# Mota-Engil SGPS (EGL.LS)

Canonical: https://gigainvestors.com/s/EGL.LS

Analysis as of: 2026-10-16T07:41:57.008Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 4.71 per share; close as of 2026-10-15.

Estimated value: low EUR 3.31 per share, central EUR 3.58 per share, high EUR 3.94 per share. Buy at or below the central value EUR 3.58 per share. Valuation as of 2026-10-16T07:41:57.008Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.11×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.17×

- FY2021: 0.15×

- FY2022: 0.19×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 13.0%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 73.3%

- Recent gross margin (lower of latest and 3-year median): 74.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.5%

- FY2017: 12.3%

- FY2018: 7.5%

- FY2019: 6.6%

- FY2020: 14.8%

- FY2021: 12.1%

- FY2022: 25.6%

- FY2023: 15.7%

- FY2024: 13.7%

- FY2025: 14.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 250M

- Net income, five-year total: EUR 434M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.1 pp

- Working capital / revenue, change between three-year averages: -28.0 pp

- Working capital / revenue, final three-year average: 15.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.42×

- FY2022: 0.36×

- FY2023: 0.73×

- FY2024: 0.51×

- FY2025: 0.60×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.5% vs 14.2%

- Per-share earnings: 0.10 to 0.41 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.8%

- Market cap gain: EUR 661M

- Cumulative retained earnings: EUR 84M

- Diluted shares, 5-year annual growth: 5.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.3%

- Per-share value change: EUR 0.31

- Per-share value, starting three-year median: EUR 0.10

- Per-share value, ending three-year median: EUR 0.41

- Average buyback yield: 1.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 292M

- Cumulative net income, 10 years: EUR 516M

- ROIC, first three-year median: 7.5%

- ROIC, last three-year median: 14.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.01

- FY2018: EUR 0.10

- FY2019: EUR 0.12

- FY2020: EUR -0.09

- FY2021: EUR 0.09

- FY2022: EUR 0.14

- FY2023: EUR 0.38

- FY2024: EUR 0.41

- FY2025: EUR 0.43

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -8.1%

- FY2018: -5.4%

- FY2019: -1.8%

- FY2020: -5.0%

- FY2021: -3.8%

- FY2022: -12.9%

- FY2024: -3.6%

- FY2025: -5.8%

## Holders

## Price story

Down 21% since Oct 2025 · sales -10.9%

Story as of 2026-10-16T10:00:12.154Z; price observation 2026-10-15.

Price needs cash profits to grow 6% a year for ten years

### Sales · FY2024–2025

sales -10.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.2B 

- FY2017: EUR 2.6B 

- FY2018: EUR 2.8B 

- FY2019: EUR 2.8B 

- FY2020: EUR 2.4B 

- FY2021: EUR 2.6B 

- FY2022: EUR 3.8B 

- FY2023: EUR 5.6B 

- FY2024: EUR 6.0B 

- FY2025: EUR 5.3B 

### Gross margin · FY2025

gross margin 77.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 62.6% 

- FY2017: 58.0% 

- FY2018: 53.5% 

- FY2019: 56.8% 

- FY2020: 76.9% 

- FY2021: 75.9% 

- FY2022: 75.7% 

- FY2023: 72.4% 

- FY2024: 74.2% 

- FY2025: 77.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are EUR 5.3 billion.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2025-12-31 (filed 2026-10-16T07:41:57.008Z); FY2025: revenue 5301427000; grossProfit 4089671000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EGL.LS: Mota-Engil, SGPS, S.A. provides public and private construction works and related services in Europe, Africa, and Latin America. The company constructs various infrastructures, such as roads, motorways, airports, ports, dams, railways, and residential and commercial buildings, as well as construction of industry, hospitals, and in specialised areas, such as oil and gas, aggregates, precast, electromechanics, foundations and geotechnics. It also collects, treats, recovers, and disposal urban solid, hazardous, and non-hazardous waste; exploits water markets; mineral prospection and exploration; agroforestry activities; maintains streets; set-up of a coliving space and provides ancillary or related services; real estate development; and manages financial holdings. In addition, the company provides food and beverages, terminals exploration, inspection, commercial, shipping, sea transport, earthmoving, mobility, logistics, civil engineering and architecture, road signs, landscape gardening, and urban services; designs, constructs, manages, and exploits parking spaces; manages agricultural projects; rents construction equipment; manufactures and trades in clay materials and prestressed goods; extraction of gravel, sand, crushed stone; and provides recycling, reuse, and resource utilization. Further, it is involved in studies, conception, finance, construction, and exploration of landfills construction; manages amusement park; exploring, extracting, drilling, pumping, supplying, and transporting of oil, gas, petroleum, motorway concession, and other related products; manages, maintains, and operates facilities; insurance mediation; finance and consulting activities; operates slaughterhouse; organic waste recovery, energy production, research, and innovation and development services; and credit operation, financial leasing and factoring services. The company was founded in 1946 and is headquartered in Porto, Portugal.

