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Elecnor
(BME:ENO)
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Rating:64Neutral
Price Target:
€33.00
▼(-0.75% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by improved financial resilience (deleveraging) and a strong 2025 free-cash-flow rebound, supported by an attractive valuation profile (moderate P/E and very high dividend yield). Offsetting these positives are inconsistent operating performance (notably the 2025 revenue decline and profit/cash-flow volatility) and a technical setup that is neutral-to-weak over longer timeframes (below 100/200-day averages with a negative MACD).
Positive Factors
Diversified Contract Model
Elecnor combines project-based engineering and construction with recurring operation, maintenance, upgrades, and asset-management services. Its concessions and infrastructure investments add potential contracted or regulated income, creating a broader earnings base than one-off construction activity alone.
Negative Factors
Revenue Contraction
The sharp 2025 revenue decline demonstrates that Elecnor’s growth profile is not consistently expanding despite its broad infrastructure exposure. Such contraction can reduce operating leverage, weaken backlog conversion, and make medium-term earnings planning more dependent on project timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Contract Model
Elecnor combines project-based engineering and construction with recurring operation, maintenance, upgrades, and asset-management services. Its concessions and infrastructure investments add potential contracted or regulated income, creating a broader earnings base than one-off construction activity alone.
Read all positive factors
Elecnor (ENO) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.42B
Dividend Yield11.19%
Average Volume (3M)58.92K
Price to Earnings (P/E)12.5
Beta (1Y)0.86
Revenue Growth6.96%
EPS GrowthN/A
CountryES
Employees29,704
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.28
Shares Outstanding87,000,000
10 Day Avg. Volume93,913
30 Day Avg. Volume58,919
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)2.20
Price to Sales (P/S)0.47
P/FCF Ratio5.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.7
Revenue Forecast (FY)€4.58B
Elecnor Business Overview & Revenue Model
Company Description
Elecnor, S.A. is an international enterprise primarily focused on infrastructure development and concession management. Its operations encompass the energy sector, including the establishment and maintenance of power transmission grids and substat...
How the Company Makes Money
Elecnor primarily makes money by executing engineering, construction, installation, operation, and maintenance contracts for infrastructure and industrial clients. Under this model, revenue is recognized from (i) turnkey/EPC-style projects and mul...
Elecnor Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.58B | 4.39B | 3.81B | 3.79B | 3.39B | 3.12B |
| Gross Profit | 1.86B | 719.51M | 1.87B | 1.63B | 1.57B | 1.54B |
| EBITDA | 437.73M | 298.16M | 52.67M | 200.27M | 160.45M | 269.79M |
| Net Income | 192.97M | 110.73M | 705.20M | 110.06M | 102.81M | 85.88M |
Balance Sheet | ||||||
| Total Assets | 3.83B | 3.66B | 3.61B | 4.08B | 3.56B | 3.29B |
| Cash, Cash Equivalents and Short-Term Investments | 865.12M | 782.55M | 429.01M | 336.87M | 385.36M | 399.64M |
| Total Debt | 398.40M | 313.35M | 270.31M | 668.44M | 1.04B | 1.01B |
| Total Liabilities | 2.81B | 2.72B | 2.44B | 3.15B | 2.72B | 2.65B |
| Stockholders Equity | 1.03B | 943.10M | 1.17B | 906.45M | 807.21M | 609.26M |
Cash Flow | ||||||
| Free Cash Flow | 459.67M | 374.56M | -2.43M | 111.51M | 70.96M | 98.47M |
| Operating Cash Flow | 629.75M | 474.36M | 94.45M | 206.00M | 226.87M | 206.19M |
| Investing Cash Flow | -217.72M | -134.97M | 963.31M | -268.06M | -128.55M | -99.96M |
| Financing Cash Flow | -153.57M | -230.08M | -1.04B | 73.70M | -113.91M | -109.75M |
Elecnor Technical Analysis
Negative
33.25
Price Trends
30.49
Negative
33.29
Negative
33.17
Negative
Market Momentum
-0.46
Negative
42.41
Neutral
52.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ENO, the sentiment is Negative. The current price of 33.25 is above the 20-day moving average (MA) of 29.47, above the 50-day MA of 30.49, and above the 200-day MA of 33.17, indicating a bearish trend. The MACD of -0.46 indicates Negative momentum. The RSI at 42.41 is Neutral, neither overbought nor oversold. The STOCH value of 52.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:ENO.
Elecnor Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | €2.42B | 12.52 | 19.61% | 11.19% | 6.96% | ― | |
62 Neutral | €36.20B | 58.95 | 10.42% | 2.19% | 5.46% | -81.98% | |
60 Neutral | €4.84B | 22.74 | 6.14% | 4.88% | 9.68% | -10.60% | |
58 Neutral | €24.12B | 23.36 | 19.75% | 4.12% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €3.19B | 24.28 | 13.38% | 3.21% | 3.64% | 41.50% | |
51 Neutral | €11.13B | 30.76 | 7.63% | 2.77% | 7.62% | -56.65% |
* General Sector Average
ES:ENO
Elecnor
28.55
0.58
2.09%
ES:ANA
Acciona
203.60
14.96
7.93%
ES:ACS
Actividades de Construccion y Servicios SA
90.65
20.57
29.35%
ES:FER
Ferrovial
50.70
-2.00
-3.80%
ES:FCC
Fomento de Construcciones y Contratas
10.24
-0.87
-7.79%
ES:SCYR
Sacyr SA
4.05
0.34
9.08%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.