# Aedifica (AED.BR)

Canonical: https://gigainvestors.com/s/AED.BR

Analysis as of: 2026-10-16T07:37:04.789Z. Financial observations: FY2005–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 63.00 per share; close as of 2026-10-15.

Estimated value: low EUR 46.42 per share, central EUR 61.31 per share, high EUR 71.67 per share. Buy at or below the central value EUR 61.31 per share. Valuation as of 2026-10-16T07:37:04.789Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.95×

- FY2017: 0.98×

- FY2018: 1.38×

- FY2019: 0.93×

- FY2020: 1.28×

- FY2021: 1.51×

- FY2022: 1.07×

- FY2023: 0.30×

- FY2024: 0.79×

- FY2025: 0.86×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 94.5%

- Recent gross margin (lower of latest and 3-year median): 93.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.0%

- FY2017: 5.3%

- FY2018: 6.8%

- FY2020: 5.8%

- FY2021: 6.2%

- FY2022: 4.5%

- FY2023: 1.3%

- FY2024: 4.5%

- FY2025: 4.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: 4.3%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: -1.8%

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

- FY2021: 0.95×

- FY2022: 0.96×

- FY2023: 0.47×

- FY2024: 0.93×

- FY2025: 0.94×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.3% vs 4.5%

- Per-share earnings: 4.00 to 4.31 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.0%

- Ordinary dilution, 5-year annual growth: 11.4%

- Market cap gain: EUR 2.3B

- Cumulative retained earnings: EUR 301M

- Diluted shares, 10-year annual growth: 13.0%

- Diluted shares, 5-year annual growth: 11.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.9%

- Per-share value change: EUR 0.31

- Per-share value, starting three-year median: EUR 4.00

- Per-share value, ending three-year median: EUR 4.31

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 17.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 5.3%

- ROIC, last three-year median: 4.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.46

- FY2017: EUR 4.00

- FY2018: EUR 5.69

- FY2019: EUR 4.26

- FY2020: EUR 6.23

- FY2021: EUR 8.10

- FY2022: EUR 8.50

- FY2023: EUR 0.56

- FY2024: EUR 4.31

- FY2025: EUR 5.14

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -0.7%

- FY2018: 0.6%

- FY2020: 0.8%

- FY2021: 1.6%

- FY2022: 1.9%

- FY2023: -3.3%

- FY2024: -0.7%

- FY2025: -0.3%

## Holders

## Price story

Down 45% since Nov 2021 · sales +6.5%

Story as of 2026-10-16T10:00:08.571Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

### Sales · FY2024–2025

sales +6.5%; source https://filings.xbrl.org/529900DTKNXL0AXQFN28/2023-12-31/ESEF/BE/0/529900DTKNXL0AXQFN28-2023-12-31-nl/reports/529900DTKNXL0AXQFN28-2023-12-31-nl.xhtml; observed 2024-04-04.

- FY2016: EUR 82M 

- FY2017: EUR 94M 

- FY2018: EUR 121M 

- FY2019: EUR 161M 

- FY2020: EUR 185M 

- FY2021: EUR 231M 

- FY2022: EUR 277M 

- FY2023: EUR 321M 

- FY2024: EUR 348M 

- FY2025: EUR 370M 

### Gross margin · FY2025

gross margin 94.2%; source https://filings.xbrl.org/529900DTKNXL0AXQFN28/2023-12-31/ESEF/BE/0/529900DTKNXL0AXQFN28-2023-12-31-nl/reports/529900DTKNXL0AXQFN28-2023-12-31-nl.xhtml; observed 2024-04-04.

- FY2016: 92.7% 

- FY2017: 93.3% 

- FY2018: 94.9% 

- FY2019: 96.9% 

- FY2021: 98.7% 

- FY2022: 94.8% 

- FY2023: 93.9% 

- FY2024: 93.8% 

- FY2025: 94.2% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 370.2 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: revenue 370191000; grossProfit 348557000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 93.8% to 94.2% during 2023–25; it earns 5% on its capital.

