# Aroundtown (AT1.XETRA)

Canonical: https://gigainvestors.com/s/AT1.XETRA

Analysis as of: 2026-10-16T07:41:58.557Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 1.41 per share; close as of 2026-10-15.

Estimated value: low EUR 5.10 per share, central EUR 5.47 per share, high EUR 5.98 per share. Buy at or below the central value EUR 5.47 per share. Valuation as of 2026-10-16T07:41:58.557Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 1.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 4.04×

- FY2017: 3.64×

- FY2018: 3.07×

- FY2019: 2.41×

- FY2020: 1.40×

- FY2021: 1.31×

- FY2022: 0.53×

- FY2023: -2.07×

- FY2024: 0.64×

- FY2025: 0.58×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 9.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.4%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 9.5 pp

- Typical gross margin (annual median): 62.9%

- Recent gross margin (lower of latest and 3-year median): 53.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 31.8%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.6%

- FY2017: 14.9%

- FY2018: 13.2%

- FY2019: 9.4%

- FY2020: 5.5%

- FY2021: 5.2%

- FY2022: 2.7%

- FY2023: -8.6%

- FY2024: 2.4%

- FY2025: 4.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -402M

- Net income, five-year total: EUR -85M

- Return on incremental invested capital: -1.6%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 39.3 pp

- Working capital / revenue, final three-year average: 16.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 947M

- FY2022: EUR -507M

- FY2023: EUR -1.9B

- FY2024: EUR 216M

- FY2025: EUR 837M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 2.4%

- Per-share earnings: 1.18 to 0.23 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.5%

- Ordinary dilution, 5-year annual growth: -4.6%

- Market cap gain: EUR 45M

- Cumulative retained earnings: EUR 3.7B

- Diluted shares, 10-year annual growth: 6.5%

- Diluted shares, 5-year annual growth: -4.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -18.3%

- Per-share value change: EUR -0.94

- Per-share value, starting three-year median: EUR 1.18

- Per-share value, ending three-year median: EUR 0.23

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 8.6%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.7B

- Cumulative net income, 10 years: EUR 5.7B

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 2.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.07

- FY2017: EUR 1.52

- FY2018: EUR 1.57

- FY2019: EUR 1.11

- FY2020: EUR 0.53

- FY2021: EUR 0.94

- FY2022: EUR -0.41

- FY2023: EUR -1.68

- FY2024: EUR 0.23

- FY2025: EUR 0.80

### accounting: pass

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.8%

- FY2017: 6.9%

- FY2018: 6.3%

- FY2019: 3.0%

- FY2020: 0.4%

- FY2021: 1.1%

- FY2022: -3.3%

- FY2023: -7.1%

- FY2024: -1.7%

- FY2025: 0.9%

## Holders

## Price story

Down 77% since Oct 2021 · sales +30.7%

Story as of 2026-10-16T10:00:12.179Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +30.7%; source https://filings.xbrl.org/529900H4DWG3KWMBMQ39/2024-12-31/ESEF/LU/0/529900H4DWG3KWMBMQ39-2024-12-31-0-en/reports/529900H4DWG3KWMBMQ39-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: EUR 274M 

- FY2017: EUR 527M 

- FY2018: EUR 747M 

- FY2019: EUR 895M 

- FY2020: EUR 1.2B 

- FY2021: EUR 1.3B 

- FY2022: EUR 1.6B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.5B 

### Gross margin · FY2025

gross margin 63.3%; source https://filings.xbrl.org/529900H4DWG3KWMBMQ39/2024-12-31/ESEF/LU/0/529900H4DWG3KWMBMQ39-2024-12-31-0-en/reports/529900H4DWG3KWMBMQ39-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: 72.5% 

- FY2017: 72.1% 

- FY2018: 70.7% 

- FY2019: 74.5% 

- FY2020: 62.5% 

- FY2021: 59.7% 

- FY2022: 56.8% 

- FY2023: 46.5% 

- FY2024: 53.4% 

- FY2025: 63.3% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are EUR 1.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 1543100000; grossProfit 976400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.5% to 63.3% during 2023–25; it earns 5.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 46.5%.

