Buy Or Sell Opportunity • Jul 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to €47.40. The fair value is estimated to be €60.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Jun 30
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 09 July 2026. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Austrian dividend payers (4.1%). Lower than average of industry peers (2.7%). Announcement • May 28
Indra Sistemas, S.A., Annual General Meeting, Jun 29, 2026 Indra Sistemas, S.A., Annual General Meeting, Jun 29, 2026. Location: avenida de bruselas 35, alcobendas, madrid., Spain Declared Dividend • Apr 30
Dividend of €0.24 announced Shareholders will receive a dividend of €0.24. Ex-date: 7th July 2026 Payment date: 9th July 2026 Dividend yield will be 0.5%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 12%. Cash payout ratio: 14%. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €49.24, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the IT industry in Europe. Total returns to shareholders of 319% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.42 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €61.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the IT industry in Europe. Total returns to shareholders of 452% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €47.18 per share. Declared Dividend • Mar 02
Dividend of €0.24 announced Shareholders will receive a dividend of €0.24. Ex-date: 7th July 2026 Payment date: 9th July 2026 Dividend yield will be 0.4%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 12%. Cash payout ratio: 12%. Announcement • Feb 28
Indra Group Marks U.S. Milestone with Official Opening of I-485 Express Lanes in North Carolina Indra Group celebrated the official ribbon-cutting ceremony for the I-485 Express Lanes project in North Carolina. This event marks the formal opening of the lanes to motorists and the full-scale launch of Indra's advanced all-overhead Open Road Tolling system. Today's milestone celebrates the full opening of the roadway and represents the official launch of the end-to-end all-overhead Open Road tolling system into live traffic operations. The system is supplemented by the industry-first combined C-V2X Toll & Safety subsystem delivered in December 2025. The I-485 Express Lanes represent a pioneering shift in American transportation infrastructure. Led by Indra in collaboration with the North Carolina Turnpike Authority (NCTA), the project moves beyond traditional tolling by integrating cutting-edge perception and communication technologies: All-overhead Open Road Tolled: The system eliminates the need for intrusive in-pavement sensors, offering a lightweight, sustainable and maintenance-friendly approach for the NCTA. Dual-use 3D LiDAR: The infrastructure uses high-precision 3D LiDAR and artificial-vision to ensure accurate vehicle detection, tracking and classification for tolling purposes. The same 3D LiDAR augments NCTA's traditional traffic management systems with additional safety and incident monitoring functionalities. Operational Back Office with Dynamic Pricing: The system assembles transactions, prices them dynamically based on congestion levels, and sends them to NCTA's commercial back office. Integrated C-V2X Technology: As the first at-scale deployment of its kind in the U.S., the system allows connected vehicles to communicate directly with the roadside for real-time tolling notifications and safety alerts. The implementation of this next-generation system offers significant advantages for both the operator and the driving public: Real-Time Traffic and Safety Alerts: Indra's 3D LiDAR perception system enhances safety by detecting critical road events, such as pedestrians or wrong-way vehicles. C-V2X infrastructure provides real-time safety and traffic information to connected vehicles. Streamlined Payments: Connected vehicles technology allows for seamless communication between the car and the infrastructure, providing real-time toll data and an additional payment option to drivers. National Benchmark: Following the successful delivery in late 2025, the I-485 corridor now serves as a national benchmark for operational V2X tolling on a live highway. The completion of the I-485 project solidifies Indra's growing mobility business in North America, adding to a portfolio that includes the I-66 Outside the Beltway project in Virginia, HOV detection systems on the I-95, I-495, I-395 and I-77 Express Lanes, SR400 in Georgia, and other projects in the U.S. and Canada. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: €2.48 (vs €1.58 in FY 2024) Full year 2025 results: EPS: €2.48 (up from €1.58 in FY 2024). Revenue: €5.61b (up 14% from FY 2024). Net income: €435.8m (up 57% from FY 2024). Profit margin: 7.8% (up from 5.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 26
Indra Sistemas, S.A. Announces Dividend for 2025, Payable on July 9, 2026 Indra Sistemas, S.A. announced the payment of a €0.30 dividend per share (more than 20% above the dividend in 2024) charged to the earnings posted in 2025, payable on July 9, 2026. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €57.30, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the IT industry in Europe. Total returns to shareholders of 445% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.51 per share. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: €0.44 (vs €0.40 in 3Q 2024) Third quarter 2025 results: EPS: €0.44 (up from €0.40 in 3Q 2024). Revenue: €1.19b (up 7.2% from 3Q 2024). Net income: €76.6m (up 9.3% from 3Q 2024). Profit margin: 6.4% (up from 6.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 31
Indra Sistemas, S.A. (BME:IDR) acquired Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF). Indra Sistemas, S.A. (BME:IDR) acquired Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF) on July 30, 2025. Following the completion, Indra welcomed the factory's 156 professionals to the group. The acquisition strengthens Spain's and Europe's defense industrial base and contributes to ensuring European sovereignty and autonomy.
