olivLaw · European equity research
Sacyr, S.A. SCYR.MC
Spain · BME Madrid · ISIN ES0182870214 · Vertical: Listed companies from Spain
Sacyr is a Spanish group active in construction, engineering, infrastructure and concessions for motorways, water and airports in Spain, Latin America and Italy. The company is extending its concession portfolio in Chile, and concession assets make up most of its balance sheet, which makes it sensitive to investment pace and climate risks.
At the close of 05 Nov 2026, Sacyr, S.A. (SCYR.MC) stock was 4.04 EUR (−2.08% on the day), with market capitalisation 3.2 bn EUR, P/E 36.8 on diluted EPS of 0.11 EUR over the last 12 months, dividend yield 2.20%, beta 1.00, 52-week range 3.61–4.92 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.1
- neutral
- Bollinger (20, 2)
- 3.86 – 4.17
- in the upper half of the band · %B 0.59 · band width 7.7%
- SMA 50 / 200
- 4.08 / 4.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.01 / -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 | +0.1% | −0.6% | +0.7 pp | — |
| 3 months | −12.2% | −4.2% | −8.0 pp | — |
| 6 months | −15.4% | +4.3% | −19.7 pp | — |
| Year to date | +4.6% | +7.5% | −2.9 pp | — |
| 1 year | +4.9% | +9.9% | −5.0 pp | +6.7% |
| 3 years | +43.7% | +49.8% | −6.1 pp | +31.5% |
| 5 years | +81.1% | +42.8% | +38.3 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 14.2, median 21.2, max 35.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.6 bn | 4.6 bn | 4.7 bn |
| Revenue YoY | unavailable | −0.8% | +1.9% |
| Net income | 153.2 m | 113.4 m | 85.8 m |
| Net income YoY | unavailable | −26.0% | −24.3% |
| Diluted EPS | 0.22 | 0.15 | 0.11 |
| Diluted EPS YoY | unavailable | −31.8% | −26.7% |
| net % | 3.3% | 2.5% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 bn EUR
- Financial debt
- 8.5 bn EUR
- Net debt
- 6.4 bn EUR
- Equity
- 2.2 bn EUR
- Total assets
- 17.6 bn EUR
- Debt / equity
- 3.85x
- Current ratio
- 1.15x
- ROE
- 4.0%
- ROA
- 0.5%
- 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 | 4.6 bn | 4.6 bn | 4.7 bn | esef· 20 Oct 2026verified |
| Operating income | 1.3 bn | 1.2 bn | 1.1 bn | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 158.5 m | 162.8 m | 184.5 m | esef· 20 Oct 2026verified |
| EBITDA | 1.4 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | esef· 20 Oct 2026derived |
| Interest expense | 919.8 m | 943.4 m | 712.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 469.5 m | 429.5 m | 409.4 m | esef· 20 Oct 2026verified |
| Income tax | 430.2 m | 171.7 m | 175.8 m | esef· 20 Oct 2026verified |
| Net income | 153.2 m | 113.4 m | 85.8 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.22 | 0.15 | 0.11 | esef· 20 Oct 2026verified |
| Dividend per share | 0.06 | 0.06 | 0.09 | esef· 20 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.8 bn | 1.7 bn | 2.0 bn | esef· 20 Oct 2026verified |
| Receivables | 2.2 bn | 2.4 bn | 2.6 bn | esef· 20 Oct 2026verified |
| Current assets | 6.9 bn | 5.6 bn | 5.8 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 356.3 m | 363.8 m | 336.7 m | esef· 20 Oct 2026verified |
| Goodwill | 9.0 m | 7.9 m | 7.2 m | esef· 20 Oct 2026verified |
| Total assets | 17.3 bn | 18.0 bn | 17.6 bn | esef· 20 Oct 2026verified |
| Accounts payable | 3.2 bn | 3.2 bn | 3.5 bn | esef· 20 Oct 2026verified |
| Short-term debt | 1.4 bn | 1.3 bn | 1.3 bn | esef· 20 Oct 2026verified |
| Long-term debt | 6.8 bn | 8.2 bn | 7.2 bn | esef· 20 Oct 2026verified |
| Current liabilities | 6.3 bn | 4.8 bn | 5.0 bn | esef· 20 Oct 2026verified |
| Equity | 1.8 bn | 2.1 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 666.2 m | 755.8 m | 779.9 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 847.6 m | 1.3 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Investing cash flow | -339.6 m | -746.2 m | -602.9 m | esef· 20 Oct 2026verified |
| Financing cash flow | -541.8 m | -519.7 m | -392.6 m | esef· 20 Oct 2026verified |
| Dividends paid | 37.3 m | 41.6 m | 69.4 m | esef· 20 Oct 2026verified |
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: 24 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality21
- Returns31
- Balance sheet6
- Valuation41
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: 1.21 – 2.50 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 · not enough peers
- Peers: P/E1.67 – 2.50 (Mid 2.19)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.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, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)1.21 – 1.65 (Mid 1.40)
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
Unattractive profile · Score 24/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 14 (vs peers) | 16% |
| Net margin · Quality | 1.8% | 32 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.1x | 0 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 36.8x | 14 (vs peers) | 16% |
| EV/EBITDA · Valuation | 7.5x | 68 (on a fixed band) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation41/100 · 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
SACYR SA (SCYR.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.7 bn EUR in 2025; YoY growth 1.9%; net margin 1.8%; ROE 8.4%; net debt/EBITDA 5.1x.
