Ferrovial SE (FER): what the price assumes

In the published model solve dated 2026-Q2, anchored at $58.78, Ferrovial SE (FER) is priced for -4.2% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-26.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/FER

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 7.8% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: n/a

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.9%); the inversion above states its own rate.

Per-Model Detail (n=12)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Four fifths of the reported revenue line is construction, which turned 7,653 million euros of 2025 sales into 357 million euros of operating profit, while the toll road division turned 1,374 million euros into 719 million euros on the same reported basis.
• The single most valuable asset, the 407 ETR highway outside Toronto, never reaches the revenue line at all: it arrives as part of a 258 million euro equity-accounted result, with the annual report attributing "the contribution to results from 407 ETR (EUR 217 million)".
• Watch the first-half results on 28 July 2026 for whether pricing keeps covering for volume on the Texas express lanes, where first-quarter transaction counts fell on two of the three roads while revenue per transaction rose by double digits.

Bull Case

A toll road is permission to charge whatever drivers will pay for time, inside limits someone wrote into a contract decades ago. Ferrovial's Canadian highway states the mechanism without apology in the annual report: "This system makes it possible for us to optimize revenues by adjusting toll fees to the time savings offered to drivers by the toll highway." Drivers are not buying road. They are buying minutes, and minutes get more expensive every year. The same filing puts the record at "The asset's revenue compound annual growth rate for the 2009 to 2025 period is 8.3%." Sixteen years is long enough to distinguish a pricing mechanism from a good run.

The first quarter of 2026 showed the mechanism working in isolation. Traffic on the Canadian road rose 8.2%, measured in vehicle kilometres, while toll revenue rose 22.1% and average revenue per trip rose 12.4% to 18.9 Canadian dollars. Most of the growth came from the tariff, not from more cars. That is the difference between an infrastructure asset and a transport business.

The five American express lanes run a sharper version of the same idea. They sit alongside free lanes and price against the congestion in them, so the product improves precisely when the alternative gets worse. In the first quarter revenue per transaction rose 18.3% on the NTE road, 11.5% on LBJ and 17.3% on NTE 35W, on transaction counts that barely moved. A business whose unit price compounds without needing unit growth is rare, and the geography protecting it cannot be replicated by a competitor with a better balance sheet.

Construction is the part that shows up in the revenue line, and its job is to originate the assets rather than to earn a return of its own. The annual report says so directly: "Cintra also offers synergies with our Construction Business Division subsidiary, Ferrovial Construction, that result in high value creation potential." Even judged on its own, the arm is recovering. Operating profit on the reported segment basis went from 77 million euros in 2023 to 284 million in 2024 to 357 million in 2025, on revenue that grew far more slowly, which is margin repair rather than volume. The pipeline behind it is at a record: "Construction Order Book increased by 4.1% to EUR 17,438 million as of December 31, 2025 from EUR 16,755 million as of December 31, 2024 due to new projects awarded to Webber and Ferrovial Construction (mainly the High Speed 2 Track in UK)."

The last piece is where the money actually goes. Dividends received from equity-accounted companies, classified inside operating activities, came to 502 million euros in 2025 against 363 million in 2024. That is not an accounting result. It is money arriving at the parent from roads it does not consolidate, and it is what funds the buyback and the distribution while the borrowings that built those roads stay where they were raised.

Bear Case

The company that shows up in the accounts is a builder. Four fifths of the revenue, the great majority of the 22,500 employees, and nearly all of the execution risk sit in a construction business that earns single-digit margins in a market the annual report describes as getting harder: "The lack of investment opportunities in some geographies has pushed capital flows towards markets in which we also operate, increasing the competitive tension within those markets and resulting in pressures on prices and profit margins in projects in which the customer risk transfer dynamic is not balanced." The thing being valued is not that company. It is a minority interest in one Canadian highway plus a handful of American express lanes, and a buyer has to take on faith that the rest is not a drag on it.

The arithmetic makes the point without editorial help. Group profit from operating activities was 1,177 million euros in 2025, and 210 million of that came from disposals and impairments rather than from running anything. That is the reported earnings base a mid-forty-billion equity value rests on. Unsurprisingly, the asset-value methods, the earnings-power methods and the peer-multiple methods all land far beneath the current quote. Only the cash-flow methods reach it, and they reach it by projecting the starting base to grow 8% a year through a six-year stage and then compound at 4% forever against an 8% cost of capital. If that terminal assumption softens, nothing else in the toolkit is standing underneath.

