# Koninklijke Ahold Delhaize NV (AD.AS)

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

Analysis as of: 2026-10-16T07:34:17.104Z. Financial observations: FY1998–FY2026.

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 32.22 per share; close as of 2026-10-15.

Estimated value: low EUR 11.54 per share, central EUR 12.86 per share, high EUR 14.61 per share. Buy at or below the central value EUR 12.86 per share. Valuation as of 2026-10-16T07:34:17.104Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.04×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 26.9%

- Recent gross margin (lower of latest and 3-year median): 26.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.7%

- FY2017: 20.2%

- FY2018: 12.9%

- FY2019: 11.7%

- FY2020: 10.4%

- FY2021: 13.1%

- FY2022: 13.4%

- FY2023: 10.8%

- FY2024: 10.2%

- FY2025: 13.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.7B

- Net income, five-year total: EUR 11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.1 pp

- Working capital / revenue, final three-year average: -1.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.28×

- FY2022: 0.43×

- FY2023: 0.29×

- FY2024: 0.28×

- FY2025: 0.39×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.9% vs 10.8%

- Per-share earnings: 1.02 to 1.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: EUR 8.8B

- Cumulative retained earnings: EUR 7.9B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.5%

- Per-share value change: EUR 0.94

- Per-share value, starting three-year median: EUR 1.02

- Per-share value, ending three-year median: EUR 1.97

- Buybacks concentrated in cheaper years (correlation): -0.38

- Average buyback yield: 4.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 13B

- Cumulative net income, 10 years: EUR 18B

- ROIC, first three-year median: 12.9%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.74

- FY2017: EUR 1.44

- FY2018: EUR 1.53

- FY2019: EUR 1.60

- FY2020: EUR 1.46

- FY2021: EUR 2.34

- FY2022: EUR 2.66

- FY2023: EUR 1.97

- FY2024: EUR 1.92

- FY2025: EUR 2.54

### accounting: pass

- Sloan accruals: -9.6%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.96×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -4.9%

- FY2018: -8.6%

- FY2019: -8.9%

- FY2020: -12.2%

- FY2021: -7.0%

- FY2022: -7.3%

- FY2023: -9.5%

- FY2024: -8.6%

- FY2025: -9.6%

## Holders

## Price story

Down 23% since Feb 2026 · sales -1%

Story as of 2026-10-16T09:59:59.975Z; price observation 2026-10-15.

Price needs cash profits to grow 13.8% a year for ten years

### Sales · FY2025–2026

sales -1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 63B 

- FY2018: EUR 63B 

- FY2019: EUR 66B 

- FY2020: EUR 75B 

- FY2021: EUR 76B 

- FY2022: EUR 87B 

- FY2023: EUR 89B 

- FY2024: EUR 89B 

- FY2025: EUR 92B 

- FY2026: EUR 91B 

### Gross margin · FY2025

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.9% 

- FY2017: 26.7% 

- FY2018: 27.0% 

- FY2019: 27.3% 

- FY2020: 27.5% 

- FY2021: 27.4% 

- FY2022: 26.8% 

- FY2023: 26.9% 

- FY2024: 26.6% 

- FY2025: 26.5% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are EUR 92.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2025: revenue 92352000000; grossProfit 24514000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AD.AS: Koninklijke Ahold Delhaize N.V. operates retail food stores and e-commerce in the Netherlands, the United States, and internationally. The company's stores offer produce, dairy, meat, deli, bakery, seafood, and frozen products; grocery, beer, and wine; floral, pet food, health and beauty care, kitchen and cookware, gardening tools, general merchandise articles, electronics, newspapers and magazines, and tobacco; gasoline; and pharmacy products. It operates its supermarkets, convenience stores, and online stores under the Albert, Albert Heijin, Alfa Beta Vassilopoulos, bol, Delhaize, ENA, Food Lion, Gall & Gall, Giant Food, The GIANT Company, Hannaford, Maxi, Mega Image, Stop & Shop, Profi, and Super Indo brands. The company was formerly known as Koninklijke Ahold N.V. and changed its name to Koninklijke Ahold Delhaize N.V. in July 2016. The company was founded in 1867 and is headquartered in Zaandam, the Netherlands.

