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    Assessing Spire (SR) Valuation After Recent Share Price Momentum And Earnings Multiple Signals

    Simply Wall St·04/03/2026 02:43:42
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    Spire (SR) has caught investors' attention after a recent share price move, with the stock closing at $92.65. That shift is prompting fresh interest in how its gas utility and related businesses are currently valued.

    See our latest analysis for Spire.

    The move to $92.65 is part of a broader upswing, with an 11.34% year to date share price return and a 21.97% total shareholder return over the past year indicating improving momentum for Spire.

    If you are looking beyond utilities for ideas, this could be a good time to see which other companies are gaining traction through the 28 power grid technology and infrastructure stocks

    So with shares at $92.65, recent double digit returns, and mixed signals on valuation, is Spire still trading below what its fundamentals suggest, or is the market already baking in much of its future growth potential?

    Most Popular Narrative: 3.7% Undervalued

    Spire's most followed narrative pegs fair value at $96.25, a touch above the $92.65 last close, and grounds that view in detailed earnings and revenue assumptions.

    Significant and ongoing investments in infrastructure modernization and system resilience, supported by constructive regulatory frameworks and reliable cost recovery mechanisms, are growing Spire's regulated asset base, which should result in higher allowed returns and gradual increases in net income.

    Read the complete narrative. Read the complete narrative.

    Want to see what is behind that valuation gap? The narrative focuses on steady revenue expansion, firmer profit margins, and a higher future earnings multiple. The mix is precise. The implications for long term returns are not obvious at first glance.

    Result: Fair Value of $96.25 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, that upside story can change if decarbonization and electrification cut long term gas demand or regulators limit cost recovery on heavy infrastructure spending.

    Find out about the key risks to this Spire narrative.

    Another Angle On Valuation

    Analysts see Spire as about 3.7% undervalued at $96.25, yet the P/E of 20.3x tells a different story. It sits above the global gas utilities average of 14.5x, the peer average of 19.8x, and a fair ratio of 18.4x, which points to valuation risk if sentiment cools.

    For a closer look at how those earnings multiples compare with peers and the fair ratio the market could move toward, See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:SR P/E Ratio as at Apr 2026
    NYSE:SR P/E Ratio as at Apr 2026

    Next Steps

    Overall, the picture on Spire is balanced, with both risks and rewards in focus. It makes sense to review the details yourself and stress test the assumptions before making any moves by checking the 2 key rewards and 2 important warning signs

    Looking for more investment ideas?

    If you are ready to broaden your watchlist beyond a single utility, this is the moment to scan other opportunities before the market moves on without you.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.