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Moury Construct SA (MOUR) Fair Value & Analysis

Industrials · BE · Market cap €292M

MC Moury Construct SA MOUR · BR
Price€736.00
Fair Value€1,649
Upside+124.0%
Quality71/100
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Healthy Growth
Solidly profitable · 13.8% net margin
Low debt · generates free cash flow
1.96% dividend yield
Ranks above peers (11/15)
Wide moat 71/100
Evidence: High Range €1,207 – €2,107 Share as image

Fair value as of: Aug 6, 2026

From 26 valuation models · updated 4 days ago

Share price −2.4% over the past month.

A solid business, screening 124% undervalued on our models.

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (€1,207). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

€794.72 €236.91 Fair Value €1,649 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 €236.91 – €794.72 · fair‑value band €1,207 – €2,107 · the €736.00 price screens below the €1,649 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Moury Construct SA (MOUR) currently trades at €736.00, while our model-based Fair Value estimate is €1,649, implying the stock looks roughly 124.0% undervalued today. The Quality Score stands at 71/100 (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, Moury Construct SA generated revenue of €250M at a net margin of 13.8%. Revenue grew 41.0% year over year. It earns a return on equity of 24.9%. The balance sheet holds a net cash position of €125M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €1,207 (bear case) to €2,107 (bull case); at €736.00, 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 8% below its 52-week high and 34% 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 124%, MOUR 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 €1,142 €1,557 €2,106 80
Residual Income €450.66 €616.76 €2,237 76
Rev-Margin DCF €1,117 €1,643 €2,316 74
All 26 models by family
DCF Models
FCF DCF €1,156 €1,635 €2,316 38
Owner Earnings €1,129 €1,593 €2,252 31
5Y Revenue Exit €1,117 €1,650 €2,361 39
5Y EBITDA Exit €1,194 €1,809 €2,566 41
5Y P/E Exit €1,395 €2,218 €3,150 38
10Y Revenue Exit €1,100 €1,562 €2,246 36
10Y EBITDA Exit €1,164 €1,661 €2,391 37
10Y P/E Exit €1,277 €1,916 €2,804 35
Earnings-Based
Graham-Dodd €593.45 €2,679 €3,674 54
Lynch FV €699.48 €999.26 €1,299 50
PEG = 1.0 €699.48 €999.26 €1,299 46
EPV €798.82 €856.17 €902.71 59
Dividend Discount
Gordon GGM €122.11 €204.52 €265.46 70
DDM Multi-Stage €122.11 €193.98 €220.03 61
Multiples
P/E Multiple €1,375 €1,833 €2,291 63
P/S Multiple €947.59 €1,263 €1,579 58
P/B Multiple €1,113 €1,484 €1,855 55
EV/EBIT €1,552 €1,962 €2,373 53
EV/EBITDA €1,319 €1,652 €1,985 54
EV/Revenue €1,117 €1,458 €1,799 43
Asset-Based
NCAV (Graham) €192.09 €257.40 €384.19 50
Growth DCF
Growth DCF €1,142 €1,557 €2,106 80
Rev-Margin DCF €1,117 €1,643 €2,316 74
Economic Profit
Residual Income €450.66 €616.76 €2,237 76
ROIC Compounder €818.81 €899.85 €978.62 72
Growth Earnings
Growth-Adj P/E €1,134 €1,620 €2,107 68

Widest divergence: DCF Models (€1,650) versus Dividend Discount (€193.98). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €250M
Revenue growth (YoY) +41.0%
Net margin 13.8%
Return on equity 24.9%
Free cash flow €35.8M FY2025
P/E ratio 8.5
More key figures
Operating margin 15.8%
EPS (TTM) €87.27
Dividend yield 2.0%
EPS growth (YoY) +88.6%
Net cash €125M FY2025

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

Quality Score breakdown

Overall quality 71/100

Of which business quality 70 · Market factors (momentum, volatility) 69

Profitability 64
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 36
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 82
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

Moury Construct SA, together with its subsidiaries, constructs and renovates residential and non-residential buildings in Belgium. It engages in the construction of public and private buildings, commercial areas, halls of structures, renovation and restoration, and industries and services projects.

Full company description

Moury Construct SA, together with its subsidiaries, constructs and renovates residential and non-residential buildings in Belgium. It engages in the construction of public and private buildings, commercial areas, halls of structures, renovation and restoration, and industries and services projects. The company is also involved in general joinery, thermal, and acoustic insulations; heating, ventilation, and air conditioning; and metalwork and aluminum joinery. It serves private and public markets. The company was founded in 1920 and is headquartered in Liège, Belgium.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Moury Construct SA reported revenue of €250M in FY2025 versus €135M in FY2021, a compound +16.6%/yr. Reported net income was €34.5M in FY2025, compounding +27.6%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€250M
Latest YoY
+33.9%
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.
+17.1%
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.
+14.2%
Avg. growth/yr (17Y) 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.
+5.9%
Revenue +16.6%/yr
FY21 €135M
FY22 €155M
FY23 €194M
FY24 €186M
FY25 €250M
Net income +27.6%/yr
FY21 €13.0M
FY22 €17.3M
FY23 €24.4M
FY24 €24.4M
FY25 €34.5M
Character of growth · EPS growth decomposed (2014-2025) +26.3 % p.a.
Revenue per share +9.7 pp

of which total revenue +9.7 pp · buybacks/dilution +0.0 pp

EBIT margin +11.7 pp
Tax rate +1.8 pp
Residual (interest, one-offs) +3.1 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). "Moury Construct SA Fair Value". https://www.fairvalue-calculator.com/stock/MOUR

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 71 · Top 25%
Fair Value upside +124% · Top 25%
Return on equity (TTM) 25% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 41% · Top 25%
Dividend yield (TTM) 2.0% · Above median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 8.5× · Cheaper than 75% of peers
P/B 2.23× · Pricier than median
P/S (TTM) 1.35× · Pricier than 75% of peers
P/FCF 9.4× · Pricier than 75% of peers
EV/EBITDA 5.3× · Cheaper than median
PEG 4.91× · Pricier 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 100 · sector 26
HEALTH 100 · sector 94
DIVIDEND 39 · 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 Moury Construct SA (MOUR) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €1,649 versus a price of €736.00, about +124% (undervalued).
What is the fair value of MOUR?
Our model-based fair value for Moury Construct SA is €1,649 (as of Aug 6, 2026), built from audited fundamentals. The current price is €736.00.
What is the quality score of MOUR?
Moury Construct SA has a Quality Score of 71/100. 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 Moury Construct SA (MOUR)?
Moury Construct SA reported trailing-twelve-month revenue of about €250M (latest available figure, as of Aug 6, 2026).
What is the net profit margin of MOUR?
The net profit margin of Moury Construct SA is about 13.8%, meaning it keeps roughly 13.8% of revenue as net income. Based on the latest reported figures.
Does Moury Construct SA pay a dividend?
Moury Construct SA currently shows a dividend yield of about 1.79% 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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