### Why customers stay

Margins ranged from 26.5% to 26.9% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2023: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2024: grossProfit / revenue = 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); 10-year return on capital observations [[2016,0.10725983955568816],[2017,0.20234952836955075],[2018,0.12947866603376781],[2019,0.11677782988036202],[2020,0.10400516242712092],[2021,0.1312550358931843],[2022,0.1342674020306953],[2023,0.10787062169060689],[2024,0.1018871518034695],[2025,0.135582266608992]]; median 0.12312824795706492. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 27% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); Gross margin observations: [[2021,0.27361111111111114],[2022,0.26780787271222295],[2023,0.2688259291815989]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2016: growth capex 0; upkeep 1302000000; owner earnings 888000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2017: growth capex 0; upkeep 1698000000; owner earnings 1912000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2018: growth capex 0; upkeep 1780000000; owner earnings 2607000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2019: growth capex 0; upkeep 2218000000; owner earnings 367000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2021: growth capex 0; upkeep 2371000000; owner earnings 629600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2022: growth capex 0; upkeep 2490000000; owner earnings 1096200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2023: growth capex 0; upkeep 2434000000; owner earnings 542800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2024: growth capex 0; upkeep 2299000000; owner earnings 492400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2025: growth capex 0; upkeep 2564000000; owner earnings 891200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); Dividend observations: [[2016,429000000],[2017,720000000],[2018,757000000],[2019,1114000000],[2020,1026000000],[2021,856000000],[2022,979000000],[2023,1044000000],[2024,1037000000],[2025,1070000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); FY2025: cash repurchases 1008000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AD.AS SharesStats.PercentInsiders = 0.079 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.8% yearly over ten years; actual decline was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:17.104Z); Ten-year compound average after fade. Initial solved rate 0.18703521289278224. Price 32.22; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2514964459184024 → FY2025 0.9979843225083986. Closing-price date 2026-10-15.