- Source: https://filings.xbrl.org/529900DTKNXL0AXQFN28/2023-12-31/ESEF/BE/0/529900DTKNXL0AXQFN28-2023-12-31-nl/reports/529900DTKNXL0AXQFN28-2023-12-31-nl.xhtml (filed 2024-04-04); FY2023: grossProfit / revenue = 93.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2024: grossProfit / revenue = 93.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: grossProfit / revenue = 94.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); 10-year return on capital observations [[2016,0.049792608910400604],[2017,0.05305096601778037],[2018,0.06829351350216915],[2020,0.058193842384108685],[2021,0.06153276627489075],[2022,0.04513844991105811],[2023,0.012977471484496404],[2024,0.04487623125416189],[2025,0.04483637766220033]]; median 0.049792608910400604. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2016: growth capex 91000; upkeep 678000; owner earnings 63358000. Growth capex / owner earnings = 0.0014362827109441587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2017: growth capex 389641.07818563865; upkeep 1402358.9218143614; owner earnings 71256641.07818563. Growth capex / owner earnings = 0.005468137036632261.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2018: growth capex 0; upkeep 62000; owner earnings 104483000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2019: growth capex 0; upkeep 952000; owner earnings 105145000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2021: growth capex 742381.5977596799; upkeep 3520618.40224032; owner earnings 268013981.59775966. Growth capex / owner earnings = 0.002769936080699924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2022: growth capex 0; upkeep 863000; owner earnings 319287000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900DTKNXL0AXQFN28/2023-12-31/ESEF/BE/0/529900DTKNXL0AXQFN28-2023-12-31-nl/reports/529900DTKNXL0AXQFN28-2023-12-31-nl.xhtml (filed 2024-04-04); FY2023: growth capex 0; upkeep 986000; owner earnings 11644400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2024: growth capex 0; upkeep 609000; owner earnings 190940400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: growth capex 0; upkeep 342000; owner earnings 229537200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); Dividend observations: [[2016,22108000],[2017,34478000],[2018,28119000],[2019,54572000],[2020,130158000],[2021,47748000],[2022,119077000],[2023,115988000],[2024,166854000],[2025,185647000]]. Zero only counted when supported by a complete cash-flow statement.

### 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); AED.BR SharesStats.PercentInsiders = 0.059000000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 5.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); Ten-year compound average after fade. Initial solved rate 0.05806015138071867. Price 63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.876736678943701 → FY2025 4.8272686762361205. Closing-price date 2026-10-15.

