# ageas SA/NV (AGS.BR)

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

Analysis as of: 2026-10-16T07:34:57.301Z. 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 73.55 per share; close as of 2026-10-15.

Estimated value: low EUR 21.87 per share, central EUR 26.03 per share, high EUR 32.14 per share. Buy at or below the central value EUR 26.03 per share. Valuation as of 2026-10-16T07:34:57.301Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.47×

Chart: Net income; fiscal year observations.

- FY2016: EUR 27M

- FY2017: EUR 623M

- FY2018: EUR 809M

- FY2019: EUR 979M

- FY2020: EUR 1.1B

- FY2021: EUR 845M

- FY2022: EUR 1.0B

- FY2023: EUR 953M

- FY2024: EUR 1.1B

- FY2025: EUR 1.7B

### moat: fail

- 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: 9.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 0.3%

- FY2017: 6.5%

- FY2018: 8.6%

- FY2019: 8.7%

- FY2020: 9.9%

- FY2021: 7.1%

- FY2022: 13.3%

- FY2023: 12.8%

- FY2024: 14.4%

- FY2025: 18.1%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 5.0%

- Book return interval: 10 years

- Starting book value per share: EUR 53.12

- Ending book value per share: EUR 50.15

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

- FY2016: -9.6%

- FY2017: 7.1%

- FY2018: 4.7%

- FY2019: 27.0%

- FY2020: 9.8%

- FY2021: 7.9%

- FY2022: -29.2%

- FY2023: 5.3%

- FY2024: 12.5%

- FY2025: 27.0%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: -1.3%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -0.21×

- Book value created per share: EUR -2.97

- Earnings retained per share after dividends and buybacks: EUR 14.43

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

- FY2015: 100

- FY2016: 96

- FY2017: 94

- FY2018: 92

- FY2019: 89

- FY2020: 87

- FY2021: 87

- FY2022: 86

- FY2023: 86

- FY2024: 86

- FY2025: 88

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.1% a year forever · net income +53.1%

Story as of 2026-10-16T10:00:03.179Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

### Net income · FY2025

net income +53.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 27M 

- FY2017: EUR 623M 

- FY2018: EUR 809M 

- FY2019: EUR 979M 

- FY2020: EUR 1.1B 

- FY2021: EUR 845M 

- FY2022: EUR 1.0B 

- FY2023: EUR 953M 

- FY2024: EUR 1.1B 

- FY2025: EUR 1.7B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.301Z); FY2025: revenue 9044000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AGS.BR: ageas SA/NV, together with its subsidiaries, engages in insurance business. It operates through five segments: Belgium, Europe, Asia, Reinsurance, and General Account. The company provides property, casualty, and life insurance products, as well as pension products; and reinsurance products. It offers life insurance products include risks related to the life, and death of individuals; and non-life insurance products comprise accident and health, motor, and fire insurance products, as well as insurance services for other damages to property; and pension funds. The company serves private individuals, as well as small, medium-sized, and large companies through independent brokers and the bank channels. ageas SA/NV was founded in 1824 and is based in Brussels, Belgium.

### Why customers stay

It earns 9.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.301Z); 10-year return on tangible equity observations [[2016,0.0028345501328368512],[2017,0.06484304279515966],[2018,0.08597020634549589],[2019,0.08724479338401077],[2020,0.09874513197749892],[2021,0.07092496222931005],[2022,0.1333421260881034],[2023,0.12840204796550794],[2024,0.14422084623323014],[2025,0.18133672280478763]]; median 0.09299496268075484. 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 125 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.301Z); Dividend observations: [[2016,338300000],[2017,419400000],[2018,403200000],[2019,415700000],[2020,485000000],[2021,485000000],[2022,765000000],[2023,540000000],[2024,584000000],[2025,657000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.301Z); FY2025: cash repurchases 125000000 EUR.

### Are managers owners

Insiders own 30.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AGS.BR SharesStats.PercentInsiders = 30.514999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:57.301Z); Price 73.55; FX 1; original perpetual distributable cash 1.3684835070222567; discount 0.1; growth 0.08139383403096864. 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 33.28 per share

