# Aena (AENA.MC)

Canonical: https://gigainvestors.com/s/AENA.MC

Analysis as of: 2026-10-16T07:34:01.389Z. Financial observations: FY2011–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 25.70 per share; close as of 2026-10-15.

Estimated value: low EUR 17.25 per share, central EUR 19.48 per share, high EUR 22.44 per share. Buy at or below the central value EUR 19.48 per share. Valuation as of 2026-10-16T07:34:01.389Z; 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; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.39×

- FY2017: 0.43×

- FY2018: 0.44×

- FY2019: 0.44×

- FY2020: -0.04×

- FY2021: -0.06×

- FY2022: 0.31×

- FY2023: 0.44×

- FY2024: 0.46×

- FY2025: 0.46×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: -0.6%

- Typical minus recent gross margin: -6.3 pp

- Typical gross margin (annual median): 61.8%

- Recent gross margin (lower of latest and 3-year median): 68.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.3%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 10.3%

- FY2018: 11.3%

- FY2019: 11.8%

- FY2020: -0.6%

- FY2021: -0.9%

- FY2022: 7.8%

- FY2023: 12.3%

- FY2024: 15.3%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.6B

- Net income, five-year total: EUR 6.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.4 pp

- Working capital / revenue, final three-year average: 9.4%

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

- FY2021: 0.76×

- FY2022: 1.06×

- FY2023: 1.16×

- FY2024: 1.01×

- FY2025: 1.03×

### 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: 10.3% vs 15.3%

- Per-share earnings: 0.77 to 1.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: EUR 16B

- Cumulative retained earnings: EUR 3.9B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.6%

- Per-share value change: EUR 0.51

- Per-share value, starting three-year median: EUR 0.77

- Per-share value, ending three-year median: EUR 1.29

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.8B

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 15.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.77

- FY2017: EUR 0.82

- FY2018: EUR 0.89

- FY2019: EUR 0.96

- FY2020: EUR -0.08

- FY2021: EUR -0.32

- FY2022: EUR 0.60

- FY2023: EUR 1.09

- FY2024: EUR 1.29

- FY2025: EUR 1.42

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -5.1%

- FY2018: -4.2%

- FY2019: -4.5%

- FY2020: -1.7%

- FY2021: -4.6%

- FY2022: -6.1%

- FY2023: -3.4%

- FY2024: -4.8%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to grow 4.6% a year for ten years · sales +8.5%

Story as of 2026-10-16T09:59:58.805Z; price observation 2026-10-15.