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

- 2016-10: EUR 20.80 per share

- 2016-11: EUR 18.61 per share

- 2016-12: EUR 20.03 per share

- 2017-01: EUR 19.70 per share

- 2017-02: EUR 20.06 per share

- 2017-03: EUR 20.06 per share

- 2017-04: EUR 19.02 per share

- 2017-05: EUR 19.63 per share

- 2017-06: EUR 16.74 per share

- 2017-07: EUR 17.30 per share

- 2017-08: EUR 15.10 per share

- 2017-09: EUR 15.82 per share

- 2017-10: EUR 16.16 per share

- 2017-11: EUR 18.00 per share

- 2017-12: EUR 18.34 per share

- 2018-01: EUR 17.97 per share

- 2018-02: EUR 18.50 per share

- 2018-03: EUR 19.24 per share

- 2018-04: EUR 20.01 per share

- 2018-05: EUR 19.65 per share

- 2018-06: EUR 20.51 per share

- 2018-07: EUR 21.76 per share

- 2018-08: EUR 20.96 per share

- 2018-09: EUR 19.75 per share

- 2018-10: EUR 20.23 per share

- 2018-11: EUR 22.71 per share

- 2018-12: EUR 22.08 per share

- 2019-01: EUR 23.02 per share

- 2019-02: EUR 22.68 per share

- 2019-03: EUR 23.73 per share

- 2019-04: EUR 21.46 per share

- 2019-05: EUR 20.14 per share

- 2019-06: EUR 19.78 per share

- 2019-07: EUR 20.46 per share

- 2019-08: EUR 21.29 per share

- 2019-09: EUR 22.96 per share

- 2019-10: EUR 22.33 per share

- 2019-11: EUR 23.39 per share

- 2019-12: EUR 22.30 per share

- 2020-01: EUR 22.20 per share

- 2020-02: EUR 21.18 per share

- 2020-03: EUR 21.29 per share

- 2020-04: EUR 22.16 per share

- 2020-05: EUR 22.81 per share

- 2020-06: EUR 24.26 per share

- 2020-07: EUR 24.47 per share

- 2020-08: EUR 25.22 per share

- 2020-09: EUR 25.25 per share

- 2020-10: EUR 23.59 per share

- 2020-11: EUR 23.99 per share

- 2020-12: EUR 23.11 per share

- 2021-01: EUR 23.59 per share

- 2021-02: EUR 21.84 per share

- 2021-03: EUR 23.75 per share

- 2021-04: EUR 22.39 per share

- 2021-05: EUR 23.63 per share

- 2021-06: EUR 25.07 per share

- 2021-07: EUR 26.20 per share

- 2021-08: EUR 28.57 per share

- 2021-09: EUR 28.74 per share

- 2021-10: EUR 28.13 per share

- 2021-11: EUR 29.65 per share

- 2021-12: EUR 30.14 per share

- 2022-01: EUR 28.76 per share

- 2022-02: EUR 27.48 per share

- 2022-03: EUR 29.12 per share

- 2022-04: EUR 28.09 per share

- 2022-05: EUR 25.71 per share

- 2022-06: EUR 24.86 per share

- 2022-07: EUR 26.89 per share

- 2022-08: EUR 27.40 per share

- 2022-09: EUR 26.14 per share

- 2022-10: EUR 28.25 per share

- 2022-11: EUR 27.82 per share

- 2022-12: EUR 26.84 per share

- 2023-01: EUR 27.39 per share

- 2023-02: EUR 30.02 per share

- 2023-03: EUR 31.49 per share

- 2023-04: EUR 31.22 per share

- 2023-05: EUR 29.66 per share

- 2023-06: EUR 31.26 per share

- 2023-07: EUR 31.39 per share

- 2023-08: EUR 30.18 per share

- 2023-09: EUR 28.52 per share

- 2023-10: EUR 28.00 per share

- 2023-11: EUR 26.56 per share

- 2023-12: EUR 26.02 per share

- 2024-01: EUR 26.01 per share

- 2024-02: EUR 27.52 per share

- 2024-03: EUR 27.72 per share

- 2024-04: EUR 28.44 per share

- 2024-05: EUR 28.54 per share

- 2024-06: EUR 27.59 per share

- 2024-07: EUR 29.78 per share

- 2024-08: EUR 31.06 per share

- 2024-09: EUR 31.03 per share

- 2024-10: EUR 30.31 per share

- 2024-11: EUR 32.65 per share

- 2024-12: EUR 31.49 per share

- 2025-01: EUR 34.16 per share

- 2025-02: EUR 33.97 per share

- 2025-03: EUR 34.56 per share

- 2025-04: EUR 36.14 per share

- 2025-05: EUR 37.18 per share

- 2025-06: EUR 35.50 per share

- 2025-07: EUR 34.60 per share

- 2025-08: EUR 34.25 per share

- 2025-09: EUR 34.45 per share

- 2025-10: EUR 35.51 per share

- 2025-11: EUR 35.65 per share

- 2025-12: EUR 34.87 per share

- 2026-01: EUR 32.96 per share

- 2026-02: EUR 41.77 per share

- 2026-03: EUR 40.29 per share

- 2026-04: EUR 40.02 per share

- 2026-05: EUR 36.17 per share

- 2026-06: EUR 35.22 per share

- 2026-07: EUR 34.36 per share

- 2026-08: EUR 30.65 per share

- 2026-09: EUR 31.85 per share

- 2026-10: EUR 31.61 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.23 per share, central EUR 18.06 per share, high EUR 20.49 per share

- FY2017: low EUR 17.60 per share, central EUR 19.65 per share, high EUR 22.37 per share

- FY2018: low EUR 18.02 per share, central EUR 20.23 per share, high EUR 23.19 per share

- FY2019: low EUR 20.12 per share, central EUR 22.58 per share, high EUR 25.85 per share

- FY2020: low EUR 16.94 per share, central EUR 19.04 per share, high EUR 21.83 per share

- FY2021: low EUR 8.89 per share, central EUR 9.88 per share, high EUR 11.20 per share

- FY2022: low EUR 9.82 per share, central EUR 10.96 per share, high EUR 12.48 per share

- FY2023: low EUR 8.08 per share, central EUR 8.94 per share, high EUR 10.08 per share

- FY2024: low EUR 11.30 per share, central EUR 12.20 per share, high EUR 13.39 per share

- FY2025: low EUR 11.75 per share, central EUR 13.05 per share, high EUR 14.77 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 2026-10-15T06:40:03.720Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

Koninklijke Ahold Delhaize NV

AD · AS

Euro Stoxx 50 · STOXX Europe 600 · AEX

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: EUR 32.22
Buy up to: EUR 12.86
Expected / yr: 5.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 13.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 3.8%
Worst year: 2.9%
Latest · LTM: 3.8%

Capital return excluding acquisitions: median 12.3% (minimum 15%).

