BATS-CHIXE:SPIEp

Stock Analysis Report

Executive Summary

SPIE SA provides multi-technical services in the areas of energy and communications.


Snowflake Analysis

Undervalued with mediocre balance sheet.


Similar Companies

Share Price & News

How has SPIE's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SPIEp's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-3.7%

SPIEp

-0.8%

GB Commercial Services

-2.2%

GB Market


1 Year Return

-41.9%

SPIEp

-21.6%

GB Commercial Services

-25.9%

GB Market

Return vs Industry: SPIEp underperformed the UK Commercial Services industry which returned -19% over the past year.

Return vs Market: SPIEp underperformed the UK Market which returned -25% over the past year.


Shareholder returns

SPIEpIndustryMarket
7 Day-3.7%-0.8%-2.2%
30 Day-44.8%-31.3%-21.7%
90 Day-46.9%-35.1%-29.6%
1 Year-39.8%-41.9%-19.4%-21.6%-22.2%-25.9%
3 Year-56.0%-60.1%-20.0%-26.8%-16.1%-26.6%
5 Yearn/a-12.1%-24.9%-4.6%-26.2%

Price Volatility Vs. Market

How volatile is SPIE's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SPIE undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SPIEp (€9.46) is trading below our estimate of fair value (€21.78)

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


Price To Earnings Ratio

PE vs Industry: SPIEp is good value based on its PE Ratio (9.3x) compared to the Commercial Services industry average (11.4x).

PE vs Market: SPIEp is good value based on its PE Ratio (9.3x) compared to the UK market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: SPIEp is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: SPIEp is good value based on its PB Ratio (1x) compared to the GB Commercial Services industry average (1.5x).


Next Steps

Future Growth

How is SPIE forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

8.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPIEp's forecast earnings growth (8.3% per year) is above the savings rate (0.5%).

Earnings vs Market: SPIEp's earnings (8.3% per year) are forecast to grow slower than the UK market (15.6% per year).

High Growth Earnings: SPIEp's earnings are forecast to grow, but not significantly.

Revenue vs Market: SPIEp's revenue (2.2% per year) is forecast to grow slower than the UK market (2.4% per year).

High Growth Revenue: SPIEp's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SPIEp's Return on Equity is forecast to be low in 3 years time (12.3%).


Next Steps

Past Performance

How has SPIE performed over the past 5 years?

29.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SPIEp has high quality earnings.

Growing Profit Margin: SPIEp's current net profit margins (2.3%) are lower than last year (2.4%).


Past Earnings Growth Analysis

Earnings Trend: SPIEp has become profitable over the past 5 years, growing earnings by 29.8% per year.

Accelerating Growth: SPIEp's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SPIEp had negative earnings growth (-1.8%) over the past year, making it difficult to compare to the Commercial Services industry average (11.7%).


Return on Equity

High ROE: SPIEp's Return on Equity (11.1%) is considered low.


Next Steps

Financial Health

How is SPIE's financial position?


Financial Position Analysis

Short Term Liabilities: SPIEp's short term assets (€3.2B) do not cover its short term liabilities (€3.5B).

Long Term Liabilities: SPIEp's short term assets (€3.2B) do not cover its long term liabilities (€3.3B).


Debt to Equity History and Analysis

Debt Level: SPIEp's debt to equity ratio (146.2%) is considered high.

Reducing Debt: SPIEp's debt to equity ratio has reduced from 658.4% to 146.2% over the past 5 years.

Debt Coverage: SPIEp's debt is well covered by operating cash flow (20.3%).

Interest Coverage: SPIEp's interest payments on its debt are well covered by EBIT (5.2x coverage).


Balance Sheet

Inventory Level: SPIEp has a low level of unsold assets or inventory.

Debt Coverage by Assets: SPIEp's debt is covered by short term assets (assets are 1.5x debt).


Next Steps

Dividend

What is SPIE's current dividend yield, its reliability and sustainability?

6.14%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: SPIEp's dividend (6.44%) is higher than the bottom 25% of dividend payers in the UK market (2.67%).

High Dividend: SPIEp's dividend (6.44%) is low compared to the top 25% of dividend payers in the UK market (7.36%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, SPIEp has been paying a dividend for less than 10 years.