Indra Sistemas, S.A. (BME:IDR) completed the acquisition of Duro Felguera Production Plant in Gijón from Duro Felguera, S.A. (BME:MDF) on July 30, 2025. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: €0.88 (vs €0.30 in 2Q 2024) Second quarter 2025 results: EPS: €0.88 (up from €0.30 in 2Q 2024). Revenue: €1.32b (up 11% from 2Q 2024). Net income: €155.5m (up 192% from 2Q 2024). Profit margin: 12% (up from 4.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 09
Indra Sistemas, S.A. to Report First Half, 2025 Results on Jul 23, 2025 Indra Sistemas, S.A. announced that they will report first half, 2025 results on Jul 23, 2025 New Risk • Jul 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jul 01
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Austrian dividend payers (5.0%). Lower than average of industry peers (2.4%). Buy Or Sell Opportunity • Jun 27
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to €35.68. The fair value is estimated to be €28.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. New Risk • May 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 23
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 83% to €34.50. The fair value is estimated to be €28.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: €0.34 (vs €0.35 in 1Q 2024) First quarter 2025 results: EPS: €0.34 (down from €0.35 in 1Q 2024). Revenue: €1.20b (up 5.5% from 1Q 2024). Net income: €59.2m (down 3.3% from 1Q 2024). Profit margin: 4.9% (down from 5.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Indra Sistemas, S.A., Annual General Meeting, Jun 24, 2025 Indra Sistemas, S.A., Annual General Meeting, Jun 24, 2025. Location: avenida de bruselas 35, alcobendas, madrid Spain Announcement • Apr 28
Iveco Group's Defense Unit Reportedly Attracts US Buyout Firms Bain Capital , KPS Capital Bain Capital, LP and KPS Capital (KPS Capital Partners, LP) are interested in Iveco Group N.V. (BIT:IVG)’s defense unit, according to people familiar with the matter, as the Italian truckmaker looks to seize on the rising demand for military assets. The two US buyout firms have been considering bids for the business that makes armored and tactical vehicles, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and they could decide against pursuing any deal, the people said. Shares in Iveco extended their gains and rose as much as 4.8% on April 25, 2025 following the Bloomberg News report. The private equity firms have previously invested in aerospace and defense. The company announced in February that it was considering separating its defense unit through a spinoff. Iveco is seeking as much as €1.5 billion for the business, which includes the IDV brand, Bloomberg News reported in March. Any potential suitors could face an uphill battle to acquire the business. Rome-based defense company Leonardo S.p.a. (BIT:LDO) is considered the likeliest buyer, because the Italian government could prefer to keep the operations in local hands and the two companies already have supply agreements, according to people familiar with the matter. Leonardo — whose biggest shareholder is the Italian government - has been holding on-and-off talks with Iveco to buy the unit since last year, but so far the parties have been unable to agree on a price, people familiar with the matter said last month. Leonardo could make a bid with its joint venture partner Rheinmetall AG (XTRA:RHM), the people said at the time. KNDS NV (KMW+Nexter Defense Systems N.V.) and Czechoslovak Group (CZECHOSLOVAK GROUP a.s.) are also among companies with possible interest in the Iveco business, the people said. Indra Sistemas, S.A. (BME:IDR), the state-backed Spanish defense and technology company that has said it’s looking to expand its military-related business, considered a potential bid but decided against it for now, the people said. Iveco could opt to list the business if it doesn’t get high enough bids, the people said. Representatives for Bain, KPS, Czechoslovak Group and Indra declined to comment. A representative for Iveco also declined to comment, adding that the board will provide an update in due course following all necessary internal and regulatory approvals. A spokesperson for KNDS didn’t immediately respond to queries. Announcement • Apr 07
Indra Sistemas, S.A. to Report Q1, 2025 Results on May 06, 2025 Indra Sistemas, S.A. announced that they will report Q1, 2025 results Pre-Market on May 06, 2025 Declared Dividend • Mar 18
Dividend of €0.20 announced Shareholders will receive a dividend of €0.20. Ex-date: 8th July 2025 Payment date: 10th July 2025 Dividend yield will be 0.8%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 16%. Cash payout ratio: 13%. Announcement • Mar 01
