We set out to value DEME Group and came back without a number — on purpose. Three independent models, fed from DEME's own audited reports, landed at 185,98, 165,49 and 108,58 euro per share against a market price of 180,00. Our rule is simple: no consolidated fair value unless two lenses agree. None did, so we publish the disagreement instead.
Why they pull apart is the interesting part. DEME has traded only since 2022, so its risk is measured on 50 months of history; its cash flows swing hard with project timing (+729 million euro one year, −394 the next); and its real competitors — Boskalis, Van Oord, Jan De Nul — are private, so no peer check exists. Each model is weakest exactly where the others are strong. The 77-euro gap between them isn't a failure of the tools; it's a measurement of how wide DEME's honest value range currently is.
One thing we want you to know: dropping the lowest model would probably have produced a publishable number above the price. The author holds DEME shares. We didn't drop it. Models are rated on the quality of their inputs, never on whether we like their outputs.
Read the full panel, every assumption and every refusal → https://stoxeurope.com/valuation/deme-group-valuation-deep-dive-007/
Disclosure: the author holds a long position in DEME Group NV, through shares, ledger-verified 28 August 2026. Methodology, not advice.
Disclosures
The author holds a long position in DEME Group NV, through shares, ledger-verified 28 August 2026.
This valuation is a StoxEurope opinion, based on honest research. Mistakes are possible. This is not investment advice. Do your own research.