- 2016-11: EUR 35.22 per share

- 2016-12: EUR 37.61 per share

- 2017-01: EUR 39.58 per share

- 2017-02: EUR 35.84 per share

- 2017-03: EUR 36.64 per share

- 2017-04: EUR 37.60 per share

- 2017-05: EUR 35.95 per share

- 2017-06: EUR 35.26 per share

- 2017-07: EUR 38.07 per share

- 2017-08: EUR 39.01 per share

- 2017-09: EUR 39.76 per share

- 2017-10: EUR 41.65 per share

- 2017-11: EUR 41.29 per share

- 2017-12: EUR 40.72 per share

- 2018-01: EUR 42.54 per share

- 2018-02: EUR 43.15 per share

- 2018-03: EUR 41.96 per share

- 2018-04: EUR 44.45 per share

- 2018-05: EUR 43.40 per share

- 2018-06: EUR 43.21 per share

- 2018-07: EUR 45.85 per share

- 2018-08: EUR 44.58 per share

- 2018-09: EUR 46.31 per share

- 2018-10: EUR 44.21 per share

- 2018-11: EUR 42.64 per share

- 2018-12: EUR 39.30 per share

- 2019-01: EUR 40.58 per share

- 2019-02: EUR 43.33 per share

- 2019-03: EUR 43.00 per share

- 2019-04: EUR 47.00 per share

- 2019-05: EUR 43.68 per share

- 2019-06: EUR 45.71 per share

- 2019-07: EUR 48.67 per share

- 2019-08: EUR 48.70 per share

- 2019-09: EUR 50.88 per share

- 2019-10: EUR 51.64 per share

- 2019-11: EUR 54.48 per share

- 2019-12: EUR 52.68 per share

- 2020-01: EUR 49.77 per share

- 2020-02: EUR 41.88 per share

- 2020-03: EUR 37.91 per share

- 2020-04: EUR 32.85 per share

- 2020-05: EUR 30.67 per share

- 2020-06: EUR 31.54 per share

- 2020-07: EUR 31.85 per share

- 2020-08: EUR 35.20 per share

- 2020-09: EUR 34.86 per share

- 2020-10: EUR 34.55 per share

- 2020-11: EUR 41.22 per share

- 2020-12: EUR 43.58 per share

- 2021-01: EUR 42.29 per share

- 2021-02: EUR 46.46 per share

- 2021-03: EUR 51.56 per share

- 2021-04: EUR 50.36 per share

- 2021-05: EUR 53.50 per share

- 2021-06: EUR 46.80 per share

- 2021-07: EUR 44.56 per share

- 2021-08: EUR 42.35 per share

- 2021-09: EUR 42.82 per share

- 2021-10: EUR 42.10 per share

- 2021-11: EUR 45.63 per share

- 2021-12: EUR 45.55 per share

- 2022-01: EUR 42.59 per share

- 2022-02: EUR 42.98 per share

- 2022-03: EUR 45.84 per share

- 2022-04: EUR 45.88 per share

- 2022-05: EUR 46.89 per share

- 2022-06: EUR 41.98 per share

- 2022-07: EUR 42.55 per share

- 2022-08: EUR 40.49 per share

- 2022-09: EUR 37.44 per share

- 2022-10: EUR 35.03 per share

- 2022-11: EUR 38.47 per share

- 2022-12: EUR 41.42 per share

- 2023-01: EUR 44.76 per share

- 2023-02: EUR 42.73 per share

- 2023-03: EUR 39.86 per share

- 2023-04: EUR 40.39 per share

- 2023-05: EUR 37.33 per share

- 2023-06: EUR 37.11 per share

- 2023-07: EUR 38.53 per share

- 2023-08: EUR 36.68 per share

- 2023-09: EUR 39.03 per share

- 2023-10: EUR 36.26 per share

- 2023-11: EUR 39.48 per share

- 2023-12: EUR 39.31 per share

- 2024-01: EUR 39.81 per share

- 2024-02: EUR 39.20 per share

- 2024-03: EUR 42.92 per share

- 2024-04: EUR 43.14 per share

- 2024-05: EUR 45.70 per share

- 2024-06: EUR 42.68 per share

- 2024-07: EUR 44.14 per share

- 2024-08: EUR 46.52 per share

- 2024-09: EUR 47.92 per share

- 2024-10: EUR 47.88 per share

- 2024-11: EUR 47.76 per share

- 2024-12: EUR 46.90 per share

- 2025-01: EUR 49.82 per share

- 2025-02: EUR 52.65 per share

- 2025-03: EUR 55.35 per share

- 2025-04: EUR 55.25 per share

- 2025-05: EUR 57.45 per share

- 2025-06: EUR 57.35 per share

- 2025-07: EUR 59.75 per share

- 2025-08: EUR 60.20 per share

- 2025-09: EUR 58.90 per share

- 2025-10: EUR 57.40 per share

- 2025-11: EUR 58.90 per share

- 2025-12: EUR 59.80 per share

- 2026-01: EUR 59.95 per share

- 2026-02: EUR 62.90 per share

- 2026-03: EUR 63.05 per share

- 2026-04: EUR 66.70 per share

- 2026-05: EUR 66.60 per share

- 2026-06: EUR 70.00 per share

- 2026-07: EUR 71.90 per share

- 2026-08: EUR 75.50 per share

- 2026-09: EUR 73.80 per share

- 2026-10: EUR 73.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 17.34 per share, central EUR 19.99 per share, high EUR 23.59 per share