ROIC excluding acquisitions

10y median: 12.3%
Worst year: 10.2%
Latest · 2025: 13.6%

Each $1 of profit left $0.34 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.34×
Annual median: 0.29×
Latest · 2025: 0.39×

Per-share value rose from 1.02 to 1.97, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 1.76
Worst year: EUR 0.74
Latest · 2025: EUR 2.54

Profits were backed by cash: accruals were -9.6% of assets (limit 10%).

Sloan accruals

10y median: -8.6%
Worst year: -4.9%
Latest · 2025: -9.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 3.7%, three-year average owner earnings per share 0.7 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 20.80 · Value 18.06 · Buy at or below 18.06; 2016-11 · Price EUR 18.61 · Value 18.06 · Buy at or below 18.06; 2016-12 · Price EUR 20.03 · Value 18.06 · Buy at or below 18.06; 2017-01 · Price EUR 19.70 · Value 18.06 · Buy at or below 18.06; 2017-02 · Price EUR 20.06 · Value 19.65 · Buy at or below 19.65; 2017-03 · Price EUR 20.06 · Value 19.65 · Buy at or below 19.65; 2017-04 · Price EUR 19.02 · Value 19.65 · Buy at or below 19.65; 2017-05 · Price EUR 19.63 · Value 19.65 · Buy at or below 19.65; 2017-06 · Price EUR 16.74 · Value 19.65 · Buy at or below 19.65; 2017-07 · Price EUR 17.30 · Value 19.65 · Buy at or below 19.65; 2017-08 · Price EUR 15.10 · Value 19.65 · Buy at or below 19.65; 2017-09 · Price EUR 15.82 · Value 19.65 · Buy at or below 19.65; 2017-10 · Price EUR 16.16 · Value 19.65 · Buy at or below 19.65; 2017-11 · Price EUR 18.00 · Value 19.65 · Buy at or below 19.65; 2017-12 · Price EUR 18.34 · Value 19.65 · Buy at or below 19.65; 2018-01 · Price EUR 17.97 · Value 19.65 · Buy at or below 19.65; 2018-02 · Price EUR 18.50 · Value 20.23 · Buy at or below 20.23; 2018-03 · Price EUR 19.24 · Value 20.23 · Buy at or below 20.23; 2018-04 · Price EUR 20.00 · Value 20.23 · Buy at or below 20.23; 2018-05 · Price EUR 19.65 · Value 20.23 · Buy at or below 20.23; 2018-06 · Price EUR 20.50 · Value 20.23 · Buy at or below 20.23; 2018-07 · Price EUR 21.75 · Value 20.23 · Buy at or below 20.23; 2018-08 · Price EUR 20.96 · Value 20.23 · Buy at or below 20.23; 2018-09 · Price EUR 19.75 · Value 20.23 · Buy at or below 20.23; 2018-10 · Price EUR 20.23 · Value 20.23 · Buy at or below 20.23; 2018-11 · Price EUR 22.70 · Value 20.23 · Buy at or below 20.23; 2018-12 · Price EUR 22.07 · Value 20.23 · Buy at or below 20.23; 2019-01 · Price EUR 23.02 · Value 20.23 · Buy at or below 20.23; 2019-02 · Price EUR 22.68 · Value 22.58 · Buy at or below 22.58; 2019-03 · Price EUR 23.73 · Value 22.58 · Buy at or below 22.58; 2019-04 · Price EUR 21.46 · Value 22.58 · Buy at or below 22.58; 2019-05 · Price EUR 20.14 · Value 22.58 · Buy at or below 22.58; 2019-06 · Price EUR 19.78 · Value 22.58 · Buy at or below 22.58; 2019-07 · Price EUR 20.45 · Value 22.58 · Buy at or below 22.58; 2019-08 · Price EUR 21.29 · Value 22.58 · Buy at or below 22.58; 2019-09 · Price EUR 22.95 · Value 22.58 · Buy at or below 22.58; 2019-10 · Price EUR 22.32 · Value 22.58 · Buy at or below 22.58; 2019-11 · Price EUR 23.39 · Value 22.58 · Buy at or below 22.58; 2019-12 · Price EUR 22.30 · Value 22.58 · Buy at or below 22.58; 2020-01 · Price EUR 22.20 · Value 22.58 · Buy at or below 22.58; 2020-02 · Price EUR 21.18 · Value 19.04 · Buy at or below 19.04; 2020-03 · Price EUR 21.29 · Value 19.04 · Buy at or below 19.04; 2020-04 · Price EUR 22.16 · Value 19.04 · Buy at or below 19.04; 2020-05 · Price EUR 22.81 · Value 19.04 · Buy at or below 19.04; 2020-06 · Price EUR 24.26 · Value 19.04 · Buy at or below 19.04; 2020-07 · Price EUR 24.47 · Value 19.04 · Buy at or below 19.04; 2020-08 · Price EUR 25.22 · Value 19.04 · Buy at or below 19.04; 2020-09 · Price EUR 25.25 · Value 19.04 · Buy at or below 19.04; 2020-10 · Price EUR 23.59 · Value 19.04 · Buy at or below 19.04; 2020-11 · Price EUR 23.99 · Value 19.04 · Buy at or below 19.04; 2020-12 · Price EUR 23.11 · Value 19.04 · Buy at or below 19.04; 2021-01 · Price EUR 23.59 · Value 19.04 · Buy at or below 19.04; 2021-02 · Price EUR 21.84 · Value 9.88 · Buy at or below 9.88; 2021-03 · Price EUR 23.75 · Value 9.88 · Buy at or below 9.88; 2021-04 · Price EUR 22.39 · Value 9.88 · Buy at or below 9.88; 2021-05 · Price EUR 23.63 · Value 9.88 · Buy at or below 9.88; 2021-06 · Price EUR 25.07 · Value 9.88 · Buy at or below 9.88; 2021-07 · Price EUR 26.20 · Value 9.88 · Buy at or below 9.88; 2021-08 · Price EUR 28.57 · Value 9.88 · Buy at or below 9.88; 2021-09 · Price EUR 28.73 · Value 9.88 · Buy at or below 9.88; 2021-10 · Price EUR 28.13 · Value 9.88 · Buy at or below 9.88; 2021-11 · Price EUR 29.65 · Value 9.88 · Buy at or below 9.88; 2021-12 · Price EUR 30.14 · Value 9.88 · Buy at or below 9.88; 2022-01 · Price EUR 28.75 · Value 9.88 · Buy at or below 9.88; 2022-02 · Price EUR 27.48 · Value 10.96 · Buy at or below 10.96; 2022-03 · Price EUR 29.11 · Value 10.96 · Buy at or below 10.96; 2022-04 · Price EUR 28.09 · Value 10.96 · Buy at or below 10.96; 2022-05 · Price EUR 25.70 · Value 10.96 · Buy at or below 10.96; 2022-06 · Price EUR 24.86 · Value 10.96 · Buy at or below 10.96; 2022-07 · Price EUR 26.89 · Value 10.96 · Buy at or below 10.96; 2022-08 · Price EUR 27.40 · Value 10.96 · Buy at or below 10.96; 2022-09 · Price EUR 26.14 · Value 10.96 · Buy at or below 10.96; 2022-10 · Price EUR 28.25 · Value 10.96 · Buy at or below 10.96; 2022-11 · Price EUR 27.82 · Value 10.96 · Buy at or below 10.96; 2022-12 · Price EUR 26.84 · Value 10.96 · Buy at or below 10.96; 2023-01 · Price EUR 27.39 · Value 10.96 · Buy at or below 10.96; 2023-02 · Price EUR 30.02 · Value 8.94 · Buy at or below 8.94; 2023-03 · Price EUR 31.49 · Value 8.94 · Buy at or below 8.94; 2023-04 · Price EUR 31.22 · Value 8.94 · Buy at or below 8.94; 2023-05 · Price EUR 29.66 · Value 8.94 · Buy at or below 8.94; 2023-06 · Price EUR 31.26 · Value 8.94 · Buy at or below 8.94; 2023-07 · Price EUR 31.39 · Value 8.94 · Buy at or below 8.94; 2023-08 · Price EUR 30.18 · Value 8.94 · Buy at or below 8.94; 2023-09 · Price EUR 28.52 · Value 8.94 · Buy