DB initiates SPIE at 'buy' on growth prospects, margin upside

Spie SA

01/09/2026 08:52

** Deutsche Bank initiates coverage of SPIE SPIE.PA with "buy" rating, citing improving growth prospects and margin expansion
** The brokerage says SPIE is a "market-leading pure-play multi-technical services business in Europe", with scale advantages over peers despite operating in fragmented markets
** DB expects the positive organic growth inflection seen in Q2 to continue through FY 2028, driven by the shift toward electrification and decarbonisation 
** It also notes EBIT margin improved 260 bps between 2020 and 2025, with further upside possible if recent trends continue across key regions
** DB puts its PT for the French group at €57
** Out of 11 analysts covering Spie, 10 rate it "strong buy" or "buy" and​ one "hold" - LSEG data
** Shares in SPIE edge up 1.8% to €44.3
     
     

(Reporting by Aleksandra Kret in Gdansk)
((aleksandra.kret@thomsonreuters.com))