# ABN Amro Group NV (ABN.AS)

Canonical: https://gigainvestors.com/s/ABN.AS

Analysis as of: 2026-10-16T07:34:08.855Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 40.23 per share; close as of 2026-10-15.

Estimated value: low EUR 21.73 per share, central EUR 25.99 per share, high EUR 32.32 per share. Buy at or below the central value EUR 25.99 per share. Valuation as of 2026-10-16T07:34:08.855Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.43×

Chart: Net income; fiscal year observations.

- FY2016: EUR 1.8B

- FY2017: EUR 2.7B

- FY2018: EUR 2.2B

- FY2019: EUR 1.9B

- FY2020: EUR -158M

- FY2021: EUR 1.1B

- FY2022: EUR 1.8B

- FY2023: EUR 2.7B

- FY2024: EUR 2.4B

- FY2025: EUR 2.3B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.4%

- FY2017: 12.9%

- FY2018: 10.4%

- FY2019: 9.1%

- FY2020: -0.8%

- FY2021: 5.2%

- FY2022: 7.8%

- FY2023: 10.6%

- FY2024: 9.3%

- FY2025: 8.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.2%

- Book return interval: 10 years

- Starting book value per share: EUR 18.41

- Ending book value per share: EUR 32.15

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 12.5%

- FY2017: 18.6%

- FY2018: 6.6%

- FY2019: 14.4%

- FY2020: -8.0%

- FY2021: 2.9%

- FY2022: 16.9%

- FY2023: 21.7%

- FY2024: 10.5%

- FY2025: 8.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -2.5%

- Share growth excluding flagged crisis recapitalisations: -1.2%

- Five-year share growth excluding flagged crisis recapitalisations: -2.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.66×

- Book value created per share: EUR 13.74

- Earnings retained per share after dividends and buybacks: EUR 8.27

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 93

- FY2020: 100

- FY2021: 105

- FY2022: 97

- FY2023: 93

- FY2024: 89

- FY2025: 88

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.7% a year forever · "Underlying Costs: Decreased by 5% compared to Q4." (finance.yahoo.com, May 2025) · net income -6.3%

Story as of 2026-10-16T09:59:59.336Z; price observation 2026-10-15.

The price assumes profits grow 6.7% a year forever

- 2026-05-14: ABN Amro Shares Jump 7.9% After Profit Tops Analyst Estimates ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/abn-amro-shares-jump-7-040317040.html))

### Net income · FY2025

net income -6.3%; source https://filings.xbrl.org/BFXS5XCH7N0Y05NIXW11/2025-12-31/ESEF/NL/0/abn-2025-12-31-1-en/reports/abn-2025-12-31-1-en.xhtml; observed 2026-03-18.

- FY2016: EUR 1.8B 

- FY2017: EUR 2.7B 

- FY2018: EUR 2.2B 

- FY2019: EUR 1.9B 

- FY2020: EUR -158M 

- FY2021: EUR 1.1B 

- FY2022: EUR 1.8B 

- FY2023: EUR 2.7B 

- FY2024: EUR 2.4B 

- FY2025: EUR 2.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are EUR 16.9 billion.

- Source: https://filings.xbrl.org/BFXS5XCH7N0Y05NIXW11/2025-12-31/ESEF/NL/0/abn-2025-12-31-1-en/reports/abn-2025-12-31-1-en.xhtml (filed 2026-03-18); FY2025: revenue 16882000000.

### Why customers stay

It earns 9.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on tangible equity observations [[2016,0.09432043252502542],[2017,0.12879863675092304],[2018,0.10422761158818533],[2019,0.09115671817029071],[2020,-0.00757357875563225],[2021,0.052133351625737415],[2022,0.07822065624311826],[2023,0.10608921406655653],[2024,0.09294859397362008],[2025,0.08439514315694799]]; median 0.0920526560719554. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 250 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,790000000],[2017,1025000000],[2018,1362000000],[2019,1316000000],[2020,117000000],[2021,639000000],[2022,840000000],[2023,1117000000],[2024,1244000000],[2025,1085000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/BFXS5XCH7N0Y05NIXW11/2025-12-31/ESEF/NL/0/abn-2025-12-31-1-en/reports/abn-2025-12-31-1-en.xhtml (filed 2026-03-18); FY2025: cash repurchases 250000000 EUR.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABN.AS SharesStats.PercentInsiders = 3.531 percentage points; cache date 2026-10-16.

