77.00, optimistic CHF 96.26 per share (as of Sep 23, 2026, price CHF 64.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IMPN?
Implenia AG trades at a price-to-earnings ratio of 14.2 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 77.00 is built from several models across several years. Other multiples: PEG 2.8, P/B 1.9, P/S 0.4, EV/EBITDA 10.0.
What is the PEG ratio of IMPN?
The PEG ratio of Implenia AG is 2.78 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Implenia AG (IMPN)?
Balance-sheet figures for Implenia AG (as of Sep 23, 2026): return on equity 12.0%, debt of 0.76 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is IMPN from its 52-week high?
Implenia AG trades at CHF 64.50, about 20% below its 52-week high of CHF 80.82 and 9% above the low of CHF 59.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 77.00 is for.
Which stocks are comparable to Implenia AG?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Implenia AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 64.50, calculated fair value CHF 77.00 (+19%), Quality Score 46/100, from 24 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 IMPN calculated?
We run Implenia AG through 24 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 CHF 77.00, 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 14.1 % above its aggregate fair value. Implenia AG currently trades 19 % below its own fair value, and the market average says nothing about that. 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 Implenia AG (IMPN)?
The closing price on Sep 23, 2026 was CHF 64.50. Our model-based fair value is CHF 77.00, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Implenia AG right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Implenia AG (IMPN) come from?
Earnings per share at Implenia AG grew +7.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.9 %, EBIT margin −2.3 %, tax rate +3.4 %, residual (interest, one-offs) +4.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Implenia AG
How large is the market capitalisation of Implenia AG (IMPN)?
The market capitalisation of Implenia AG is CHF 1.2B. 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 Implenia AG (IMPN)?
The price-to-sales ratio of Implenia AG is 0.34 (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 Implenia AG (IMPN)?
Earnings per share at Implenia AG are CHF 4.53 (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Implenia AG (IMPN)?
The dividend yield of Implenia AG is 2.2% (payout 30.9%). 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 Implenia AG (IMPN)?
The net margin of Implenia AG is 2.4% (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 Implenia AG (IMPN)?
The return on equity (ROE) of Implenia AG is 12.0% (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 Implenia AG (IMPN)?
On an EBIT basis the return on assets of Implenia AG is 3.0% (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 Implenia AG (IMPN)?
The operating margin of Implenia AG is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Implenia AG (IMPN)?
Revenue at Implenia AG is growing −11.0% versus a year earlier (3y avg −0.6%). 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 Implenia AG (IMPN)?
Earnings per share at Implenia AG are growing −23.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Implenia AG (IMPN) carry?
The net debt of Implenia AG is CHF 346M (fiscal year 2025, ≈ 3.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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