Rankings Defence, aerospace & space Indra
Indra
84
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Management and governance−4
- Quality of growth−3
Strengths
- Order book+3
How the score is built
From 100 to 84, 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
- 62.94 EUR
- Median analyst target
- 71.00 EUR
- Upside to median
- +12.8%
- Analysts
- 16
- Target range
- 50.00 – 85.00 EUR
- 52-week change
- +32%
- P/E (trailing)
- 22.1
- Forward P/E
- 20.5
- PEG
- 1.02
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−5 of −30
- −2MarginEBIT margin 9.75% (TTM) and net margin 6.9% with a gross margin of only 25.7%; improved from 7.1% in 2021, but still low for a defence group because the IT business Minsait (about half of revenue) drags it down.
- −3Quality of growthThe 30% growth in H1 2026 comes from Defence (+103%) and bought Space (+398% via Hispasat/Hisdesat), while Minsait grew 3% and Mobility 2%. EBIT rose 51%, but net profit only 2.1% to EUR 219m, and Q2 net profit fell 7.9%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −8Multiples vs own historyP/E 23.9 (TTM) vs 10.9–19.6 in 2021–2025 and forward P/E 20.2 vs 10.0–11.1 in 2021–2024; EV/EBITDA 13.4 vs 6.4–8.1 before 2025 and P/B 4.7 vs 1.9–2.3. The share price has risen from 16.91 to about 59 EUR since the end of 2024 and is fully re-rated from IT consultant to defence stock, though still below European defence peers.
- −2FCF yieldAdjusted for prepayments, Indra guides FCF above 375 m EUR in 2026, equal to about 3.6% of the market cap of 10.5 bn EUR – not the 18% that stockanalysis shows.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−7 of −35
- −4Management and governanceChairman Ángel Escribano tried to have Indra buy his family's company EM&E (conflict of interest); the proposal was withdrawn on 19 March 2026, the share fell by as much as 19%, and Escribano left the chairmanship. The family sold its stake of about EUR 1.3bn in May, and EM&E is now considering a stock market listing as an independent competitor.
- −3Customer concentrationThe order book and FCF in H1 are driven by prepayments from the Spanish state's special modernisation programmes; the state is both the dominant defence customer and main shareholder via SEPI, so political budget shifts hit directly.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Order bookThe order book has more than doubled to EUR 20.5bn (about 3 years of revenue), and order intake rose 58% to EUR 5.0bn in H1 2026; guidance (revenue over 7bn, EBIT over EUR 700m) maintained.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis' TTM FCF (EUR 1.94bn, FCF yield 18%) and net cash (1.25bn) are distorted by prepayments from the Spanish special modernisation programmes (PEM) – customer funds, not own cash; management's own FCF guidance for 2026 is over EUR 375m. ROIC of 39.8% is lifted by the same prepayments (ROCE only 7.9%). Part of the growth was bought (Hispasat/Hisdesat in Space, +398%). Net profit rose only 2% in H1 despite +51% in EBIT; the reason is not stated in the sources I have seen. The share count (−0.4%) is treasury shares bought and reissued, not a real buyback programme. Price targets are from July 2026. Insider trading not investigated beyond the Escribano sale.
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