### What could break it

The carrying amount of the stage 3 portfolio (including POCI) increased, while the total risk mitigation decreased.

- Source: https://filings.xbrl.org/BFXS5XCH7N0Y05NIXW11/2025-12-31/ESEF/NL/0/abn-2025-12-31-1-en/reports/abn-2025-12-31-1-en.xhtml (filed 2026-03-18); This decrease in risk mitigation was mainly observed in corporate loans, and was caused by a decrease in collateral at Corporate Banking. The carrying amount of the stage 3 portfolio (including POCI) increased, while the total risk mitigation decreased. This led to a EUR 601 million increase in the net exposure, which was EUR 1,022 million as at 31 December 2025.

### What the price says

The price assumes profits grow 6.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Price 40.23; FX 1; original perpetual distributable cash 1.3258565163110907; discount 0.1; growth 0.06704308932858338. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 21.03 per share

- 2016-11: EUR 20.40 per share

- 2016-12: EUR 21.05 per share

- 2017-01: EUR 21.75 per share

- 2017-02: EUR 21.60 per share

- 2017-03: EUR 22.75 per share

- 2017-04: EUR 24.10 per share

- 2017-05: EUR 22.96 per share

- 2017-06: EUR 23.21 per share

- 2017-07: EUR 23.91 per share

- 2017-08: EUR 23.54 per share

- 2017-09: EUR 25.34 per share

- 2017-10: EUR 26.52 per share

- 2017-11: EUR 24.93 per share

- 2017-12: EUR 26.90 per share

- 2018-01: EUR 27.29 per share

- 2018-02: EUR 25.60 per share

- 2018-03: EUR 24.47 per share

- 2018-04: EUR 25.73 per share

- 2018-05: EUR 22.22 per share

- 2018-06: EUR 22.22 per share

- 2018-07: EUR 23.70 per share

- 2018-08: EUR 23.33 per share

- 2018-09: EUR 23.45 per share

- 2018-10: EUR 21.70 per share

- 2018-11: EUR 22.52 per share

- 2018-12: EUR 20.54 per share

- 2019-01: EUR 21.72 per share

- 2019-02: EUR 21.32 per share

- 2019-03: EUR 20.10 per share

- 2019-04: EUR 20.97 per share

- 2019-05: EUR 18.94 per share

- 2019-06: EUR 18.82 per share

- 2019-07: EUR 17.96 per share

- 2019-08: EUR 16.19 per share

- 2019-09: EUR 16.18 per share

- 2019-10: EUR 16.69 per share

- 2019-11: EUR 15.49 per share

- 2019-12: EUR 16.22 per share

- 2020-01: EUR 15.72 per share

- 2020-02: EUR 12.44 per share

- 2020-03: EUR 7.48 per share

- 2020-04: EUR 7.00 per share

- 2020-05: EUR 7.21 per share

- 2020-06: EUR 7.67 per share

- 2020-07: EUR 7.02 per share

- 2020-08: EUR 7.98 per share

- 2020-09: EUR 7.15 per share

- 2020-10: EUR 7.05 per share

- 2020-11: EUR 8.65 per share

- 2020-12: EUR 8.02 per share

- 2021-01: EUR 8.61 per share

- 2021-02: EUR 9.52 per share

- 2021-03: EUR 10.36 per share

- 2021-04: EUR 10.75 per share

- 2021-05: EUR 10.92 per share

- 2021-06: EUR 10.19 per share

- 2021-07: EUR 9.82 per share

- 2021-08: EUR 11.82 per share

- 2021-09: EUR 12.45 per share

- 2021-10: EUR 12.73 per share

- 2021-11: EUR 12.60 per share

- 2021-12: EUR 12.92 per share

- 2022-01: EUR 14.23 per share

- 2022-02: EUR 11.86 per share

- 2022-03: EUR 11.64 per share

- 2022-04: EUR 12.00 per share

- 2022-05: EUR 10.91 per share

