# Banco Bilbao Vizcaya Argentaria (BBVA.MC)

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

Analysis as of: 2026-10-16T07:33:36.568Z. Financial observations: FY2015–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 22.99 per share; close as of 2026-10-15.

Estimated value: low EUR 13.27 per share, central EUR 16.58 per share, high EUR 22.11 per share. Buy at or below the central value EUR 16.58 per share. Valuation as of 2026-10-16T07:33:36.568Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.48×

Chart: Net income; fiscal year observations.

- FY2016: EUR 3.2B

- FY2017: EUR 3.1B

- FY2018: EUR 5.0B

- FY2019: EUR 3.1B

- FY2020: EUR 918M

- FY2021: EUR 4.3B

- FY2022: EUR 6.1B

- FY2023: EUR 8.0B

- FY2024: EUR 10B

- FY2025: EUR 11B

### moat: fail

- Tangible 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: 11.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 8.6%

- FY2017: 8.1%

- FY2018: 12.8%

- FY2019: 7.4%

- FY2020: 2.3%

- FY2021: 10.3%

- FY2022: 13.7%

- FY2023: 16.5%

- FY2024: 18.9%

- FY2025: 19.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.8%

- Book return interval: 10 years

- Starting book value per share: EUR 5.55

- Ending book value per share: EUR 9.48

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

- FY2016: 7.7%

- FY2017: 3.8%

- FY2018: 0.5%

- FY2019: 21.6%

- FY2020: -12.2%

- FY2021: 21.5%

- FY2022: 18.9%

- FY2023: 19.3%

- FY2024: 21.4%

- FY2025: 10.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -4.8%

- Share growth excluding flagged crisis recapitalisations: -1.5%

- Five-year share growth excluding flagged crisis recapitalisations: -4.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.59×

- Book value created per share: EUR 3.94

- Earnings retained per share after dividends and buybacks: EUR 2.48

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

- FY2015: 100

- FY2016: 98

- FY2017: 99

- FY2018: 106

- FY2019: 99

- FY2020: 109

- FY2021: 97

- FY2022: 92

- FY2023: 89

- FY2024: 86

- FY2025: 86

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.1% a year forever · "Spain’s BBVA Profit Rises on Loan Growth" (finance.yahoo.com, Feb 2026) · net income +5.7%

Story as of 2026-10-16T09:59:56.897Z; price observation 2026-10-15.

The price assumes profits grow 7.1% a year forever

- 2025-07-08: BBVA Reportedly Says Cost Savings From Sabadell Deal Delayed, Not Reduced ([finance.yahoo.com](https://finance.yahoo.com/news/bbva-reportedly-says-cost-savings-132531039.html))

- 2025-10-30: BBVA’s Profit Suffers from Currency Hit Despite Strong Loan Growth ([finance.yahoo.com](https://finance.yahoo.com/m/1811ef87-c323-3bf2-8a19-e6f9ac5ded25/bbva%E2%80%99s-profit-suffers-from.html))

- 2026-02-05: BBVA Shares Slide as Provisions Jump 19%, Capital Ratio Misses ([finance.yahoo.com](https://finance.yahoo.com/news/bbva-shares-slide-provisions-jump-132138211.html))

### Net income · FY2026

net income +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 3.1B 

- FY2018: EUR 5.0B 

- FY2019: EUR 3.1B 

- FY2020: EUR 918M 

- FY2021: EUR 4.3B 

- FY2022: EUR 6.1B 

- FY2023: EUR 8.0B 

- FY2024: EUR 10B 

- FY2025: EUR 11B 

- FY2026: EUR 11B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are EUR 36.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.568Z); FY2025: revenue 36930000000.

