olivLaw · European equity research
Elecnor, S.A. ENO.MC
Spain · BME Madrid · ISIN ES0129743318 · Vertical: Listed companies from Spain
Elecnor is a Spanish infrastructure and energy group active in construction, services and transmission projects across several countries. Its 2025 balance sheet shows solid liquidity and a net cash position with recourse, which makes the execution capacity of large projects, including one in Australia, a relevant question.
At the close of 05 Nov 2026, Elecnor, S.A. (ENO.MC) stock was 28.65 EUR (−1.38% on the day), with market capitalisation 2.4 bn EUR, P/E 21.9 on diluted EPS of 1.31 EUR over the last 12 months, dividend yield 11.27%, beta 0.91, 52-week range 24.10–41.65 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 27.82 – 30.58
- in the lower half of the band · %B 0.30 · band width 9.5%
- SMA 50 / 200
- 30.26 / 33.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.43 / -0.48
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.6% | +0.4% | −8.0 pp | — |
| 3 months | −14.5% | −3.3% | −11.2 pp | — |
| 6 months | −29.3% | +4.0% | −33.3 pp | — |
| Year to date | +17.2% | +8.1% | +9.1 pp | — |
| 1 year | −1.5% | +10.7% | −12.2 pp | +6.7% |
| 3 years | +83.1% | +50.1% | +33.0 pp | +26.0% |
| 5 years | +178.2% | +43.6% | +134.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 1.9, median 15.0, max 18.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.8 bn | 3.8 bn | 4.4 bn |
| Revenue YoY | unavailable | +0.5% | +15.1% |
| Net income | 110.1 m | 705.2 m | 110.7 m |
| Net income YoY | unavailable | +540.8% | −84.3% |
| Diluted EPS | 1.30 | 8.33 | 1.31 |
| Diluted EPS YoY | unavailable | +540.8% | −84.3% |
| net % | 2.9% | 18.5% | 2.5% |
| Free cash flow | -291.5 m | -178.7 m | -562.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 515.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 943.2 m EUR
- Total assets
- 3.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.05x
- ROE
- 10.5%
- ROA
- 3.0%
- FCF margin
- -12.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.8 bn | 3.8 bn | 4.4 bn | esef· 20 Oct 2026verified |
| Operating income | 121.1 m | -45.9 m | 160.0 m | esef· 20 Oct 2026verified |
| Interest expense | 27.7 m | 26.9 m | 18.8 m | esef· 20 Oct 2026verified |
| Pre-tax income | 97.8 m | -58.7 m | 148.5 m | esef· 20 Oct 2026verified |
| Income tax | 27.3 m | 59.4 m | 37.8 m | esef· 20 Oct 2026verified |
| Net income | 110.1 m | 705.2 m | 110.7 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1.30 | 8.33 | 1.31 | esef· 20 Oct 2026verified |
| Dividend per share | 0.44 | 6.78 | 3.23 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 317.0 m | 405.9 m | 515.2 m | esef· 20 Oct 2026verified |
| Receivables | 990.6 m | 963.1 m | 1.0 bn | esef· 20 Oct 2026verified |
| Inventories | 8.6 m | 11.1 m | 11.4 m | esef· 20 Oct 2026verified |
| Current assets | 3.0 bn | 2.3 bn | 2.5 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 248.5 m | 268.8 m | 286.9 m | esef· 20 Oct 2026verified |
| Goodwill | 17.2 m | 16.3 m | 31.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 18.3 m | 22.3 m | 28.1 m | esef· 20 Oct 2026verified |
| Total assets | 4.1 bn | 3.6 bn | 3.7 bn | esef· 20 Oct 2026verified |
| Accounts payable | 969.3 m | 974.5 m | 1.1 bn | esef· 20 Oct 2026verified |
| Current liabilities | 2.7 bn | 2.2 bn | 2.4 bn | esef· 20 Oct 2026verified |
| Equity | 925.6 m | 1.2 bn | 943.2 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 84.7 m | 84.7 m | 84.5 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -206.0 m | -94.4 m | -463.1 m | esef· 20 Oct 2026verified |
| Capex | 85.5 m | 84.2 m | 99.8 m | esef· 20 Oct 2026verified |
| Free cash flow | -291.5 m ≈ | -178.7 m ≈ | -562.9 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -268.1 m | 963.3 m | -104.4 m | esef· 20 Oct 2026verified |
| Financing cash flow | 73.7 m | -1.0 bn | -249.4 m | esef· 20 Oct 2026verified |
| Dividends paid | 37.1 m | 573.7 m | 273.0 m | esef· 20 Oct 2026verified |
| Share repurchases | 3.9 m | 11.1 m | 22.4 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn EUR
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.89 – 59.90 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E19.89 – 29.61 (Mid 26.04)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.6xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)43.93 – 59.90 (Mid 50.68)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.5% | 38 (vs peers) | 13% |
| FCF conversion · Quality | -508.4% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.5x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 21.9x | 36 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -23.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 12.2% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ELECNOR SA (ENO.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.4 bn EUR in 2025; YoY growth 15.1%; net margin 2.5%; ROE 10.5%.
The estimated value range is 31.91–44.76 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 38.36 EUR, the price of 28.65 EUR leaves a potential of 33.9% (value / price − 1) and a margin of safety of 25.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 8.5x
- Shareholder yield (distributions): 12.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -508.4%
- Current ratio: 1.1x
- FCF yield: -23.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for ENO.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.72 Total return -31% · Per year -31% | 32.95 Total return 20% · Per year 20% | 49.42 Total return 79% · Per year 79% |
| 3 years | 22.21 Total return -9% · Per year -3% | 43.57 Total return 70% · Per year 19% | 71.17 Total return 171% · Per year 39% |
| 5 years | 26.34 Total return 16% · Per year 3% | 57.63 Total return 137% · Per year 19% | 102.48 Total return 305% · Per year 32% |
- Exit P/E± 10.89
- Net margin± 7.63
- Annual revenue growth± 5.69
- Annual dilution± 0.64
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Elecnor is a Spanish infrastructure and energy group active in construction, services and transmission projects across several countries. Its 2025 balance sheet shows solid liquidity and a net cash position with recourse, which makes the execution capacity of large projects, including one in Australia, a relevant question. 1
SWOT
Strengths
- Solid cash position and negative net debt with recourse at the end of 2025. This provides flexibility in financing activity.
