SPIE S.a. (SPIE.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.3%

€21.34

vs €43.82 price

Levered DCF

€19.32

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.5

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	189.46×	18.43×	19.43×	26.19×	21.43×	52.38×	18.72×	11.04×
P/B	15.58×	2.42×	2.38×	2.1×	2.17×	1.84×	1.95×	1.22×
P/S	3.23×	0.51×	0.53×	0.49×	0.52×	0.42×	0.41×	0.27×
EV / EBITDA	33.57×	8.06×	8.51×	9.49×	8.66×	9.38×	8.67×	9.28×
Gross margin	4.9%	86.3%	8.1%	86.4%	87.1%	3.5%	4.1%	3.8%
Operating margin	5.8%	5.5%	5.4%	5.3%	4.8%	3.0%	4.8%	4.2%
Net margin	1.7%	2.8%	2.7%	1.9%	2.4%	0.8%	2.2%	2.4%
Current ratio	0.8×	0.79×	0.92×	0.95×	0.96×	0.95×	0.91×	0.92×
Debt / equity	1.3×	1.32×	1.29×	1.39×	1.5×	1.63×	1.7×	1.44×
Interest coverage	3.75×	4.94×	4.78×	5.76×	5.01×	2.73×	4.83×	3.96×
Dividend yield	0.5%	2.9%	2.7%	2.7%	2.5%	0.0%	3.2%	4.9%
Payout ratio	100.1%	52.5%	53.1%	69.9%	54.0%	0.0%	60.0%	54.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	13.2%	12.2%	8.0%	10.1%	3.5%	10.4%	11.0%
Return on invested capital	5.8%	6.0%	5.6%	5.0%	3.9%	1.6%	3.9%	5.1%
Return on assets	1.7%	2.7%	2.6%	1.7%	2.0%	0.6%	1.8%	2.1%
Free cash flow yield	2.2%	16.5%	14.1%	12.9%	12.3%	17.6%	12.8%	17.4%
Earnings yield	0.5%	5.4%	5.1%	3.8%	4.6%	1.9%	5.3%	9.0%
Enterprise value	€35.5B	€7.1B	€6.4B	€5.4B	€5B	€4.1B	€4.4B	€3.1B
Net debt / EBITDA	1.9×	2.32×	2.33×	2.53×	2.37×	2.99×	3.13×	3.98×
Cash conversion cycle (days)	44	-50	62	-110	-105	65	66	68