### Why customers stay

It earns 11.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.568Z); 10-year return on tangible equity observations [[2016,0.08555537814678801],[2017,0.08141714406399324],[2018,0.12767767380713016],[2019,0.07406609195402299],[2020,0.023334434813553292],[2021,0.10294893310956606],[2022,0.13650282751067302],[2023,0.16519374575118967],[2024,0.18911293356406592],[2025,0.19286238532110092]]; median 0.11531330345834812. 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 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.568Z); Dividend observations: [[2016,1599000000],[2017,1698000000],[2018,2107000000],[2019,2147000000],[2020,1065000000],[2021,926000000],[2022,2185000000],[2023,2808000000],[2024,3913000000],[2025,4196000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.568Z); FY2025: cash repurchases 1995000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBVA.MC SharesStats.PercentInsiders = 0.105 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:36.568Z); Price 22.99; FX 1; original perpetual distributable cash 0.663340902963418; discount 0.1; growth 0.0711465461955886. 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 6.58 per share

- 2016-11: EUR 5.83 per share

- 2016-12: EUR 6.41 per share

- 2017-01: EUR 6.28 per share

- 2017-02: EUR 6.18 per share

- 2017-03: EUR 7.27 per share

- 2017-04: EUR 7.35 per share

- 2017-05: EUR 7.25 per share

- 2017-06: EUR 7.27 per share

- 2017-07: EUR 7.65 per share

- 2017-08: EUR 7.42 per share

- 2017-09: EUR 7.56 per share

- 2017-10: EUR 7.51 per share

- 2017-11: EUR 7.18 per share

- 2017-12: EUR 7.11 per share

- 2018-01: EUR 7.57 per share

- 2018-02: EUR 6.89 per share

- 2018-03: EUR 6.43 per share

- 2018-04: EUR 6.73 per share

- 2018-05: EUR 5.84 per share

- 2018-06: EUR 6.07 per share

- 2018-07: EUR 6.29 per share

- 2018-08: EUR 5.37 per share

- 2018-09: EUR 5.49 per share

- 2018-10: EUR 4.89 per share

- 2018-11: EUR 5.02 per share

- 2018-12: EUR 4.64 per share

- 2019-01: EUR 5.17 per share

- 2019-02: EUR 5.47 per share

- 2019-03: EUR 5.09 per share

- 2019-04: EUR 5.42 per share

- 2019-05: EUR 4.87 per share

- 2019-06: EUR 4.92 per share

- 2019-07: EUR 4.60 per share

- 2019-08: EUR 4.31 per share

- 2019-09: EUR 4.78 per share

- 2019-10: EUR 4.72 per share

- 2019-11: EUR 4.78 per share

- 2019-12: EUR 4.98 per share

- 2020-01: EUR 4.67 per share

- 2020-02: EUR 4.33 per share

- 2020-03: EUR 2.92 per share

- 2020-04: EUR 2.99 per share

- 2020-05: EUR 2.79 per share

- 2020-06: EUR 3.06 per share

- 2020-07: EUR 2.64 per share

- 2020-08: EUR 2.45 per share

- 2020-09: EUR 2.37 per share

- 2020-10: EUR 2.46 per share

- 2020-11: EUR 3.93 per share

- 2020-12: EUR 4.04 per share

- 2021-01: EUR 3.77 per share

- 2021-02: EUR 4.60 per share

- 2021-03: EUR 4.43 per share

- 2021-04: EUR 4.67 per share

- 2021-05: EUR 5.14 per share

- 2021-06: EUR 5.23 per share

- 2021-07: EUR 5.41 per share

- 2021-08: EUR 5.55 per share

- 2021-09: EUR 5.72 per share

- 2021-10: EUR 6.06 per share

- 2021-11: EUR 4.70 per share

- 2021-12: EUR 5.25 per share

- 2022-01: EUR 5.63 per share

- 2022-02: EUR 5.29 per share

- 2022-03: EUR 5.21 per share

- 2022-04: EUR 5.06 per share

- 2022-05: EUR 5.08 per share

