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1. Company Snapshot

1.a. Company Description

SPIE SA provides multi-technical services in the areas of energy and communications.The company operates through four segments: France; Germany and Central Europe; North-Western Europe; and Oil & Gas and Nuclear.It provides technical engineering solutions for buildings; integrated ICT solutions, including IT consulting, integration, and maintenance; electrical, mechanical, and HVAC engineering services; and operation and maintenance of real estate and facilities.


The company also offers oil and gas services, including exploring and investigating new fields, buildings and operating facilities, and optimizing production; construction, renovation, and maintenance services for bridges, locks, and pumping stations; maintenance and innovative solutions for traffic infrastructure; and fixed and mobile digital telecom networks, as well as technical building management, communications and networks, tech FM services; engineering, construction, maintenance, and optimization services for industrial processes; energy recovery and sustainable management services to technical facilities; and energy transmission networks, medium-voltage facilities, distribution networks, busbar systems, and wind and solar power farms.In addition, it engages in the installation and maintenance of electrical systems, heating and air conditioning, building ventilation, utilities and automation for industries; and management of IT and data processing infrastructures.SPIE SA was founded in 1900 and is headquartered in Cergy-Pontoise, France.

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1.b. Last Insights on SPIE

SPIE SA's recent performance was driven by strong growth and margin expansion. The company's H1 2025 results showed a 5.8% revenue growth to €4,979m and a 40bps margin step-up to 6.0% EBITA margin. Strategic acquisitions, including Rovitech, SD Fiber, and Voets & Donkers, strengthened its expertise in data centers, FttX, and industrial refrigeration technology. A solid growth model and firmed-up 2025 outlook also contributed to the positive momentum. Additionally, the appointment of Alexandra Bournazel as Group Investor Relations Director enhanced its investor relations.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Lukasz Nowiński appointed Managing Director of SPIE Central Europe

Dec -03

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Trudy Schoolenberg steps down from the Board of Directors of SPIE SA

Nov -28

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European Stocks That May Be Trading Below Fair Value In November 2025

Nov -14

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SPIE signs an agreement to acquire PIK AG, strengthening expertise in audiovisual systems in Germany

Nov -12

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Quarterly information as at September 30th, 2025

Oct -31

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European Stocks Estimated Below Intrinsic Value In October 2025

Oct -10

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SPIE signs an agreement for the acquisition of ECOexperts Automation

Oct -07

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SPIE launches its employee shareholding plan SHARE FOR YOU 2025

Sep -25

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.81%)

6. Segments

Germany and Central Europe

Expected Growth: 4.92%

Germany and Central Europe's 4.92% growth, driven by SPIE SA, is attributed to increasing demand for energy-efficient solutions, infrastructure development, and industrial automation. Strong economic growth, favorable government policies, and rising investments in renewable energy also contribute to this growth.

France

Expected Growth: 4.83%

SPIE SA's 4.83% growth in France is driven by increasing demand for energy-efficient solutions, government initiatives for sustainable infrastructure development, and a growing need for digitalization in the industrial sector. Additionally, the company's strategic acquisitions and partnerships have expanded its service offerings, contributing to its growth in the French market.

North-Western Europe

Expected Growth: 4.65%

SPIE SA's 4.65% growth in North-Western Europe is driven by increasing demand for energy-efficient solutions, government initiatives promoting sustainable infrastructure, and a growing need for digitalization in the industrial sector. Additionally, the region's aging infrastructure and rising maintenance costs are fueling investments in modernization and upgrade projects.

Oil & Gas Nuclear

Expected Growth: 4.52%

SPIE SA's Oil & Gas Nuclear segment growth of 4.52% is driven by increasing global energy demand, rising nuclear power plant maintenance needs, and strategic contract wins in the Middle East and Asia. Additionally, the company's focus on digitalization and innovation in nuclear decommissioning and waste management also contributes to its growth momentum.

Reconciliation

Expected Growth: 8.5%

SPIE SA's 8.5% growth driven by increasing demand for energy transition and digitalization services, expansion in European markets, and strategic acquisitions. Cost savings from operational efficiency initiatives and favorable currency exchange rates also contributed to growth. Strong order intake and backlog conversion further supported revenue expansion.

7. Detailed Products

Energy and Industry Services

SPIE SA provides energy and industry services, including maintenance, repair, and operation of industrial facilities, as well as energy efficiency solutions.

Building Services

SPIE SA offers building services, including HVAC, electrical, and plumbing installations, as well as building management systems.

Communication and Security Systems

SPIE SA provides communication and security systems, including telecommunication networks, CCTV, and access control systems.

Infrastructure Services

SPIE SA offers infrastructure services, including road and highway maintenance, as well as public lighting and traffic management systems.

Environmental Services

SPIE SA provides environmental services, including waste management, water treatment, and environmental consulting.

8. SPIE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

SPIE SA operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the increasing competition in the photonics industry.

Bargaining Power Of Customers

SPIE SA has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

SPIE SA relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate prices mitigate this risk.

Threat Of New Entrants

The photonics industry has high barriers to entry, including significant capital expenditures and specialized expertise. This makes it difficult for new entrants to compete with established players like SPIE SA.

Intensity Of Rivalry

The photonics industry is highly competitive, with several established players competing for market share. SPIE SA must continually innovate and improve its products to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.94%
Debt Cost 5.55%
Equity Weight 47.06%
Equity Cost 10.26%
WACC 7.76%
Leverage 112.47%

11. Quality Control: SPIE SA passed 5 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
Balfour Beatty

A-Score: 6.5/10

Value: 5.8

Growth: 6.1

Quality: 4.5

Yield: 4.4

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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Acciona

A-Score: 6.4/10

Value: 5.4

Growth: 7.6

Quality: 3.9

Yield: 5.6

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Sacyr

A-Score: 6.2/10

Value: 5.6

Growth: 5.7

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 9.0

1-Year Total Return ->

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Webuild

A-Score: 5.9/10

Value: 7.0

Growth: 6.6

Quality: 2.9

Yield: 5.0

Momentum: 8.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Skanska

A-Score: 5.8/10

Value: 6.2

Growth: 4.1

Quality: 5.4

Yield: 5.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
SPIE

A-Score: 5.7/10

Value: 4.4

Growth: 6.1

Quality: 3.4

Yield: 4.4

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.2$

Current Price

47.2$

Potential

-0.00%

Expected Cash-Flows