Price needs cash profits to grow 4.6% a year for ten years

### Sales · FY2024–2025

sales +8.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.7B 

- FY2017: EUR 4.0B 

- FY2018: EUR 4.2B 

- FY2019: EUR 4.5B 

- FY2020: EUR 2.2B 

- FY2021: EUR 2.4B 

- FY2022: EUR 4.2B 

- FY2023: EUR 5.0B 

- FY2024: EUR 5.8B 

- FY2025: EUR 6.3B 

### Gross margin · FY2025

gross margin 73.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.9% 

- FY2017: 61.1% 

- FY2018: 62.6% 

- FY2019: 64.4% 

- FY2020: 31.4% 

- FY2021: 37.5% 

- FY2022: 61.1% 

- FY2023: 65.9% 

- FY2024: 68.2% 

- FY2025: 73.9% 

## Owner memo

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

### How it makes money

Operates in airports & air services; annual sales are EUR 6.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2025: revenue 6278337000; grossProfit 4640225000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 65.9% to 73.9% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2023: grossProfit / revenue = 65.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2024: grossProfit / revenue = 68.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2025: grossProfit / revenue = 73.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); 10-year return on capital observations [[2016,0.08596032341377553],[2017,0.10334764921409677],[2018,0.1127077675024836],[2019,0.11752692325468263],[2020,-0.005608368891388654],[2021,-0.00897845581540231],[2022,0.07785812682484554],[2023,0.1232134535330541],[2024,0.15283759544131284],[2025,0.15705011685303624]]; median 0.10802770835829018. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2016: growth capex 0; upkeep 304039000; owner earnings 1685915000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2017: growth capex 0; upkeep 370409000; owner earnings 1661631000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2018: growth capex 0; upkeep 520193000; owner earnings 1614072000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2019: growth capex 235787000; upkeep 788969000; owner earnings 1428470800. Growth capex / owner earnings = 0.1650625270044022.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2020: growth capex 0; upkeep 503122000; owner earnings 168528600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2022: growth capex 0; upkeep 727692000; owner earnings 959522600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2023: growth capex 0; upkeep 545024000; owner earnings 1892559800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2024: growth capex 0; upkeep 825184000; owner earnings 1944953200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); FY2025: growth capex 0; upkeep 720283000; owner earnings 2203202600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); Dividend observations: [[2016,409716000],[2017,592232000],[2018,975000000],[2019,1051230000],[2020,0],[2021,0],[2022,0],[2023,724250000],[2024,1182867000],[2025,1497800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 51.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AENA.MC SharesStats.PercentInsiders = 51.519000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.6% yearly over ten years; actual growth was 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.389Z); Ten-year compound average after fade. Initial solved rate 0.05221237647896937. Price 25.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9508387084463061 → FY2025 1.4688017333333334. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.38 per share

- 2016-11: EUR 12.51 per share

- 2016-12: EUR 12.97 per share

- 2017-01: EUR 13.43 per share

- 2017-02: EUR 13.50 per share

- 2017-03: EUR 14.83 per share

- 2017-04: EUR 16.20 per share

- 2017-05: EUR 17.97 per share

- 2017-06: EUR 17.09 per share

- 2017-07: EUR 16.53 per share

- 2017-08: EUR 16.41 per share

- 2017-09: EUR 15.28 per share

- 2017-10: EUR 15.75 per share

- 2017-11: EUR 16.72 per share

- 2017-12: EUR 16.90 per share

- 2018-01: EUR 17.54 per share

- 2018-02: EUR 16.77 per share

- 2018-03: EUR 16.37 per share

- 2018-04: EUR 17.11 per share

- 2018-05: EUR 16.43 per share

- 2018-06: EUR 15.55 per share

- 2018-07: EUR 15.54 per share

- 2018-08: EUR 15.25 per share

- 2018-09: EUR 14.95 per share

- 2018-10: EUR 14.12 per share

- 2018-11: EUR 14.02 per share

- 2018-12: EUR 13.58 per share

- 2019-01: EUR 15.08 per share

- 2019-02: EUR 15.69 per share

- 2019-03: EUR 16.05 per share

- 2019-04: EUR 16.54 per share

- 2019-05: EUR 16.49 per share

- 2019-06: EUR 17.43 per share

- 2019-07: EUR 16.41 per share

- 2019-08: EUR 16.40 per share

- 2019-09: EUR 16.80 per share

- 2019-10: EUR 16.45 per share

- 2019-11: EUR 16.67 per share

- 2019-12: EUR 17.05 per share

- 2020-01: EUR 16.72 per share

- 2020-02: EUR 14.50 per share

- 2020-03: EUR 9.95 per share

- 2020-04: EUR 11.55 per share

- 2020-05: EUR 12.82 per share

- 2020-06: EUR 11.87 per share

- 2020-07: EUR 11.03 per share

- 2020-08: EUR 12.51 per share

- 2020-09: EUR 11.93 per share

- 2020-10: EUR 11.56 per share

- 2020-11: EUR 13.66 per share

- 2020-12: EUR 14.22 per share

- 2021-01: EUR 12.73 per share

- 2021-02: EUR 14.09 per share

- 2021-03: EUR 13.83 per share

- 2021-04: EUR 14.47 per share

- 2021-05: EUR 14.35 per share

- 2021-06: EUR 13.83 per share

- 2021-07: EUR 13.42 per share

- 2021-08: EUR 13.52 per share

- 2021-09: EUR 14.93 per share

- 2021-10: EUR 14.17 per share

- 2021-11: EUR 12.95 per share

- 2021-12: EUR 13.88 per share

- 2022-01: EUR 14.32 per share

- 2022-02: EUR 14.63 per share

- 2022-03: EUR 15.11 per share

- 2022-04: EUR 13.63 per share

- 2022-05: EUR 14.22 per share

- 2022-06: EUR 12.13 per share

- 2022-07: EUR 12.30 per share

- 2022-08: EUR 12.24 per share

- 2022-09: EUR 10.69 per share

- 2022-10: EUR 11.92 per share

- 2022-11: EUR 12.33 per share

- 2022-12: EUR 11.73 per share

- 2023-01: EUR 13.75 per share

- 2023-02: EUR 14.64 per share

- 2023-03: EUR 14.89 per share

- 2023-04: EUR 15.29 per share

- 2023-05: EUR 14.62 per share

- 2023-06: EUR 14.80 per share

- 2023-07: EUR 14.54 per share

- 2023-08: EUR 14.50 per share

- 2023-09: EUR 14.26 per share

- 2023-10: EUR 13.68 per share

- 2023-11: EUR 15.79 per share

- 2023-12: EUR 16.41 per share

- 2024-01: EUR 16.43 per share

- 2024-02: EUR 17.52 per share

- 2024-03: EUR 18.24 per share

- 2024-04: EUR 17.16 per share

- 2024-05: EUR 17.96 per share

- 2024-06: EUR 18.80 per share

- 2024-07: EUR 17.51 per share

- 2024-08: EUR 18.26 per share

- 2024-09: EUR 19.76 per share

- 2024-10: EUR 20.30 per share

- 2024-11: EUR 20.48 per share

- 2024-12: EUR 19.74 per share

- 2025-01: EUR 20.84 per share

- 2025-02: EUR 21.48 per share

- 2025-03: EUR 21.66 per share

- 2025-04: EUR 22.14 per share

- 2025-05: EUR 23.70 per share

- 2025-06: EUR 22.66 per share

- 2025-07: EUR 23.60 per share

- 2025-08: EUR 24.74 per share

- 2025-09: EUR 23.27 per share

- 2025-10: EUR 23.55 per share

- 2025-11: EUR 23.46 per share

- 2025-12: EUR 23.82 per share

- 2026-01: EUR 26.23 per share

- 2026-02: EUR 26.67 per share

- 2026-03: EUR 25.52 per share

- 2026-04: EUR 23.24 per share

- 2026-05: EUR 24.90 per share

- 2026-06: EUR 26.66 per share

- 2026-07: EUR 26.68 per share

- 2026-08: EUR 26.42 per share

- 2026-09: EUR 25.64 per share

- 2026-10: EUR 25.28 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.99 per share, central EUR 10.19 per share, high EUR 11.78 per share

- FY2017: low EUR 12.45 per share, central EUR 14.09 per share, high EUR 16.28 per share

- FY2018: low EUR 13.05 per share, central EUR 14.80 per share, high EUR 17.12 per share

- FY2019: low EUR 13.49 per share, central EUR 15.34 per share, high EUR 17.79 per share

- FY2020: low EUR 6.83 per share, central EUR 7.67 per share, high EUR 8.78 per share

- FY2021: low EUR 6.76 per share, central EUR 7.56 per share, high EUR 8.63 per share

- FY2022: low EUR 7.97 per share, central EUR 8.93 per share, high EUR 10.21 per share

- FY2023: low EUR 9.97 per share, central EUR 11.13 per share, high EUR 12.68 per share

- FY2024: low EUR 10.77 per share, central EUR 12.10 per share, high EUR 13.87 per share

- FY2025: low EUR 16.93 per share, central EUR 19.06 per share, high EUR 21.88 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

Prior published observations retained from 2026-10-15T06:39:48.577Z 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.

Aena

AENA · MC

STOXX Europe 600 · IBEX 35

Not a wonderful business

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

Share price: EUR 25.70
Buy up to: EUR 19.48
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 the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 59.4% around their average (limit 35%).

