Spirax Group plc

BATS-CHIXE:SPXL Stock Report

Market Cap: UK£4.5b

Spirax Group Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
UK£59.99
Fair Value
2.1% overvalued intrinsic discount
18
Number of Analysts

Below Fair Value: SPXL (£61.25) is trading above our estimate of fair value (£59.99)

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

Key Valuation Metric

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

Key metric: As SPXL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SPXL. This is calculated by dividing SPXL's market cap by their current earnings.
What is SPXL's PE Ratio?
PE Ratio23.6x
EarningsUK£191.20m
Market CapUK£4.51b

Price to Earnings Ratio vs Peers

How does SPXL's PE Ratio compare to its peers?

The above table shows the PE ratio for SPXL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average26.6x
IMI IMI
18.2x11.3%UK£4.5b
WEIR Weir Group
18.9x7.6%UK£6.0b
ROR Rotork
24.8x12.0%UK£2.6b
BOY Bodycote
44.5x43.4%UK£890.8m
SPXL Spirax Group
23.6x10.1%UK£4.5b

Price-To-Earnings vs Peers: SPXL is good value based on its Price-To-Earnings Ratio (23.6x) compared to the peer average (26.6x).

Price to Earnings Ratio vs Industry

How does SPXL's PE Ratio compare vs other companies in the European Machinery Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
No. of Companies26PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPXL is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the European Machinery industry average (18.5x).

Price to Earnings Ratio vs Fair Ratio

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

SPXL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.6x
Fair PE Ratio18x

Price-To-Earnings vs Fair Ratio: SPXL is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the estimated Fair Price-To-Earnings Ratio (18x).

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 SPXL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£61.25
UK£76.26
+24.5%
11.6%UK£96.50UK£61.00n/a18
Apr ’26UK£62.45
UK£78.15
+25.1%
10.9%UK£96.50UK£61.00n/a18
Mar ’26UK£72.95
UK£80.00
+9.7%
9.4%UK£96.50UK£65.00n/a17
Feb ’26UK£80.90
UK£79.53
-1.7%
9.0%UK£96.50UK£65.00n/a17
Jan ’26UK£68.45
UK£79.10
+15.6%
9.6%UK£96.50UK£63.70n/a17
Dec ’25UK£71.33
UK£81.67
+14.5%
10.2%UK£96.50UK£63.70n/a17
Nov ’25UK£65.63
UK£83.24
+26.8%
10.8%UK£98.00UK£70.00n/a16
Oct ’25UK£74.65
UK£86.44
+15.8%
11.3%UK£103.50UK£70.00n/a16
Sep ’25UK£77.00
UK£86.44
+12.3%
11.3%UK£103.50UK£70.00n/a16
Aug ’25UK£88.40
UK£97.08
+9.8%
9.9%UK£120.00UK£80.00n/a16
Jul ’25UK£84.98
UK£98.47
+15.9%
10.7%UK£120.00UK£80.00n/a16
Jun ’25UK£88.95
UK£98.47
+10.7%
10.7%UK£120.00UK£80.00n/a16
May ’25UK£88.50
UK£98.59
+11.4%
11.2%UK£123.00UK£80.00UK£59.2016
Apr ’25UK£100.70
UK£99.07
-1.6%
11.2%UK£123.00UK£80.00UK£62.4516
Mar ’25UK£103.53
UK£98.95
-4.4%
13.2%UK£125.00UK£80.00UK£72.9515
Feb ’25UK£100.13
UK£98.95
-1.2%
13.2%UK£125.00UK£80.00UK£80.9015
Jan ’25UK£105.60
UK£98.38
-6.8%
12.8%UK£127.00UK£77.75UK£68.4514
Dec ’24UK£92.52
UK£99.80
+7.9%
14.0%UK£127.00UK£77.75UK£71.3314
Nov ’24UK£81.66
UK£104.57
+28.1%
14.9%UK£135.00UK£78.20UK£65.6314
Oct ’24UK£95.50
UK£113.25
+18.6%
11.3%UK£135.00UK£88.05UK£74.6514
Sep ’24UK£99.86
UK£113.11
+13.3%
11.3%UK£135.00UK£88.05UK£77.0014
Aug ’24UK£111.45
UK£117.35
+5.3%
10.7%UK£143.00UK£91.45UK£88.4014
Jul ’24UK£103.90
UK£118.99
+14.5%
9.4%UK£143.00UK£100.00UK£84.9814
Jun ’24UK£109.40
UK£118.06
+7.9%
9.6%UK£143.00UK£100.00UK£88.9515
May ’24UK£110.55
UK£119.06
+7.7%
9.8%UK£143.00UK£100.00UK£88.5015
AnalystConsensusTarget
Consensus Narrative from 18 Analysts
UK£76.38
Fair Value
19.8% undervalued intrinsic discount
18
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 Analysis2025/05/04 16:11
End of Day Share Price 2025/05/02 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

Spirax Group plc is covered by 34 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael BloggArbuthnot Securities Limited
David LarkamArden Partners Plc.
Jonathan HurnBarclays