Independent equity research
Is Fluidra, S.A. (FDR) a Buy, Hold or Sell?
Fluidra, S.A. — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€21.59
To fair value
+22%
By · report dated 2026-09-20 · fair value derived independently of the market price.
The thesis, in brief
Fluidra's aftermarket-heavy mix (~65% of sales) lets adjusted EBITDA margin rise from 22.9% to 25% by 2030 without a new-build recovery, worth EUR 21.59/share; we are wrong if H2-2026 adjusted EBITDA margin fails to exceed H2-2025's 19.5% or FY2026 adjusted EBITDA lands below EUR 505m
How we value it
We value Fluidra, S.A. using FCFF DCF at 8.22% WACC, 2.5% terminal growth, with a peer EV/EBITDA cross-check. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Fluidra, S.A. report
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