Operating margin

10y median: 43.4%
Worst year: -6.2%
Latest · 2025: 45.9%

Capital return excluding acquisitions: median 10.8% (minimum 15%), and the second-worst year -0.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.8%
Worst year: -0.9%
Latest · 2025: 15.7%

Each $1 of profit left $1.08 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.08×
Annual median: 1.03×
Latest · 2025: 1.03×

Per-share value rose from 0.77 to 1.29, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 0.85
Worst year: EUR -0.32
Latest · 2025: EUR 1.42

Profits were backed by cash: accruals were -3.8% of assets (limit 10%).

Sloan accruals

10y median: -4.4%
Worst year: -1.7%
Latest · 2025: -3.8%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 32.7%, three-year average owner earnings per share 1.34 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 13.38 · Value 10.19 · Buy at or below 10.19; 2016-11 · Price EUR 12.51 · Value 10.19 · Buy at or below 10.19; 2016-12 · Price EUR 12.96 · Value 10.19 · Buy at or below 10.19; 2017-01 · Price EUR 13.43 · Value 10.19 · Buy at or below 10.19; 2017-02 · Price EUR 13.50 · Value 14.09 · Buy at or below 14.09; 2017-03 · Price EUR 14.83 · Value 14.09 · Buy at or below 14.09; 2017-04 · Price EUR 16.20 · Value 14.09 · Buy at or below 14.09; 2017-05 · Price EUR 17.97 · Value 14.09 · Buy at or below 14.09; 2017-06 · Price EUR 17.09 · Value 14.09 · Buy at or below 14.09; 2017-07 · Price EUR 16.52 · Value 14.09 · Buy at or below 14.09; 2017-08 · Price EUR 16.41 · Value 14.09 · Buy at or below 14.09; 2017-09 · Price EUR 15.28 · Value 14.09 · Buy at or below 14.09; 2017-10 · Price EUR 15.75 · Value 14.09 · Buy at or below 14.09; 2017-11 · Price EUR 16.71 · Value 14.09 · Buy at or below 14.09; 2017-12 · Price EUR 16.90 · Value 14.09 · Buy at or below 14.09; 2018-01 · Price EUR 17.54 · Value 14.09 · Buy at or below 14.09; 2018-02 · Price EUR 16.77 · Value 14.80 · Buy at or below 14.80; 2018-03 · Price EUR 16.37 · Value 14.80 · Buy at or below 14.80; 2018-04 · Price EUR 17.11 · Value 14.80 · Buy at or below 14.80; 2018-05 · Price EUR 16.43 · Value 14.80 · Buy at or below 14.80; 2018-06 · Price EUR 15.55 · Value 14.80 · Buy at or below 14.80; 2018-07 · Price EUR 15.54 · Value 14.80 · Buy at or below 14.80; 2018-08 · Price EUR 15.25 · Value 14.80 · Buy at or below 14.80; 2018-09 · Price EUR 14.95 · Value 14.80 · Buy at or below 14.80; 2018-10 · Price EUR 14.12 · Value 14.80 · Buy at or below 14.80; 2018-11 · Price EUR 14.02 · Value 14.80 · Buy at or below 14.80; 2018-12 · Price EUR 13.57 · Value 14.80 · Buy at or below 14.80; 2019-01 · Price EUR 15.08 · Value 14.80 · Buy at or below 14.80; 2019-02 · Price EUR 15.69 · Value 15.34 · Buy at or below 15.34; 2019-03 · Price EUR 16.05 · Value 15.34 · Buy at or below 15.34; 2019-04 · Price EUR 16.54 · Value 15.34 · Buy at or below 15.34; 2019-05 · Price EUR 16.49 · Value 15.34 · Buy at or below 15.34; 2019-06 · Price EUR 17.43 · Value 15.34 · Buy at or below 15.34; 2019-07 · Price EUR 16.41 · Value 15.34 · Buy at or below 15.34; 2019-08 · Price EUR 16.40 · Value 15.34 · Buy