Vicat S.A. (VCT) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Vicat S.A. stock €69.72, price €67.70, upside +3.0%, quality 54 out of 100. Rating: fairly valued. Calculated from audited financials with 25 of our 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 9, 2026.
How to read this chart
60‑month range €17.41 – €78.58 · fair‑value band €46.93 – €92.11 · the €67.70 price screens below the €69.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Vicat S.A., together with its subsidiaries, engages in the production and sale of cement, ready-mixed concrete, and aggregates for construction industry.
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The company offers artificial cements, natural cements, and hydraulic road binders for use in housing, bridges, tunnels, and situations where the concrete is subject to aggressive environments.
It also provides a range of aggregates, including alluvium or rock, and river or crusher gravel and sand; ready-mixed concretes comprising decorative, self-leveling, self-consolidating, road, architectural, and civil-engineering concretes; and premixed mortars and finishing products, such as adhesives, surfacing compounds, and premixed mortars for floors and tiling, walls, thermal insulation, and masonry and building structures.
In addition, the company is involved in high-speed rail lines, motorway bridges, nuclear power plants, and airports construction works; and manufacture of large and medium-sized kraft bags and paper products.
It operates in France, Switzerland, Italy, the United States, Brazil, India, Kazakhstan, Turkey, Egypt, Senegal, Mali, and Mauritania. The company was incorporated in 1853 and is headquartered in L'Isle-d'Abeau, France.
Stock analysis
Vicat S.A. (VCT) currently trades at €67.70, while our model-based Fair Value estimate is €69.72, so the stock looks roughly fairly valued today (gap 2.9%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of €106.18 per share, and 17 of the 25 models we run sit above the €67.70 price.
Bear case: the Asset-Based group reads lowest at €24.67, and 8 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €46.93 (bear) to €92.11 (bull), the price of €67.70 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 54/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Vicat S.A. reported revenue of €3.9B in FY2025 versus €3.1B in FY2021, a compound +5.4%/yr. Reported net income was €275M in FY2025, compounding +7.7%/yr from FY2021.
Key figures
Market cap €3.0B Mid · P/E ratio 10.5 · P/S ratio 0.75 · EPS (TTM) €6.46 · Dividend yield 3.0% · Net margin 7.2% · Return on equity 10.2% · Return on assets (EBIT) 6.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 3%, VCT screens cheaper than that median.
Fair Value models
Bear€46.93Fair Value €69.72Bull€92.11
Price €67.70 · Upside +3.0%
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 (€3.82 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.
Best data coverage
FCF DCF€66.86€99.60€143.7380
Growth DCF€69.00€99.34€138.5379
Owner Earnings€62.95€94.12€136.1476
All 25 models by family
DCF Models
FCF DCF€66.86€99.60€143.7380
Owner Earnings€62.95€94.12€136.1476
5Y Revenue Exit€68.98€112.09€164.9772
5Y EBITDA Exit€87.26€144.44€208.0375
5Y P/E Exit€58.90€94.25€129.0771
10Y Revenue Exit€64.93€102.48€148.4766
10Y EBITDA Exit€78.50€123.71€178.8968
10Y P/E Exit€61.26€90.76€123.1164
Earnings-Based
Graham-Dodd€42.00€95.53€122.4065
PEG = 1.0€15.82€22.60€29.3957
EPV€54.75€65.63€75.0074
Dividend Discount
Gordon GGM€22.78€36.49€51.4168
DDM Multi-Stage€22.78€32.75€43.3567
Multiples
P/E Multiple€78.74€104.99€131.2463
P/S Multiple€78.74€104.99€131.2458
P/B Multiple€36.65€48.86€61.0855
EV/EBIT€82.92€119.23€155.5465
EV/EBITDA€105.15€148.86€192.5867
EV/Revenue€64.88€103.83€142.7853
Asset-Based
NCAV (Graham)€18.41€24.67€36.8354
Growth DCF
Growth DCF€69.00€99.34€138.5379
Rev-Margin DCF€68.98€113.01€159.8472
Economic Profit
Residual Income€56.45€61.45€71.8776
ROIC Compounder€54.75€65.63€79.9472
Growth Earnings
Growth-Adj P/E€59.96€85.66€111.3567
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.8%
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.