- 2022-06: EUR 10.72 per share

- 2022-07: EUR 9.98 per share

- 2022-08: EUR 9.57 per share

- 2022-09: EUR 9.23 per share

- 2022-10: EUR 9.96 per share

- 2022-11: EUR 12.24 per share

- 2022-12: EUR 12.93 per share

- 2023-01: EUR 15.21 per share

- 2023-02: EUR 16.71 per share

- 2023-03: EUR 14.62 per share

- 2023-04: EUR 14.52 per share

- 2023-05: EUR 13.61 per share

- 2023-06: EUR 14.23 per share

- 2023-07: EUR 15.46 per share

- 2023-08: EUR 13.60 per share

- 2023-09: EUR 13.44 per share

- 2023-10: EUR 12.69 per share

- 2023-11: EUR 12.32 per share

- 2023-12: EUR 13.59 per share

- 2024-01: EUR 13.66 per share

- 2024-02: EUR 14.85 per share

- 2024-03: EUR 15.85 per share

- 2024-04: EUR 15.09 per share

- 2024-05: EUR 15.65 per share

- 2024-06: EUR 15.35 per share

- 2024-07: EUR 16.12 per share

- 2024-08: EUR 15.49 per share

- 2024-09: EUR 16.21 per share

- 2024-10: EUR 15.19 per share

- 2024-11: EUR 14.72 per share

- 2024-12: EUR 14.89 per share

- 2025-01: EUR 16.22 per share

- 2025-02: EUR 18.19 per share

- 2025-03: EUR 19.36 per share

- 2025-04: EUR 18.20 per share

- 2025-05: EUR 22.77 per share

- 2025-06: EUR 23.24 per share

- 2025-07: EUR 25.36 per share

- 2025-08: EUR 24.65 per share

- 2025-09: EUR 27.25 per share

- 2025-10: EUR 25.91 per share

- 2025-11: EUR 29.15 per share

- 2025-12: EUR 29.79 per share

- 2026-01: EUR 31.06 per share

- 2026-02: EUR 28.36 per share

- 2026-03: EUR 27.11 per share

- 2026-04: EUR 29.59 per share

- 2026-05: EUR 34.12 per share

- 2026-06: EUR 37.18 per share

- 2026-07: EUR 39.00 per share

- 2026-08: EUR 41.71 per share

- 2026-09: EUR 43.14 per share

- 2026-10: EUR 41.12 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 12.41 per share, central EUR 15.51 per share, high EUR 20.68 per share

- FY2017: low EUR 15.25 per share, central EUR 19.06 per share, high EUR 25.41 per share

- FY2018: low EUR 16.49 per share, central EUR 20.61 per share, high EUR 27.48 per share

- FY2019: low EUR 21.25 per share, central EUR 23.37 per share, high EUR 25.97 per share

- FY2020: low EUR 19.39 per share, central EUR 21.33 per share, high EUR 23.69 per share

- FY2021: low EUR 18.89 per share, central EUR 20.78 per share, high EUR 23.08 per share

- FY2022: low EUR 20.81 per share, central EUR 22.89 per share, high EUR 25.43 per share

- FY2023: low EUR 22.03 per share, central EUR 26.83 per share, high EUR 34.33 per share

- FY2024: low EUR 23.38 per share, central EUR 28.36 per share, high EUR 36.02 per share

- FY2025: low EUR 23.99 per share, central EUR 28.70 per share, high EUR 35.69 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:54.524Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/BFXS5XCH7N0Y05NIXW11/2025-12-31/ESEF/NL/0/abn-2025-12-31-1-en/reports/abn-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

ABN Amro Group NV

ABN · AS

STOXX Europe 600 · AEX

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: EUR 40.23
Buy up to: EUR 25.99
Expected / yr: 8.2% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 9 needed).

