Schneider Electric, valued from its own filings.
We gave ValuationOS three public documents. It read them, traced every figure to its page, built a standalone valuation in Excel with live formulas, and compared the result with the six bank price targets published after the PTC deal.
Where the value lands.
EUR per share, 12-month horizon. Each bar is a range. The tick is the point estimate. The vertical line is the share price on 31 October 2026.
JPMorgan values Schneider at 18.5x FY27 EV/EBITA. Applied to our own forecast, that multiple gives €309 per share against JPMorgan's €310. The forecast and the bridge reproduce a bank's number within 0.2%.
Our DCF target implies 16.6x FY27 EV/EBITA, below the 18.5–20.5x banks use. Terminal value is 73% of enterprise value, so the answer moves most with WACC and long-run growth.
At €239.10 the market implies a WACC of 8.67% on our cash flows, or long-run growth of 2.53% at our 8.33% WACC. Bank targets sit +37% above the price. The gap opened after the PTC announcement.
Four stages, each with a named owner.
The language model reads and advises. The engine calculates. The analyst decides. Numbers below are from this run.
58 figures from 33 PDF pages
FY2025 results (19 pages) and the Q3 2026 release (14 pages), filed with the AMF. Each figure came back with its page and the characters as printed. 58 of 58 were found on the cited page by an exact text check.
Structured facts from ESEF
Cash, borrowings, pensions, minorities and diluted EPS came from the IFRS xBRL filing. Depreciation sat under company-specific tags, not standard IFRS ones, and was mapped explicitly. Lease liabilities were not tagged and are flagged.
Methods, normalisations, gaps
The advisor proposed DCF and EV/EBITA as primary methods, ruled out DDM, P/B and EV/Sales, and listed 12 adjustments and 13 data gaps. One claim was wrong and was corrected by the analyst (see below).
Excel with live formulas
Seven sheets, from sources to sensitivity. The workbook was re-evaluated independently and matched the engine on all 8 checked outputs. Model tokens for the whole run: 91,733 in, 17,394 out.
Against the banks.
Twelve-month targets published after Schneider agreed to buy PTC on 5 October 2026. Full bank reports are paywalled. Targets and ratings come from press reports citing MarketScreener.
| Bank | Rating | Date | Target | vs price | Ours vs bank |
|---|---|---|---|---|---|
| JPMorgan | Neutral (from Overweight) | 2026-10-07 | €310 | +30% | -11% |
| RBC Capital Markets | Outperform | 2026-10-09 | €320 | +34% | -14% |
| Barclays | Overweight | 2026-10-19 | €326 | +36% | -15% |
| Jefferies | Buy | 2026-10-26 | €329 | +38% | -16% |
| UBS | Buy | 2026-10-22 | €350 | +46% | -21% |
| BofA Securities | Buy | 2026-10-22 | €356 | +49% | -23% |
| Median | €327.5 | +37% | -16% | ||
| ValuationOS, DCF | Standalone | 2026-11-01 | €276 | +15% | — |
Direction. Every bank and our model see value above €239.10. The bank closest to us, JPMorgan, cut its multiple after the deal and downgraded to Neutral.
We value Schneider standalone and exclude PTC. Banks fold the deal into 2027 estimates in different ways. Our 8.33% WACC and 3.0% terminal growth are conservative inputs an analyst can change in one cell.
Bank forecasts, peer sets and WACC inputs sit in paid reports. With licensed access, the same comparison runs line by line: revenue, margin, multiple and bridge.
Every input points to a page.