The estimated value range is 1.44–2.08 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.79 EUR, the price of 4.04 EUR leaves a potential of -55.7% (value / price − 1) and a margin of safety of -125.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 24/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
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
- ROIC: 6.7%
- Net debt / EBITDA: 5.1x
- Interest coverage: 1.5x
- Current ratio: 1.1x
- P/E (TTM): 36.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, 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% |
| SCYR.MCSacyr SA | 3.2 bn | 36.8 | 8.4% | 1.8% | +1.9% | +5% / +31% |
| 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 SCYR.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 | 2.33 Total return -41% · Per year -41% | 4.12 Total return 4% · Per year 4% | 6.22 Total return 56% · Per year 56% |
| 3 years | 2.15 Total return -42% · Per year -17% | 4.28 Total return 13% · Per year 4% | 7.11 Total return 84% · Per year 23% |
| 5 years | 1.98 Total return -43% · Per year -11% | 4.45 Total return 22% · Per year 4% | 8.13 Total return 117% · Per year 17% |
- Exit P/E± 1.07
- Net margin± 0.75
- Annual revenue growth± 0.63
- Annual dilution± 0.06
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
Sacyr is a Spanish group active in construction, engineering, infrastructure and concessions for motorways, water and airports in Spain, Latin America and Italy. The company is extending its concession portfolio in Chile, and concession assets make up most of its balance sheet, which makes it sensitive to investment pace and climate risks.
SWOT
Strengths
- A concession portfolio diversified across several countries and asset types, with operating and under-construction projects.
- Established presence in construction and engineering, with experience in complex infrastructure projects.
- Detailed climate risk reporting aligned with TCFD recommendations and the EU taxonomy.
Weaknesses
- Heavy reliance on concession assets makes the balance sheet sensitive to delays and financing costs.
- Impairments and value corrections on some assets, including energy installations and water companies.
- Leasing obligations and considerable debt that limit financial flexibility.
Opportunities
- New Chilean concessions could accelerate growth in operating revenues.
- Divesting assets held for sale could free up capital for new projects.
- Investment in infrastructure and climate adaptation could open new public contracts.
Threats
- Physical climate risks could raise the costs of maintaining and adapting assets.
- Public policy changes or delays in tenders could affect project timelines.
- Currency fluctuations in Latin American countries could influence consolidated results.
Risks
- Physical climate risksmedium
Extreme temperatures and intense rainfall could affect concession assets, requiring additional adaptation investment.
- Asset impairmentmedium
Value corrections on energy and water assets could continue if projects fail to reach their revenue plans.
- Financing and debthigh
A high level of debt and leasing obligations could limit access to financing at reasonable cost.
- Project delaysmedium
Delays in building the Chilean concessions could postpone expected receipts.
- Transition risklow
Decarbonisation policies could change demand and costs for certain infrastructure assets.
Investment thesis
What would need to be true (bull case)
- If the new Chilean concessions reach their capacity, operating revenues could rise significantly.
- Divesting assets held for sale could simplify the balance sheet and release resources.
- Experience in complex concessions could support winning new public contracts.
What would break the thesis
- If asset impairments continue, consolidated results could be affected in the short term.
- The level of debt and leasing obligations could limit flexibility in the event of financing shocks.
- Physical climate risks could increase operating costs of the portfolio's assets.
What to watch
- Completion of divestments of assets held for sale2026
- Commissioning timeline of the Chilean concessions2026
- Trend in value corrections on energy and water assetsnext 10-K
- Level of debt and leasing obligations in future reportsnext 10-K
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
Sacyr is a diversified group, with its Engineering and Infrastructure division carrying out construction works alongside concession activities. According to the 2025 annual report, operating concession projects had a gross cost of 2,619,026 thousand EUR, and those under construction 409,055 thousand EUR 1. 2025 investments focused on technical installations and machinery in Spain and Peru, and the group also manages leasing contracts for equipment and offices 1.
Segments
Motorway concessions
Motorways are the largest block of concession projects, with an operating gross cost of 2,365,263 thousand EUR in 2025, including three new concessions in Chile that have begun to contribute visibly 1.
Water and airports
The water division includes joint ventures and sanitation concessions in Spain and Chile, while the airports in Arica, South and North are handled within other concession projects 1.
Market context
Sacyr operates mainly in Spain, Chile, Peru and Italy, where concessions and infrastructure works depend on public investment cycles and agreements with authorities. Net operating concession assets stand at 1,770,974 thousand EUR, with 409,055 thousand EUR under construction, showing the scale of exposure in these markets 1.
Trends
- Climate transitionmixed
The group assesses transition risks under TCFD recommendations, using IEA scenarios (STEPS, APS, NZE), which could influence costs and demand for infrastructure projects.
- Physical climate risksheadwind
Warming scenarios could raise the vulnerability of concession assets to extreme temperatures and rainfall, which might require costly adaptation measures.
- Ongoing divestmentsmixed
Assets classified as held for sale could be sold in the first half of 2026 if conditions are met, which would change the structure of the portfolio.
- Chile expansiontailwind
New Chilean concessions could support growth in concession assets if projects advance on schedule.
Competitive position
Sacyr competes with other European and international construction and concession groups, particularly in Spain and Latin America. Competitive pressure depends on access to public contracts and the ability to finance long-term projects.
- ACS, Actividades de Construcción y Servicios
Spanish construction and infrastructure concession group competing in similar projects.
- Ferrovial
Spanish motorway and airport operator competing in concessions.
- Vinci
French construction and concession group active in comparable projects.
- Acciona
Spanish group with activities in infrastructure, energy and water.
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 202520 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sacyr, 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.