+1.9%
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.
+6.6%
Start year 2020 (pandemic). Over 10 years: +4.6% 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.
+4.3%
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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.
+15.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.1%
Dividend (yield on the price)3.0%
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.12.1% vs 7.9%, 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.10% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what 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).
+1.0%
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.
+3.0%
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 −1.2% a year for the price and +0.8% for the forecasts.
AI conclusion: Vicat pursues targeted expansion through acquisitions to build scale in France yet shows no clear public signals of a durable competitive moat.
Main risk: The acquisition could mainly raise integration demands and leverage that would hit operational efficiency and financial flexibility.
Vicat is pursuing the acquisition of Cemex ready-mix concrete and aggregates assets in south-eastern France, including 48 plants and 9 quarries that sit alongside its current operations. The move aligns with a strategy of targeted expansion and reflects confidence in a French market recovery while advancing lower-carbon offerings. Our models see the stock as undervalued. Will the added scale and geographic fit deliver clear operational gains or mainly raise integration and leverage demands?
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.Building Materials · 257 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+4.8% · Above median
Profitability
Return on equity (12 months)10.2% · Top 25%
Return on assets4.3% · Above median
Net margin (12 months)7.2% · Above median
Operating margin (12 months)9.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)8.0% · Above median
Dividend yield (12 months)3.0% · Above median
Balance sheet
Debt / equity0.40× · Highest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
P/E (12 months)10.5× · Cheapest 25%
P/B1.02× · Cheaper than median
P/S (12 months)0.75× · Cheaper than median
Price / free cash flow (fiscal year)9.6× · Cheaper 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). "Vicat S.A. Fair Value". https://www.fairvalue-calculator.com/stock/VCT
Frequently asked questions
Is Vicat S.A. (VCT) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €69.72 versus a price of €67.70, about +3% upside (fairly valued).
What is the fair value of VCT?
Our model-based fair value for Vicat S.A. is €69.72 (as of Nov 9, 2026), built from audited fundamentals. The current price: €67.70.
What is the quality score of VCT?
Vicat S.A. has a Quality Score of 54/100. 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 Vicat S.A. (VCT)?
Our model-based price target is the fair value of €69.72 (as of Nov 9, 2026) from 25 valuation models. Cautious scenario €46.93, optimistic scenario €92.11. It is a calculation from audited fundamentals, not an analyst target.
What is the Vicat S.A. stock forecast for 2026?
Our models put fair value at €69.72, about +3% upside versus a price of €67.70 (fairly valued). Cautious scenario €46.93, optimistic scenario €92.11. The calculation is refreshed regularly with new filings.
What is the revenue of Vicat S.A. (VCT)?
Vicat S.A. reported trailing-twelve-month revenue of about €4.0B (latest available figure, as of Nov 9, 2026).
Does Vicat S.A. pay a dividend?
Vicat S.A. currently shows a dividend yield of 2.95% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Vicat S.A. (VCT) and when is the ex-dividend date?
Vicat S.A. pays a dividend of €2.00 per share a year, a dividend yield of 3.0%. The last ex-dividend date was Apr 29, 2026. A dividend has been paid every year since at least 2007. The payout ratio is 31.0% of earnings. Free cash flow covers the dividend 3.52 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Vicat S.A. (VCT)?
For today's price to be fair in a discounted-cash-flow model, Vicat S.A. would have to grow free cash flow by +1.0 % 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 +6.6 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of VCT use?
Our models discount Vicat S.A. at 9.6 %: a base by market capitalisation (mid), damped by beta 0.73, country premium for France. 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 Vicat S.A. that is +1.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Vicat S.A. (VCT) delivered so far?