### Why customers stay

Margins ranged from 72.4% to 77.1% during 2023–25; it earns 13% on its capital.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2023-12-31 (filed 2026-10-16T07:41:57.008Z); FY2023: grossProfit / revenue = 72.4%.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2024-12-31 (filed 2026-10-16T07:41:57.008Z); FY2024: grossProfit / revenue = 74.2%.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2025-12-31 (filed 2026-10-16T07:41:57.008Z); FY2025: grossProfit / revenue = 77.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:57.008Z); 10-year return on capital observations [[2016,0.07450869909919365],[2017,0.12334537840406343],[2018,0.07529691676454668],[2019,0.06595478147721201],[2020,0.147502764783492],[2021,0.1211951291820215],[2022,0.2562431452343158],[2023,0.15715352483062456],[2024,0.13737742150595797],[2025,0.14176898612135225]]; median 0.1303613999550107. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2016-12-31 (filed 2026-10-16T07:41:57.008Z); FY2016: growth capex 0; upkeep 58704000; owner earnings 180248000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2017-12-31 (filed 2026-10-16T07:41:57.008Z); FY2017: growth capex 0; upkeep 91054000; owner earnings 283947000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2021-12-31 (filed 2026-10-16T07:41:57.008Z); FY2021: growth capex 0; upkeep 180117000; owner earnings 10169151.678552791. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2022-12-31 (filed 2026-10-16T07:41:57.008Z); FY2022: growth capex 0; upkeep 257387000; owner earnings 14766905.286418494. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2023-12-31 (filed 2026-10-16T07:41:57.008Z); FY2023: growth capex 173957000; upkeep 281350000; owner earnings 83100526.03402299. Growth capex / owner earnings = 2.0933321159577085.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2024-12-31 (filed 2026-10-16T07:41:57.008Z); FY2024: growth capex 74627958.79452711; upkeep 345467041.2054729; owner earnings 62262345.71641885. Growth capex / owner earnings = 1.1986049985079088.

- Source: https://eodhd.com/api/fundamentals/M09.STU.json#2025-12-31 (filed 2026-10-16T07:41:57.008Z); FY2025: growth capex 0; upkeep 333698000; owner earnings 79657643.9066447. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:57.008Z); Dividend observations: [[2016,23505000],[2017,41661000],[2018,26553000],[2019,28990000],[2020,4874000],[2021,14084000],[2022,27151000],[2023,60474000],[2024,60097000],[2025,58799000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EGL.LS SharesStats.PercentInsiders = 71.319 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:57.008Z); Ten-year compound average after fade. Initial solved rate 0.07302780375352402. Price 4.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 1.78 per share