The pricing engine that carries the bull case is already showing where its limit sits. First-quarter transactions fell 3.6% on the NTE road, 1.5% on LBJ and 5.6% on the I-77 corridor, and revenue still rose because tariffs rose faster. Tariff can outrun volume for a long time and not forever, and the contracts do not let the operator keep all of the outrun: on I-77 the revenue-share band stepped from 25% to 50% during the quarter, and profitability fell as a direct result. The upside is contractually shared with the grantor at exactly the moment it becomes worth having. The annual report also names the demand risk plainly, warning that "alternative infrastructure, or means of transport could capture users and adversely impact our business, results of operations, and financial condition".

Then there is the shape of the borrowing. Of 10,427 million euros of total group borrowings at the end of 2025, 7,617 million sits inside the project companies, where "The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given." Ring-fencing protects the parent from the projects, which is the comfortable half of the sentence. It also protects the projects from the parent. Distributions upward run through covenants written by project lenders, and a road that trips one keeps its money. The valuation depends on money reaching the top; the structure decides whether it does.

Two smaller items compound the picture. The airports business produced 111 million euros of revenue in 2025 and a reported segment operating result of 284 million, of which 270 million was disposals and impairments, so almost nothing came from operating an airport. And the terminal being built at JFK is the one place where a schedule can move: construction stood at 87% progress in the first quarter, with the contractor communicating a revised target completion for the first phase of fall 2026. Meanwhile the energy division and the residual other activities together lost 178 million euros at the operating line in 2025. None of that is fatal. All of it is subtracted from a valuation that already needs the roads to be perfect.

Valuation

Begin with an accounting fact, because it decides how every ratio below it reads. The most valuable thing this company owns does not appear in its revenue. The 407 ETR is held as an associate, so its tolls, its costs and its borrowings collapse into a single line: 258 million euros of profit from equity-accounted companies in 2025, with the annual report attributing "the contribution to results from 407 ETR (EUR 217 million)" to that one road. Everything else on the income statement is the part of the group that builds and operates, not the part that owns.

So the reported earnings base is a poor lens, and the methods that read it return a poor answer. Revenue was 9,627 million euros in 2025 and profit from operating activities 1,177 million euros on the reported IFRS basis, of which 210 million euros came from disposals and impairments. Strip those and the operating businesses produced 967 million euros. Set that beside an equity value in the mid-forty-billions and the gap is not subtle.

The families of method divide exactly along that fault line. Against the asset-value methods the price carries a premium of roughly 200 percent; against the earnings-power methods, closer to 250 percent; against the peer-multiple methods, a little over 100 percent. Only the forward cash-flow methods reach the quote, and they land modestly above it. The perpetual-growth version gets there in one move: eight percent compounding through a six-year stage, four percent in perpetuity after that, discounted at eight percent. That last pairing does most of the work, and it is an assumption rather than a finding.

The cash flow statement is the more honest witness here, and it says something the earnings line cannot. Operating cash flow was 1,926 million euros in 2025, including 502 million euros of dividends received from equity-accounted companies against 363 million a year earlier. What the roads generate is real and it does reach the parent. It just does not travel through the profit line to get there, which is why every method anchored on reported profit lands low and every method anchored on cash flow lands high.

What the buyer is underwriting, then, is a tariff mechanism rather than a construction book. On the reported segment basis, toll roads converted 1,374 million euros of 2025 revenue into 719 million euros of operating profit before any equity-accounted contribution, while construction converted 7,653 million euros into 357 million euros. Judged against its own cohort, that construction margin is unremarkable: KBR reported a 10.0% operating margin and ACM 6.3%, both above it, while MTZ came in under 1%. The comparison matters less than it looks, because construction is not what the multiple is paid for.

The balance sheet carries the bet in an unusual shape. Total borrowings were 10,427 million euros at the end of 2025, of which 7,617 million sat inside the infrastructure project companies where the lenders' claim stops, and 6,505 million of that belonged to the American toll roads alone. Excluding those projects, the parent finished the first quarter of 2026 with liquid resources 1,218 million euros ahead of its own borrowings. Finance costs across the whole group ran to 365 million euros in 2025, and the projects, not the parent, absorbed most of it. The borrowing that looks heavy on the consolidated page belongs to roads already collecting tolls; the profit that looks thin on the consolidated page is thin because the best asset is filed one line further down.