Over the past 5 years revenue at Vicat S.A. grew +6.6 % a year. The price currently implies free-cash-flow growth of +1.0 % 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 Vicat S.A. (VCT) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Vicat S.A. (+1.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vicat S.A. (VCT)?
The free-cash-flow yield on the price is 10.28 %: that much free cash flow Vicat S.A. 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 Vicat S.A. (VCT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vicat S.A. it is €69.72 per share (as of Nov 9, 2026), against a price of €67.70. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Vicat S.A. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, VCT trades below its calculated fair value: price €67.70, fair value €69.72, a gap of about +3% (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 VCT?
No. The price is what the market pays today (€67.70); the fair value is what the company's own numbers justify (€69.72). For Vicat S.A. the two are €2.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vicat S.A. worth?
The market values Vicat S.A. at about €3.0B (market capitalisation, as of Nov 9, 2026). Per share that is €67.70; our models calculate a fair value of €69.72 per share.
What do the bullish and bearish scenarios say about VCT?
Our models span a range for Vicat S.A.: cautious scenario €46.93, base €69.72, optimistic €92.11 per share (as of Nov 9, 2026, price €67.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VCT?
Vicat S.A. trades at a price-to-earnings ratio of 10.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €69.72 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 11.0. Other multiples: PEG 2.1, P/B 1.0, P/S 0.7, EV/EBITDA 5.2.
What is the PEG ratio of VCT?
The PEG ratio of Vicat S.A. is 2.05 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Vicat S.A. (VCT)?
Balance-sheet figures for Vicat S.A. (as of Nov 9, 2026): return on equity 10.2%, debt of 0.40 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is VCT from its 52-week high?
Vicat S.A. trades at €67.70, about 14% below its 52-week high of €78.58 and 18% above the low of €57.40 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €69.72 is for.
Which stocks are comparable to Vicat S.A.?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, 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 Vicat S.A. stock attractive at the current price?
The data as of Nov 9, 2026: price €67.70, calculated fair value €69.72 (+3%), Quality Score 54/100, from 25 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 VCT calculated?
We run Vicat S.A. through 25 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 €69.72 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 13.3% above its aggregate fair value. Vicat S.A. currently trades 3% 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 Vicat S.A. (VCT)?
The closing price on Nov 9, 2026 was €67.70. Our model-based fair value is €69.72, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vicat S.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€46.93 to €92.11) leaves room in how you read the outcome.
Where does the earnings growth of Vicat S.A. (VCT) come from?
Earnings per share at Vicat S.A. grew +8.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.4 %, EBIT margin +1.1 %, tax rate +1.2 %, residual (interest, one-offs) +0.7 %. 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 Vicat S.A.
How large is the market capitalisation of Vicat S.A. (VCT)?
The market capitalisation of Vicat S.A. is €3.0B. 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 Vicat S.A. (VCT)?
The price-to-sales ratio of Vicat S.A. is 0.75 (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 Vicat S.A. (VCT)?
Earnings per share at Vicat S.A. are €6.46 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vicat S.A. (VCT)?
The dividend yield of Vicat S.A. is 3.0% (payout 31.0%). 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 Vicat S.A. (VCT)?
The net margin of Vicat S.A. is 7.2% (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 Vicat S.A. (VCT)?
The return on equity (ROE) of Vicat S.A. is 10.2% (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 Vicat S.A. (VCT)?
On an EBIT basis the return on assets of Vicat S.A. is 6.2% (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 Vicat S.A. (VCT)?
The operating margin of Vicat S.A. is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vicat S.A. (VCT)?
Revenue at Vicat S.A. is growing +8.0% versus a year earlier (3y avg +1.9%). 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 Vicat S.A. (VCT)?
Earnings per share at Vicat S.A. are growing +14.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vicat S.A. (VCT) carry?
The net debt of Vicat S.A. is €1.2B (fiscal year 2025, ≈ 3.7 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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Some data
Nov 9, 2026