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

- 2016-11: EUR 61.79 per share

- 2016-12: EUR 63.14 per share

- 2017-01: EUR 62.51 per share

- 2017-02: EUR 64.02 per share

- 2017-03: EUR 64.49 per share

- 2017-04: EUR 65.90 per share

- 2017-05: EUR 68.11 per share

- 2017-06: EUR 69.75 per share

- 2017-07: EUR 70.65 per share

- 2017-08: EUR 74.57 per share

- 2017-09: EUR 72.90 per share

- 2017-10: EUR 74.71 per share

- 2017-11: EUR 73.06 per share

- 2017-12: EUR 71.89 per share

- 2018-01: EUR 70.78 per share

- 2018-02: EUR 68.49 per share

- 2018-03: EUR 68.31 per share

- 2018-04: EUR 68.68 per share

- 2018-05: EUR 74.07 per share

- 2018-06: EUR 71.33 per share

- 2018-07: EUR 74.52 per share

- 2018-08: EUR 74.80 per share

- 2018-09: EUR 70.96 per share

- 2018-10: EUR 67.49 per share

- 2018-11: EUR 67.13 per share

- 2018-12: EUR 71.87 per share

- 2019-01: EUR 76.62 per share

- 2019-02: EUR 73.70 per share

- 2019-03: EUR 77.72 per share

- 2019-04: EUR 76.20 per share

- 2019-05: EUR 78.48 per share

- 2019-06: EUR 79.91 per share

- 2019-07: EUR 90.39 per share

- 2019-08: EUR 97.91 per share

- 2019-09: EUR 101.15 per share

- 2019-10: EUR 102.68 per share

- 2019-11: EUR 105.72 per share

- 2019-12: EUR 107.82 per share

- 2020-01: EUR 116.20 per share

- 2020-02: EUR 111.82 per share

- 2020-03: EUR 90.01 per share

- 2020-04: EUR 84.10 per share

- 2020-05: EUR 91.53 per share

- 2020-06: EUR 92.67 per share

- 2020-07: EUR 93.34 per share

- 2020-08: EUR 94.01 per share

- 2020-09: EUR 99.25 per share

- 2020-10: EUR 84.41 per share

- 2020-11: EUR 94.57 per share

- 2020-12: EUR 96.04 per share

- 2021-01: EUR 97.40 per share

- 2021-02: EUR 100.63 per share

- 2021-03: EUR 95.55 per share

- 2021-04: EUR 99.26 per share

- 2021-05: EUR 103.66 per share

- 2021-06: EUR 108.74 per share

- 2021-07: EUR 118.02 per share

- 2021-08: EUR 121.73 per share

- 2021-09: EUR 105.32 per share

- 2021-10: EUR 112.65 per share

- 2021-11: EUR 115.48 per share

- 2021-12: EUR 112.25 per share

- 2022-01: EUR 104.24 per share

- 2022-02: EUR 98.87 per share

- 2022-03: EUR 111.38 per share

- 2022-04: EUR 110.50 per share

- 2022-05: EUR 105.51 per share

- 2022-06: EUR 89.39 per share

- 2022-07: EUR 99.07 per share

- 2022-08: EUR 92.18 per share

- 2022-09: EUR 77.03 per share

- 2022-10: EUR 75.42 per share

- 2022-11: EUR 73.22 per share

- 2022-12: EUR 74.06 per share

- 2023-01: EUR 78.70 per share

- 2023-02: EUR 78.26 per share

- 2023-03: EUR 72.39 per share

- 2023-04: EUR 74.01 per share

- 2023-05: EUR 61.31 per share

- 2023-06: EUR 58.70 per share

- 2023-07: EUR 62.50 per share

- 2023-08: EUR 61.80 per share

- 2023-09: EUR 53.85 per share

- 2023-10: EUR 51.45 per share

- 2023-11: EUR 57.55 per share

- 2023-12: EUR 63.65 per share

- 2024-01: EUR 60.60 per share

- 2024-02: EUR 52.65 per share

- 2024-03: EUR 56.95 per share

- 2024-04: EUR 60.15 per share

- 2024-05: EUR 59.75 per share

- 2024-06: EUR 56.65 per share

- 2024-07: EUR 58.80 per share

- 2024-08: EUR 61.00 per share

- 2024-09: EUR 62.90 per share

- 2024-10: EUR 59.05 per share

- 2024-11: EUR 58.05 per share

- 2024-12: EUR 56.20 per share

- 2025-01: EUR 58.25 per share

- 2025-02: EUR 62.05 per share

- 2025-03: EUR 62.45 per share

- 2025-04: EUR 70.65 per share

- 2025-05: EUR 66.50 per share

- 2025-06: EUR 66.05 per share

- 2025-07: EUR 64.70 per share

- 2025-08: EUR 65.65 per share

- 2025-09: EUR 63.05 per share

- 2025-10: EUR 63.30 per share

- 2025-11: EUR 66.50 per share

- 2025-12: EUR 67.50 per share

- 2026-01: EUR 74.15 per share

- 2026-02: EUR 78.65 per share

- 2026-03: EUR 69.45 per share

- 2026-04: EUR 71.85 per share

- 2026-05: EUR 70.80 per share

- 2026-06: EUR 70.60 per share

- 2026-07: EUR 70.25 per share

- 2026-08: EUR 67.90 per share

- 2026-09: EUR 63.80 per share

- 2026-10: EUR 62.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 56.88 per share, central EUR 78.56 per share, high EUR 92.07 per share

- FY2017: low EUR 43.81 per share, central EUR 49.79 per share, high EUR 57.74 per share

- FY2018: low EUR 66.69 per share, central EUR 89.28 per share, high EUR 104.45 per share

- FY2019: low EUR 63.77 per share, central EUR 85.48 per share, high EUR 100.04 per share

- FY2020: low EUR 66.56 per share, central EUR 91.14 per share, high EUR 106.74 per share

- FY2021: low EUR 64.28 per share, central EUR 85.62 per share, high EUR 100.19 per share

- FY2022: low EUR 74.18 per share, central EUR 93.73 per share, high EUR 109.43 per share

- FY2023: low EUR 52.85 per share, central EUR 60.10 per share, high EUR 69.75 per share

- FY2024: low EUR 44.13 per share, central EUR 50.18 per share, high EUR 58.24 per share

- FY2025: low EUR 61.30 per share, central EUR 81.10 per share, high EUR 94.88 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900DTKNXL0AXQFN28/2023-12-31/ESEF/BE/0/529900DTKNXL0AXQFN28-2023-12-31-nl/reports/529900DTKNXL0AXQFN28-2023-12-31-nl.xhtml); period 2023-12-31, filed 2024-04-04.

