SPIE SA (SPIE) Fair Value & Analysis
Industrials · FR · Market cap €8.2B
Fair value as of: Jul 16, 2026
From 26 valuation models · updated 22 days ago
Share price −9.2% over the past month.
Below-average quality, and screening another 60% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (€23.30). The favourable scenario is already priced in.
- Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
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 €16.51 – €52.88 · fair‑value band €13.98 – €23.30 · the €46.46 price screens above the €18.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
SPIE SA (SPIE) currently trades at €46.46, while our model-based Fair Value estimate is €18.64, implying the stock looks roughly 59.9% overvalued today. We read business quality at 44/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, SPIE SA generated revenue of €10.5B at a net margin of 1.7%. Revenue grew 2.6% year over year. It earns a return on equity of 8.4%. Net debt stands at €2.0B. Fundamentals as of Jul 16, 2026
Our scenario range runs from €13.98 (bear case) to €23.30 (bull case); at €46.46, the current price sits above 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 13% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -60%, SPIE screens richer 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.
All 26 models by family
Widest divergence: Growth DCF (€51.07) versus Earnings-Based (€7.28). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 42 · Market factors (momentum, volatility) 49
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
SPIE SA provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally. It operates through five segments: France, Germany, North-Western Europe, Central Europe, and Global Services Energy.
Full company description
SPIE SA provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally. It operates through five segments: France, Germany, North-Western Europe, Central Europe, and Global Services Energy. The company provides design, ICT consultancy and engineering, installation, maintenance and maintenance durability, technical facility management, and managed services. It also offers E-Mobility, smart packing, barriers, smart FM 360, energy efficiency, modernization, maintid, fabloop, IoT and data management, control room, ergonomie, and cybersecurity products. SPIE SA was founded in 1900 and is headquartered in Cergy-Pontoise, France.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
SPIE SA reported revenue of €10.4B in FY2025 versus €7.0B in FY2021, a compound +10.4%/yr. Reported net income was €176M in FY2025, compounding +1.1%/yr from FY2021.
SPIE screens 60% overvalued. Compare with Larsen & Toubro Limited →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SPIE SA (SPIWF) (H1 2026) Earnings Call Highlights: Strong Revenue Growth and Margin Expansion ...
- SPIE - Press release - 2026 Half-Year results
- SPIE acquires nimeg ag
- SPIE implements a liquidity contract with BNP Paribas Financial Markets
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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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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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