Independent equity research
Is Fomento de Construcciones y Contratas, S.A. (FCC) a Buy, Hold or Sell?
Fomento de Construcciones y Contratas, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€10.74
To fair value
+2%
By · report dated 2026-09-14 · fair value derived independently of the market price.
The thesis, in brief
FCC screens at 6.0x EV/EBITDA only because the screen carries its 49% Environment and Aqualia minorities at EUR 1.3bn book rather than their ~EUR 4.3bn economic value; corrected, it trades at 8.3x FY26E - level with Veolia - so the apparent discount is an accounting artefact, not an opportunity
How we value it
We value Fomento de Construcciones y Contratas, S.A. using Sum-of-the-parts on FY26E segment EBITDA with minorities at economic value; FCFF DCF cross-check at 6.6% WACC. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Fomento de Construcciones y Contratas, S.A. report
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