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.

Aedifica

AED · BR

STOXX Europe 600 · BEL 20

Not a wonderful business

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

Share price: EUR 63.00
Buy up to: EUR 61.31
Expected / yr: 9.8% 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 the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 32.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 96.7%
Worst year: 29.6%
Latest · 2025: 86.2%

Capital return excluding acquisitions: median 5% (minimum 15%), and the second-worst year 4.5% (minimum 10%).

ROIC excluding acquisitions

9y median: 5.0%
Worst year: 1.3%
Latest · 2025: 4.5%

New investment earned 4.3% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.94×
Annual median: 0.94×
Latest · 2025: 0.94×

Share growth was 13% over ten years and 11.4% over five (either must be at most 1% a year).

Earnings per share

10y median: EUR 4.80
Worst year: EUR 0.56
Latest · 2025: EUR 5.14

Profits were backed by cash: accruals were -0.3% of assets (limit 10%).

Sloan accruals

9y median: -0.3%
Worst year: 1.9%
Latest · 2025: -0.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 100.6%, three-year average owner earnings per share 3.04 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 61.79 · Value 78.56 · Buy at or below 78.56; 2016-12 · Price EUR 63.14 · Value 78.56 · Buy at or below 78.56; 2017-01 · Price EUR 62.51 · Value 78.56 · Buy at or below 78.56; 2017-02 · Price EUR 64.02 · Value 49.79 · Buy at or below 49.79; 2017-03 · Price EUR 64.49 · Value 49.79 · Buy at or below 49.79; 2017-04 · Price EUR 65.90 · Value 49.79 · Buy at or below 49.79; 2017-05 · Price EUR 68.11 · Value 49.79 · Buy at or below 49.79; 2017-06 · Price EUR 69.75 · Value 49.79 · Buy at or below 49.79; 2017-07 · Price EUR 70.65 · Value 49.79 · Buy at or below 49.79; 2017-08 · Price EUR 74.57 · Value 49.79 · Buy at or below 49.79; 2017-09 · Price EUR 72.90 · Value 49.79 · Buy at or below 49.79; 2017-10 · Price EUR 74.71 · Value 49.79 · Buy at or below 49.79; 2017-11 · Price EUR 73.06 · Value 49.79 · Buy at or below 49.79; 2017-12 · Price EUR 71.89 · Value 49.79 · Buy at or below 49.79; 2018-01 · Price EUR 70.78 · Value 49.79 · Buy at or below 49.79; 2018-02 · Price EUR 68.49 · Value 89.28 · Buy at or below 89.28; 2018-03 · Price EUR 68.31 · Value 89.28 · Buy at or below 89.28; 2018-04 · Price EUR 68.68 · Value 89.28 · Buy at or below 89.28; 2018-05 · Price EUR 74.07 · Value 89.28 · Buy at or below 89.28; 2018-06 · Price EUR 71.33 · Value 89.28 · Buy at or below 89.28; 2018-07 · Price EUR 74.52 · Value 89.28 · Buy at or below 89.28; 2018-08 · Price EUR 74.80 · Value 89.28 · Buy at or below 89.28; 2018-09 · Price EUR 70.96 · Value 89.28 · Buy at or below 89.28; 2018-10 · Price EUR 67.49 · Value 89.28 · Buy at or below 89.28; 2018-11 · Price EUR 67.13 · Value 89.28 · Buy at or below 89.28; 2018-12 · Price EUR 71.87 · Value 89.28 · Buy at or below 89.28; 2019-01 · Price EUR 76.62 · Value 89.28 · Buy at or below 89.28; 2019-02 · Price EUR 73.70 · Value 85.48 · Buy at or below 85.48; 2019-03 · Price EUR 77.72 · Value 85.48 · Buy at or below 85.48; 2019-04 · Price EUR 76.20 · Value 85.48 · Buy at or below 85.48; 2019-05 · Price EUR 78.48 · Value 85.48 · Buy at or below 85.48; 2019-06 · Price EUR 79.91 · Value 85.48 · Buy at or below 85.48; 2019-07 · Price EUR 90.39 · Value 85.48 · Buy at or below 85.48; 2019-08 · Price EUR 97.91 · Value 85.48 · Buy at or below 85.48; 2019-09 · Price EUR 101.15 · Value 85.48 · Buy at or below 85.48; 2019-10 · Price EUR 102.68 · Value 85.48 · Buy at or below 85.48; 2019-11 · Price EUR 105.72 · Value 85.48 · Buy at or below 85.48; 2019-12 · Price EUR 107.82 · Value 85.48 · Buy at or below 85.48; 2020-01 · Price EUR 116.20 · Value 85.48 · Buy at or below 85.48; 2020-02 · Price EUR 111.82 · Value 91.14 · Buy at or below 91.14; 2020-03 · Price EUR 90.01 · Value 91.14 · Buy at or below 91.14; 2020-04 · Price EUR 84.10 · Value 91.14 · Buy at or below 91.14; 2020-05 · Price EUR 91.53 · Value 91.14 · Buy at or below 91.14; 2020-06 · Price EUR 92.67 · Value 91.14 · Buy at or below 91.14; 2020-07 · Price EUR 93.34 · Value 91.14 · Buy at or below 91.14; 2020-08 · Price EUR 94.01 · Value 91.14 · Buy at or below 91.14; 2020-09 · Price EUR 99.25 · Value 91.14 · Buy at or below 91.14; 2020-10 · Price EUR 84.41 · Value 91.14 · Buy at or below 91.14; 2020-11 · Price EUR 94.57 · Value 91.14 · Buy at or below 91.14; 2020-12 · Price EUR 96.04 · Value 91.14 · Buy at or below 91.14; 2021-01 · Price EUR 97.40 · Value 91.14 · Buy at or below 91.14; 2021-02 · Price EUR 100.63 · Value 85.62 · Buy at or below 85.62; 2021-03 · Price EUR 95.55 · Value 85.62 · Buy at or below 85.62; 2021-04 · Price EUR 99.26 · Value 85.62 · Buy at or below 85.62; 2021-05 · Price EUR 103.66 · Value 85.62 · Buy at or below 85.62; 2021-06 · Price EUR 108.74 · Value 85.62 · Buy at or below 85.62; 2021-07 · Price EUR 118.02 · Value 85.62 · Buy at or below 85.62; 2021-08 · Price EUR 121.73 · Value 85.62 · Buy at or below 85.62; 2021-09 · Price EUR 105.32 · Value 85.62 · Buy at or below 85.62; 2021-10 · Price EUR 112.65 · Value 85.62 · Buy at or below 85.62; 2021-11 · Price EUR 115.48 · Value 85.62 · Buy at or below 85.62; 2021-12 · Price EUR 112.25 · Value 85.62 · Buy at or below 85.62; 2022-01 · Price EUR 104.24 · Value 85.62 · Buy at or below 85.62; 2022-02 · Price EUR 98.87 · Value 93.73 · Buy at or below 93.73; 2022-03 · Price EUR 111.38 · Value 93.73 · Buy at or below 93.73; 2022-04 · Price EUR 110.50 · Value 93.73 · Buy at or below 93.73; 2022-05 · Price EUR 105.51 · Value 93.73 · Buy at or below 93.73; 2022-06 · Price EUR 89.39 · Value 93.73 · Buy at or below 93.73; 2022-07 · Price EUR 99.07 · Value 93.73 · Buy at or below 93.73; 2022-08 · Price EUR 92.18 · Value 93.73 · Buy at or below 93.73; 2022-09 · Price EUR 77.03 · Value 93.73 · Buy at or below 93.73; 2022-10 · Price EUR 75.42 · Value 93.73 · Buy at or below 93.73; 2022-11 · Price EUR 73.22 · Value 93.73 · Buy at or below 93.73; 2022-12 · Price EUR 74.06 · Value 93.73 · Buy at or below 93.73; 2023-01 · Price EUR 78.70 · Value 93.73 · Buy at or below 93.73; 2023-02 · Price EUR 78.26 · Value 60.10 · Buy at or below 60.10; 2023-03 · Price EUR 72.39 · Value 60.10 · Buy at or below 60.10; 2023-04 · Price EUR 74.01 · Value 60.10 · Buy at or below 60.10; 2023-05 · Price EUR 61.31 · Value 60.10 · Buy at or below 60.10; 2023-06 · Price EUR 58.70 · Value 60.10 · Buy at or below 60.10; 2023-07 · Price