(SPIE) SPIE - Overview
Sector: Industrials | Industry: Engineering & Construction | Exchange: PA (France) | Market Cap: 8.189m EUR | Total Return: 8.7% in 12m
Avg Turnover: 13.5M
Rev. Trend: 92.3%
Qual. Beats: 0
Warnings
Share dilution 235.7% YoY
Altman Z'' 0.52 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
SPIE SA is a France-based provider of multi-technical services specializing in energy and communications infrastructure. The company operates across five geographic and functional segments, including France, Germany, North-Western Europe, Central Europe, and Global Services Energy. Its service portfolio encompasses technical facility management, ICT consultancy, engineering, and maintenance durability for complex industrial and urban systems.
The business model relies heavily on long-term service contracts and recurring maintenance revenue, which typically provides higher margin stability than pure-play construction. As a technical integrator, SPIE benefits from the structural transition toward decarbonization and digital transformation, offering specialized solutions in E-Mobility, cybersecurity, and IoT data management. The multi-technical services sector is characterized by high fragmentation, allowing established players like SPIE to expand through disciplined bolt-on acquisitions.
Investors may find additional data points and valuation metrics on ValueRay to further their analysis. Founded in 1900, SPIE maintains a significant footprint in European infrastructure, supporting both public and private sector clients in modernizing energy networks and communication hubs.
- European energy transition demand accelerates high-margin technical facility management revenue
- Bolt-on acquisition strategy drives market share expansion and earnings per share growth
- Rising labor costs and skilled technician shortages pressure core operating margins
- Public sector infrastructure spending levels dictate long-term order book visibility
- Energy efficiency regulations in France and Germany stimulate multi-technical service volume
| Net Income: 449.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA 5.37 > 1.0 |
| NWC/Revenue: -4.44% < 20% (prev -7.11%; Δ 2.66% < -1%) |
| CFO/TA 0.16 > 3% & CFO 1.70b > Net Income 449.6m |
| Net Debt (2.64b) to EBITDA (1.72b): 1.53 < 3 |
| Current Ratio: 0.80 > 1.5 & < 3 |
| Outstanding Shares: last quarter (560.3m) vs 12m ago 235.7% < -2% |
| Gross Margin: 5.24% > 18% (prev 0.06%; Δ 518.2% > 0.5%) |
| Asset Turnover: 205.2% > 50% (prev 139.3%; Δ 65.89% > 0%) |
| Interest Coverage Ratio: 3.09 > 6 (EBITDA TTM 1.72b / Interest Expense TTM 373.7m) |
| A: -0.09 (Total Current Assets 3.60b - Total Current Liabilities 4.51b) / Total Assets 10.3b |
| B: 0.07 (Retained Earnings 688.9m / Total Assets 10.3b) |
| C: 0.12 (EBIT TTM 1.15b / Avg Total Assets 9.96b) |
| D: 0.09 (Book Value of Equity 768.9m / Total Liabilities 8.12b) |
| Altman-Z'' = 0.52 = B |
| DSRI: 0.64 (Receivables 2.38b/2.44b, Revenue 20.4b/13.4b) |
| GMI: 1.13 (GM 5.24% / 5.92%) |
| AQI: 1.00 (AQ_t 0.57 / AQ_t-1 0.57) |
| SGI: 1.53 (Revenue 20.4b / 13.4b) |
| TATA: -0.12 (NI 449.6m - CFO 1.70b) / TA 10.3b) |
| Beneish M = -2.96 (Cap -4..+1) = A |
As of May 25, 2026, the stock is trading at EUR 48.48 with a total of 283,002 shares traded.
Over the past week, the price has changed by +1.25%,
over one month by +1.21%,
over three months by -6.02% and
over the past year by +8.67%.
SPIE has no consensus analysts rating.
P/E Trailing = 46.6154
P/E Forward = 15.8983
P/S = 0.7805
P/B = 3.8048
Revenue TTM = 20.4b EUR
EBIT TTM = 1.15b EUR
EBITDA TTM = 1.72b EUR
Long Term Debt = 1.79b EUR (from longTermDebt, last quarter)
Short Term Debt = 579.1m EUR (from shortTermDebt, last quarter)
Debt = 3.43b EUR (from shortLongTermDebtTotal, last quarter) + Leases 632.6m
Net Debt = 2.64b EUR (calculated: Debt 3.43b - CCE 791.8m)
Enterprise Value = 10.8b EUR (8.19b + Debt 3.43b - CCE 791.8m)
Interest Coverage Ratio = 3.09 (Ebit TTM 1.15b / Interest Expense TTM 373.7m)
EV/FCF = 6.88x (Enterprise Value 10.8b / FCF TTM 1.57b)
FCF Yield = 14.54% (FCF TTM 1.57b / Enterprise Value 10.8b)
FCF Margin = 7.71% (FCF TTM 1.57b / Revenue TTM 20.4b)
Net Margin = 2.20% (Net Income TTM 449.6m / Revenue TTM 20.4b)
Gross Margin = 5.24% ((Revenue TTM 20.4b - Cost of Revenue TTM 19.4b) / Revenue TTM)
Gross Margin QoQ = 6.22% (prev 4.50%)
Tobins Q-Ratio = 1.05 (Enterprise Value 10.8b / Total Assets 10.3b)
Interest Expense / Debt = 10.89% (Interest Expense 373.7m / Debt 3.43b)
Taxrate = 33.62% (97.4m / 289.7m)
NOPAT = 765.9m (EBIT 1.15b * (1 - 33.62%))
Current Ratio = 0.80 (Total Current Assets 3.60b / Total Current Liabilities 4.51b)
Debt / Equity = 1.59 (Debt 3.43b / totalStockholderEquity, last quarter 2.15b)
Debt / EBITDA = 1.53 (Net Debt 2.64b / EBITDA 1.72b)
Debt / FCF = 1.68 (Net Debt 2.64b / FCF TTM 1.57b)
Total Stockholder Equity = 2.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.52% (Net Income 449.6m / Total Assets 10.3b)
RoE = 22.37% (Net Income TTM 449.6m / Total Stockholder Equity 2.01b)
RoCE = 30.34% (EBIT 1.15b / Capital Employed (Equity 2.01b + L.T.Debt 1.79b))
RoIC = 12.03% (NOPAT 765.9m / Invested Capital 6.37b)
WACC = 6.73% (E(8.19b)/V(11.6b) * Re(6.52%) + D(3.43b)/V(11.6b) * Rd(10.89%) * (1-Tc(0.34)))
Discount Rate = 6.52% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 89.89 | Cagr: 72.60%
[DCF] Terminal Value 77.97% ; FCFF base≈1.33b ; Y1≈1.52b ; Y5≈2.24b
[DCF] Fair Price = 183.7 (EV 33.7b - Net Debt 2.64b = Equity 31.0b / Shares 168.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 92.26 | Revenue CAGR: 20.45% | SUE: -0.03 | # QB: 0
EPS current Year (2026-12-31): EPS=3.14 | Chg30d=+1.56% | Revisions=+20% | GrowthEPS=+16.9% | GrowthRev=+7.5%
EPS next Year (2027-12-31): EPS=3.44 | Chg30d=+0.63% | Revisions=+33% | GrowthEPS=+9.2% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: +33%