- FY2017: low EUR 24.64 per share, central EUR 27.10 per share, high EUR 30.11 per share

- FY2018: low EUR 29.13 per share, central EUR 32.05 per share, high EUR 35.61 per share

- FY2019: low EUR 27.48 per share, central EUR 31.91 per share, high EUR 38.06 per share

- FY2020: low EUR 39.71 per share, central EUR 43.69 per share, high EUR 48.54 per share

- FY2021: low EUR 32.14 per share, central EUR 37.58 per share, high EUR 45.24 per share

- FY2022: low EUR 23.75 per share, central EUR 26.12 per share, high EUR 29.03 per share

- FY2023: low EUR 26.02 per share, central EUR 28.62 per share, high EUR 31.80 per share

- FY2024: low EUR 29.58 per share, central EUR 32.54 per share, high EUR 36.15 per share

- FY2025: low EUR 24.31 per share, central EUR 28.93 per share, high EUR 35.72 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

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.

ageas SA/NV

AGS · 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 73.55
Buy up to: EUR 26.03
Expected / yr: 6.6% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: EUR 966M
Worst year: EUR 27M
Latest · 2025: EUR 1.7B

Earned a median 9.3% on equity (minimum 10%).

Return on common equity

10y median: 9.3%
Worst year: 0.3%
Latest · 2025: 18.1%

Book value plus dividends grew 5% a year (minimum 7%).

Annual book + dividend return

10y median: 7.5%
Worst year: -29.2%
Latest · 2025: 27.0%

Book value gained -2.97 per share against 14.43 kept (must cover the amount kept).

Shares (first year = 100)

