# Banco Comercial Portugues (BCP.LS)

Canonical: https://gigainvestors.com/s/BCP.LS

Analysis as of: 2026-10-16T07:34:51.994Z. 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 1.12 per share; close as of 2026-10-15.

Estimated value: low EUR 0.05 per share, central EUR 0.06 per share, high EUR 0.07 per share. Buy at or below the central value EUR 0.06 per share. Valuation as of 2026-10-16T07:34:51.994Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 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): 0.80×

Chart: Net income; fiscal year observations.

- FY2016: EUR 24M

- FY2017: EUR 186M

- FY2018: EUR 301M

- FY2019: EUR 302M

- FY2020: EUR 146M

- FY2021: EUR 101M

- FY2022: EUR 170M

- FY2023: EUR 856M

- FY2024: EUR 906M

- FY2025: EUR 1.0B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 4.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 1.7%

- Years with reported combined ratio: 0

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

- FY2016: 0.6%

- FY2017: 3.2%

- FY2018: 5.4%

- FY2019: 5.1%

- FY2020: 2.4%

- FY2021: 1.7%

- FY2022: 3.4%

- FY2023: 14.1%

- FY2024: 13.3%

- FY2025: 13.6%

### economics: fail

- Tangible 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: -5.3%

- Book return interval: 10 years

- Starting book value per share: EUR 0.97

- Ending book value per share: EUR 0.50

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

- FY2016: -4.1%

- FY2017: -57.7%

- FY2018: -5.2%

- FY2019: 5.4%

- FY2020: 2.3%

- FY2021: -1.3%

- FY2022: -15.2%

- FY2023: 22.7%

- FY2024: 16.4%

- FY2025: 17.8%

### management: fail

- Tangible 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: 12.6%

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

- Share growth excluding flagged crisis recapitalisations: 12.6%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -2.30×

- Book value created per share: EUR -0.46

- Earnings retained per share after dividends and buybacks: EUR 0.20

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

- FY2015: 100

- FY2016: 100

- FY2017: 331

- FY2018: 331

- FY2019: 331

- FY2020: 331

- FY2021: 331

- FY2022: 331

- FY2023: 331

- FY2024: 331

- FY2025: 327

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.7% a year forever · net income +12.4%

Story as of 2026-10-16T10:00:02.855Z; price observation 2026-10-15.

The price assumes profits grow 9.7% a year forever

### Net income · FY2025

net income +12.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 24M 

- FY2017: EUR 186M 

- FY2018: EUR 301M 

- FY2019: EUR 302M 

- FY2020: EUR 146M 

- FY2021: EUR 101M 

- FY2022: EUR 170M 

- FY2023: EUR 856M 

- FY2024: EUR 906M 

- FY2025: EUR 1.0B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 3.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.994Z); FY2025: revenue 3919431000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCP.LS: Banco Comercial Português, S.A. engages in the provision of various banking and financial products and services in Portugal and internationally. The company operates through Retail Banking; Companies and Corporate; Private Banking; International Business, and Other segments. It offers a range of financial products and services, including current accounts, payment systems, savings and investment products, private banking, asset management, and investment banking services, such as mortgage loans, personal loans, commercial banking, leasing, factoring, insurance, and other products. The company is also involved in the provision of investment fund and real estate management, e-commerce, web portal, leasing, consulting, brokerage, marketing, and real estate investment fund management services; and internet, telephone, and mobile banking services as well as buying and selling real estate. In addition, it offers credit, debit, and prepaid cards; personal, mortgage, car loan, and salary loan; health, car, life, travel, personal accident, home, pet, work accident, payment protection, and transportation and repatriation insurance; retirement services; structured products, discretionary management, investment funds, and other technology and services. Further, the company provides short, medium, and long term financing solutions; internacional operations financing; and treasury services. Banco Comercial Português, S.A. was incorporated in 1985 and is based in Porto, Portugal.

### Why customers stay

It earns 4.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.994Z); 10-year return on tangible equity observations [[2016,0.005672498406401881],[2017,0.0315040762056849],[2018,0.053703319861050806],[2019,0.05138639805346174],[2020,0.02443572343042667],[2021,0.017240156011114803],[2022,0.03440377709673019],[2023,0.14080061527590867],[2024,0.13292196525730865],[2025,0.13599082151033628]]; median 0.04289508757509597. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 9 years; bought back EUR 200 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.994Z); Dividend observations: [[2016,0],[2017,149000],[2018,149000],[2019,30228000],[2020,37000000],[2021,37000000],[2022,50603000],[2024,256938000],[2025,447647000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.994Z); FY2025: cash repurchases 200000000 EUR.