EUR 62.50 · Value 60.10 · Buy at or below 60.10; 2023-08 · Price EUR 61.80 · Value 60.10 · Buy at or below 60.10; 2023-09 · Price EUR 53.85 · Value 60.10 · Buy at or below 60.10; 2023-10 · Price EUR 51.45 · Value 60.10 · Buy at or below 60.10; 2023-11 · Price EUR 57.55 · Value 60.10 · Buy at or below 60.10; 2023-12 · Price EUR 63.65 · Value 60.10 · Buy at or below 60.10; 2024-01 · Price EUR 60.60 · Value 60.10 · Buy at or below 60.10; 2024-02 · Price EUR 52.65 · Value 50.18 · Buy at or below 50.18; 2024-03 · Price EUR 56.95 · Value 50.18 · Buy at or below 50.18; 2024-04 · Price EUR 60.15 · Value 50.18 · Buy at or below 50.18; 2024-05 · Price EUR 59.75 · Value 50.18 · Buy at or below 50.18; 2024-06 · Price EUR 56.65 · Value 50.18 · Buy at or below 50.18; 2024-07 · Price EUR 58.80 · Value 50.18 · Buy at or below 50.18; 2024-08 · Price EUR 61.00 · Value 50.18 · Buy at or below 50.18; 2024-09 · Price EUR 62.90 · Value 50.18 · Buy at or below 50.18; 2024-10 · Price EUR 59.05 · Value 50.18 · Buy at or below 50.18; 2024-11 · Price EUR 58.05 · Value 50.18 · Buy at or below 50.18; 2024-12 · Price EUR 56.20 · Value 50.18 · Buy at or below 50.18; 2025-01 · Price EUR 58.25 · Value 50.18 · Buy at or below 50.18; 2025-02 · Price EUR 62.05 · Value 81.10 · Buy at or below 81.10; 2025-03 · Price EUR 62.45 · Value 81.10 · Buy at or below 81.10; 2025-04 · Price EUR 70.65 · Value 81.10 · Buy at or below 81.10; 2025-05 · Price EUR 66.50 · Value 81.10 · Buy at or below 81.10; 2025-06 · Price EUR 66.05 · Value 81.10 · Buy at or below 81.10; 2025-07 · Price EUR 64.70 · Value 81.10 · Buy at or below 81.10; 2025-08 · Price EUR 65.65 · Value 81.10 · Buy at or below 81.10; 2025-09 · Price EUR 63.05 · Value 81.10 · Buy at or below 81.10; 2025-10 · Price EUR 63.30 · Value 81.10 · Buy at or below 81.10; 2025-11 · Price EUR 66.50 · Value 81.10 · Buy at or below 81.10; 2025-12 · Price EUR 67.50 · Value 81.10 · Buy at or below 81.10; 2026-01 · Price EUR 74.15 · Value 81.10 · Buy at or below 81.10; 2026-02 · Price EUR 78.65 · Value 61.31 · Buy at or below 61.31; 2026-03 · Price EUR 69.45 · Value 61.31 · Buy at or below 61.31; 2026-04 · Price EUR 71.85 · Value 61.31 · Buy at or below 61.31; 2026-05 · Price EUR 70.80 · Value 61.31 · Buy at or below 61.31; 2026-06 · Price EUR 70.60 · Value 61.31 · Buy at or below 61.31; 2026-07 · Price EUR 70.25 · Value 61.31 · Buy at or below 61.31; 2026-08 · Price EUR 67.90 · Value 61.31 · Buy at or below 61.31; 2026-09 · Price EUR 63.80 · Value 61.31 · Buy at or below 61.31; 2026-10 · Price EUR 62.00 · Value 61.31 · Buy at or below 61.31; 2026-10 · Price EUR 63.00 · Value 61.31 · Buy at or below 61.31

EUR per share · annual estimates

Price & return math
Value range	EUR 46.42 – EUR 71.67
Buy at or below	Central value EUR 61.31
Discount to value	1 − 63.00 / 61.31 = -2.8%
Return / year	About 9.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 3.63/share; 5.3% growth for 5 years, then fades to 3.0%; excess cash EUR 0.55/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 370M

Revenue

Owner earningsEUR 230M

Owner earnings

Operating margin86.2%

Operating margin

Net cash / debtEUR -2.5B

Net cash / debt

Diluted shares48M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·