SPIE SPIE.PA
SPIE is a French engineering and construction services company, specializing in electrical, mechanical, and energy installations for infrastructure and buildings, with a focus on energy efficiency and digitalization. SPIE shows weak financial health with Net Debt/EBITDA of 3.75 and operating margin of 4.42, but its valuation is attractive with a forward P/E of 12.43 and FCF yield of 13.47, supported by growth guidance and margin expansion in H1 2026.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
SPIE is a French engineering and construction services company, specializing in electrical, mechanical, and energy installations for infrastructure and buildings, with a focus on energy efficiency and digitalization. SPIE shows weak financial health with Net Debt/EBITDA of 3.75 and operating margin of 4.42, but its valuation is attractive with a forward P/E of 12.43 and FCF yield of 13.47, supported by growth guidance and margin expansion in H1 2026.
Score by category
| Category | Score |
|---|---|
| Financial health | 3.2 |
| Quality / Moat | 5.0 |
| Valuation | 6.7 |
| Growth | 5.5 |
| Dividend | 7.0 |
| Momentum | 3.5 |
| Risk & Context | 6.3 |
OVERALL SCORE: 5.4/10
Context and risks
SPIE operates in France, a country with elevated governance risk according to the assigned profile, adding a moderate penalty. Additionally, its engineering and construction business has exposure to the supply chain and energy costs, though not dominantly.
News considered in the analysis
- SPIE (ENXTPA:SPIE) Issues €500 Million Sustainability Linked Bond — Emisión de deuda de 500M€ que, con una Deuda Neta/EBITDA de 3.75, refuerza el apalancamiento pero a un coste ligado a objetivos de sostenibilidad; impacto moderado en salud financiera.
- SPIE SA's Dividend Analysis — Análisis genérico del dividendo sin información nueva; el payout del 60.67% ya es conocido.
- Jefferies backs SPIE on growth recovery, upgrades Adecco as estimates improve — Respaldo de Jefferies a la recuperación del crecimiento; refuerza la confianza en la guía de la compañía.
- SPIE SA (SPIWF) (H1 2026) Earnings Call Highlights: Strong Revenue Growth and Margin Expansion ... — Resultados del 1S 2026 con crecimiento de ingresos y expansión de margen; material y ya parcialmente en el precio.
- How The SPIE (ENXTPA:SPIE) Investment Story Is Evolving With Fresh Targets And New Guidance — Nueva guía y objetivos; refuerza la narrativa de crecimiento, aunque con visibilidad limitada.
Verdict: Hold; the cheap valuation offsets the leverage, but monitor debt evolution and guidance execution.
Main risk: High leverage (Net Debt/EBITDA of 3.75) and exposure to rising interest rates in Europe, which make debt refinancing more expensive.
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