Eiffage
Note: This is a daily stock update and the information stands true as of 30/09/25, 09:00 CET.
Company Update:
Expert Opinion:
Our analyst is quite bullish on the stock, and according to him, this deal could be the trigger that kick-starts a bounce in the share price which took a beating and that he sees as grossly undervalued. Our expert would be more cautious. While the stock is indeed cheap on an absolute basis (PE25 and 26 at 10.2x and 9.3x respectively) it isn't trading at a massive discount to historical levels. And Eiffage still generates 2/3 of its business in France at a time when the government should cut spending. While Eiffage is undoubtedly a quality, well-managed company, the overexposure to France means it is not the stock our expert would buy for now.
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Company Update:
Eiffage’s Belgian unit Smulders has won a huge €1.5 billion contract from RTE, the French grid operator, to build three giant offshore substations. These platforms, each 750 MW, will collect electricity from new offshore wind farms in Brittany, the south of France, and the Gulf of Fos, and send it back to the mainland. The contract covers everything — the steel foundations (jackets) and the topsides (the equipment on top) — showing that Eiffage can now deliver the full package instead of just parts. To put it in perspective, €1.5 billion is more than 6% of the company’s yearly revenue, making this one of its biggest-ever contracts. It also proves that Eiffage’s bet on offshore wind is paying off, coming just after it bought HSM Offshore in the Netherlands. The work will run for several years, giving Eiffage a boost to its order book and cementing its role in France’s offshore wind rollout, which the government is legally bound to deliver. We expect a positive market reaction.
Expert Opinion:
Our analyst is quite bullish on the stock, and according to him, this deal could be the trigger that kick-starts a bounce in the share price which took a beating and that he sees as grossly undervalued. Our expert would be more cautious. While the stock is indeed cheap on an absolute basis (PE25 and 26 at 10.2x and 9.3x respectively) it isn't trading at a massive discount to historical levels. And Eiffage still generates 2/3 of its business in France at a time when the government should cut spending. While Eiffage is undoubtedly a quality, well-managed company, the overexposure to France means it is not the stock our expert would buy for now.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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