Catalysts

The first-quarter print on 7 May 2026 set the tone for the year. Group revenue reached 2,098 million euros, up 10.2% on a like-for-like basis, and the growth was concentrated in the roads. The Canadian highway carried 567 million vehicle kilometres, up 8.2%, on toll revenue of 466 million Canadian dollars, up 22.1%, and announced a 500 million Canadian dollar distribution for the second quarter. The American express lanes told the same story in a different register: revenue per transaction rose 18.3% on NTE, 17.3% on NTE 35W and 11.5% on LBJ, while transaction counts were flat or slightly lower. Construction held its line, with an order book of 17,555 million euros at March, described as an all-time high, and a further 1.3 billion euros of pre-awards and contracts pending financial close sitting outside it.

Two project timelines matter into the second half. The New Terminal One at JFK stood at 87% construction progress at the end of the first quarter, with the contractor communicating a revised target completion date for the first phase of fall 2026, and commitments from 30 airlines of which 21 are executed agreements and 9 are letters of intent. Investment through 2025 totalled 978 million euros with 64 million more expected during 2026. Separately, the capacity improvement works on the LBJ corridor, which have been suppressing traffic there, are expected to finish by the end of 2026.

Capital returns ran through the spring, and the shape of them is worth noticing. An interim scrip distribution of 400 million euros in aggregate was declared on 7 May 2026 and set at 0.5578 euros per share on 15 May, payable in shares or in money at the holder's election, with shares the default if no election is made. In parallel, the repurchase programme running since December 2025 had bought 5,072,474 shares for 295.2 million euros by 29 May 2026. One hand issues paper to holders who do nothing; the other buys it back in the market. The company also completed a change of legal form on 30 April 2026, converting from a European Company into a Dutch public limited liability company and becoming Ferrovial N.V., with legal personality, assets and listings unchanged. Second-quarter and first-half results are scheduled for 28 July 2026 after the U.S. market closes, with the management call the following morning.

Peer Cohorts (Per Segment, With Filing Citations)

Construction (reported)

• ACM (AECOM)
• FY2025 10-K: …and professional aspects of our services generally do not require large upfront capital expenditures and, therefore, provide limited barriers against new competitors. We believe that we are well positioned to compete in our markets because of our reputation, our cost effectiveness, our long-term client relationships,…
• FY2025 10-K: …predict when these claims will be fully resolved. When these types of events occur and unresolved claims are pending, we have used working capital in projects to cover cost overruns pending the resolution of the relevant claims. If these claims are not approved, our revenue may be reduced in future periods. 25 Table…
• FLR (FLUOR CORPORATION)
• FY2025 10-K: …of revenue when we believe that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). CFM are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount…
• FY2025 10-K: …scope adjustments or deferrals, or foreign currency fluctuations may occur with respect to contracts reflected in our backlog and could reduce the value of our backlog and the revenue and profits that we actually earn; or, may cause the rate at which we perform on our backlog to decrease. Most of our contracts have…
• KBR (KBR, Inc.)
• FY2025 10-K: …any affected contract. Generally, our customers have the contractual right to terminate or reduce the amount of work under our contracts at any time. For more information, see "Item 1A. Risk Factors" contained in Part I of this Annual Report on Form 10-K. Our MTS business also participates in PFI contracts, such as…
• FY2025 10-K: See Note 3. "Revenue" to our consolidated financial statements for further discussion of our revenue by contract type. Contract Costs Contract costs include all direct materials, labor and subcontractor costs and an allocation of indirect costs related to contract performance. Customer-furnished materials are included…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …working environments that are more costly for our customers or cause delays on projects. In addition, infrastructure projects often do not begin in a meaningful way until our customers finalize their capital budgets, which typically occurs during the first quarter. Second quarter revenues are typically higher than…
• FY2025 10-K: …we perform on their projects, pursuant to certain of our contracts, including contacts for our comprehensive EPC services, we are required to procure all or part of the materials needed for a project. As we continue to expand our EPC services, customers are increasingly requesting that we be responsible for procuring…
• GVA (GRANITE CONSTRUCTION INC)
• FY2025 10-K: …integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division…
• FY2025 10-K: 2,992,254 100.0 % Construction revenue in 2025 increased by $239.7 million, or 7.0%, compared to 2024. This increase was primarily driven by $112.1 million of construction revenue from our recently acquired businesses, Warren Paving and Papich Construction, during 2025. Additionally, D&B construction revenue increased…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …partner's performance issues, the customer may terminate the project, which could result in legal liability to us, harm to our reputation and reduce our profit on a project. Certain counterparties to construction joint venture arrangements, which may include our historical direct competitors, may not desire to…
• FY2025 10-K: …coverage for such claims, which in the past have not been material. The Company's Certificate of Incorporation provides for indemnification of its officers and directors. The Company has a directors and officers insurance policy that limits their exposure to litigation against them in their capacities as such.…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless…
• FY2025 10-K: …Segment We are one of the largest pipeline contractors in North America, with a balanced portfolio of service offerings, including union and non-union services. Our pipeline offerings include construction and maintenance services for pipeline distribution, including for natural gas, water, wastewater and carbon…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. ​ Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
• FY2025 10-K: …to secure additional projects and increase revenue from our current customer base. Segment and business unit managers are also responsible for working with our business development group in pursuing growth opportunities with prospective new customers. ​ We believe that developing and fostering strategic relationships…