A sample of the inputs behind the model. The Excel file's Sources sheet holds the full list, and every formula links back to it.
| Figure | Value | Unit | Document | Reference | Check |
|---|---|---|---|---|---|
| Total Group – Revenues | 40,152 | EUR million | FY2025 results | p.18 · “40,152” | Found on page |
| Total Group – Adjusted EBITA | 7,520 | EUR million | FY2025 results | p.18 · “7,520” | Found on page |
| Amortization of purchase accounting intangibles | -457 | EUR million | FY2025 results | p.18 · “(457)” | Found on page |
| Net financial income/(loss) | -519 | EUR million | FY2025 results | p.18 · “(519)” | Found on page |
| Net Income (Group share) | 4,163 | EUR million | FY2025 results | p.10 · “4,163” | Found on page |
| Net financial debt | 13,721 | EUR million | FY2025 results | p.19 · “13,721” | Found on page |
| Capital expenditure – net | -1,496 | EUR million | FY2025 results | p.19 · “(1,496)” | Found on page |
| Change in trade + non-trade working capital | -617 | EUR m | FY2025 results | p.19 · sum of two printed lines | Found on page |
| Depreciation of PP&E (company tag) | 871 | EUR m | ESEF xBRL | schneiderelectric:AdjustmentsForDepreciationOfPropertyPlantAndEquipment | Exact fact |
| Amortisation of intangibles (company tag) | 781 | EUR m | ESEF xBRL | schneiderelectric:AdjustmentsForDepreciationOfIntangibleAssetsOtherThanGoodwill | Exact fact |
| Non-current employee benefit provisions | 1,048 | EUR m | ESEF xBRL | ifrs-full:NoncurrentProvisionsForEmployeeBenefits | Exact fact |
| Diluted EPS (EUR) | 7.33 | EUR | ESEF xBRL | ifrs-full:DilutedEarningsLossPerShare | Exact fact |
| Revenue growth of +12% to +14% organic | 13.00 | % | Q3 2026 release | p.11 · “+12% to +14%” · midpoint | Found on page |
| This implies Adjusted EBITA margin of around 19.7% to 19.9% (including | 19.80 | % | Q3 2026 release | p.11 · “19.7% to 19.9%” · midpoint | Found on page |
| Based on current rates3, the FX impact on FY 2026 revenues is estimate | -350 | EUR m | Q3 2026 release | p.6 · “-€300 million to -€400million” · midpoint | Found on page |
| 2026 share buyback programme | 600 | EUR m | Q3 2026 release | p.10 | Found on page |
Standalone forecast, EUR m.
2026 uses the midpoint of the upgraded company target. 2027–2030 stay inside the 2025 Capital Markets Day range of 7–10% organic growth a year and +250bps of margin.
| 2025A | 2026E | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40,152 | 44,972 | 49,469 | 53,921 | 58,235 | 62,894 | 66,667 | 70,001 |
| Adj. EBITA margin | 18.7% | 19.8% | 20.2% | 20.6% | 20.9% | 21.2% | 21.2% | 21.2% |
| Adj. EBITA | 7,520 | 8,904 | 9,993 | 11,108 | 12,171 | 13,333 | 14,133 | 14,840 |
| Unlevered FCF | — | 5,457 | 6,334 | 7,229 | 8,023 | 8,817 | 9,528 | 10,104 |
| g 2.5% | g 3.0% | g 3.5% | |
|---|---|---|---|
| WACC 7.5% | 305 | 336 | 373 |
| WACC 8.0% | 273 | 297 | 326 |
| WACC 8.5% | 246 | 265 | 289 |
| WACC 9.0% | 223 | 239 | 258 |
| WACC 9.5% | 204 | 217 | 233 |
Highlighted cells land within €12 of today's price. The outlined cell is the closest grid point to our base case. Each cell in the Excel file recomputes the full DCF with its own formula.
What the advisor recommended.
Generated from the verified profile only. The advisor explains methods. It never sets the value.
DCF (FCFF, standalone, WACC-based)
FCF conversion is high and predictable (FCF/adj EBITA about 60%). The business is currently in a structural growth phase (+15% organic year to date). A DCF lets you model explicitly a growth fade from 12–17% toward GDP-plus, the margin path from 19.7–19.9%, and the capex and working-capital needs of that growth. Multiples alone would capitalise peak-cycle growth.
EV / Adjusted EBITA (NTM and FY+2) versus electrical-equipment and automation peers
Adjusted EBITA is the KPI the company guides on and the one the market prices. The sector trades on EV/EBITA and P/E, so this anchors the 12-month target to market levels. A forward FY2027 basis is needed because the target date is roughly end-2027.