at or below 15.34; 2019-09 · Price EUR 16.80 · Value 15.34 · Buy at or below 15.34; 2019-10 · Price EUR 16.45 · Value 15.34 · Buy at or below 15.34; 2019-11 · Price EUR 16.67 · Value 15.34 · Buy at or below 15.34; 2019-12 · Price EUR 17.05 · Value 15.34 · Buy at or below 15.34; 2020-01 · Price EUR 16.71 · Value 15.34 · Buy at or below 15.34; 2020-02 · Price EUR 14.50 · Value 7.67 · Buy at or below 7.67; 2020-03 · Price EUR 9.95 · Value 7.67 · Buy at or below 7.67; 2020-04 · Price EUR 11.55 · Value 7.67 · Buy at or below 7.67; 2020-05 · Price EUR 12.82 · Value 7.67 · Buy at or below 7.67; 2020-06 · Price EUR 11.87 · Value 7.67 · Buy at or below 7.67; 2020-07 · Price EUR 11.03 · Value 7.67 · Buy at or below 7.67; 2020-08 · Price EUR 12.51 · Value 7.67 · Buy at or below 7.67; 2020-09 · Price EUR 11.93 · Value 7.67 · Buy at or below 7.67; 2020-10 · Price EUR 11.56 · Value 7.67 · Buy at or below 7.67; 2020-11 · Price EUR 13.66 · Value 7.67 · Buy at or below 7.67; 2020-12 · Price EUR 14.22 · Value 7.67 · Buy at or below 7.67; 2021-01 · Price EUR 12.73 · Value 7.67 · Buy at or below 7.67; 2021-02 · Price EUR 14.09 · Value 7.56 · Buy at or below 7.56; 2021-03 · Price EUR 13.83 · Value 7.56 · Buy at or below 7.56; 2021-04 · Price EUR 14.47 · Value 7.56 · Buy at or below 7.56; 2021-05 · Price EUR 14.35 · Value 7.56 · Buy at or below 7.56; 2021-06 · Price EUR 13.83 · Value 7.56 · Buy at or below 7.56; 2021-07 · Price EUR 13.42 · Value 7.56 · Buy at or below 7.56; 2021-08 · Price EUR 13.52 · Value 7.56 · Buy at or below 7.56; 2021-09 · Price EUR 14.93 · Value 7.56 · Buy at or below 7.56; 2021-10 · Price EUR 14.17 · Value 7.56 · Buy at or below 7.56; 2021-11 · Price EUR 12.95 · Value 7.56 · Buy at or below 7.56; 2021-12 · Price EUR 13.88 · Value 7.56 · Buy at or below 7.56; 2022-01 · Price EUR 14.32 · Value 7.56 · Buy at or below 7.56; 2022-02 · Price EUR 14.63 · Value 8.93 · Buy at or below 8.93; 2022-03 · Price EUR 15.11 · Value 8.93 · Buy at or below 8.93; 2022-04 · Price EUR 13.63 · Value 8.93 · Buy at or below 8.93; 2022-05 · Price EUR 14.21 · Value 8.93 · Buy at or below 8.93; 2022-06 · Price EUR 12.13 · Value 8.93 · Buy at or below 8.93; 2022-07 · Price EUR 12.30 · Value 8.93 · Buy at or below 8.93; 2022-08 · Price EUR 12.23 · Value 8.93 · Buy at or below 8.93; 2022-09 · Price EUR 10.69 · Value 8.93 · Buy at or below 8.93; 2022-10 · Price EUR 11.92 · Value 8.93 · Buy at or below 8.93; 2022-11 · Price EUR 12.33 · Value 8.93 · Buy at or below 8.93; 2022-12 · Price EUR 11.73 · Value 8.93 · Buy at or below 8.93; 2023-01 · Price EUR 13.75 · Value 8.93 · Buy at or below 8.93; 2023-02 · Price EUR 14.64 · Value 11.13 · Buy at or below 11.13; 2023-03 · Price EUR 14.89 · Value 11.13 · Buy at or below 11.13; 2023-04 · Price EUR 15.29 · Value 11.13 · Buy at or below 11.13; 2023-05 · Price EUR 14.62 · Value 11.13 · Buy at or below 11.13; 2023-06 · Price EUR 14.80 · Value 11.13 · Buy at or below 11.13; 2023-07 · Price EUR 14.54 · Value 11.13 · Buy at or below 11.13; 2023-08 · Price EUR 14.50 · Value 11.13 · Buy at or below 11.13; 2023-09 · Price