- Source: https://filings.xbrl.org/529900H4DWG3KWMBMQ39/2024-12-31/ESEF/LU/0/529900H4DWG3KWMBMQ39-2024-12-31-0-en/reports/529900H4DWG3KWMBMQ39-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 63.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.15556526110485847],[2017,0.14861301883691935],[2018,0.13219820845005675],[2019,0.09403859380946879],[2020,0.054641194890246644],[2021,0.05249556081290031],[2022,0.027037958929682637],[2023,-0.08599464464530701],[2024,0.024027299973738186],[2025,0.03978674129540493]]; median 0.05356837785157348. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.3% of cash earnings on expansion; paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 121918576.10767221; upkeep 502081423.8923278; owner earnings 1051318576.1076722. Growth capex / owner earnings = 0.11596729942607402.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 106959862.62313938; upkeep 812840137.3768606; owner earnings 1303659862.6231394. Growth capex / owner earnings = 0.08204583548957449.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 3167508.8160284758; upkeep 538132491.1839715; owner earnings 986867508.8160285. Growth capex / owner earnings = 0.003209659642993639.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 36300000; owner earnings 1305620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 5795997.280370474; upkeep 794404002.7196295; owner earnings 947015997.2803705. Growth capex / owner earnings = 0.006120273888736148.

- Source: https://filings.xbrl.org/529900H4DWG3KWMBMQ39/2024-12-31/ESEF/LU/0/529900H4DWG3KWMBMQ39-2024-12-31-0-en/reports/529900H4DWG3KWMBMQ39-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 19300000; owner earnings 215944972.51859036. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 2700000; upkeep 17700000; owner earnings 836513281.3192658. Growth capex / owner earnings = 0.003227683361753477.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,34490000],[2017,154500000],[2018,225700000],[2019,209400000],[2020,21900000],[2021,252000000],[2022,169300000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AT1.XETRA SharesStats.PercentInsiders = 25 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Closing price 1.406 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 1.4088827817925342; price multiple 0.9979538526343075. FY2025 cash earnings/share 0.7637542341983592. Closing-price date 2026-10-15.

