Thematic exposure offers scope for growth and margin beats. Re-instate at Buy.

研报英文原文证据摘录

Thematic exposure offers scope for growth and margin beats. Re-instate at Buy.

Accessible version

SPIE SA

Thematic exposure offers scope for growth

and margin beats. Re-instate at Buy.

Reinstating Coverage: BUY | PO: 62.20 EUR | Price: 47.70 EUR

All the makings of a top tier structural winner 20 July 2026

Despite the re-rating since late 2024 (PE up 4.6pts), we don’t believe the exposure to Equity

long duration megatrends, exceptional M&A track record (with scope for more), margin

delivery potential (we see upside risk beyond the 8% 2028 target) is reflected in the Tim Ramskill, CFA >>

Dec-27E FCF yield of 8.5% and we re-instate coverage with a Buy rating, noting 30% Research Analyst

MLI (UK)

potential upside to our DCF based Price Objective of €62.2 per share. +44 20 7996 3050

1) Can 2028E revenue growth ambitions accelerate? tim.ramskill@bofa.comVirginia Montorsi >>

Given megatrend exposure (electrification, energy efficiency and digitisation), organic Research Analyst

growth has been modest (2025/26E +2.3%) but the backlog of work for 2027E and 44 20 7996 2921

beyond grew +59% in two years and should be further supported by our deep dives on virginia.montorsi@bofa.com

the German €500bn stimulus and recent SoftBank backed French data centre plans.

2) Can SPIE drive compound M&A and still improve ROIC?

Stock DataSPIE’s M&A track record coupled with rising ROIC (+480bps since 2019) and fragmented

markets provides a sustained upside risk to EPS. We estimate there is €3.4bn of balance Price 47.70 EUR

sheet headroom by 2030E. Price Objective 62.20 EUR

3) Can further discipline drive margins gains? Date Established 20-Jul-2026

Investment Opinion B-1-7

We see upside risk beyond targeted 8% margins in 2028E noting strong operational

52-Week Range 41.44 EUR-54.55 EUR