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

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 6.79 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 33.27 · Value 19.99 · Buy at or below 19.99; 2016-11 · Price EUR 35.22 · Value 19.99 · Buy at or below 19.99; 2016-12 · Price EUR 37.61 · Value 19.99 · Buy at or below 19.99; 2017-01 · Price EUR 39.58 · Value 19.99 · Buy at or below 19.99; 2017-02 · Price EUR 35.84 · Value 27.10 · Buy at or below 27.10; 2017-03 · Price EUR 36.64 · Value 27.10 · Buy at or below 27.10; 2017-04 · Price EUR 37.60 · Value 27.10 · Buy at or below 27.10; 2017-05 · Price EUR 35.95 · Value 27.10 · Buy at or below 27.10; 2017-06 · Price EUR 35.26 · Value 27.10 · Buy at or below 27.10; 2017-07 · Price EUR 38.06 · Value 27.10 · Buy at or below 27.10; 2017-08 · Price EUR 39.01 · Value 27.10 · Buy at or below 27.10; 2017-09 · Price EUR 39.76 · Value 27.10 · Buy at or below 27.10; 2017-10 · Price EUR 41.65 · Value 27.10 · Buy at or below 27.10; 2017-11 · Price EUR 41.28 · Value 27.10 · Buy at or below 27.10; 2017-12 · Price EUR 40.72 · Value 27.10 · Buy at or below 27.10; 2018-01 · Price EUR 42.54 · Value 27.10 · Buy at or below 27.10; 2018-02 · Price EUR 43.15 · Value 32.05 · Buy at or below 32.05; 2018-03 · Price EUR 41.96 · Value 32.05 · Buy at or below 32.05; 2018-04 · Price EUR 44.45 · Value 32.05 · Buy at or below 32.05; 2018-05 · Price EUR 43.40 · Value 32.05 · Buy at or below 32.05; 2018-06 · Price EUR 43.21 · Value 32.05 · Buy at or below 32.05; 2018-07 · Price EUR 45.85 · Value 32.05 · Buy at or below 32.05; 2018-08 · Price EUR 44.58 · Value 32.05 · Buy at or below 32.05; 2018-09 · Price EUR 46.31 · Value 32.05 · Buy at or below 32.05; 2018-10 · Price EUR 44.21 · Value 32.05 · Buy at or below 32.05; 2018-11 · Price EUR 42.64 · Value 32.05 · Buy at or below 32.05; 2018-12 · Price EUR 39.30 · Value 32.05 · Buy at or below 32.05; 2019-01 · Price EUR 40.58 · Value 32.05 · Buy at or below 32.05; 2019-02 · Price EUR 43.33 · Value 31.91 · Buy at or below 31.91; 2019-03 · Price EUR 43.00 · Value 31.91 · Buy at or below 31.91; 2019-04 · Price EUR 47.00 · Value 31.91 · Buy at or below 31.91; 2019-05 · Price EUR 43.68 · Value 31.91 · Buy at or below 31.91; 2019-06 · Price EUR 45.71 · Value 31.91 · Buy at or below 31.91; 2019-07 · Price EUR 48.67 · Value 31.91 · Buy at or below 31.91; 2019-08 · Price EUR 48.70 · Value 31.91 · Buy at or below 31.91; 2019-09 · Price EUR 50.88 · Value 31.91 · Buy at or below 31.91; 2019-10 · Price EUR 51.64 · Value 31.91 · Buy at or below 31.91; 2019-11 · Price EUR 54.48 · Value 31.91 · Buy at or below 31.91; 2019-12 · Price EUR 52.68 · Value 31.91 · Buy at or below 31.91; 2020-01 · Price EUR 49.77 · Value 31.91 · Buy at or below 31.91; 2020-02 · Price EUR 41.88 · Value 43.69 · Buy at or below 43.69; 2020-03 · Price EUR 37.91 · Value 43.69 · Buy at or below 43.69; 2020-04 · Price EUR 32.85 · Value 43.69 · Buy at or below 43.69; 2020-05 · Price EUR 30.67 · Value 43.69 · Buy at or below 43.69; 2020-06 · Price EUR 31.54 · Value 43.69 · Buy at or below 43.69; 2020-07 · Price EUR 31.85 · Value 43.69 · Buy at or below 43.69; 2020-08 · Price EUR 35.20 · Value 43.69 · Buy at or below 43.69; 2020-09 · Price EUR 34.86 · Value 43.69 · Buy at or below 43.69; 2020-10 · Price EUR 34.55 · Value 43.69 · Buy at or below 43.69; 2020-11 · Price EUR 41.22 · Value 43.69 · Buy at or below 43.69; 2020-12 · Price EUR 43.58 · Value 43.69 · Buy at or below 43.69; 2021-01 · Price EUR 42.29 · Value 43.69 · Buy at or below 43.69; 2021-02 · Price EUR 46.46 · Value 37.58 · Buy at or below 37.58; 2021-03 · Price EUR 51.56 · Value 37.58 · Buy at or below 37.58; 2021-04 · Price EUR 50.36 · Value 37.58 · Buy at or below 37.58; 2021-05 · Price EUR 53.50 · Value 37.58 · Buy at or below 37.58; 2021-06 · Price EUR 46.80 · Value 37.58 · Buy at or below 37.58; 2021-07 · Price EUR 44.56 · Value 37.58 · Buy at or below 37.58; 2021-08 · Price EUR 42.35 · Value 37.58 · Buy at or below 37.58; 2021-09 · Price EUR 42.82 · Value 37.58 · Buy at or below 37.58; 2021-10 · Price EUR 42.10 · Value 37.58 · Buy at or below 37.58; 2021-11 · Price EUR 45.63 · Value 37.58 · Buy at or below 37.58; 2021-12 · Price EUR 45.55 · Value 37.58 · Buy at or below 37.58; 2022-01 · Price EUR 42.59 · Value 37.58 · Buy at or below 37.58; 2022-02 · Price