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

- 2016-10: EUR 4.27 per share

- 2016-11: EUR 4.18 per share

- 2016-12: EUR 4.18 per share

- 2017-01: EUR 4.14 per share

- 2017-02: EUR 4.40 per share

- 2017-03: EUR 4.53 per share

- 2017-04: EUR 4.80 per share

- 2017-05: EUR 4.68 per share

- 2017-06: EUR 4.73 per share

- 2017-07: EUR 5.02 per share

- 2017-08: EUR 5.62 per share

- 2017-09: EUR 6.06 per share

- 2017-10: EUR 6.04 per share

- 2017-11: EUR 6.34 per share

- 2017-12: EUR 6.42 per share

- 2018-01: EUR 6.49 per share

- 2018-02: EUR 6.26 per share

- 2018-03: EUR 6.30 per share

- 2018-04: EUR 6.62 per share

- 2018-05: EUR 7.12 per share

- 2018-06: EUR 7.04 per share

- 2018-07: EUR 7.14 per share

- 2018-08: EUR 7.69 per share

- 2018-09: EUR 7.66 per share

- 2018-10: EUR 7.33 per share

- 2018-11: EUR 7.56 per share

- 2018-12: EUR 7.22 per share

- 2019-01: EUR 7.72 per share

- 2019-02: EUR 7.40 per share

- 2019-03: EUR 7.35 per share

- 2019-04: EUR 7.23 per share

- 2019-05: EUR 7.60 per share

- 2019-06: EUR 7.25 per share

- 2019-07: EUR 7.23 per share

- 2019-08: EUR 7.57 per share

- 2019-09: EUR 7.50 per share

- 2019-10: EUR 7.57 per share

- 2019-11: EUR 7.88 per share

- 2019-12: EUR 7.98 per share

- 2020-01: EUR 8.54 per share

- 2020-02: EUR 7.83 per share

- 2020-03: EUR 4.55 per share

- 2020-04: EUR 4.91 per share

- 2020-05: EUR 4.94 per share

- 2020-06: EUR 5.10 per share

- 2020-07: EUR 5.11 per share

- 2020-08: EUR 4.58 per share

- 2020-09: EUR 4.29 per share

- 2020-10: EUR 4.12 per share

- 2020-11: EUR 5.82 per share

- 2020-12: EUR 6.12 per share

- 2021-01: EUR 5.74 per share

- 2021-02: EUR 6.01 per share

- 2021-03: EUR 6.07 per share

- 2021-04: EUR 6.40 per share

- 2021-05: EUR 6.87 per share

- 2021-06: EUR 6.58 per share

- 2021-07: EUR 6.61 per share

- 2021-08: EUR 6.49 per share

- 2021-09: EUR 5.97 per share

- 2021-10: EUR 6.01 per share

- 2021-11: EUR 5.30 per share

- 2021-12: EUR 5.32 per share

- 2022-01: EUR 5.46 per share

- 2022-02: EUR 5.53 per share

- 2022-03: EUR 5.19 per share

- 2022-04: EUR 4.80 per share

- 2022-05: EUR 4.36 per share

- 2022-06: EUR 3.03 per share

- 2022-07: EUR 3.13 per share

- 2022-08: EUR 2.91 per share

- 2022-09: EUR 2.26 per share

- 2022-10: EUR 2.01 per share

- 2022-11: EUR 2.30 per share

- 2022-12: EUR 2.18 per share

- 2023-01: EUR 2.55 per share

- 2023-02: EUR 2.45 per share

- 2023-03: EUR 1.31 per share

- 2023-04: EUR 1.23 per share

- 2023-05: EUR 0.98 per share

- 2023-06: EUR 1.06 per share

- 2023-07: EUR 1.41 per share

- 2023-08: EUR 1.67 per share

- 2023-09: EUR 1.97 per share

- 2023-10: EUR 2.13 per share

- 2023-11: EUR 2.15 per share

- 2023-12: EUR 2.48 per share

- 2024-01: EUR 2.09 per share

- 2024-02: EUR 1.63 per share

- 2024-03: EUR 1.96 per share

- 2024-04: EUR 1.95 per share

- 2024-05: EUR 2.15 per share

- 2024-06: EUR 1.97 per share

- 2024-07: EUR 1.98 per share

- 2024-08: EUR 2.30 per share

- 2024-09: EUR 2.82 per share

- 2024-10: EUR 2.73 per share

- 2024-11: EUR 3.15 per share

- 2024-12: EUR 2.92 per share

- 2025-01: EUR 2.87 per share

- 2025-02: EUR 2.76 per share

- 2025-03: EUR 2.53 per share

- 2025-04: EUR 2.62 per share

- 2025-05: EUR 2.80 per share

- 2025-06: EUR 3.11 per share

- 2025-07: EUR 3.17 per share

- 2025-08: EUR 3.39 per share

- 2025-09: EUR 3.26 per share

- 2025-10: EUR 3.10 per share

- 2025-11: EUR 2.97 per share

- 2025-12: EUR 2.65 per share

- 2026-01: EUR 2.68 per share

- 2026-02: EUR 3.06 per share

- 2026-03: EUR 2.27 per share

- 2026-04: EUR 2.46 per share

- 2026-05: EUR 2.54 per share

- 2026-06: EUR 2.32 per share

- 2026-07: EUR 2.17 per share

- 2026-08: EUR 1.91 per share

- 2026-09: EUR 1.65 per share

- 2026-10: EUR 1.38 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 14.91 per share, central EUR 16.75 per share, high EUR 19.21 per share

- FY2019: low EUR 11.37 per share, central EUR 12.58 per share, high EUR 14.19 per share

- FY2020: low EUR 12.68 per share, central EUR 14.09 per share, high EUR 15.98 per share

- FY2021: low EUR 17.17 per share, central EUR 19.09 per share, high EUR 21.65 per share

- FY2022: low EUR 19.67 per share, central EUR 22.08 per share, high EUR 25.29 per share

- FY2023: low EUR 10.86 per share, central EUR 12.04 per share, high EUR 13.61 per share

- FY2024: low EUR 5.08 per share, central EUR 5.38 per share, high EUR 5.78 per share

- FY2025: low EUR 5.39 per share, central EUR 5.78 per share, high EUR 6.29 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 2026-10-15T06:47:21.265Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900H4DWG3KWMBMQ39/2024-12-31/ESEF/LU/0/529900H4DWG3KWMBMQ39-2024-12-31-0-en/reports/529900H4DWG3KWMBMQ39-2024-12-31-0-en.xhtml); period 2024-12-31, filed 2025-05-08.