Highways / Airports (reported)

• FLR (FLUOR CORPORATION)
• FY2025 10-K: …utilization by specific segment varies and cannot be precisely stated. Additionally, some of our properties are leased or subleased to third-party tenants. In addition to our significant facilities, we lease or own a number of individually smaller offices, warehouses and equipment yards strategically located…
• FY2025 10-K: …scope adjustments or deferrals, or foreign currency fluctuations may occur with respect to contracts reflected in our backlog and could reduce the value of our backlog and the revenue and profits that we actually earn; or, may cause the rate at which we perform on our backlog to decrease. Most of our contracts have…
• KBR (KBR, Inc.)
• FY2025 10-K: …worldwide, the following table describes the locations of our more significant existing office facilities: Location Owned/Leased Business Segment North America: Houston, Texas Leased All Fulton, Maryland Leased Mission Technology Solutions Columbia, Maryland Leased Mission Technology Solutions Lexington Park,…
• FY2025 10-K: …other things, the validity of direct and indirect incurred costs, provisional approval of annual billing rates, approval of annual overhead rates, compliance with the FAR and CAS, compliance with certain unique contract clauses and audits of certain aspects of our internal control systems. Based on the information…
• J (JACOBS SOLUTIONS INC.)
• FY2025 10-K: …basis. Please refer to Item 1A- Risk Factors , above, for a discussion of other factors that may cause backlog to ultimately convert into revenues at different amounts. The following table summarizes our backlog for the years ended September 26, 2025, September 27, 2024 and September 29, 2023 (in millions): September…
• FY2025 10-K: …see Note 19- Segment Information of Notes to Consolidated Financial Statements beginning on page F-1 of this Annual Report on Form 10-K. Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients' most complex…
• ACM (AECOM)
• FY2025 10-K: …and professional aspects of our services generally do not require large upfront capital expenditures and, therefore, provide limited barriers against new competitors. We believe that we are well positioned to compete in our markets because of our reputation, our cost effectiveness, our long-term client relationships,…
• FY2025 10-K: …and multimodal transit projects. • Marine, Ports and Harbors. Wharf facilities and container port facilities for private and public port operators. • Highways, Bridges and Tunnels. Interstate, primary and secondary urban and rural highway systems and bridge projects. • Aviation. Landside terminal and airside…
• GVA (GRANITE CONSTRUCTION INC)
• FY2025 10-K: …integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division…
• FY2025 10-K: …Contents Current Economic Environment and Outlook Funding for our public work projects, which account for approximately 85% of our portfolio, is dependent on federal, state, regional and local revenues. At the federal level, the $1.2 trillion Infrastructure Investment and Jobs Act ("IIJA") has increased federal…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …reductions in private industry spending; the effects of which may cause our customers to delay, curtail or cancel proposed and existing projects. A number of factors can adversely affect the industries we serve, including, among other things, financing or credit availability, potential bankruptcies, global and U.S.…
• FY2025 10-K: …highway projects within the Transportation Solutions segment; gross margins on these projects during this time were approximately 4%. In 2016, we implemented a strategy to solidify the business by improving risk assessment and bid discipline to significantly reduce the probability of project losses. This strategy has…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …working environments that are more costly for our customers or cause delays on projects. In addition, infrastructure projects often do not begin in a meaningful way until our customers finalize their capital budgets, which typically occurs during the first quarter. Second quarter revenues are typically higher than…
• FY2025 10-K: …for safety, reliability and environmental purposes, and regulatory measures have increased the frequency and stringency of pipeline integrity testing requirements that require our customers to test, inspect, repair, maintain and replace pipeline infrastructure to ensure that it operates in a safe, reliable and…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …federal laws that apply to businesses generally, including laws and regulations related to labor relations, wages, worker safety and environmental protection. While many of our customers operate in regulated industries, for example, utilities regulated by the public service commission or communications companies…
• FY2025 10-K: …various environmental laws and regulations, federal and state statutes and/or common law doctrines for toxic torts and other damages, as well as for natural resource damages and the investigation and clean-up of soil, surface water, groundwater, and other media under laws such as the Comprehensive Environmental…