- 2016-11: EUR 1.51 per share

- 2016-12: EUR 1.61 per share

- 2017-01: EUR 1.61 per share

- 2017-02: EUR 1.64 per share

- 2017-03: EUR 1.89 per share

- 2017-04: EUR 2.33 per share

- 2017-05: EUR 2.72 per share

- 2017-06: EUR 2.43 per share

- 2017-07: EUR 2.38 per share

- 2017-08: EUR 2.43 per share

- 2017-09: EUR 3.17 per share

- 2017-10: EUR 3.45 per share

- 2017-11: EUR 3.45 per share

- 2017-12: EUR 3.66 per share

- 2018-01: EUR 4.00 per share

- 2018-02: EUR 4.00 per share

- 2018-03: EUR 3.27 per share

- 2018-04: EUR 3.60 per share

- 2018-05: EUR 3.25 per share

- 2018-06: EUR 2.88 per share

- 2018-07: EUR 2.87 per share

- 2018-08: EUR 2.68 per share

- 2018-09: EUR 2.10 per share

- 2018-10: EUR 1.76 per share

- 2018-11: EUR 1.70 per share

- 2018-12: EUR 1.61 per share

- 2019-01: EUR 1.93 per share

- 2019-02: EUR 2.02 per share

- 2019-03: EUR 2.04 per share

- 2019-04: EUR 2.37 per share

- 2019-05: EUR 2.12 per share

- 2019-06: EUR 1.91 per share

- 2019-07: EUR 1.83 per share

- 2019-08: EUR 1.89 per share

- 2019-09: EUR 1.81 per share

- 2019-10: EUR 1.99 per share

- 2019-11: EUR 1.91 per share

- 2019-12: EUR 1.87 per share

- 2020-01: EUR 1.69 per share

- 2020-02: EUR 1.32 per share

- 2020-03: EUR 1.10 per share

- 2020-04: EUR 1.15 per share

- 2020-05: EUR 1.15 per share

- 2020-06: EUR 1.14 per share

- 2020-07: EUR 1.17 per share

- 2020-08: EUR 1.58 per share

- 2020-09: EUR 1.08 per share

- 2020-10: EUR 1.10 per share

- 2020-11: EUR 1.46 per share

- 2020-12: EUR 1.36 per share

- 2021-01: EUR 1.38 per share

- 2021-02: EUR 1.46 per share

- 2021-03: EUR 1.41 per share

- 2021-04: EUR 1.40 per share

- 2021-05: EUR 1.44 per share

- 2021-06: EUR 1.40 per share

- 2021-07: EUR 1.25 per share

- 2021-08: EUR 1.35 per share

- 2021-09: EUR 1.37 per share

- 2021-10: EUR 1.35 per share

- 2021-11: EUR 1.23 per share

- 2021-12: EUR 1.28 per share

- 2022-01: EUR 1.26 per share

- 2022-02: EUR 1.21 per share

- 2022-03: EUR 1.35 per share

- 2022-04: EUR 1.28 per share

- 2022-05: EUR 1.36 per share

- 2022-06: EUR 1.23 per share

- 2022-07: EUR 1.23 per share

- 2022-08: EUR 1.20 per share

- 2022-09: EUR 1.06 per share

- 2022-10: EUR 1.21 per share

- 2022-11: EUR 1.23 per share

- 2022-12: EUR 1.17 per share

- 2023-01: EUR 1.70 per share

- 2023-02: EUR 1.86 per share

- 2023-03: EUR 1.59 per share

- 2023-04: EUR 1.98 per share

- 2023-05: EUR 1.84 per share

- 2023-06: EUR 2.25 per share

- 2023-07: EUR 2.50 per share

- 2023-08: EUR 2.87 per share

- 2023-09: EUR 3.43 per share

- 2023-10: EUR 3.07 per share

- 2023-11: EUR 3.70 per share

- 2023-12: EUR 3.96 per share

- 2024-01: EUR 5.33 per share

- 2024-02: EUR 5.68 per share

- 2024-03: EUR 4.82 per share

- 2024-04: EUR 4.07 per share

- 2024-05: EUR 4.01 per share

- 2024-06: EUR 3.44 per share

- 2024-07: EUR 3.63 per share

- 2024-08: EUR 3.07 per share

- 2024-09: EUR 2.57 per share

- 2024-10: EUR 2.56 per share

- 2024-11: EUR 2.61 per share

- 2024-12: EUR 2.91 per share

- 2025-01: EUR 2.89 per share

- 2025-02: EUR 2.99 per share

- 2025-03: EUR 3.40 per share

- 2025-04: EUR 3.49 per share

- 2025-05: EUR 4.49 per share

- 2025-06: EUR 3.84 per share

- 2025-07: EUR 4.49 per share

- 2025-08: EUR 5.06 per share

- 2025-09: EUR 5.10 per share

- 2025-10: EUR 6.00 per share

- 2025-11: EUR 4.75 per share

- 2025-12: EUR 4.95 per share

- 2026-01: EUR 4.46 per share

- 2026-02: EUR 5.21 per share

- 2026-03: EUR 4.43 per share

- 2026-04: EUR 4.82 per share

- 2026-05: EUR 4.75 per share

- 2026-06: EUR 4.66 per share

- 2026-07: EUR 4.63 per share

- 2026-08: EUR 4.75 per share

- 2026-09: EUR 5.10 per share

- 2026-10: EUR 4.74 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 7.52 per share, central EUR 8.18 per share, high EUR 9.07 per share

- FY2018: low EUR 6.96 per share, central EUR 7.67 per share, high EUR 8.62 per share

- FY2019: low EUR 6.99 per share, central EUR 7.72 per share, high EUR 8.70 per share

- FY2025: low EUR 3.18 per share, central EUR 3.45 per share, high EUR 3.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:47:41.882Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations