Download PDF

1. Company Snapshot

1.a. Company Description

Bilfinger SE provides industrial services to customers in the process industry primarily in Europe, North America, and the Middle East.The company offers engineering, project, maintenance, turnaround, rotating equipment, and inspection services.It also provides new construction and decommissioning of nuclear power plants, treatment of radioactive waste, nuclear fusion services.


In addition, the company offers energy efficiency, carbon capture, utilization, and storage; hydrogen, hydropower, wind power services.Further, the company provides design and engineering, plant engineering and assembly operation and optimization, bilfinger connected asset performance, PID graph, and mobile and web application services.It serves customers in chemical and petrochemical, energy and utilities, oil and gas, pharmaceuticals and biopharma, metallurgy, and cement industries.


Bilfinger SE was founded in 1880 and is headquartered in Mannheim, Germany.

Show Full description

1.b. Last Insights on GBF

Bilfinger SE's recent performance was driven by strong revenue growth, with a 12% increase in Q4 2024, and a 39% rise in EBITDA margin. The company's proposed dividend of €2.40 for 2024, a 10% increase from the previous year, is also a positive driver. Additionally, the company's full-year 2024 earnings beat expectations, with revenue reaching €5.04 billion and net income increasing. Furthermore, Bilfinger's dividend stocks offer stability and income potential for investors seeking to enhance their portfolios, particularly in a market environment with escalating trade tensions and volatility.

1.c. Company Highlights

2. Bilfinger's Q3 2025: Stable Performance Amidst Volatile Market

Bilfinger reported a stable financial performance in Q3 2025, with revenue increasing by 8% to EUR 1.4 billion, driven by growth across all segments. The EBITA margin stood at 5.8%, and earnings per share were EUR 1.5, slightly below the estimated EUR 1.77. The company's order intake was 1% up to EUR 1.36 billion, and the order backlog rose by 7%. As Matti Jakel, Group CFO, highlighted, "We have a solid performance with orders received fairly flat, revenue 8% up, and EBITA margin 5.8%."

Publication Date: Nov -21

📋 Highlights
  • Revenue Growth and EBITA Margin:: Revenue increased 8% to EUR 1.4 billion, with EBITA margin at 5.8% and earnings per share up to EUR 1.47.
  • Free Cash Flow Improvement:: Free cash flow surged 30% to EUR 71 million, driven by better working capital and profitability.
  • Revised Revenue Outlook:: Full-year revenue guidance narrowed to EUR 5.3–5.5 billion, with EBITA margin of 5.4%–5.6%.
  • Opportunity Pipeline Expansion:: Pipeline grew 15% YoY, supported by acquisitions contributing EUR 35–40 million to order intake.
  • Technologies Segment Performance:: Technologies revenue rose 24%, leading to a 42% profit increase, especially in pharma and biopharma sectors.

Segmental Performance

The company's E&M Europe segment saw a revenue increase, with a margin decline of 20 bps, considered a normal fluctuation. The Technologies segment reported a 24% revenue increase and a 42% profit increase, driven by growth in pharma and biopharma. Bilfinger's opportunity pipeline increased by 15% year-over-year, driven by demand for enhancing efficiency.

Outlook and Guidance

Bilfinger updated its revenue outlook to EUR 5.3 billion to EUR 5.5 billion for the year and 5.4% to 5.6% EBITA margin. The company's cash flow was positive, with a cash conversion rate of 100% to 110% this year, higher than its target of above 80%. Analysts estimate next year's revenue growth at 4.9%.

Valuation Metrics

With a P/E Ratio of 18.85, P/B Ratio of 2.8, and EV/EBITDA of 10.62, Bilfinger's valuation appears reasonable. The company's ROE (%) is 14.5%, and ROIC (%) is 9.87%, indicating a good return on equity and invested capital. The Net Debt / EBITDA ratio is -0.19, suggesting a healthy debt position.

Growth Strategy

Bilfinger is looking to expand through larger scale opportunities, with a focus on M&A due to the favorable growth environment in North America and the Middle East. The company has made three acquisitions this year, which are expected to contribute to revenue growth. Bilfinger's definition of a larger M&A is a deal worth more than EUR 50 million.

