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Spie enters Portzamparc’s list of favorites


The multi-technical services group Spie, which notably sells its know-how in the field of electrical installation and maintenance to industrialists, took advantage, at the end of April, of the publication of its turnover for the first quarter to present its objectives to the horizon 2025. The company, which failed last year to buy the coveted subsidiary of Engie, Equans, has lost none of its dynamism and, despite this setback, has been able to demonstrate to the financial community “its ability to create value with its targeted acquisitions”, we also note today at Portzamparc. The analysis office, which belongs to the BNP group, has just added Spie to its list of favorite stocks, alongside Dontnod, Eramet, Fountaine Pajot, Groupe Gorgé, Kalray, Lisi, Metabolic Explorer and SII.

Portzamparc believes that “the 2025 plan is attractive with an acceleration in organic growth (more than 4% in organic data per year), in particular linked to extremely strong momentum in Germany, a return to historical margins (6.7% against 6%) , reflecting an average annual growth rate 2021-2025 of 8% for Ebita and ambitions to maintain a debt leverage of twice allowing, according to [les analystes du bureau] to double the dynamic of external growth (+6 to +10% annual growth, or 500 million euros in turnover acquired per year against 250 million previously). »

Revenue Recurrence

Portzamparc is aiming for a price target of 28.5 euros, which points to a 30% upside potential for Spie shares. Behind the concept of “multi-technical” services hides all the installation and maintenance activities offered to companies, in heating, robotics, digital, etc. The attractiveness of the business on the stock market is based on the long duration of the contracts, which ensures recurrence and attenuation of economic cycles.

Spie’s business is driven in particular by the energy transition. In the first quarter, its turnover reached 1.79 billion euros, an increase of 11.2% in published data and 3.3% in organic data. Growth was then higher than analysts’ expectations.




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