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.

Aroundtown

AT1 · XETRA

MDAX

Not a wonderful business

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

Share price: EUR 1.41
Buy up to: EUR 5.47
Expected / yr: Excess cash covers price · no finite IRR

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 110.6% around their average (limit 35%).

Operating margin

10y median: 135.6%
Worst year: -206.9%
Latest · 2025: 58.2%

Capital return excluding acquisitions: median 5.4% (minimum 15%), and the second-worst year 2.4% (minimum 10%), and gross margin fell 9.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 5.4%
Worst year: -8.6%
Latest · 2025: 4.0%

Owners received -402.1 million over five years (must be positive), and new investment earned -1.6% (minimum 12%), and working capital rose 39.3% of sales (limit 10%) to 16.6% (waived at zero or below).

Owner earnings · five years

5y median: EUR 216M
Worst year: EUR -1.9B
Latest · 2025: EUR 837M

Per-share value fell from 1.18 to 0.23, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 0.87
Worst year: EUR -1.68
Latest · 2025: EUR 0.80

Profits were backed by cash: accruals were 0.9% of assets (limit 10%).

Sloan accruals

10y median: 1.0%
Worst year: 6.9%
Latest · 2025: 0.9%

Profit record · fail 2 loss years in 10 (at most 2), mean operating margin 155.6%, three-year average owner earnings per share -0.26 EUR. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 4.27; 2016-11 · Price EUR 4.18; 2016-12 · Price EUR 4.18; 2017-01 · Price EUR 4.14; 2017-02 · Price EUR 4.40; 2017-03 · Price EUR 4.53; 2017-04 · Price EUR 4.80; 2017-05 · Price EUR 4.68; 2017-06 · Price EUR 4.73; 2017-07 · Price EUR 5.01; 2017-08 · Price EUR 5.62; 2017-09 · Price EUR 6.06; 2017-10 · Price EUR 6.04; 2017-11 · Price EUR 6.34; 2017-12 · Price EUR 6.42; 2018-01 · Price EUR 6.49 · Value 16.75 · Buy at or below 16.75; 2018-02 · Price EUR 6.25 · Value 16.75 · Buy at or below 16.75; 2018-03 · Price EUR 6.30 · Value 16.75 · Buy at or below 16.75; 2018-04 · Price EUR 6.62 · Value 16.75 · Buy at or below 16.75; 2018-05 · Price EUR 7.12 · Value 16.75 · Buy at or below 16.75; 2018-06 · Price EUR 7.04 · Value 16.75 · Buy at or below 16.75; 2018-07 · Price EUR 7.14 · Value 16.75 · Buy at or below 16.75; 2018-08 · Price EUR 7.68 · Value 16.75 · Buy at or below 16.75; 2018-09 · Price EUR 7.66 · Value 16.75 · Buy at or below 16.75; 2018-10 · Price EUR 7.33 · Value 16.75 · Buy at or below 16.75; 2018-11 · Price EUR 7.55 · Value 16.75 · Buy at or below 16.75; 2018-12 · Price EUR 7.22 · Value 16.75 · Buy at or below 16.75; 2019-01 · Price EUR 7.72 · Value 16.75 · Buy at or below 16.75; 2019-02 · Price EUR 7.40 · Value 12.58 · Buy at or below 12.58; 2019-03 · Price EUR 7.35 · Value 12.58 · Buy at or below 12.58; 2019-04 · Price EUR 7.23 · Value 12.58 · Buy at or below 12.58; 2019-05 · Price EUR 7.60 · Value 12.58 · Buy at or below 12.58; 2019-06 · Price EUR 7.25 · Value 12.58 · Buy at or below 12.58; 2019-07 · Price EUR 7.23 · Value 12.58 · Buy at or below 12.58; 2019-08 · Price EUR 7.57 · Value 