Net income

10y median: EUR 2.1B
Worst year: EUR -158M
Latest · 2025: EUR 2.3B

Earned a median 9.2% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.2%
Worst year: -0.8%
Latest · 2025: 8.4%

Book value plus dividends grew 10.2% a year (minimum 7%).

Annual book + dividend return

10y median: 11.5%
Worst year: -8.0%
Latest · 2025: 8.8%

Ordinary share growth was -1.2% over the full period and -2.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 105
Latest · 2025: 88

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 2.89 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 21.02 · Value 15.51 · Buy at or below 15.51; 2016-11 · Price EUR 20.40 · Value 15.51 · Buy at or below 15.51; 2016-12 · Price EUR 21.05 · Value 15.51 · Buy at or below 15.51; 2017-01 · Price EUR 21.75 · Value 15.51 · Buy at or below 15.51; 2017-02 · Price EUR 21.60 · Value 19.06 · Buy at or below 19.06; 2017-03 · Price EUR 22.75 · Value 19.06 · Buy at or below 19.06; 2017-04 · Price EUR 24.10 · Value 19.06 · Buy at or below 19.06; 2017-05 · Price EUR 22.95 · Value 19.06 · Buy at or below 19.06; 2017-06 · Price EUR 23.21 · Value 19.06 · Buy at or below 19.06; 2017-07 · Price EUR 23.91 · Value 19.06 · Buy at or below 19.06; 2017-08 · Price EUR 23.54 · Value 19.06 · Buy at or below 19.06; 2017-09 · Price EUR 25.34 · Value 19.06 · Buy at or below 19.06; 2017-10 · Price EUR 26.52 · Value 19.06 · Buy at or below 19.06; 2017-11 · Price EUR 24.93 · Value 19.06 · Buy at or below 19.06; 2017-12 · Price EUR 26.90 · Value 19.06 · Buy at or below 19.06; 2018-01 · Price EUR 27.29 · Value 19.06 · Buy at or below 19.06; 2018-02 · Price EUR 25.60 · Value 20.61 · Buy at or below 20.61; 2018-03 · Price EUR 24.47 · Value 20.61 · Buy at or below 20.61; 2018-04 · Price EUR 25.73 · Value 20.61 · Buy at or below 20.61; 2018-05 · Price EUR 22.22 · Value 20.61 · Buy at or below 20.61; 2018-06 · Price EUR 22.22 · Value 20.61 · Buy at or below 20.61; 2018-07 · Price EUR 23.70 · Value 20.61 · Buy at or below 20.61; 2018-08 · Price EUR 23.33 · Value 20.61 · Buy at or below 20.61; 2018-09 · Price EUR 23.45 · Value 20.61 · Buy at or below 20.61; 2018-10 · Price EUR 21.70 · Value 20.61 · Buy at or below 20.61; 2018-11 · Price EUR 22.52 · Value 20.61 · Buy at or below 20.61; 2018-12 · Price EUR 20.54 · Value 20.61 · Buy at or below 20.61; 2019-01 · Price EUR 21.72 · Value 20.61 · Buy at or below 20.61; 2019-02 · Price EUR 21.32 · Value 23.37 · Buy at or below 23.37; 2019-03 · Price EUR 20.10 · Value 23.37 · Buy at or below 23.37; 2019-04 · Price EUR 20.97 · Value 23.37 · Buy at or below 23.37; 2019-05 · Price EUR 18.94 · Value 23.37 · Buy at or below 23.37; 2019-06 · Price EUR 18.82 · Value 23.37 · Buy at or below 23.37; 2019-07 · Price EUR 17.96 · Value 23.37 · Buy at or below 23.37; 2019-08 · Price EUR 16.18 · Value 23.37 · Buy at or below 23.37; 2019-09 · Price EUR 16.18 · Value 23.37 · Buy at or below 23.37; 2019-10 · Price EUR 16.69 · Value 23.37 · Buy at or below 23.37; 2019-11 · Price EUR 15.49 · Value 23.37 · Buy at