olivLaw · European equity research
SPIE SA SPIE.PA
France · Euronext Paris · ISIN FR0012757854 · Vertical: Listed companies from France
SPIE SA is a European group of technical services for energy, infrastructure and buildings, listed in Paris. Its 2025 annual report puts risk management, anti-corruption compliance and cybersecurity in focus, after two subsidiaries were convicted at first instance in 2025.
At the close of 05 Nov 2026, SPIE SA (SPIE.PA) stock was 44.90 EUR (−0.31% on the day), with market capitalisation 7.5 bn EUR, P/E 43.2 on diluted EPS of 1.04 EUR over the last 12 months, dividend yield 2.23%, beta 0.89, 52-week range 40.56–52.75 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)
- 64.2
- strong (55–70)
- Bollinger (20, 2)
- 39.57 – 45.21
- in the upper half of the band · %B 0.95 · band width 13.3%
- SMA 50 / 200
- 42.93 / 46.80
- mixed trend
- MACD (12, 26, 9)
- 0.50 / 0.01
- 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 | +5.5% | −0.6% | +6.2 pp | — |
| 3 months | −3.4% | −4.2% | +0.8 pp | — |
| 6 months | −11.6% | +4.3% | −15.9 pp | — |
| Year to date | −8.9% | +7.5% | −16.4 pp | — |
| 1 year | +4.1% | +9.9% | −5.8 pp | −6.8% |
| 3 years | +73.8% | +49.8% | +23.9 pp | −15.9% |
| 5 years | +108.8% | +42.8% | +66.0 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 67 percentile of its own 3-quarter history (min 18.5, median 19.7, max 47.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.7 bn | 9.9 bn | 10.4 bn |
| Revenue YoY | unavailable | +13.7% | +4.8% |
| Net income | 238.5 m | 273.2 m | 176.4 m |
| Net income YoY | unavailable | +14.5% | −35.4% |
| Diluted EPS | 1.44 | 1.62 | 1.04 |
| Diluted EPS YoY | unavailable | +12.5% | −35.8% |
| net % | 2.7% | 2.8% | 1.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 791.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.2 bn EUR
- Total assets
- 10.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.80x
- ROE
- 8.3%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.7 bn | 9.9 bn | 10.4 bn | esef· 07 Apr 2026verified |
| Operating income | 460.6 m | 549.0 m | 599.4 m | esef· 07 Apr 2026verified |
| Pre-tax income | 358.3 m | 410.0 m | 290.7 m | esef· 07 Apr 2026verified |
| Income tax | 119.0 m | 135.0 m | 111.9 m | esef· 07 Apr 2026verified |
| Net income | 238.5 m | 273.2 m | 176.4 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.44 | 1.62 | 1.04 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.83 | 1.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 761.9 m | 713.7 m | 791.8 m | esef· 07 Apr 2026verified |
| Receivables | — | 2.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Inventories | 49.2 m | 46.4 m | 47.5 m | esef· 07 Apr 2026verified |
| Current assets | 3.7 bn | 3.5 bn | 3.6 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 170.7 m | 217.6 m | 221.9 m | esef· 07 Apr 2026verified |
| Goodwill | 3.5 bn | 4.2 bn | 4.3 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.0 bn | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Total assets | 9.2 bn | 10.0 bn | 10.3 bn | esef· 07 Apr 2026verified |
| Current liabilities | 4.1 bn | 4.4 bn | 4.5 bn | esef· 07 Apr 2026verified |
| Equity | 2.0 bn | 2.1 bn | 2.2 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 164.5 m | 167.6 m | 168.0 m | esef· 07 Apr 2026derived |
Cash flow · EUR
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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.5 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 11.54 – 30.99 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E11.54 – 30.99 (Mid 17.82)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)13.60 – 18.55 (Mid 15.69)
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: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.7% | 59 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 43.2x | 17 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial17/100 · 1/3 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
SPIE SA (SPIE.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 10.4 bn EUR in 2025; YoY growth 4.8%; net margin 1.7%; ROE 8.3%.
The estimated value range is 12.57–24.77 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 16.75 EUR, the price of 44.90 EUR leaves a potential of -62.7% (value / price − 1) and a margin of safety of -168.0% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 43.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| SPIE.PASpie SA | 7.5 bn | 43.2 | 8.3% | 1.7% | +4.8% | −4% / +67% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for SPIE.PA 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 | 26.88 Total return -38% · Per year -38% | 47.51 Total return 8% · Per year 8% | 71.56 Total return 62% · Per year 62% |
| 3 years | 26.25 Total return -36% · Per year -14% | 52.20 Total return 24% · Per year 7% | 86.29 Total return 102% · Per year 26% |
| 5 years | 25.64 Total return -34% · Per year -8% | 57.34 Total return 41% · Per year 7% | 104.05 Total return 149% · Per year 20% |
- Exit P/E± 13.05
- Net margin± 9.13
- Annual revenue growth± 7.48
- Annual dilution± 0.77
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
SPIE SA is a European group of technical services for energy, infrastructure and buildings, listed in Paris. Its 2025 annual report puts risk management, anti-corruption compliance and cybersecurity in focus, after two subsidiaries were convicted at first instance in 2025 1.
SWOT
Strengths
- Detailed governance structure, with risk, audit and ethics committees and a code of ethics published in several languages 1.
- Network of internal control pilots covering the processes of all fully consolidated subsidiaries 1.
- Insurance coverage coordinated at group level, with dedicated policies for cyber risks 1.
