Elecnor stock: fair value
ENO.MCThe fair value of Elecnor under our model is $103.57, the price is 65% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $73.98 and expensive above $172.61 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $179.32 (cash-flow model) and $27.81 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 9.3%. At 10.3% the fair value would be $90.47, at 8.3% it would be $121.62.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (19.2).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.0%. Discounted at 9.3% (government bond yield 3.0% plus beta 1.1 times a risk premium of 5.8%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $179.32 per share: free cash flow for the next ten years, each year discounted to today at 9.3%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.3%) |
|---|---|---|---|---|
| 2026 | $559.33M | extrapolated at 33.8% | 0.9148 | $511.67M |
| 2027 | $696.55M | extrapolated at 24.5% | 0.8369 | $582.92M |
| 2028 | $822.36M | extrapolated at 18.1% | 0.7656 | $629.57M |
| 2029 | $933.64M | extrapolated at 13.5% | 0.7003 | $653.86M |
| 2030 | $1.03B | extrapolated at 10.4% | 0.6407 | $660.12M |
| 2031 | $1.11B | extrapolated at 8.1% | 0.5861 | $653.03M |
| 2032 | $1.19B | extrapolated at 6.6% | 0.5361 | $636.73M |
| 2033 | $1.25B | extrapolated at 5.5% | 0.4905 | $614.51M |
| 2034 | $1.31B | extrapolated at 4.7% | 0.4487 | $588.78M |
| 2035 | $1.37B | extrapolated at 4.2% | 0.4104 | $561.26M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $6.09B |
| Terminal value: cash flow 2035 × (1 + 3.0%) / (9.3% − 3.0%) | $22.16B |
| Present value of terminal value (× 0.4104) | $9.1B |
| Equity value (sum plus present value of terminal value) | $15.19B |
| Shares (diluted) | 84.69M |
| Value per share (equity value divided by shares) | $179.32 |
| Earnings per share, last twelve months | $1.45 |
| × 19.2 (industry P/E) | $27.81 |
| Fair value (average of both parts) | $103.57 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 5 Jun 2026)
- Valuation signal Undervalued since 8 Nov 2026, previously Fairly valued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.