EUR 14.26 · Value 11.13 · Buy at or below 11.13; 2023-10 · Price EUR 13.68 · Value 11.13 · Buy at or below 11.13; 2023-11 · Price EUR 15.79 · Value 11.13 · Buy at or below 11.13; 2023-12 · Price EUR 16.41 · Value 11.13 · Buy at or below 11.13; 2024-01 · Price EUR 16.43 · Value 11.13 · Buy at or below 11.13; 2024-02 · Price EUR 17.52 · Value 12.10 · Buy at or below 12.10; 2024-03 · Price EUR 18.24 · Value 12.10 · Buy at or below 12.10; 2024-04 · Price EUR 17.16 · Value 12.10 · Buy at or below 12.10; 2024-05 · Price EUR 17.96 · Value 12.10 · Buy at or below 12.10; 2024-06 · Price EUR 18.80 · Value 12.10 · Buy at or below 12.10; 2024-07 · Price EUR 17.51 · Value 12.10 · Buy at or below 12.10; 2024-08 · Price EUR 18.26 · Value 12.10 · Buy at or below 12.10; 2024-09 · Price EUR 19.76 · Value 12.10 · Buy at or below 12.10; 2024-10 · Price EUR 20.30 · Value 12.10 · Buy at or below 12.10; 2024-11 · Price EUR 20.48 · Value 12.10 · Buy at or below 12.10; 2024-12 · Price EUR 19.74 · Value 12.10 · Buy at or below 12.10; 2025-01 · Price EUR 20.84 · Value 12.10 · Buy at or below 12.10; 2025-02 · Price EUR 21.48 · Value 19.06 · Buy at or below 19.06; 2025-03 · Price EUR 21.66 · Value 19.06 · Buy at or below 19.06; 2025-04 · Price EUR 22.14 · Value 19.06 · Buy at or below 19.06; 2025-05 · Price EUR 23.70 · Value 19.06 · Buy at or below 19.06; 2025-06 · Price EUR 22.66 · Value 19.06 · Buy at or below 19.06; 2025-07 · Price EUR 23.59 · Value 19.06 · Buy at or below 19.06; 2025-08 · Price EUR 24.74 · Value 19.06 · Buy at or below 19.06; 2025-09 · Price EUR 23.27 · Value 19.06 · Buy at or below 19.06; 2025-10 · Price EUR 23.55 · Value 19.06 · Buy at or below 19.06; 2025-11 · Price EUR 23.46 · Value 19.06 · Buy at or below 19.06; 2025-12 · Price EUR 23.82 · Value 19.06 · Buy at or below 19.06; 2026-01 · Price EUR 26.23 · Value 19.06 · Buy at or below 19.06; 2026-02 · Price EUR 26.67 · Value 19.48 · Buy at or below 19.48; 2026-03 · Price EUR 25.52 · Value 19.48 · Buy at or below 19.48; 2026-04 · Price EUR 23.24 · Value 19.48 · Buy at or below 19.48; 2026-05 · Price EUR 24.90 · Value 19.48 · Buy at or below 19.48; 2026-06 · Price EUR 26.66 · Value 19.48 · Buy at or below 19.48; 2026-07 · Price EUR 26.68 · Value 19.48 · Buy at or below 19.48; 2026-08 · Price EUR 26.42 · Value 19.48 · Buy at or below 19.48; 2026-09 · Price EUR 25.64 · Value 19.48 · Buy at or below 19.48; 2026-10 · Price EUR 25.28 · Value 19.48 · Buy at or below 19.48; 2026-10 · Price EUR 25.70 · Value 19.48 · Buy at or below 19.48

EUR per share · annual estimates

Price & return math
Value range	EUR 17.25 – EUR 22.44
Buy at or below	Central value EUR 19.48
Discount to value	1 − 25.70 / 19.48 = -32.0%
Return / year	About 8.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 1.48/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 1.11/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 6.3B

Revenue

Owner earningsEUR 2.2B

Owner earnings

Operating margin45.9%

Operating margin

Net cash / debtEUR -4.8B

Net cash / debt

Diluted shares1.5B

Diluted shares

Prices 15 Oct 2026 · FY2025