EUR 42.98 · Value 26.12 · Buy at or below 26.12; 2022-03 · Price EUR 45.84 · Value 26.12 · Buy at or below 26.12; 2022-04 · Price EUR 45.88 · Value 26.12 · Buy at or below 26.12; 2022-05 · Price EUR 46.89 · Value 26.12 · Buy at or below 26.12; 2022-06 · Price EUR 41.98 · Value 26.12 · Buy at or below 26.12; 2022-07 · Price EUR 42.55 · Value 26.12 · Buy at or below 26.12; 2022-08 · Price EUR 40.49 · Value 26.12 · Buy at or below 26.12; 2022-09 · Price EUR 37.44 · Value 26.12 · Buy at or below 26.12; 2022-10 · Price EUR 35.03 · Value 26.12 · Buy at or below 26.12; 2022-11 · Price EUR 38.47 · Value 26.12 · Buy at or below 26.12; 2022-12 · Price EUR 41.42 · Value 26.12 · Buy at or below 26.12; 2023-01 · Price EUR 44.76 · Value 26.12 · Buy at or below 26.12; 2023-02 · Price EUR 42.73 · Value 28.62 · Buy at or below 28.62; 2023-03 · Price EUR 39.86 · Value 28.62 · Buy at or below 28.62; 2023-04 · Price EUR 40.39 · Value 28.62 · Buy at or below 28.62; 2023-05 · Price EUR 37.33 · Value 28.62 · Buy at or below 28.62; 2023-06 · Price EUR 37.11 · Value 28.62 · Buy at or below 28.62; 2023-07 · Price EUR 38.53 · Value 28.62 · Buy at or below 28.62; 2023-08 · Price EUR 36.68 · Value 28.62 · Buy at or below 28.62; 2023-09 · Price EUR 39.03 · Value 28.62 · Buy at or below 28.62; 2023-10 · Price EUR 36.26 · Value 28.62 · Buy at or below 28.62; 2023-11 · Price EUR 39.48 · Value 28.62 · Buy at or below 28.62; 2023-12 · Price EUR 39.31 · Value 28.62 · Buy at or below 28.62; 2024-01 · Price EUR 39.81 · Value 28.62 · Buy at or below 28.62; 2024-02 · Price EUR 39.20 · Value 32.54 · Buy at or below 32.54; 2024-03 · Price EUR 42.92 · Value 32.54 · Buy at or below 32.54; 2024-04 · Price EUR 43.14 · Value 32.54 · Buy at or below 32.54; 2024-05 · Price EUR 45.70 · Value 32.54 · Buy at or below 32.54; 2024-06 · Price EUR 42.68 · Value 32.54 · Buy at or below 32.54; 2024-07 · Price EUR 44.14 · Value 32.54 · Buy at or below 32.54; 2024-08 · Price EUR 46.52 · Value 32.54 · Buy at or below 32.54; 2024-09 · Price EUR 47.92 · Value 32.54 · Buy at or below 32.54; 2024-10 · Price EUR 47.88 · Value 32.54 · Buy at or below 32.54; 2024-11 · Price EUR 47.76 · Value 32.54 · Buy at or below 32.54; 2024-12 · Price EUR 46.90 · Value 32.54 · Buy at or below 32.54; 2025-01 · Price EUR 49.82 · Value 32.54 · Buy at or below 32.54; 2025-02 · Price EUR 52.65 · Value 28.93 · Buy at or below 28.93; 2025-03 · Price EUR 55.35 · Value 28.93 · Buy at or below 28.93; 2025-04 · Price EUR 55.25 · Value 28.93 · Buy at or below 28.93; 2025-05 · Price EUR 57.45 · Value 28.93 · Buy at or below 28.93; 2025-06 · Price EUR 57.35 · Value 28.93 · Buy at or below 28.93; 2025-07 · Price EUR 59.75 · Value 28.93 · Buy at or below 28.93; 2025-08 · Price EUR 60.20 · Value 28.93 · Buy at or below 28.93; 2025-09 · Price EUR 58.90 · Value 28.93 · Buy at or below 28.93; 2025-10 · Price EUR 57.40 · Value 28.93 · Buy at or below 28.93; 2025-11 · Price EUR 58.90 · Value 28.93 · Buy at or below 28.93; 2025-12 · Price EUR 59.80 · Value 28.93 · Buy at or below 28.93; 2026-01 · Price EUR 59.95 · Value 28.93 · Buy at or below 28.93; 2026-02 · Price EUR 62.90 · Value 26.03 · Buy at or below 26.03; 2026-03 · Price EUR 63.05 · Value 26.03 · Buy at or below 26.03; 2026-04 · Price EUR 66.70 · Value 26.03 · Buy at or below 26.03; 2026-05 · Price EUR 66.60 · Value 26.03 · Buy at or below 26.03; 2026-06 · Price EUR 70.00 · Value 26.03 · Buy at or below 26.03; 2026-07 · Price EUR 71.90 · Value 26.03 · Buy at or below 26.03; 2026-08 · Price EUR 75.50 · Value 26.03 · Buy at or below 26.03; 2026-09 · Price EUR 73.80 · Value 26.03 · Buy at or below 26.03; 2026-10 · Price EUR 73.40 · Value 26.03 · Buy at or below 26.03; 2026-10 · Price EUR 73.55 · Value 26.03 · Buy at or below 26.03

EUR per share · annual estimates

Price & return math
Value range	EUR 21.87 – EUR 32.14
Buy at or below	Central value EUR 26.03
Discount to value	1 − 73.55 / 26.03 = -182.6%
Return / year	About 6.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 24.14/share; ROE 10.4%; first payout EUR 1.37/share, growing 4.7% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 1.7B

Net income

Book / shareEUR 50.15

Book / share

Dividend / shareEUR 3.49

Dividend / share

Return on equity18.1%

Return on equity

Diluted shares188M

Diluted shares

Prices 15 Oct 2026 · FY2025