3. NewsRoom

Card image cap

Bilfinger's (ETR:GBF) Conservative Accounting Might Explain Soft Earnings

Nov -24

Source:

Card image cap

Bilfinger SE (BFLBF) Q3 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic Outlook

Nov -13

Source:

Card image cap

An Intrinsic Calculation For Bilfinger SE (ETR:GBF) Suggests It's 49% Undervalued

Oct -09

Source:

Card image cap

Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

Source:

Card image cap

Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

Source:

Card image cap

Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

Source:

Card image cap

Is Vaisala (HLSE:VAIAS) Undervalued? A Fresh Look at Its Current Valuation

Sep -09

Source:

Card image cap

Has Evotec’s 29.5% Price Drop Created a New Opportunity for 2025?

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.70%)

6. Segments

Engineering & Maintenance Europe

Expected Growth: 3.5%

Bilfinger SE's Engineering & Maintenance Europe segment growth of 3.5% is driven by increasing demand for industrial maintenance services, expansion into renewable energy markets, and strategic acquisitions. Additionally, the segment benefits from a strong order backlog, cost savings initiatives, and a growing presence in the European process industry.

Technologies

Expected Growth: 4.5%

Bilfinger SE's 4.5% growth in technologies is driven by increasing demand for digitalization and automation in industrial processes, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on sustainability and energy efficiency solutions resonates with environmentally conscious clients, contributing to its growth momentum.

Engineering & Maintenance International

Expected Growth: 3.8%

Bilfinger SE's Engineering & Maintenance International segment growth of 3.8% is driven by increasing demand for industrial maintenance services, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and automation solutions, as well as a strong order backlog, contribute to the segment's growth momentum.

Reconciliation Group

Expected Growth: 3.2%

Bilfinger SE's Reconciliation Group achieves 3.2% growth driven by increasing demand for industrial services, strategic acquisitions, and cost savings initiatives. Additionally, the group benefits from a strong order backlog, successful project execution, and a favorable business mix. These factors contribute to the segment's growth, solidifying its position in the industrial services market.

7. Detailed Products

Industrial Services

Bilfinger provides industrial services including maintenance, repair, and overhaul of industrial equipment and facilities.

Engineering and Consulting

Bilfinger offers engineering and consulting services for the design, development, and implementation of industrial projects.

Maintenance and Repair

Bilfinger provides maintenance and repair services for industrial equipment and facilities.

Turnaround and Shutdown Services

Bilfinger offers turnaround and shutdown services for planned maintenance and upgrades of industrial facilities.

Digitalization and Automation

Bilfinger provides digitalization and automation solutions for industrial facilities.

Decommissioning and Dismantling

Bilfinger offers decommissioning and dismantling services for industrial facilities at the end of their life cycle.

8. Bilfinger SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bilfinger SE is medium due to the availability of alternative services and products in the industrial services market.

Bargaining Power Of Customers

The bargaining power of customers is low for Bilfinger SE due to the company's strong market position and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Bilfinger SE due to the company's dependence on a few large suppliers for raw materials and equipment.

Threat Of New Entrants

The threat of new entrants is low for Bilfinger SE due to the high barriers to entry in the industrial services market, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for Bilfinger SE due to the competitive nature of the industrial services market, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.43%
Debt Cost 5.59%
Equity Weight 70.57%
Equity Cost 10.79%
WACC 9.26%
Leverage 41.71%

11. Quality Control: Bilfinger SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Veidekke

A-Score: 7.5/10

Value: 5.7

Growth: 5.1

Quality: 7.0

Yield: 9.4

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
Bilfinger

A-Score: 6.4/10

Value: 5.3

Growth: 7.1

Quality: 5.2

Yield: 6.9

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
BAM

A-Score: 5.8/10

Value: 6.7

Growth: 4.8

Quality: 4.7

Yield: 5.6

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Mirbud

A-Score: 5.3/10

Value: 7.4

Growth: 4.7

Quality: 4.7

Yield: 3.8

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Renew

A-Score: 4.9/10

Value: 5.3

Growth: 5.9

Quality: 6.4

Yield: 4.4

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Assystem

A-Score: 3.8/10

Value: 3.2

Growth: 3.7

Quality: 3.2

Yield: 6.2

Momentum: 2.0

Volatility: 4.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

100.4$

Current Price

100.4$

Potential

-0.00%

Expected Cash-Flows