4 models fit Tecnicas Reunidas and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionTecnicas Reunidas (TRE.MC)
Fair value (4 models)
€26.81
ACCE price target
€27.20
Rating
Fairly valued
Horizon
12 months
ACCE price target published on 18 Oct 2026, 00:00 CEST.
Price used: €26.04 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
2.9% below
+3.0% to fair value
ACCE score
52
out of 100
P/E
13.1x
forward 12.6x
1-year return
-17.1%
Dividend yield
0.00%
Tecnicas Reunidas in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Tecnicas Reunidas is a Madrid-based engineering and construction contractor that designs and builds oil refineries, petrochemical plants, gas processing facilities and, increasingly, hydrogen and low-carbon projects for energy clients worldwide. Its moat rests on process-licensing know-how and a long record of delivering complex turnkey plants in the Middle East, which keeps it in competition for large EPC awards that few mid-cap rivals can bid on. Revenue growth of 2.9% is modest, but the 13.3x trailing and 12.6x forward P/E sit well below what the company's 28.4% ROE would suggest for a business of this kind, and the 1.9% operating margin shows how thin contract economics remain. The thesis hinges on whether the order book converts into margin expansion as legacy fixed-price projects roll off, so the question for a deeper look is margin trajectory, not top-line growth. The stock is not in any major index, which may limit institutional flows and partly explain the valuation.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Thin operating margin
Operating margin is 1.9% and net margin 2.3% against a 23.3% gross margin, so most gross profit is consumed before reaching earnings. Earnings growth of 45.2% sits on a very small base.
high
Leveraged balance sheet
Debt/Equity of 1.63 is high for a contractor whose operating margin is under 2%, leaving little cushion if project costs overrun.
moderate
Revenue growth slowing
Revenue grew 2.9% year on year, well below the 12.9% five-year CAGR, so the recent top line is decelerating.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Shares trade at 8.1x forward earnings against a sector median of 23.6x, a steep discount on paper.
Free cash flow of EUR 126M over the last twelve months implies a 6.2% yield on the current share price.
Four of four valuation models in the consensus put model fair value at €26.81, above the current price.
Why it could disappoint
Return on invested capital of 8.8% is thin, and debt to equity of 1.63 leaves the balance sheet heavily geared.
Revenue grew just 2.9% year over year, well below the 12.9% average annual growth of the past five years.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 6, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where TRE.MC's valuation models land
Price
€26.04
Model fair value
€26.81
Model range
€11.46 to €51.08
Fair value €26.81
Price €26.04
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.