Indra Sistemas, S.A. announces Annual dividend, payable on July 10, 2025 Indra Sistemas, S.A. announced Annual dividend of EUR 0.2025 per share payable on July 10, 2025, ex-date on July 08, 2025 and record date on July 09, 2025. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €1.58 (vs €1.17 in FY 2023) Full year 2024 results: EPS: €1.58 (up from €1.17 in FY 2023). Revenue: €4.95b (up 13% from FY 2023). Net income: €277.5m (up 35% from FY 2023). Profit margin: 5.6% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 11
Indra Sistemas, S.A. to Report Fiscal Year 2024 Results on Feb 26, 2025 Indra Sistemas, S.A. announced that they will report fiscal year 2024 results at 5:30 PM, Romance Standard Time on Feb 26, 2025 Announcement • Nov 05
Indra Sistemas, S.A. (BME:IDR) agreed to acquire Global Ats Limited and Micro Nav Ltd from Quadrant Group Limited. Indra Sistemas, S.A. (BME:IDR) agreed to acquire Global Ats Limited and Micro Nav Ltd from Quadrant Group Limited on November 4, 2024.
The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer board. The deal has been approved by the board.
Pinsent Masons acted as legal advisor for Quadrant Group Limited. Clifford Chance S.L.P. acted as legal advisor for Indra Sistemas, S.A. KPMG Recursos S.A. acted as due diligence provider for Indra Sistemas, S.A. Cavendish Corporate Finance LLP acted as financial advisor for Quadrant Group Limited. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.40 (vs €0.32 in 3Q 2023) Third quarter 2024 results: EPS: €0.40 (up from €0.32 in 3Q 2023). Revenue: €1.11b (up 8.9% from 3Q 2023). Net income: €70.1m (up 24% from 3Q 2023). Profit margin: 6.3% (up from 5.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
Indra Sistemas, S.A. to Report Nine Months, 2024 Results on Oct 29, 2024 Indra Sistemas, S.A. announced that they will report nine months, 2024 results on Oct 29, 2024 Announcement • Aug 08
Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO). Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO) on August 7, 2024. Indra Sistemas received approval from the shareholders of Indra for Space spin-off and the creation of the Space New company. The transaction is expected to be completed in the last quarter of the year, once the customary regulatory approvals have been obtained. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: €0.30 (vs €0.26 in 2Q 2023) Second quarter 2024 results: EPS: €0.30 (up from €0.26 in 2Q 2023). Revenue: €1.20b (up 8.0% from 2Q 2023). Net income: €53.2m (up 15% from 2Q 2023). Profit margin: 4.4% (up from 4.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year and the company’s share price has also increased by 29% per year. Upcoming Dividend • Jul 02
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 11 July 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Austrian dividend payers (6.1%). Lower than average of industry peers (2.2%). Buy Or Sell Opportunity • Jun 06
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €21.38. The fair value is estimated to be €26.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • May 25
Indra Sistemas, S.A. to Report First Half, 2024 Results on Jul 30, 2024 Indra Sistemas, S.A. announced that they will report first half, 2024 results on Jul 30, 2024 Announcement • May 09
Indra Sistemas, S.A., Annual General Meeting, May 27, 2024 Indra Sistemas, S.A., Annual General Meeting, May 27, 2024. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: €0.35 (vs €0.25 in 1Q 2023) First quarter 2024 results: EPS: €0.35 (up from €0.25 in 1Q 2023). Revenue: €1.14b (up 22% from 1Q 2023). Net income: €61.2m (up 40% from 1Q 2023). Profit margin: 5.4% (up from 4.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Indra Sistemas, S.A. to Report Q1, 2024 Results on May 06, 2024 Indra Sistemas, S.A. announced that they will report Q1, 2024 results on May 06, 2024 Declared Dividend • Mar 20
Dividend of €0.20 announced Shareholders will receive a dividend of €0.20. Ex-date: 9th July 2024 Payment date: 11th July 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: €1.17 (vs €0.97 in FY 2022) Full year 2023 results: EPS: €1.17 (up from €0.97 in FY 2022). Revenue: €4.42b (up 14% from FY 2022). Net income: €205.8m (up 20% from FY 2022). Profit margin: 4.7% (up from 4.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Indra Sistemas, S.A. (BME:IDR) acquired remaining 65% stake in Global Training Aviation, S.L. Indra Sistemas, S.A. (BME:IDR) acquired remaining 65% stake in Global Training Aviation, S.L. on February 10, 2024.Indra Sistemas, S.A. (BME:IDR) completed the acquisition of 65% stake in Global Training Aviation, S.L. on February 10, 2024. Announcement • Jan 30