12.58 · Buy at or below 12.58; 2019-09 · Price EUR 7.50 · Value 12.58 · Buy at or below 12.58; 2019-10 · Price EUR 7.57 · Value 12.58 · Buy at or below 12.58; 2019-11 · Price EUR 7.88 · Value 12.58 · Buy at or below 12.58; 2019-12 · Price EUR 7.98 · Value 12.58 · Buy at or below 12.58; 2020-01 · Price EUR 8.54 · Value 12.58 · Buy at or below 12.58; 2020-02 · Price EUR 7.83 · Value 14.09 · Buy at or below 14.09; 2020-03 · Price EUR 4.55 · Value 14.09 · Buy at or below 14.09; 2020-04 · Price EUR 4.91 · Value 14.09 · Buy at or below 14.09; 2020-05 · Price EUR 4.94 · Value 14.09 · Buy at or below 14.09; 2020-06 · Price EUR 5.10 · Value 14.09 · Buy at or below 14.09; 2020-07 · Price EUR 5.11 · Value 14.09 · Buy at or below 14.09; 2020-08 · Price EUR 4.58 · Value 14.09 · Buy at or below 14.09; 2020-09 · Price EUR 4.29 · Value 14.09 · Buy at or below 14.09; 2020-10 · Price EUR 4.12 · Value 14.09 · Buy at or below 14.09; 2020-11 · Price EUR 5.82 · Value 14.09 · Buy at or below 14.09; 2020-12 · Price EUR 6.12 · Value 14.09 · Buy at or below 14.09; 2021-01 · Price EUR 5.74 · Value 14.09 · Buy at or below 14.09; 2021-02 · Price EUR 6.01 · Value 19.09 · Buy at or below 19.09; 2021-03 · Price EUR 6.07 · Value 19.09 · Buy at or below 19.09; 2021-04 · Price EUR 6.40 · Value 19.09 · Buy at or below 19.09; 2021-05 · Price EUR 6.87 · Value 19.09 · Buy at or below 19.09; 2021-06 · Price EUR 6.58 · Value 19.09 · Buy at or below 19.09; 2021-07 · Price EUR 6.61 · Value 19.09 · Buy at or below 19.09; 2021-08 · Price EUR 6.49 · Value 19.09 · Buy at or below 19.09; 2021-09 · Price EUR 5.97 · Value 19.09 · Buy at or below 19.09; 2021-10 · Price EUR 6.01 · Value 19.09 · Buy at or below 19.09; 2021-11 · Price EUR 5.30 · Value 19.09 · Buy at or below 19.09; 2021-12 · Price EUR 5.32 · Value 19.09 · Buy at or below 19.09; 2022-01 · Price EUR 5.46 · Value 19.09 · Buy at or below 19.09; 2022-02 · Price EUR 5.53 · Value 22.08 · Buy at or below 22.08; 2022-03 · Price EUR 5.19 · Value 22.08 · Buy at or below 22.08; 2022-04 · Price EUR 4.80 · Value 22.08 · Buy at or below 22.08; 2022-05 · Price EUR 4.36 · Value 22.08 · Buy at or below 22.08; 2022-06 · Price EUR 3.03 · Value 22.08 · Buy at or below 22.08; 2022-07 · Price EUR 3.13 · Value 22.08 · Buy at or below 22.08; 2022-08 · Price EUR 2.91 · Value 22.08 · Buy at or below 22.08; 2022-09 · Price EUR 2.26 · Value 22.08 · Buy at or below 22.08; 2022-10 · Price EUR 2.01 · Value 22.08 · Buy at or below 22.08; 2022-11 · Price EUR 2.29 · Value 22.08 · Buy at or below 22.08; 2022-12 · Price EUR 2.18 · Value 22.08 · Buy at or below 22.08; 2023-01 · Price EUR 2.55 · Value 22.08 · Buy at or below 22.08; 2023-02 · Price EUR 2.45 · Value 12.04 · Buy at or below 12.04; 2023-03 · Price EUR 1.31 · Value 12.04 · Buy at or below 12.04; 2023-04 · Price EUR 1.23 · Value 12.04 · Buy at or below 12.04; 2023-05 · Price EUR 0.98 · Value 12.04 · Buy at or below 12.04; 2023-06 · Price EUR 1.06 · Value 12.04 · Buy at or below 12.04; 2023-07 · Price EUR 1.41 · Value 12.04 · Buy at or below 12.04; 2023-08 · Price EUR 1.67 · Value 12.04 · Buy at or below 12.04; 2023-09 · Price EUR 1.97 · Value 12.04 · Buy at or below 12.04; 2023-10 · Price EUR 2.13 · Value 12.04 · Buy at or below 12.04; 2023-11 · Price EUR 2.15 · Value 12.04 · Buy at or below 12.04; 2023-12 · Price EUR 2.48 · Value 12.04 · Buy at or below 12.04; 2024-01 · Price EUR 2.09 · Value 12.04 · Buy at or below 12.04; 2024-02 · Price EUR 1.63 · Value 5.38 · Buy at or below 5.38; 2024-03 · Price EUR 1.96 · Value 5.38 · Buy at or below 5.38; 2024-04 · Price EUR 1.95 · Value 5.38 · Buy at or below 5.38; 2024-05 · Price EUR 2.15 · Value 5.38 · Buy at or below 5.38; 2024-06 · Price EUR 1.97 · Value 5.38 · Buy at or below 5.38; 2024-07 · Price EUR 1.98 · Value 5.38 · Buy at or below 5.38; 2024-08 · Price EUR 2.30 · Value 5.38 · Buy at or below 5.38; 2024-09 · Price EUR 2.82 · Value 5.38 · Buy at or below 5.38; 2024-10 · Price EUR 2.73 · Value 5.38 · Buy at or below 5.38; 2024-11 · Price EUR 3.15 · Value 5.38 · Buy at or below 5.38; 2024-12 · Price EUR 2.92 · Value 5.38 · Buy at or below 5.38; 2025-01 · Price EUR 2.87 · Value 5.38 · Buy at or below 5.38; 2025-02 · Price EUR 2.76 · Value 5.78 · Buy at or below 5.78; 2025-03 · Price EUR 2.53 · Value 5.78 · Buy at or below 5.78; 2025-04 · Price EUR 2.62 · Value 5.78 · Buy at or below 5.78; 2025-05 · Price EUR 2.80 · Value 5.78 · Buy at or below 5.78; 2025-06 · Price EUR 3.11 · Value 5.78 · Buy at or below 5.78; 2025-07 · Price EUR 3.17 · Value 5.78 · Buy at or below 5.78; 2025-08 · Price EUR 3.39 · Value 5.78 · Buy at or below 5.78; 2025-09 · Price EUR 3.26 · Value 5.78 · Buy at or below 5.78; 2025-10 · Price EUR 3.10 · Value 5.78 · Buy at or below 5.78; 2025-11 · Price EUR 2.97 · Value 5.78 · Buy at or below 5.78; 2025-12 · Price EUR 2.65 · Value 5.78 · Buy at or below 5.78; 2026-01 · Price EUR 2.68 · Value 5.78 · Buy at or below 5.78; 2026-02 · Price EUR 3.06 · Value 5.47 · Buy at or below 5.47; 2026-03 · Price EUR 2.27 · Value 5.47 · Buy at or below 5.47; 2026-04 · Price EUR 2.46 · Value 5.47 · Buy at or below 5.47; 2026-05 · Price EUR 2.54 · Value 5.47 · Buy at or below 5.47; 2026-06 · Price EUR 2.32 · Value 5.47 · Buy at or below 5.47; 2026-07 · Price EUR 2.17 · Value 5.47 · Buy at or below 5.47; 2026-08 · Price EUR 1.91 · Value 5.47 · Buy at or below 5.47; 2026-09 · Price EUR 1.65 · Value 5.47 · Buy at or below 5.47; 2026-10 · Price EUR 1.38 · Value 5.47 · Buy at or below 5.47; 2026-10 · Price EUR 1.41 · Value 5.47 · Buy at or below 5.47

EUR per share · annual estimates

Price & return math
Value range	EUR 5.10 – EUR 5.98
Buy at or below	Central value EUR 5.47
Discount to value	1 − 1.41 / 5.47 = 74.3%
Return / year	Modelled excess cash covers today’s price; no finite annual IRR.
Cash-flow inputs	Owner cash EUR 0.25/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 2.36/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 1.5B

Revenue

Owner earningsEUR 837M

Owner earnings

Operating margin58.2%

Operating margin

Net cash / debtEUR -15B

Net cash / debt

Diluted shares1.1B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·