Aecon Group Inc.

DB:2AE Stock Report

Market Cap: €1.0b

Aecon Group Valuation

Is 2AE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2AE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€70.66
Fair Value
77.6% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: 2AE (€15.8) is trading below our estimate of fair value (€70.66)

Significantly Below Fair Value: 2AE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2AE?

Key metric: As 2AE is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2AE. This is calculated by dividing 2AE's market cap by their current revenue.
What is 2AE's PS Ratio?
PS Ratio0.4x
SalesCA$4.11b
Market CapCA$1.51b

Price to Sales Ratio vs Peers

How does 2AE's PS Ratio compare to its peers?

The above table shows the PS ratio for 2AE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.3x
NCH2 thyssenkrupp nucera KGaA
1.3x12.2%€1.1b
B5A0 BAUER
0.1x3.2%€192.8m
HOT HOCHTIEF
0.3x5.8%€10.4b
PNE3 PNE
7.5x14.0%€926.9m
2AE Aecon Group
0.4x8.0%€1.5b

Price-To-Sales vs Peers: 2AE is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (2.3x).

Price to Sales Ratio vs Industry

How does 2AE's PS Ratio compare vs other companies in the European Construction Industry?

23 CompaniesPrice / SalesEstimated GrowthMarket Cap
2AE 0.4xIndustry Avg. 0.5xNo. of Companies40PS00.61.21.82.43+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2AE is good value based on its Price-To-Sales Ratio (0.4x) compared to the European Construction industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is 2AE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2AE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: 2AE is expensive based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2AE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.80
€20.45
+29.4%
8.0%€23.23€17.92n/a11
Jan ’26€18.00
€20.63
+14.6%
9.8%€23.43€16.73n/a11
Dec ’25€19.50
€19.78
+1.4%
9.8%€23.15€16.53n/a11
Nov ’25€17.10
€17.85
+4.4%
10.8%€21.82€15.21n/a11
Oct ’25€14.00
€14.17
+1.2%
24.0%€19.99€10.66n/a11
Sep ’25€12.10
€13.22
+9.2%
15.9%€16.67€10.67n/a11
Aug ’25€11.10
€13.22
+19.1%
15.9%€16.67€10.67n/a11
Jul ’25€11.40
€12.82
+12.5%
17.7%€17.62€8.81n/a11
Jun ’25€10.90
€12.99
+19.2%
14.4%€17.56€10.81n/a11
May ’25€11.40
€13.31
+16.8%
14.2%€17.78€10.94n/a12
Apr ’25€11.40
€12.27
+7.6%
18.9%€17.68€8.84n/a12
Mar ’25€9.55
€9.78
+2.4%
15.7%€12.41€6.89n/a12
Feb ’25€9.35
€9.69
+3.7%
16.2%€12.37€6.87€16.4012
Jan ’25€8.40
€8.88
+5.7%
15.8%€10.86€6.79€18.0012
Dec ’24€7.65
€8.90
+16.3%
16.3%€10.92€6.82€19.5012
Nov ’24€6.75
€8.90
+31.8%
16.3%€10.92€6.82€17.1012
Oct ’24€7.75
€9.58
+23.6%
16.1%€11.84€6.97€14.0013
Sep ’24€7.65
€9.47
+23.8%
17.0%€11.72€6.90€12.1012
Aug ’24€7.35
€9.47
+28.8%
17.0%€11.72€6.90€11.1012
Jul ’24€8.30
€10.74
+29.4%
17.0%€13.72€7.89€11.4013
Jun ’24€8.95
€10.74
+20.0%
17.0%€13.72€7.89€10.9013
May ’24€8.20
€10.54
+28.5%
18.2%€13.35€7.67€11.4012
Apr ’24€8.85
€10.61
+19.8%
18.4%€14.08€7.71€11.4012
Mar ’24€7.95
€8.91
+12.1%
17.8%€12.07€6.90€9.5513
Feb ’24€7.95
€8.53
+7.3%
15.5%€11.67€6.86€9.3513
Analyst Price Target
Consensus Narrative from 11 Analysts
€20.61
Fair Value
23.3% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/03 16:55
End of Day Share Price 2025/02/03 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Aecon Group Inc. is covered by 21 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher MurrayATB Capital Markets
Gareth TinglingBeacon Securities Limited
Devin DodgeBMO Capital Markets Equity Research