Tecnicas Reunidas (TRE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tecnicas Reunidas stock €28.65, price €29.36, that is 2.4% below the price, quality 49 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €5.35 – €36.96 · fair‑value band €22.26 – €35.43 · the €29.36 price screens above the €28.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Técnicas Reunidas, S.A., an engineering and construction company, designs and manages industrial plant projects worldwide. It operates through Upstream & Refining, Natural gas, Petrochemical, Low-carbon technologies, and Other segments.
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The Refining segment offers management, engineering, procurement, construction and commissioning services for facilities along the entire value chain to produce fuels.
The Natural gas segment provides direction, management, engineering, procurement, construction and commissioning services for facilities throughout the supply chain, from natural gas production to regasification terminals; and treatment and processing plants, compressor and liquefaction stations, storage tanks, and final regasification facilities.
The Petrochemical segment provides direction, management, engineering, procurement, construction and startup services for facilities dedicated to the production of basic chemical materials used in water distribution, pharmaceuticals, health, food, energy efficiency in buildings and transport systems, and others.
The Low-carbon technologies segment offers hydrogen, carbon capture and storage, circular economy and bioproducts; produces biomethane and converts biomass and waste into fuels, biodiesel, biokerosene, chemicals, and power and steam generation.
The Other segment offers water treatment, port infrastructures, and oil production. In addition, the company is involved in real estate-related activities, consultancy and assistance in international engineering projects, project execution, and machinery wholesale business.
Técnicas Reunidas, S.A. was formerly known as Lummus Española, S.A. and changed its name to Técnicas Reunidas, S.A. in 1972. The company was incorporated in 1960 and is headquartered in Madrid, Spain.
Stock analysis
Tecnicas Reunidas (TRE) currently trades at €29.36, while our model-based Fair Value estimate is €28.65, so the stock looks roughly fairly valued today (gap 2.5%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of €43.30 per share, and 15 of the 26 models we run sit above the €29.36 price.
Bear case: the Asset-Based group reads lowest at €4.43, and 11 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €22.26 (bear) to €35.43 (bull), the price of €29.36 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 49/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Tecnicas Reunidas reported revenue of €6.5B in FY2025 versus €2.8B in FY2021, a compound +23.2%/yr. Reported net income was €157M in FY2025.
Key figures
Market cap €2.3B Mid · P/E ratio 14.8 · P/S ratio 0.34 · EPS (TTM) €1.99 · Dividend yield 1.4% · Net margin 2.3% · Return on equity 28.4% · Return on assets (EBIT) 1.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at −2%, TRE screens cheaper than that median.
Fair Value models
Bear€22.26Fair Value €28.65Bull€35.43
Price €29.36 · Downside -2.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.70 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+45.3%
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.
+15.2%
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.
+12.9%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 23 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.
+12.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
≈ +60.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +58.8%
Dividend (yield on the price)1.4%
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.base effect: 60.5% / −0.9%
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.1% → 5%
2025 sits 98% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.19 per share, median 0.84 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more 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).
+10.2%
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.
+2.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +7.9% a year for the price and +0.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (8 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Expanding North American contract wins support rising backlog and underlying margin gains, yet persistent Middle East geopolitical exposure continues to generate provisions and weigh on results.
Main risk: Middle East geopolitical tensions remain the largest risk as they trigger project provisions that directly reduce reported margins and earnings.
Técnicas Reunidas just won an EPCM contract worth over 200 million euros in Canada for the Coastal GasLink pipeline expansion, adding to its North American power and services wins. The business model shows resilience with rising backlog and improved underlying margins, yet Middle East geopolitical risks still trigger provisions and weigh on perception. Will diversification into stable markets and services deliver more than the legacy exposure costs, or will those uncertainties keep shaping the outlook?
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 · 791 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−2.4% · Below median
Profitability
Return on equity (12 months)28.4% · Top 25%
Return on assets2.7% · Above median
Net margin (12 months)2.3% · Below median
Operating margin (12 months)1.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.9% · Below median
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity1.31× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)14.8× · Cheaper than median
P/B4.14× · Priciest 25%
P/S (12 months)0.34× · Cheapest 25%
Price / free cash flow (fiscal year)18.2× · Pricier than median
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). "Tecnicas Reunidas Fair Value". https://www.fairvalue-calculator.com/stock/TRE
Frequently asked questions
Is Tecnicas Reunidas (TRE) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €28.65 versus a price of €29.36, about 2% lower (fairly valued).
What is the fair value of TRE?
Our model-based fair value for Tecnicas Reunidas is €28.65 (as of Nov 6, 2026), built from audited fundamentals. The current price: €29.36.
What is the quality score of TRE?
Tecnicas Reunidas has a Quality Score of 49/100. 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 Tecnicas Reunidas (TRE)?
Our model-based price target is the fair value of €28.65 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario €22.26, optimistic scenario €35.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Tecnicas Reunidas stock forecast for 2026?
Our models put fair value at €28.65, about 2% lower versus a price of €29.36 (fairly valued). Cautious scenario €22.26, optimistic scenario €35.43. The calculation is refreshed regularly with new filings.
