Fugro
47
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−8
- Quality of growth−5
- Future segment−4
Strengths
- Costs and cash flow+1
How the score is built
From 100 to 47, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.36 EUR
- Median analyst target
- 9.00 EUR
- Upside to median
- +7.7%
- Analysts
- 6
- Target range
- 8.50 – 12.00 EUR
- 52-week change
- −7%
- P/E (trailing)
- n/a
- Forward P/E
- 18.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−22 of −30
- −8MarginLoss: net margin −3.5% and operating margin 4.4% (TTM) vs 13.6% in 2024; EBIT margin in H1 2026 only 4.1%. Net result in H1 was −EUR 62m.
- −5Quality of growthRevenue fell 18.8% in 2025 to €1.85bn and is expected at −1.7% in 2026; the 4.3% growth in H1 came from oil and gas, while Americas has fallen from €578m to €386m since 2023.
- −4Future segmentOffshore wind – the segment that was meant to carry growth – is in crisis: the 12-month renewables order book has fallen 47%, and the market has overcapacity.
- −3Capital allocationCapex of €248–264m a year in 2024–25 (including vessels) and a €0.75 dividend plus €84m of buybacks in 2024 were followed by a €36m write-down on geophysical vessels, vessel scrapping and the dividend cut 80% to €0.15.
- −2MoatManagement describes overcapacity in the industry, price pressure and shorter order-book visibility – limited pricing power despite a market-leader position.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Multiples vs own historyForward P/E 9.4 vs 7.5–12.0 in 2021–25; EV/EBITDA 5.0 vs 5.3–8.6; P/B 0.71 and P/TBV 0.89 below the whole 5-year range. Cheap, but the expected EPS of €0.71 requires a recovery that management will not promise.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −4Guidance withdrawnThe expected margin improvement for 2026 is now 'unlikely' because of customer caution and price pressure; the 12-month order book fell 13.9% to €1.28bn, and the stock fell on the announcement.
- −3Impairments and tax assetsThe H1 loss includes a €36m write-down on geophysical vessels and a €41m write-off of deferred tax assets – a sign that management does not expect taxable earnings in certain countries.
- −4DebtNet debt has risen from €96m (2024) to €473m (June 2026); net debt/EBITDA 2.25, interest cover 2.7x and negative FCF (−€19m TTM, −€68m after leases).
- −2Geopolitics (Middle East)The escalating Middle East conflict is disrupting activity in Middle East & India (about 13% of revenue) and is cited as a reason for the weaker outlook.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Costs and cash flowA further EUR 50m in annual savings (ship restructuring), capex cut to about EUR 150m for 2026, and FCF improved from −EUR 186m to −EUR 38m in H1.
Caveats
What the score does not capture, or where the data is weak.
Geodata and seabed surveys for oil and gas, offshore wind, infrastructure and water – no industry fits exactly; 'Oil & gas' is the closest (offshore services). The forward P/E of 9.4 rests on adjusted EPS of €0.71 for 2026, while reported EPS TTM is −€0.59 (write-downs and amortisation of deferred tax assets). Stockanalysis shows −5% in share count, but there are no buybacks in the TTM cash flow (only €13m in 2025, and +2.5% q/q), so no plus has been given for buybacks. Targets last updated 6/8 (after H1), spread from €8.50 to 12.00. Net debt includes leases; covenant levels have not been examined. Peer multiples (TGS, PGS, Gardline) not fetched.
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