- 2022-06: EUR 4.33 per share

- 2022-07: EUR 4.42 per share

- 2022-08: EUR 4.49 per share

- 2022-09: EUR 4.62 per share

- 2022-10: EUR 5.21 per share

- 2022-11: EUR 5.61 per share

- 2022-12: EUR 5.63 per share

- 2023-01: EUR 6.46 per share

- 2023-02: EUR 7.37 per share

- 2023-03: EUR 6.57 per share

- 2023-04: EUR 6.65 per share

- 2023-05: EUR 6.12 per share

- 2023-06: EUR 7.03 per share

- 2023-07: EUR 7.21 per share

- 2023-08: EUR 7.27 per share

- 2023-09: EUR 7.71 per share

- 2023-10: EUR 7.42 per share

- 2023-11: EUR 8.51 per share

- 2023-12: EUR 8.23 per share

- 2024-01: EUR 8.68 per share

- 2024-02: EUR 9.19 per share

- 2024-03: EUR 11.04 per share

- 2024-04: EUR 10.18 per share

- 2024-05: EUR 9.94 per share

- 2024-06: EUR 9.35 per share

- 2024-07: EUR 9.70 per share

- 2024-08: EUR 9.59 per share

- 2024-09: EUR 9.71 per share

- 2024-10: EUR 9.15 per share

- 2024-11: EUR 8.94 per share

- 2024-12: EUR 9.45 per share

- 2025-01: EUR 11.05 per share

- 2025-02: EUR 12.83 per share

- 2025-03: EUR 12.55 per share

- 2025-04: EUR 12.06 per share

- 2025-05: EUR 13.21 per share

- 2025-06: EUR 13.06 per share

- 2025-07: EUR 14.64 per share

- 2025-08: EUR 15.49 per share

- 2025-09: EUR 16.34 per share

- 2025-10: EUR 17.44 per share

- 2025-11: EUR 18.57 per share

- 2025-12: EUR 20.05 per share

- 2026-01: EUR 21.45 per share

- 2026-02: EUR 19.75 per share

- 2026-03: EUR 18.25 per share

- 2026-04: EUR 18.81 per share

- 2026-05: EUR 20.11 per share

- 2026-06: EUR 21.87 per share

- 2026-07: EUR 24.20 per share

- 2026-08: EUR 25.03 per share

- 2026-09: EUR 24.81 per share

- 2026-10: EUR 23.22 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 3.99 per share, central EUR 4.94 per share, high EUR 6.49 per share

- FY2017: low EUR 3.92 per share, central EUR 4.78 per share, high EUR 6.11 per share

- FY2018: low EUR 4.57 per share, central EUR 5.03 per share, high EUR 5.58 per share

- FY2019: low EUR 5.04 per share, central EUR 5.54 per share, high EUR 6.16 per share

- FY2020: low EUR 3.78 per share, central EUR 4.16 per share, high EUR 4.62 per share

- FY2021: low EUR 3.38 per share, central EUR 3.95 per share, high EUR 4.75 per share

- FY2022: low EUR 4.58 per share, central EUR 5.51 per share, high EUR 6.91 per share

- FY2023: low EUR 5.41 per share, central EUR 6.71 per share, high EUR 8.83 per share

- FY2024: low EUR 7.77 per share, central EUR 9.71 per share, high EUR 12.95 per share

- FY2025: low EUR 12.40 per share, central EUR 15.50 per share, high EUR 20.66 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 2026-10-15T06:39:22.186Z 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.

Banco Bilbao Vizcaya Argentaria

BBVA · MC

Euro Stoxx 50 · STOXX Europe 600 · IBEX 35

Not a wonderful business

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

Share price: EUR 22.99
Buy up to: EUR 16.58
Expected / yr: 8.9% 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 9 needed).

Net income

10y median: EUR 4.6B
Worst year: EUR 918M
Latest · 2025: EUR 11B

Earned a median 11.5% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 11.5%
Worst year: 2.3%
Latest · 2025: 19.3%

Book value plus dividends grew 10.8% a year (minimum 7%).