What is the revenue of Tecnicas Reunidas (TRE)?
Tecnicas Reunidas reported trailing-twelve-month revenue of about €6.8B (latest available figure, as of Nov 6, 2026).
Does Tecnicas Reunidas pay a dividend?
Tecnicas Reunidas currently shows a dividend yield of 1.43% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Tecnicas Reunidas (TRE)?
Tecnicas Reunidas has a dividend yield of 1.4%.
What growth is priced into Tecnicas Reunidas (TRE)?
For today's price to be fair in a discounted-cash-flow model, Tecnicas Reunidas would have to grow free cash flow by +10.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of TRE use?
Our models discount Tecnicas Reunidas at 11.6 %: a base by market capitalisation (mid), damped by beta 1.21, country premium for Spain. 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 Tecnicas Reunidas that is +10.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Tecnicas Reunidas (TRE) delivered so far?
Over the past 5 years revenue at Tecnicas Reunidas grew +12.9 % a year. The price currently implies free-cash-flow growth of +10.2 % per 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 Tecnicas Reunidas (TRE) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Tecnicas Reunidas (+10.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tecnicas Reunidas (TRE)?
The free-cash-flow yield on the price is 5.49 %: that much free cash flow Tecnicas Reunidas produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tecnicas Reunidas (TRE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tecnicas Reunidas it is €28.65 per share (as of Nov 6, 2026), against a price of €29.36. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Tecnicas Reunidas stock overvalued or undervalued in 2026?
As of Nov 6, 2026, TRE trades above its calculated fair value: price €29.36, fair value €28.65, a gap of about −2% (fairly valued). 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 TRE?
No. The price is what the market pays today (€29.36); the fair value is what the company's own numbers justify (€28.65). For Tecnicas Reunidas the two are €0.7100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tecnicas Reunidas worth?
The market values Tecnicas Reunidas at about €2.3B (market capitalisation, as of Nov 6, 2026). Per share that is €29.36; our models calculate a fair value of €28.65 per share.
What do the bullish and bearish scenarios say about TRE?
Our models span a range for Tecnicas Reunidas: cautious scenario €22.26, base €28.65, optimistic €35.43 per share (as of Nov 6, 2026, price €29.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRE?
Tecnicas Reunidas trades at a price-to-earnings ratio of 14.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €28.65 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 17.7. Other multiples: PEG 3.4, P/B 4.1, P/S 0.3, EV/EBITDA 6.9.
What is the PEG ratio of TRE?
The PEG ratio of Tecnicas Reunidas is 3.42 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Tecnicas Reunidas (TRE)?
Balance-sheet figures for Tecnicas Reunidas (as of Nov 6, 2026): return on equity 28.4%, debt of 1.31 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TRE from its 52-week high?
Tecnicas Reunidas trades at €29.36, about 21% below its 52-week high of €36.96 and 20% above the low of €24.42 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €28.65 is for.
Which stocks are comparable to Tecnicas Reunidas?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Tecnicas Reunidas stock attractive at the current price?
The data as of Nov 6, 2026: price €29.36, calculated fair value €28.65 (−2%), Quality Score 49/100, from 26 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 TRE calculated?
We run Tecnicas Reunidas through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €28.65 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Tecnicas Reunidas itself currently trades above fair value. 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 Tecnicas Reunidas (TRE)?
The closing price on Nov 6, 2026 was €29.36. Our model-based fair value is €28.65, about 2% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tecnicas Reunidas right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Tecnicas Reunidas (TRE) come from?
Earnings per share at Tecnicas Reunidas grew −3.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.4 %, EBIT margin +1.7 %, tax rate −2.0 %, residual (interest, one-offs) −2.6 %. 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 Tecnicas Reunidas
How large is the market capitalisation of Tecnicas Reunidas (TRE)?
The market capitalisation of Tecnicas Reunidas is €2.3B. 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 Tecnicas Reunidas (TRE)?
The price-to-sales ratio of Tecnicas Reunidas is 0.34 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tecnicas Reunidas (TRE)?
Earnings per share at Tecnicas Reunidas are €1.99 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tecnicas Reunidas (TRE)?
The dividend yield of Tecnicas Reunidas is 1.4% (payout 21.1%). 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 Tecnicas Reunidas (TRE)?
The net margin of Tecnicas Reunidas is 2.3% (last twelve months). 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 Tecnicas Reunidas (TRE)?
The return on equity (ROE) of Tecnicas Reunidas is 28.4% (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 Tecnicas Reunidas (TRE)?
On an EBIT basis the return on assets of Tecnicas Reunidas is 1.7% (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 Tecnicas Reunidas (TRE)?
The operating margin of Tecnicas Reunidas is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tecnicas Reunidas (TRE)?
Revenue at Tecnicas Reunidas is growing +2.9% versus a year earlier (3y avg +15.2%). 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 Tecnicas Reunidas (TRE)?
Earnings per share at Tecnicas Reunidas are growing +45.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tecnicas Reunidas (TRE) hold?
Tecnicas Reunidas holds more cash than debt, €239M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026