- Stable shareholder base, with one main shareholder holding more than half of the capital. The structure may support long-term strategic decisions.
- International presence in several regions and experience in complex infrastructure and energy projects.
Weaknesses
- Dependence on project timing, with large trade receivables that could slow collections.
- Significant currency exposure through investments in Latin American currencies, with effects on equity.
- Concentration of large guarantees on a single project could temporarily weigh on liquidity until recovery.
Opportunities
- Growing investment in transmission grids and clean energy could generate new contracts.
- Maintenance and energy efficiency activities could bring more recurring revenue.
- If the energy transition accelerates, infrastructure projects could become more numerous in existing markets.
Threats
- Stricter climate regulation could raise compliance costs and change projects.
- Extreme weather events could delay execution and generate additional adaptation costs.
- Exchange rate instability in emerging markets could affect results reported in euros.
Risks
- Project execution riskhigh
Delays or cost overruns in large projects could affect margins and collections. This risk is relevant for projects in Australia and Latin America.
- Currency riskhigh
Investments in emerging currencies could generate significant conversion differences in equity and influence reported results.
- Physical climate riskmedium
Extreme events could affect infrastructure and the supply chain, with adaptation costs that could rise in high-emission scenarios.
- Climate regulation riskmedium
Higher carbon prices and new environmental requirements could change costs and long-term project strategy.
- Receivables risklow
Part of the trade receivables are older than 12 months, which could affect collections if clients delay payments.
Investment thesis
What would need to be true (bull case)
- If transmission and energy projects expand, the company could benefit from a larger contract portfolio, supported by a solid cash position.
- The prudent financial structure, with negative net debt with recourse, could provide flexibility for new investments or for executing large projects.
- If maintenance activities grow in weight, revenue could become more stable and predictable over the long term.
What would break the thesis
- Delays in large projects or cost overruns could weigh on margins and on the ability to recover deposited guarantees.
- Currency exposure in emerging markets could generate volatility in equity and in reported results.
- If climate regulation becomes stricter faster than expected, compliance costs could rise.
What to watch
- Recovery of the 225 million EUR guarantee for the Australian project2026
- Evolution of trade receivables and their ageingnext 10-K
- Evolution of conversion differences in the Brazilian real and Chilean peso2026
- New transmission and energy contracts and execution pace of existing projects2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Elecnor, S.A. is a Spanish company operating through subsidiaries in infrastructure, energy and technical services. Its shares are listed on the Spanish continuous market. Its shareholder structure is concentrated, with one main shareholder holding more than half of the capital. 1
The group runs construction and maintenance projects particularly in Latin America, Australia, Africa and Europe, many of them long-term. Revenue depends on execution timing, and gross trade receivables of about 1,083 million EUR at the end of 2025 reflect the volume of activity. 1
The stated financial policy is maximum prudence, with debt split between recourse and non-recourse financing linked to projects. The company also holds treasury shares, representing 2.65% of capital at 31 December 2025. 1
Segments
Infrastructure and energy projects
This activity includes construction of transmission lines and installations, with projects in Australia, Brazil, Chile and other countries. The 225 million EUR guarantee deposited for a project in Australia shows the size of some contracts. 1
Services and maintenance
Maintenance activities are reported in the climate risk analysis as having varied locations not tied to a fixed point. They complement construction projects with more recurring revenue. 1
Market context
Target markets are the energy, transmission and infrastructure sectors, with demand supported by the energy transition. The company operates in emerging markets with currency risk, mainly the Brazilian real and Chilean peso, which affect conversion differences in equity. 1
The climate regulatory framework and the evolution of carbon prices could shape long-term demand. It could be a favourable factor if the transition accelerates, but also an additional cost if compliance requirements increase. 1
Trends
- Energy transitiontailwind
Growing investment in grids and clean energy could support the group's transmission and installation projects. The effect depends on the pace at which contracts materialise. 1
- Stricter climate regulationheadwind
Tighter emissions requirements and carbon pricing could raise compliance costs and change projects. The impact is described as gradual, with larger effects over a horizon of more than ten years. 1
- Physical climate risksheadwind
Extreme weather events could affect infrastructure and generate adaptation costs, especially in high-emission scenarios. The company analyses them by location and time horizon. 1
- Currency fluctuationsmixed
Investments in the Brazilian real, Chilean peso and US dollar mean that exchange rate movements against the euro influence equity through conversion differences. The effect is mixed, depending on the direction of the rate. 1
Competitive position
Elecnor competes with other European and international engineering and infrastructure construction groups in energy and transmission projects. The analysed source does not provide a list of competitors, so comparisons should be treated with caution. 1
Competitive advantages may come from regional presence, experience in complex projects and a solid financial position. Their durability depends on the ability to win new contracts in target markets. 1
- European engineering and construction groups
Companies in the same activity area, named generically and not identified in the analysed source.
- International infrastructure construction companies
Competitors that may take part in large transmission and energy projects in the same regions.
- Local maintenance service providers
Regional firms competing in maintenance activities, depending on the market.
- Energy-specialised contractors
Competitors specialised in clean energy projects and installations, which may compete in specific segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Elecnor, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.