Indra has continued its ascent, pushing beyond previous peak levels and marking an all-time high this week. The stock finished the latest session at 14.53 euros per share, a figure that, when adjusted for historical dividends and normalizing for split-adjusted data, would exceed the prior intraday maximum of 14.51 euros reached on 7 November 2007. These elevated levels have persisted as the market digests Indra’s latest results and strategic moves.
Since the start of the year, the company’s share price has climbed by roughly 40 percent, placing Indra among the IBEX 35’s strongest performers for 2023. The most recent results show robust momentum, with revenue expanding by 12 percent through September 30, 2023, a growth driven by demand across the defense and security sectors. This positive top-line trajectory fed through to a 9 percent increase in the share price over the period.
The strategic pivot, initiated under the leadership of Marc Murtra about two years ago, has accelerated Indra’s defense business and earned favorable reception from investors. Analysts at Bankinter noted that the latest earnings confirm a solid, durable set of fundamentals, underpinned by higher defense spending anticipated across EU member states in the coming years. The market’s reception reflects confidence in a business model that aligns with broader geopolitical and security spending trends, reinforcing the company’s positioning as a key supplier in defense and related technologies.
Market consensus gathered by Bloomberg points to a continued rise, with shares expected to reach around 15.72 euros per share, implying additional upside. Among the 19 analysts covering Indra, 11 advise buying, 6 recommend holding, and 2 suggest selling. The most optimistic forecasts from institutions such as CaixaBank BPI, Bryan Garnier, and Société Générale project targets between 18 and 18.8 euros per share, representing potential gains of up to 30 percent from current levels. These projections reflect the market’s hopes for sustained revenue growth, improved margins, and a favorable macro backdrop for defense and security markets in Europe and beyond.