Weaknesses
- The ongoing criminal proceedings against two subsidiaries point to a real vulnerability in anti-corruption compliance 1.
- Cybersecurity training has not yet reached all staff equipped with digital devices 1.
- The definition of high-risk roles and the training renewal cycle still need to be clarified and harmonised 1.
Opportunities
- Expanding digitalisation and security programmes could open new services for clients seeking cyber protection 1.
- Strengthening the anti-corruption framework could improve reputation with public-sector clients 1.
- If third-party screening and gift management tools prove effective, the group could reduce compliance risks 1.
Risks
- Ongoing criminal proceedingshigh
SPIE Global Services Energy and SPIE Operations were convicted at first instance and have appealed, leaving open the possibility of a different final decision 1.
- Corruption risk in sensitive activitieshigh
The source acknowledges exposure to corruption in oil and gas services and public procurement, segments considered more vulnerable 1.
- Cyberattacksmedium
The risk of cyberattack is considered rising, and the level of security training among staff remains incomplete 1.
- Limits of internal controlmedium
The report states that the framework cannot give an absolute guarantee, due to human error and changes in the external environment 1.
- Third-party and supply chain risklow
Third-party screening and control of sponsorships and gifts are being strengthened, and gaps there could expose the group to breaches 1.
Investment thesis
What would need to be true (bull case)
- If compliance and cybersecurity measures prove effective, the group could regain client confidence and reduce the risk of further convictions 1.
- The internal control structure, with pilots in all subsidiaries, offers a framework that can support growth through acquisitions, with integration required within eighteen months 1.
- Demand for cyber protection and digitalisation services in energy and infrastructure could grow, and the group already has programmes in this area 1.
What would break the thesis
- Confirmation on appeal of the convictions could affect the group's reputation and could limit access to certain public contracts 1.
- Cyber and compliance risks could generate additional costs if training and protection devices fail to reach planned targets 1.
- The report concedes that the control framework gives no absolute guarantees, meaning incidents can still occur even with a well-structured system 1.
What to watch
- Outcome of the appeal in the criminal case against SPIE Global Services Energy and SPIE Operations2026
- Progress of cybersecurity training against the target of 100 % of staff equipped with digital devices2030
- Rollout of the group-wide tool for managing gifts, invitations and sponsorships2026
- Transposition of the European whistleblower directive in countries where the group operates2026
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
According to the annual report for the year ended 31 December 2025, the group organises its activity through a general management, corporate functional departments and subsidiaries defined by activity or geography 1. The internal control framework covers the parent company and all fully consolidated subsidiaries, with an executive committee of 11 members that meets monthly 1. The group emphasises the values of proximity, performance and responsibility, along with a code of ethics published in seven languages 1.
Risk governance includes a risk committee that meets twice a year and a risk control and internal audit department reporting to the board audit committee 1. Internal control is supported by around 150 pilots who coordinate the 17 internal control processes 1. Each major subsidiary has an ethics committee chaired by its local chief executive 1.
Insurance policy is coordinated by the legal and insurance department, with master policies completed by local policies where required by law, and since 2019 a dedicated policy covers cyberattack risks 1. The group cooperated with the judicial authorities in the criminal case linked to alleged corruption in Indonesia 1.
Segments
Energy and industrial services
The report identifies oil and gas services as a sector especially exposed to corruption risk, which signals the importance of this segment for the group's risk profile 1. The subsidiaries SPIE Global Services Energy and SPIE Operations are the ones targeted by the 2025 criminal proceedings 1.
Technical services and buildings
The report does not detail segment revenues for buildings and infrastructure in the same section, so the analysis of these activities remains limited to the information available in the source text 1.
Market context
The source describes a market where risks are increasingly numerous, complex and interconnected, making risk management a central element of the group's development 1. The text notes that the group relies on lasting relationships with clients, and its ability to manage risks transferred by them is a commercial argument 1.
Cybersecurity appears as a market concern, with a ZeroTrust programme and a CyberSOC, and training covers part of the staff equipped with digital devices 1. Regulatory pressure on anti-corruption and the transposition of the European whistleblower directive create a changing compliance environment 1.
Trends
- Rising cyber riskmixed
Cyberattacks are described as an emerging threat, for which the group has held a dedicated policy since 2019 and implemented security programmes, which could support client confidence if protection proves effective 1.
- Stricter anti-corruption compliancemixed
Transposition of the European whistleblower directive and expansion of high-risk roles subject to training could strengthen governance but raise compliance costs 1.
- More complex, interconnected risksheadwind
The report notes the emergence of risks that are more numerous and more extreme than in the past, requiring a coordinated identification and control framework 1.
- Digitalisation of operationstailwind
Expansion of ZeroTrust programmes and staff training on digital devices points to a digitalising activity, which brings efficiency but also greater exposure to incidents 1.
Competitive position
The source does not explicitly identify the group's competitors. It does describe a context in which clients transfer risks to suppliers, and the ability to manage them becomes a selection criterion 1.
The differentiation the group invokes rests on proximity services and a declared ethical commitment, but the report does not compare these elements with other market players 1.
- Regional technical services providers
The source names no competitors; this category describes the main local rivals in energy and building technical services.
- Global engineering and installation operators
Not named in the source; mentioned only as a general comparison category.
- Cybersecurity specialist firms
The source names no providers; the group manages its cyber risks in-house with a CyberSOC.
- Oil and gas services firms
The source flags this segment as exposed to corruption risk, without naming competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SPIE SA · 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.