P/E on adjusted EPS (forward)
Sell-side and market convention for European capital goods, and the company publishes adjusted EPS (€8.59 FY25). It is useful to sanity-check the equity value directly.
FCF yield / EV/FCF
High and growing FCF (€4.6bn FY25) makes cash yield a direct check on DCF output and on the multiple-implied value.
Sum-of-the-parts (Energy Management, Industrial Automation, software stakes, associates, PTC)
The businesses have different growth and multiple profiles (hardware, software, data-centre infrastructure). Software would grow sharply post-PTC, and SOTP makes any conglomerate discount or premium visible.
Dividend discount model
The payout is about 49% of adjusted EPS, and buybacks pause in 2027–28 while cash is redirected to M&A. Dividends therefore do not represent distributable value.
Price-to-book / NAV
The business is asset-light and its returns are driven by intangibles. Book equity has also been distorted by an unexplained €6.8bn decline in FY25.
EV/Sales
Margins are stable and positive with good EBITA visibility, so earnings-based multiples are more informative. The only use is a reference point for the PTC price paid.
- Purchase-accounting amortisation: add back €457m (FY25) and €406m (FY24) to move from operating profit (€6,699m) to EBITA, consistently with peers. In the DCF, this amortisation is non-cash and only matters through its tax effect. PTC will add large new purchase-price-allocation amortisation, which should be excluded from adjusted metrics but tracked.
- Restructuring and other operating items: adjusted EBITA (€7,520m) minus EBITA (€7,156m) leaves €364m in FY25 (€228m in FY24). Restructuring recurs every year, so treat a normalised average as an ongoing cost in valuation rather than adding it all back.
- Impairments: exclude the non-cash associate impairment of −€388m in FY25 (−€220m in FY24, mainly Uplight) from normalised net income. Separately, mark the associate stake to a realistic value in the EV-to-equity bridge rather than its carrying value.
- Associates: exclude share of associate profit/loss from EBITA-based EV. Add associates at fair or carrying value in the bridge, consistent with the multiple used.
- Leases (IFRS 16): the lease liability is not printed. Decide whether net debt includes leases, and keep EBITA/EBITDA, FCF and EV consistent. Either deduct lease payments from FCF or include lease liabilities in debt, not both.
- Pensions: treat employee-benefit provisions of €1,048m as debt-like, net of tax. Remove pension interest from operating items, and exclude any service-cost one-offs.
- Segment revenue, adjusted EBITA and growth (Energy Management, Industrial Automation, software) needed for SOTP and peer mapping
- Lease liabilities and lease cash payments (IFRS 16), and whether reported net debt includes them
- Diluted share count and treasury shares at the valuation date, plus status of the €600m buyback
- Full IFRS statements (income statement, balance sheet, cash flow); figures currently come from management tables, and the auditor's report was still being finalised
- Reconciliation of net debt (€13,721m) to borrowings minus cash (about €13.2bn), and of hybrid instruments or derivatives
- Explanation of the FY25 equity decline (about −€6.8bn) and net-debt increase (+€5.6bn), and any outstanding put options or deferred consideration
- Market or fair value of NCI-bearing subsidiaries and of associates (e.g., Uplight after impairment)
The advisor called the €6.8bn fall in equity during 2025 “unexplained”. Page 11 of the FY2025 release explains it: Schneider bought the remaining 35% of Schneider Electric India from Temasek for about €5.5bn, recorded as a transaction with minorities. The model uses reported net debt, which already includes this payment.
Read this before the numbers.
- Standalone valuation. The pending PTC acquisition (about $23.7bn enterprise value, closing expected by Q3 2027) is not modelled.
- Bank targets come from press reports citing MarketScreener, not from the bank reports themselves.
- Risk-free rate, equity risk premium, beta and cost of debt are analyst inputs, shown in blue in the workbook.
- Lease liabilities are not in the tagged statements. Net debt follows the company's reported definition.
- Share price is a weekend quote from 31 October 2026. This page is a product demonstration, not investment advice.