Indra Sistemas, S.A. to Report Fiscal Year 2023 Results on Feb 28, 2024 Indra Sistemas, S.A. announced that they will report fiscal year 2023 results on Feb 28, 2024 Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.32 (vs €0.28 in 3Q 2022) Third quarter 2023 results: EPS: €0.32 (up from €0.28 in 3Q 2022). Revenue: €1.02b (up 13% from 3Q 2022). Net income: €56.4m (up 14% from 3Q 2022). Profit margin: 5.5% (in line with 3Q 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Sep 23
Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. acquired a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) for €5.3 million. Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. acquired a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) for €5.3 million on September 21, 2023. Indra and Grupo Oesía have each taken a 30% stake in Epicom and SEPI, which holds 40%, has assigned its purchase option in 30% to each company.
Indra Sistemas, S.A. (BME:IDR) and OESÍA NETWORKS, S.L. completed the acquisition of a 60% stake in Epicom, S.A. from Duro Felguera, S.A. (BME:MDF) on September 21, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.26 (vs €0.15 in 2Q 2022) Second quarter 2023 results: EPS: €0.26 (up from €0.15 in 2Q 2022). Revenue: €1.11b (up 15% from 2Q 2022). Net income: €46.0m (up 70% from 2Q 2022). Profit margin: 4.1% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jun 03
Indra Sistemas, S.A. (BME:IDR) entered into a binding agreement to acquire Park Air Systems Ltd from Ngc Uk Ltd. Indra Sistemas, S.A. (BME:IDR) entered into a binding agreement to acquire Park Air Systems Ltd from Ngc Uk Ltd on June 2, 2023. The transaction is subject to customary conditions. The transaction is expected to complete in H2 2023. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €0.97 (vs €0.81 in FY 2021) Full year 2022 results: EPS: €0.97 (up from €0.81 in FY 2021). Revenue: €3.90b (up 14% from FY 2021). Net income: €171.9m (up 20% from FY 2021). Profit margin: 4.4% (up from 4.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 26
Indra Sistemas, S.A. to Report Fiscal Year 2022 Results on Feb 28, 2023 Indra Sistemas, S.A. announced that they will report fiscal year 2022 results at 5:30 PM, Romance Standard Time on Feb 28, 2023 Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: €0.28 (vs €0.34 in 3Q 2021) Third quarter 2022 results: EPS: €0.28 (down from €0.34 in 3Q 2021). Revenue: €902.9m (up 21% from 3Q 2021). Net income: €49.4m (down 17% from 3Q 2021). Profit margin: 5.5% (down from 8.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €10.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 7.9% per annum over the same time period. Buying Opportunity • Aug 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €10.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 7.9% per annum over the same time period. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: €0.16 (vs €0.19 in 2Q 2021) Second quarter 2022 results: EPS: €0.16 (down from €0.19 in 2Q 2021). Revenue: €966.3m (up 13% from 2Q 2021). Net income: €27.0m (down 18% from 2Q 2021). Profit margin: 2.8% (down from 3.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.6% compared to a 2.8% decline forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €8.68, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the IT industry in Europe. Total loss to shareholders of 2.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.68 per share. Buying Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock is up 4.8%. The fair value is estimated to be €13.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings is also forecast to grow by 7.2% per annum over the same time period. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: €0.22 (vs €0.13 in 1Q 2021) First quarter 2022 results: EPS: €0.22 (up from €0.13 in 1Q 2021). Revenue: €862.2m (up 13% from 1Q 2021). Net income: €39.3m (up 76% from 1Q 2021). Profit margin: 4.6% (up from 2.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.7% while the industry in Austria is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 05
Indra Sistemas, S.A. to Report Q1, 2022 Results on Apr 29, 2022 Indra Sistemas, S.A. announced that they will report Q1, 2022 results Pre-Market on Apr 29, 2022 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 20% share price gain to €10.07, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 21x in the IT industry in Europe. Total returns to shareholders of 2.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.55 per share. Announcement • Feb 26