Energy (reported)

• PWR (Quanta Services, Inc.)
• FY2025 10-K: …and energy delivery companies, as well as governmental entities. We have estimated revenues by customer type as a percentage of total revenues below. Such estimates 8 are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional…
• FY2025 10-K: …has some of the lowest levelized costs of energy in the marketplace. When coupled with consumer and corporate preferences for clean energy and emissions-reduction initiatives, demand for renewable generation, energy storage, and related infrastructure has increased and is expected to result in sizable, long-term…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. Our Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets…
• FY2025 10-K: …with increased reliance on renewable energy to meet these needs. Through our Clean Energy and Infrastructure segment, we provide engineering, procurement and construction services and project management solutions to the power market, with services across wind, solar, biofuels, waste-to-energy (WtE) and biogas,…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …these initiatives will create sufficient incentives for projects or result in increased demand for our services. Because most of our T&D revenue is derived from the electric utility industry, regulatory and environmental requirements affecting that industry could adversely affect our business, financial condition,…
• FY2025 10-K: …governmental policies, legislation, and regulation, we believe that we are well-positioned to adapt our business to meet new regulations. Furthermore, we perform a significant amount of services for customers that operate electrical power infrastructure assets in locations and climates that are more susceptible to…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …revenue and cost of revenue of $ 135.2 million in the Utilities segment and $ 0.2 million in the Energy segment eliminated in our Consolidated Statements of Income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ Utilities ​ ​ ​ % of Segment Revenue ​ Energy ​ % of Segment…
• FY2025 10-K: …systems. ​ The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, and maintenance services for entities in the energy, renewable energy and energy storage, renewable fuels, and petroleum and petrochemical…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …climate change, could adversely affect our ability to conduct our business and could require expenditures that could have a material adverse effect on our results of operations and financial condition. In addition, future regulations, or more stringent enforcement of existing regulations, could increase those costs…
• FY2025 10-K: CMember strl:BusinessCombinationProFormaInformationNonrecurringAdjustmentAnnualIntangibleAssetAmortizationMember 2025-01-01 2025-12-31 0000874238 strl:CECFacilitiesGroupLLCMember us-gaap:AcquisitionRelatedCostsMember 2025-01-01 2025-12-31 0000874238 strl:CECFacilitiesGroupLLCMember…
• EME (EMCOR Group, Inc.)
• FY2025 10-K: …growth within the majority of the sectors we serve, with the most significant increases within: (a) network and communications, predominantly as a result of several data center construction contracts, (b) institutional, largely as we continue to see demand for our services from education customers, including a number…
• FY2025 10-K: …materials and equipment have had and may have adverse impacts on our results of operations, cash flows, and reputation with our customers. For example, in recent years, we experienced supply chain delays, including long lead times for certain materials and equipment, as well as an escalation in material and fuel…
• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …managerial and sales resources on training and hiring experienced employees to sell and profitably perform service work. In many locations we have added or upgraded our capability, and we believe our investments and efforts have provided customer value and stimulated growth in all aspects of our businesses. 5 Table…
• FY2025 10-K: …To improve our competitive position, we focus on both the consultative "design and build" installation market and the maintenance, repair, and replacement market to develop and strengthen customer relationships. In addition, we believe our ability to provide multi-location coverage and a broad range of services gives…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.