FCC FCC.MC
FCC is a Spanish infrastructure and services group, with its main business in construction and waste management, operating in several countries. FCC shows an attractive valuation (forward P/E 12.53, EV/EBITDA 6.86) and strong earnings growth (50%), but quality is mediocre (ROE 8.55%, FCF conversion 27.83%) and leverage is moderate (ND/EBITDA 2.15). Governance risk in Spain and the potential unsustainability of cyclical growth limit the appeal.
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Market and fundamental data as of the analysis date.
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FCC is a Spanish infrastructure and services group, with its main business in construction and waste management, operating in several countries. FCC shows an attractive valuation (forward P/E 12.53, EV/EBITDA 6.86) and strong earnings growth (50%), but quality is mediocre (ROE 8.55%, FCF conversion 27.83%) and leverage is moderate (ND/EBITDA 2.15). Governance risk in Spain and the potential unsustainability of cyclical growth limit the appeal.
Score by category
| Category | Score |
|---|---|
| Financial health | 5.3 |
| Quality / Moat | 4.8 |
| Valuation | 7.1 |
| Growth | 7.7 |
| Dividend | 5.3 |
| Momentum | 5.8 |
| Risk & Context | 4.4 |
OVERALL SCORE: 5.7/10
Context and risks
Domiciled in Spain with elevated governance risk. Although FCC operates in several countries, its headquarters and a relevant part of its business are in a jurisdiction with weak minority protection and a history of political interference in listed companies.
Verdict: Hold; the cheap valuation does not compensate for mediocre quality and governance risk.
Main risk: Governance risk in Spain, with potential political interference and weak minority shareholder protection, which may affect value creation for shareholders.
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