at or below 8.94; 2023-10 · Price EUR 28.00 · Value 8.94 · Buy at or below 8.94; 2023-11 · Price EUR 26.56 · Value 8.94 · Buy at or below 8.94; 2023-12 · Price EUR 26.02 · Value 8.94 · Buy at or below 8.94; 2024-01 · Price EUR 26.01 · Value 8.94 · Buy at or below 8.94; 2024-02 · Price EUR 27.52 · Value 12.20 · Buy at or below 12.20; 2024-03 · Price EUR 27.72 · Value 12.20 · Buy at or below 12.20; 2024-04 · Price EUR 28.44 · Value 12.20 · Buy at or below 12.20; 2024-05 · Price EUR 28.54 · Value 12.20 · Buy at or below 12.20; 2024-06 · Price EUR 27.59 · Value 12.20 · Buy at or below 12.20; 2024-07 · Price EUR 29.78 · Value 12.20 · Buy at or below 12.20; 2024-08 · Price EUR 31.06 · Value 12.20 · Buy at or below 12.20; 2024-09 · Price EUR 31.03 · Value 12.20 · Buy at or below 12.20; 2024-10 · Price EUR 30.31 · Value 12.20 · Buy at or below 12.20; 2024-11 · Price EUR 32.65 · Value 12.20 · Buy at or below 12.20; 2024-12 · Price EUR 31.49 · Value 12.20 · Buy at or below 12.20; 2025-01 · Price EUR 34.16 · Value 12.20 · Buy at or below 12.20; 2025-02 · Price EUR 33.97 · Value 13.05 · Buy at or below 13.05; 2025-03 · Price EUR 34.56 · Value 13.05 · Buy at or below 13.05; 2025-04 · Price EUR 36.14 · Value 13.05 · Buy at or below 13.05; 2025-05 · Price EUR 37.18 · Value 13.05 · Buy at or below 13.05; 2025-06 · Price EUR 35.50 · Value 13.05 · Buy at or below 13.05; 2025-07 · Price EUR 34.60 · Value 13.05 · Buy at or below 13.05; 2025-08 · Price EUR 34.25 · Value 13.05 · Buy at or below 13.05; 2025-09 · Price EUR 34.45 · Value 13.05 · Buy at or below 13.05; 2025-10 · Price EUR 35.51 · Value 13.05 · Buy at or below 13.05; 2025-11 · Price EUR 35.65 · Value 13.05 · Buy at or below 13.05; 2025-12 · Price EUR 34.87 · Value 13.05 · Buy at or below 13.05; 2026-01 · Price EUR 32.96 · Value 13.05 · Buy at or below 13.05; 2026-02 · Price EUR 41.77 · Value 12.86 · Buy at or below 12.86; 2026-03 · Price EUR 40.29 · Value 12.86 · Buy at or below 12.86; 2026-04 · Price EUR 40.02 · Value 12.86 · Buy at or below 12.86; 2026-05 · Price EUR 36.17 · Value 12.86 · Buy at or below 12.86; 2026-06 · Price EUR 35.22 · Value 12.86 · Buy at or below 12.86; 2026-07 · Price EUR 34.36 · Value 12.86 · Buy at or below 12.86; 2026-08 · Price EUR 30.65 · Value 12.86 · Buy at or below 12.86; 2026-09 · Price EUR 31.85 · Value 12.86 · Buy at or below 12.86; 2026-10 · Price EUR 31.61 · Value 12.86 · Buy at or below 12.86; 2026-10 · Price EUR 32.22 · Value 12.86 · Buy at or below 12.86

EUR per share · annual estimates

Price & return math
Value range	EUR 11.54 – EUR 14.61
Buy at or below	Central value EUR 12.86
Discount to value	1 − 32.22 / 12.86 = -150.6%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.87/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 2.02/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 91B

Revenue

Owner earningsEUR 891M

Owner earnings

Operating margin3.8%

Operating margin

Net cash / debtEUR -14B

Net cash / debt

Diluted shares893M

Diluted shares

Prices 15 Oct 2026 · FY2025