Growing Dividend: SPIEp's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59.7%), SPIEp's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SPIEp's dividends in 3 years are forecast to be well covered by earnings (42.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

Gauthier Louette (55yo)

17.25s

Tenure

€1,485,980

Compensation

Mr. Gauthier Louette has been the Chairman of the Board and Chief Executive Officer of SPIE SAS at SPIE Matthew Hall Limited since January 01, 2010 and 2003 respectively. Mr. Louette served as Co-Chief Exe ...


CEO Compensation Analysis

Compensation vs Market: Gauthier's total compensation ($USD1.63M) is about average for companies of similar size in the UK market ($USD1.89M).

Compensation vs Earnings: Gauthier's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Gauthier Louette
Chairman & CEO17.25yrs€1.49m1.54% 24.2m
Daniel Boscari
Director of Municipality Development4.83yrsno data0.019% 298.0k
Michel Delville
Group Chief Financial Officer1.08yrsno datano data
Thomas Guillois
Investor Relations Directorno datano datano data
Pascal Omnès
Group Communication Directorno datano datano data
Elisabeth Rasmussen
Human Resources Director2.5yrsno datano data
Christophe Bernhart
Managing Director of SPIE Oil & Gas Services0.25yrno datano data
Olivier Domergue
Managing Director of SPIE France0.58yrno datano data
Markus Holzke
Managing Director of SPIE Deutschland & Zentraleuropa6yrsno datano data
Robert Goodhew
Managing Director of SPIE UK2.92yrsno datano data

2.5yrs

Average Tenure

56yo

Average Age

Experienced Management: SPIEp's management team is considered experienced (2.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Gauthier Louette
Chairman & CEO17.25yrs€1.49m1.54% 24.2m
Daniel Boscari
Director of Municipality Development4.83yrsno data0.019% 298.0k
Bertrand Finet
Independent Director1.92yrs€12.00kno data
Michel Bleitrach
Independent Director8.67yrs€66.00k0.0011% 17.9k
Peter Mason
Senior Independent Director4.33yrs€88.67k0.0013% 19.9k
Regine Stachelhaus
Independent Director5.75yrs€70.00k0.00048% 7.5k
Sophie Etchandy-Stabile
Independent Director5.75yrs€54.24k0.000060% 940.0
Elisabeth Van Damme
Director0.25yrno datano data
Gabrielle van Klaveren-Hessel
Director4.83yrsno data0.000060% 940.0
Tanja Rueckert
Independent Director2.58yrs€32.00k0.00032% 5.0k

4.8yrs

Average Tenure

56yo

Average Age

Experienced Board: SPIEp's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SPIE SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SPIE SA
  • Ticker: SPIEp
  • Exchange: BATS-CHIXE
  • Founded:
  • Industry: Diversified Support Services
  • Sector: Commercial Services
  • Market Cap: €1.567b
  • Shares outstanding: 157.70m
  • Website: https://www.spie.com

Number of Employees


Location

  • SPIE SA
  • 10, avenue de l’Entreprise
  • Cedex
  • Cergy-Pontoise
  • Ile-de-France
  • 95863
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPIEENXTPA (Euronext Paris)YesNew Ordinary SharesFREURJun 2015
SPIEpBATS-CHIXE (BATS 'Chi-X Europe')YesNew Ordinary SharesGBEURJun 2015
0R8MLSE (London Stock Exchange)YesNew Ordinary SharesGBEURJun 2015
SPIW.FOTCPK (Pink Sheets LLC)YesNew Ordinary SharesUSUSDJun 2015

Biography

SPIE SA provides multi-technical services in the areas of energy and communications. The company operates in four segments: France; Germany and Central Europe; North-Western Europe; and Oil & Gas and Nuclear. It offers mechanical, electrical, and heating, ventilation, and air conditioning (HVAC) engineering services; information and communications technology services, including installation, upgrade and management of voice, data, and image communications systems; and consulting-engineering, facilities management, and managed/cloud services. The company is also involved in the provision of technical services for the transmission and distribution of energy and for industrial clients, as well as in the areas of electrical and security technology, HVAC technology and information and communications technology; and operation and maintenance of low-consumption buildings. In addition, it designs, builds, operates, and maintains electrical and digital utility networks; develops smart cities and regions; and provides consulting-engineering, facilities management, and managed/cloud services. Further, the company offers maintenance advice; and builds software systems that aid in inspecting and maintaining installations and networks; provides well drilling, geosciences, asset support, and knowledge development services, as well as engineering, procurement and construction (EPC) projects and services. SPIE SA is headquartered in Cergy-Pontoise, France. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 19:47
End of Day Share Price2020/04/02 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.