Indra Sistemas, S.A. Provides Earnings Guidance for the Full Year 2022 Indra Sistemas, S.A. provided earnings guidance for the full year 2022. For the full year 2022, the company expects revenue in constant currencies to be about EUR 3,550 million, and reported EBIT about EUR 270. Buying Opportunity • Feb 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €10.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. The company has become profitable over the last year. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.81 (up from €0.37 loss in FY 2020). Revenue: €3.45b (up 11% from FY 2020). Net income: €143.4m (up €208.6m from FY 2020). Profit margin: 4.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to decline by -2.3% while the industry in Austria is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Indra Sistemas, S.A. to Report Fiscal Year 2021 Results on Feb 23, 2022 Indra Sistemas, S.A. announced that they will report fiscal year 2021 results After-Market on Feb 23, 2022 Reported Earnings • Oct 30
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €758.6m (up 10% from 3Q 2020). Net income: €59.3m (up 36% from 3Q 2020). Profit margin: 7.8% (up from 6.3% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.19 (vs €0.46 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €876.8m (up 15% from 2Q 2020). Net income: €33.0m (up €113.9m from 2Q 2020). Profit margin: 3.8% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS €0.13 (vs €0.036 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: €761.3m (flat on 1Q 2020). Net income: €22.3m (up 254% from 1Q 2020). Profit margin: 2.9% (up from 0.8% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2020 earnings released: €0.37 loss per share (vs €0.69 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €3.09b (down 5.8% from FY 2019). Net loss: €65.2m (down 154% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 1.9% compared to a 9.7% decline forecast for the IT industry in Austria. Is New 90 Day High Low • Feb 25
New 90-day high: €7.69 The company is up 12% from its price of €6.87 on 26 November 2020. The Austrian market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.23 per share. Is New 90 Day High Low • Feb 03
New 90-day high: €7.47 The company is up 38% from its price of €5.42 on 04 November 2020. The Austrian market is up 35% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.51 per share. Announcement • Jan 29
Indra Sistemas, S.A. to Report Fiscal Year 2020 Results on Feb 24, 2021 Indra Sistemas, S.A. announced that they will report fiscal year 2020 results After-Market on Feb 24, 2021 Is New 90 Day High Low • Jan 14
New 90-day high: €7.42 The company is up 23% from its price of €6.05 on 15 October 2020. The Austrian market is up 30% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.81 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €7.15 The company is up 15% from its price of €6.24 on 04 September 2020. The Austrian market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.72 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €6.94 The company is up 11% from its price of €6.25 on 21 August 2020. The Austrian market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.78 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 22% share price gain to €6.41, the stock is trading at a trailing P/E ratio of 44x, up from the previous P/E ratio of 36x. This compares to an average P/E of 21x in the IT industry in Europe. Total return to shareholders over the past three years is a loss of 47%. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 5.5% at €668.9m. Revenue is forecast to stay flat over the next year, compared to a 15% decline forecast for the IT industry in Austria. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of €25.7m, down 80% from the prior year. Total revenue was €3.14b over the last 12 months, down 4.9% from the prior year. Is New 90 Day High Low • Oct 27
New 90-day low: €5.72 The company is down 13% from its price of €6.57 on 29 July 2020. The Austrian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.36 per share. Announcement • Oct 07
Indra Sistemas, S.A. to Report Nine Months, 2020 Results on Oct 27, 2020 Indra Sistemas, S.A. announced that they will report nine months, 2020 results on Oct 27, 2020 Is New 90 Day High Low • Sep 24
New 90-day low: €6.06 The company is down 14% from its price of €7.05 on 26 June 2020. The Austrian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.63 per share. Announcement • Jul 09
Indra Sistemas, S.A. to Report First Half, 2020 Results on Jul 29, 2020 Indra Sistemas, S.A. announced that they will report first half, 2020 results on Jul 29, 2020 