Annual book + dividend return

10y median: 14.8%
Worst year: -12.2%
Latest · 2025: 10.8%

Ordinary share growth was -1.5% over the full period and -4.8% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 98
Worst year: 109
Latest · 2025: 86

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 1.64 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 6.58 · Value 4.94 · Buy at or below 4.94; 2016-11 · Price EUR 5.83 · Value 4.94 · Buy at or below 4.94; 2016-12 · Price EUR 6.41 · Value 4.94 · Buy at or below 4.94; 2017-01 · Price EUR 6.28 · Value 4.94 · Buy at or below 4.94; 2017-02 · Price EUR 6.18 · Value 4.78 · Buy at or below 4.78; 2017-03 · Price EUR 7.27 · Value 4.78 · Buy at or below 4.78; 2017-04 · Price EUR 7.35 · Value 4.78 · Buy at or below 4.78; 2017-05 · Price EUR 7.25 · Value 4.78 · Buy at or below 4.78; 2017-06 · Price EUR 7.26 · Value 4.78 · Buy at or below 4.78; 2017-07 · Price EUR 7.65 · Value 4.78 · Buy at or below 4.78; 2017-08 · Price EUR 7.42 · Value 4.78 · Buy at or below 4.78; 2017-09 · Price EUR 7.56 · Value 4.78 · Buy at or below 4.78; 2017-10 · Price EUR 7.51 · Value 4.78 · Buy at or below 4.78; 2017-11 · Price EUR 7.18 · Value 4.78 · Buy at or below 4.78; 2017-12 · Price EUR 7.11 · Value 4.78 · Buy at or below 4.78; 2018-01 · Price EUR 7.57 · Value 4.78 · Buy at or below 4.78; 2018-02 · Price EUR 6.89 · Value 5.03 · Buy at or below 5.03; 2018-03 · Price EUR 6.43 · Value 5.03 · Buy at or below 5.03; 2018-04 · Price EUR 6.73 · Value 5.03 · Buy at or below 5.03; 2018-05 · Price EUR 5.84 · Value 5.03 · Buy at or below 5.03; 2018-06 · Price EUR 6.07 · Value 5.03 · Buy at or below 5.03; 2018-07 · Price EUR 6.29 · Value 5.03 · Buy at or below 5.03; 2018-08 · Price EUR 5.37 · Value 5.03 · Buy at or below 5.03; 2018-09 · Price EUR 5.49 · Value 5.03 · Buy at or below 5.03; 2018-10 · Price EUR 4.88 · Value 5.03 · Buy at or below 5.03; 2018-11 · Price EUR 5.02 · Value 5.03 · Buy at or below 5.03; 2018-12 · Price EUR 4.64 · Value 5.03 · Buy at or below 5.03; 2019-01 · Price EUR 5.17 · Value 5.03 · Buy at or below 5.03; 2019-02 · Price EUR 5.47 · Value 5.54 · Buy at or below 5.54; 2019-03 · Price EUR 5.09 · Value 5.54 · Buy at or below 5.54; 2019-04 · Price EUR 5.42 · Value 5.54 · Buy at or below 5.54; 2019-05 · Price EUR 4.87 · Value 5.54 · Buy at or below 5.54; 2019-06 · Price EUR 4.92 · Value 5.54 · Buy at or below 5.54; 2019-07 · Price EUR 4.60 · Value 5.54 · Buy at or below 5.54; 2019-08 · Price EUR 4.31 · Value 5.54 · Buy at or below 5.54; 2019-09 · Price EUR 4.78 · Value 5.54 · Buy at or below 5.54; 2019-10 · Price EUR 4.72 · Value 5.54 · Buy at or below 5.54; 2019-11 · Price EUR 4.78 · Value 5.54 · Buy at or below 5.54; 2019-12 · Price EUR 4.98 · Value 5.54 · Buy at or below 5.54; 2020-01 · Price EUR 4.67 · Value 5.54 · Buy at or below 5.54; 2020-02 · Price EUR 4.33 · Value 4.16 · Buy at or below 4.16; 2020-03 · Price EUR 2.92 · Value 4.16 · Buy at or below 4.16; 2020-04 · Price EUR 2.99 · Value 4.16 · Buy at or below 4.16; 2020-05 · Price EUR 2.79 · Value 4.16 · Buy at or below 4.16; 2020-06 · Price EUR 3.06 · Value 4.16 · Buy at or below 4.16; 2020-07 · Price EUR 2.64 · Value 4.16 · Buy at or below 4.16; 2020-08 · Price EUR 2.45 · Value 4.16 · Buy at or below 4.16; 2020-09 · Price EUR 2.37 · Value 4.16 · Buy at or below 4.16; 2020-10 · Price EUR 2.46 · Value 4.16 · Buy at or below 4.16; 2020-11 · Price EUR 3.93 · Value 4.16 · Buy at or below 4.16; 2020-12 · Price EUR 4.04 · Value 4.16 · Buy at or below 4.16; 2021-01 · Price EUR 3.77 · Value 4.16 · Buy at or below 4.16; 2021-02 · Price EUR 4.60 · Value 3.95 · Buy at or below 3.95; 2021-03 · Price EUR 4.43 · Value 3.95 · Buy at or below 3.95; 2021-04 · Price EUR 4.67 · Value 3.95 · Buy at or below 3.95; 2021-05 · Price EUR 5.14 · Value 3.95 · Buy at or below 3.95; 2021-06 · Price EUR 5.23 · Value 3.95 · Buy at or below 3.95; 2021-07 · Price EUR 5.41 · Value 3.95 · Buy at or below 3.95; 2021-08 · Price EUR 5.55 · Value 3.95 · Buy at or below 3.95; 2021-09 · Price EUR 5.72 · Value 3.95 · Buy at or below 3.95; 2021-10 · Price EUR 6.06 · Value 3.95 · Buy at or below 3.95; 2021-11 · Price EUR 4.70 · Value 3.95 · Buy at or below 3.95; 2021-12 · Price EUR 5.25 · Value 3.95 · Buy at or below 3.95; 2022-01 · Price EUR 5.63 · Value 3.95 · Buy at or below 3.95; 2022-02 · Price EUR 5.29 · Value 5.51 · Buy at or below 5.51; 2022-03 · Price EUR 5.21 · Value 5.51 · Buy at or below 5.51; 2022-04 · Price EUR 5.06 · Value 5.51 · Buy at or below 5.51; 2022-05 · Price EUR 5.08 · Value 5.51 · Buy at or below 5.51; 2022-06 · Price EUR 4.33 · Value 5.51 · Buy at or below 5.51; 2022-07 · Price EUR 4.42 · Value 5.51 · Buy at or below 5.51; 2022-08 · Price EUR 4.49 · Value 5.51 · Buy at or below 5.51; 2022-09 · Price EUR 4.62 · Value 5.51 · Buy at or below 5.51; 2022-10 · Price EUR 5.21 · Value 5.51 · Buy at or below 5.51; 2022-11 · Price EUR 5.61 · Value 5.51 · Buy at or below 5.51; 2022-12 · Price EUR 5.63 · Value 5.51 · Buy at or below 5.51; 2023-01 · Price EUR 6.46 · Value 5.51 · Buy at or below 5.51; 2023-02 · Price EUR 7.37 · Value 6.71 · Buy at or below 6.71; 2023-03 · Price EUR 6.57 · Value 6.71 · Buy at or below 6.71; 2023-04 · Price EUR 6.65 · Value 6.71 · Buy at or below 6.71; 2023-05 · Price EUR 6.12 · Value 6.71 · Buy at or below 6.71; 2023-06 · Price EUR 7.03 · Value 6.71 · Buy at or below 6.71; 2023-07 · Price EUR 7.21 · Value 6.71 · Buy at or below 6.71; 2023-08 · Price EUR 7.27 · Value 6.71 · Buy at or below 6.71; 2023-09 · Price EUR 7.71 · Value 6.71 · Buy at or below 6.71; 2023-10 · Price EUR 7.42 · Value 6.71 · Buy at or below 6.71; 2023-11 · Price EUR 8.51 · Value 6.71 · Buy at or below 6.71; 2023-12 · Price EUR 8.23 · Value 6.71 · Buy at or below 6.71; 2024-01 · Price EUR 8.68 · Value 6.71 · Buy at or below 6.71; 2024-02 · Price EUR 9.19 · Value 9.71 · Buy at or below 9.71; 2024-03 · Price EUR 11.04 · Value 9.71 · Buy at or below 9.71; 2024-04 · Price EUR 10.18 · Value 9.71 · Buy at or below 9.71; 2024-05 · Price EUR 9.94 · Value 9.71 · Buy at or below 9.71; 2024-06 · Price EUR 9.35 · Value 9.71 · Buy at or below 9.71; 2024-07 · Price EUR 9.70 · Value 9.71 · Buy at or below 9.71; 2024-08 · Price EUR 9.59 · Value 9.71 · Buy at or below 9.71; 2024-09 · Price EUR 9.71 · Value 9.71 · Buy at or below 9.71; 2024-10 · Price EUR 9.15 · Value 9.71 · Buy at or below 9.71; 2024-11 · Price EUR 8.94 · Value 9.71 · Buy at or below 9.71; 2024-12 · Price EUR 9.45 · Value 9.71 · Buy at or below 9.71; 2025-01 · Price EUR 11.05 · Value 9.71 · Buy at or below 9.71; 2025-02 · Price EUR 12.82 · Value 15.50 · Buy at or below 15.50; 2025-03 · Price EUR 12.54 · Value 15.50 · Buy at or below 15.50; 2025-04 · Price EUR 12.06 · Value 15.50 · Buy at or below 15.50; 2025-05 · Price EUR 13.21 · Value 15.50 · Buy at or below 15.50; 2025-06 · Price EUR 13.05 · Value 15.50 · Buy at or below 15.50; 2025-07 · Price EUR 14.64 · Value 15.50 · Buy at or below 15.50; 2025-08 · Price EUR 15.49 · Value 15.50 · Buy at or below 15.50; 2025-09 · Price EUR 16.34 · Value 15.50 · Buy at or below 15.50; 2025-10 · Price EUR 17.43 · Value 15.50 · Buy at or below 15.50; 2025-11 · Price EUR 18.57 · Value 15.50 · Buy at or below 15.50; 2025-12 · Price EUR 20.05 · Value 15.50 · Buy at or below 15.50; 2026-01 · Price EUR 21.45 · Value 15.50 · Buy at or below 15.50; 2026-02 · Price EUR 19.75 · Value 16.58 · Buy at or below 16.58; 2026-03 · Price EUR 18.25 · Value 16.58 · Buy at or below 16.58; 2026-04 · Price EUR 18.81 · Value 16.58 · Buy at or below 16.58; 2026-05 · Price EUR 20.11 · Value 16.58 · Buy at or below 16.58; 2026-06 · Price EUR 21.87 · Value 16.58 · Buy at or below 16.58; 2026-07 · Price EUR 24.20 · Value 16.58 · Buy at or below 16.58; 2026-08 · Price EUR 25.03 · Value 16.58 · Buy at or below 16.58; 2026-09 · Price EUR 24.81 · Value 16.58 · Buy at or below 16.58; 2026-10 · Price EUR 23.22 · Value 16.58 · Buy at or below 16.58; 2026-10 · Price EUR 22.99 · Value 16.58 · Buy at or below 16.58

EUR per share · annual estimates

Price & return math
Value range	EUR 13.27 – EUR 22.11
Buy at or below	Central value EUR 16.58
Discount to value	1 − 22.99 / 16.58 = -38.6%
Return / year	About 8.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 10.15/share; ROE 12.5%; first payout EUR 0.66/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 11B

Net income

Book / shareEUR 9.88

Book / share

Dividend / shareEUR 0.73

Dividend / share

Return on tangible equity19.3%

Return on tangible equity

Diluted shares5.7B

Diluted shares

Prices 15 Oct 2026 · FY2025