or below 23.37; 2019-12 · Price EUR 16.22 · Value 23.37 · Buy at or below 23.37; 2020-01 · Price EUR 15.72 · Value 23.37 · Buy at or below 23.37; 2020-02 · Price EUR 12.44 · Value 21.33 · Buy at or below 21.33; 2020-03 · Price EUR 7.48 · Value 21.33 · Buy at or below 21.33; 2020-04 · Price EUR 7.00 · Value 21.33 · Buy at or below 21.33; 2020-05 · Price EUR 7.21 · Value 21.33 · Buy at or below 21.33; 2020-06 · Price EUR 7.67 · Value 21.33 · Buy at or below 21.33; 2020-07 · Price EUR 7.02 · Value 21.33 · Buy at or below 21.33; 2020-08 · Price EUR 7.98 · Value 21.33 · Buy at or below 21.33; 2020-09 · Price EUR 7.15 · Value 21.33 · Buy at or below 21.33; 2020-10 · Price EUR 7.05 · Value 21.33 · Buy at or below 21.33; 2020-11 · Price EUR 8.65 · Value 21.33 · Buy at or below 21.33; 2020-12 · Price EUR 8.02 · Value 21.33 · Buy at or below 21.33; 2021-01 · Price EUR 8.61 · Value 21.33 · Buy at or below 21.33; 2021-02 · Price EUR 9.52 · Value 20.78 · Buy at or below 20.78; 2021-03 · Price EUR 10.36 · Value 20.78 · Buy at or below 20.78; 2021-04 · Price EUR 10.75 · Value 20.78 · Buy at or below 20.78; 2021-05 · Price EUR 10.92 · Value 20.78 · Buy at or below 20.78; 2021-06 · Price EUR 10.19 · Value 20.78 · Buy at or below 20.78; 2021-07 · Price EUR 9.82 · Value 20.78 · Buy at or below 20.78; 2021-08 · Price EUR 11.82 · Value 20.78 · Buy at or below 20.78; 2021-09 · Price EUR 12.45 · Value 20.78 · Buy at or below 20.78; 2021-10 · Price EUR 12.73 · Value 20.78 · Buy at or below 20.78; 2021-11 · Price EUR 12.60 · Value 20.78 · Buy at or below 20.78; 2021-12 · Price EUR 12.92 · Value 20.78 · Buy at or below 20.78; 2022-01 · Price EUR 14.23 · Value 20.78 · Buy at or below 20.78; 2022-02 · Price EUR 11.86 · Value 22.89 · Buy at or below 22.89; 2022-03 · Price EUR 11.64 · Value 22.89 · Buy at or below 22.89; 2022-04 · Price EUR 11.99 · Value 22.89 · Buy at or below 22.89; 2022-05 · Price EUR 10.90 · Value 22.89 · Buy at or below 22.89; 2022-06 · Price EUR 10.71 · Value 22.89 · Buy at or below 22.89; 2022-07 · Price EUR 9.98 · Value 22.89 · Buy at or below 22.89; 2022-08 · Price EUR 9.57 · Value 22.89 · Buy at or below 22.89; 2022-09 · Price EUR 9.23 · Value 22.89 · Buy at or below 22.89; 2022-10 · Price EUR 9.96 · Value 22.89 · Buy at or below 22.89; 2022-11 · Price EUR 12.23 · Value 22.89 · Buy at or below 22.89; 2022-12 · Price EUR 12.93 · Value 22.89 · Buy at or below 22.89; 2023-01 · Price EUR 15.21 · Value 22.89 · Buy at or below 22.89; 2023-02 · Price EUR 16.70 · Value 26.83 · Buy at or below 26.83; 2023-03 · Price EUR 14.62 · Value 26.83 · Buy at or below 26.83; 2023-04 · Price EUR 14.52 · Value 26.83 · Buy at or below 26.83; 2023-05 · Price EUR 13.61 · Value 26.83 · Buy at or below 26.83; 2023-06 · Price EUR 14.23 · Value 26.83 · Buy at or below 26.83; 2023-07 · Price EUR 15.46 · Value 26.83 · Buy at or below 26.83; 2023-08 · Price EUR 13.60 · Value 26.83 · Buy at or below 26.83; 2023-09 · Price EUR 13.44 · Value 26.83 · Buy at or below 26.83; 2023-10 · Price EUR 12.69 · Value 26.83 · Buy at or below 26.83; 2023-11 · Price EUR 12.31 · Value 26.83 · Buy at or below 26.83; 2023-12 · Price EUR 13.59 · Value 26.83 · Buy at or below 26.83; 2024-01 · Price EUR 13.66 · Value 26.83 · Buy at or below 26.83; 2024-02 · Price EUR 14.85 · Value 28.36 · Buy at or below 28.36; 2024-03 · Price EUR 15.85 · Value 28.36 · Buy at or below 28.36; 2024-04 · Price EUR 15.09 · Value 28.36 · Buy at or below 28.36; 2024-05 · Price EUR 15.65 · Value 28.36 · Buy at or below 28.36; 2024-06 · Price EUR 15.35 · Value 28.36 · Buy at or below 28.36; 2024-07 · Price EUR 16.11 · Value 28.36 · Buy at or below 28.36; 2024-08 · Price EUR 15.49 · Value 28.36 · Buy at or below 28.36; 2024-09 · Price EUR 16.20 · Value 28.36 · Buy at or below 28.36; 2024-10 · Price EUR 15.19 · Value 28.36 · Buy at or below 28.36; 2024-11 · Price EUR 14.71 · Value 28.36 · Buy at or below 28.36; 2024-12 · Price EUR 14.89 · Value 28.36 · Buy at or below 28.36; 2025-01 · Price EUR 16.21 · Value 28.36 · Buy at or below 28.36; 2025-02 · Price EUR 18.19 · Value 28.70 · Buy at or below 28.70; 2025-03 · Price EUR 19.36 · Value 28.70 · Buy at or below 28.70; 2025-04 · Price EUR 18.20 · Value 28.70 · Buy at or below 28.70; 2025-05 · Price EUR 22.77 · Value 28.70 · Buy at or below 28.70; 2025-06 · Price EUR 23.24 · Value 28.70 · Buy at or below 28.70; 2025-07 · Price EUR 25.36 · Value 28.70 · Buy at or below 28.70; 2025-08 · Price EUR 24.65 · Value 28.70 · Buy at or below 28.70; 2025-09 · Price EUR 27.25 · Value 28.70 · Buy at or below 28.70; 2025-10 · Price EUR 25.91 · Value 28.70 · Buy at or below 28.70; 2025-11 · Price EUR 29.15 · Value 28.70 · Buy at or below 28.70; 2025-12 · Price EUR 29.79 · Value 28.70 · Buy at or below 28.70; 2026-01 · Price EUR 31.06 · Value 28.70 · Buy at or below 28.70; 2026-02 · Price EUR 28.36 · Value 25.99 · Buy at or below 25.99; 2026-03 · Price EUR 27.11 · Value 25.99 · Buy at or below 25.99; 2026-04 · Price EUR 29.59 · Value 25.99 · Buy at or below 25.99; 2026-05 · Price EUR 34.12 · Value 25.99 · Buy at or below 25.99; 2026-06 · Price EUR 37.18 · Value 25.99 · Buy at or below 25.99; 2026-07 · Price EUR 39.00 · Value 25.99 · Buy at or below 25.99; 2026-08 · Price EUR 41.71 · Value 25.99 · Buy at or below 25.99; 2026-09 · Price EUR 43.14 · Value 25.99 · Buy at or below 25.99; 2026-10 · Price EUR 41.12 · Value 25.99 · Buy at or below 25.99; 2026-10 · Price EUR 40.23 · Value 25.99 · Buy at or below 25.99

EUR per share · annual estimates

Price & return math
Value range	EUR 21.73 – EUR 32.32
Buy at or below	Central value EUR 25.99
Discount to value	1 − 40.23 / 25.99 = -54.8%
Return / year	About 8.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 29.12/share; ROE 9.5%; first payout EUR 1.33/share, growing 4.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 2.3B

Net income

Book / shareEUR 32.15

Book / share

Dividend / shareEUR 1.31

Dividend / share

Return on tangible equity8.4%

Return on tangible equity

Diluted shares830M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·