Sacyr, S.A.

DB:VHM Stock Report

Market Cap: €2.4b

Sacyr Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 VHM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VHM (€3.06) is trading above our estimate of fair value (€1.22)

Significantly Below Fair Value: VHM is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for VHM. This is calculated by dividing VHM's market cap by their current revenue.
What is VHM's PS Ratio?
PS Ratio0.5x
Sales€4.64b
Market Cap€2.41b

Price to Sales Ratio vs Peers

How does VHM's PS Ratio compare to its peers?

The above table shows the PS ratio for VHM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.6x
NCH2 thyssenkrupp nucera KGaA
1.4x14.5%€1.1b
HOT HOCHTIEF
0.3x6.4%€8.9b
B5A0 BAUER
0.1x3.2%€163.5m
JUN3 Jungheinrich
0.5x4.5%€2.5b
VHM Sacyr
0.5x1.7%€2.4b

Price-To-Sales vs Peers: VHM is good value based on its Price-To-Sales Ratio (0.5x) compared to the peer average (0.6x).

Price to Sales Ratio vs Industry

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

25 CompaniesPrice / SalesEstimated GrowthMarket Cap
VHM 0.5xIndustry Avg. 0.4xNo. of Companies40PS00.61.21.82.43+
25 CompaniesEstimated GrowthMarket Cap
No more companies

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

Price to Sales Ratio vs Fair Ratio

What is VHM'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.

VHM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.5x
Fair PS Ratio1.7x

Price-To-Sales vs Fair Ratio: VHM is good value based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (1.7x).

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 VHM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.06
€4.16
+35.9%
6.2%€4.45€3.50n/a11
Nov ’25€3.05
€4.19
+37.3%
6.2%€4.45€3.50n/a11
Oct ’25€3.28
€4.09
+24.6%
7.3%€4.45€3.50n/a12
Sep ’25€3.23
€4.09
+26.9%
7.6%€4.45€3.50n/a11
Aug ’25€3.10
€4.09
+31.9%
7.6%€4.45€3.50n/a11
Jul ’25€3.33
€4.12
+23.6%
6.3%€4.40€3.53n/a10
Jun ’25€3.40
€4.02
+18.2%
6.5%€4.40€3.53n/a9
May ’25€3.24
€3.85
+18.9%
7.1%€4.20€3.40n/a10
Apr ’25€3.40
€3.82
+12.4%
7.2%€4.20€3.40n/a9
Mar ’25€3.04
€3.85
+26.8%
7.1%€4.20€3.40n/a10
Feb ’25€3.07
€3.76
+22.5%
9.2%€4.20€3.15n/a9
Jan ’25€3.09
€3.76
+21.8%
9.2%€4.20€3.15n/a9
Dec ’24€3.07
€3.77
+22.7%
9.1%€4.20€3.15n/a9
Nov ’24€2.70
€3.70
+37.0%
9.1%€4.10€3.15€3.058
Oct ’24€2.75
€3.68
+34.1%
8.7%€4.10€3.15€3.288
Sep ’24€2.91
€3.67
+26.2%
8.7%€4.10€3.15€3.238
Aug ’24€3.01
€3.67
+22.0%
8.7%€4.10€3.15€3.108
Jul ’24€3.11
€3.67
+17.9%
8.7%€4.10€3.15€3.338
Jun ’24€2.82
€3.56
+26.3%
6.8%€4.00€3.15€3.409
May ’24€2.98
€3.55
+19.2%
6.8%€4.00€3.15€3.249
Apr ’24€2.94
€3.49
+18.9%
6.8%€3.85€3.15€3.409
Mar ’24€3.03
€3.49
+15.4%
6.8%€3.85€3.15€3.049
Feb ’24€2.83
€3.48
+23.2%
7.1%€3.85€3.12€3.079
Jan ’24€2.59
€3.48
+34.4%
7.1%€3.85€3.12€3.099
Dec ’23€2.65
€3.48
+31.5%
7.1%€3.85€3.12€3.079
Nov ’23€2.47
€3.52
+42.3%
6.4%€3.80€3.11€2.708

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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