### Are managers owners

Insiders own 40.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCP.LS SharesStats.PercentInsiders = 40.354 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 9.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.994Z); Price 1.1195; FX 1; original perpetual distributable cash 0.003664591216451811; discount 0.1; growth 0.09672658220951157. 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 1.21 per share

- 2016-11: EUR 1.18 per share

- 2016-12: EUR 1.07 per share

- 2017-01: EUR 0.16 per share

- 2017-02: EUR 0.15 per share

- 2017-03: EUR 0.20 per share

- 2017-04: EUR 0.20 per share

- 2017-05: EUR 0.23 per share

- 2017-06: EUR 0.24 per share

- 2017-07: EUR 0.24 per share

- 2017-08: EUR 0.22 per share

- 2017-09: EUR 0.25 per share

- 2017-10: EUR 0.26 per share

- 2017-11: EUR 0.26 per share

- 2017-12: EUR 0.27 per share

- 2018-01: EUR 0.32 per share

- 2018-02: EUR 0.30 per share

- 2018-03: EUR 0.27 per share

- 2018-04: EUR 0.28 per share

- 2018-05: EUR 0.25 per share

- 2018-06: EUR 0.26 per share

- 2018-07: EUR 0.27 per share

- 2018-08: EUR 0.25 per share

- 2018-09: EUR 0.26 per share

- 2018-10: EUR 0.24 per share

- 2018-11: EUR 0.25 per share

- 2018-12: EUR 0.23 per share

- 2019-01: EUR 0.24 per share

- 2019-02: EUR 0.24 per share

- 2019-03: EUR 0.23 per share

- 2019-04: EUR 0.25 per share

- 2019-05: EUR 0.25 per share

- 2019-06: EUR 0.27 per share

- 2019-07: EUR 0.23 per share

- 2019-08: EUR 0.19 per share

- 2019-09: EUR 0.19 per share

- 2019-10: EUR 0.20 per share

- 2019-11: EUR 0.20 per share

- 2019-12: EUR 0.20 per share

- 2020-01: EUR 0.19 per share

- 2020-02: EUR 0.16 per share

- 2020-03: EUR 0.10 per share

- 2020-04: EUR 0.10 per share

- 2020-05: EUR 0.10 per share

- 2020-06: EUR 0.11 per share

- 2020-07: EUR 0.10 per share

- 2020-08: EUR 0.10 per share

- 2020-09: EUR 0.08 per share

- 2020-10: EUR 0.08 per share

- 2020-11: EUR 0.12 per share

- 2020-12: EUR 0.12 per share

- 2021-01: EUR 0.11 per share

- 2021-02: EUR 0.12 per share

- 2021-03: EUR 0.12 per share

- 2021-04: EUR 0.12 per share

- 2021-05: EUR 0.16 per share

- 2021-06: EUR 0.14 per share

- 2021-07: EUR 0.12 per share

- 2021-08: EUR 0.13 per share

- 2021-09: EUR 0.16 per share

- 2021-10: EUR 0.16 per share

- 2021-11: EUR 0.14 per share

- 2021-12: EUR 0.14 per share

- 2022-01: EUR 0.15 per share

- 2022-02: EUR 0.17 per share

- 2022-03: EUR 0.17 per share

- 2022-04: EUR 0.15 per share

- 2022-05: EUR 0.19 per share

- 2022-06: EUR 0.17 per share

- 2022-07: EUR 0.14 per share

- 2022-08: EUR 0.15 per share

- 2022-09: EUR 0.12 per share

- 2022-10: EUR 0.14 per share

- 2022-11: EUR 0.15 per share

- 2022-12: EUR 0.15 per share

- 2023-01: EUR 0.20 per share

- 2023-02: EUR 0.23 per share

- 2023-03: EUR 0.20 per share

- 2023-04: EUR 0.23 per share

- 2023-05: EUR 0.21 per share

- 2023-06: EUR 0.22 per share

- 2023-07: EUR 0.25 per share

- 2023-08: EUR 0.26 per share

- 2023-09: EUR 0.26 per share

- 2023-10: EUR 0.29 per share

- 2023-11: EUR 0.31 per share

- 2023-12: EUR 0.27 per share

- 2024-01: EUR 0.27 per share

- 2024-02: EUR 0.27 per share

- 2024-03: EUR 0.31 per share

- 2024-04: EUR 0.33 per share

- 2024-05: EUR 0.37 per share

- 2024-06: EUR 0.34 per share

- 2024-07: EUR 0.39 per share

- 2024-08: EUR 0.42 per share

- 2024-09: EUR 0.41 per share

- 2024-10: EUR 0.46 per share

- 2024-11: EUR 0.45 per share

- 2024-12: EUR 0.46 per share

- 2025-01: EUR 0.51 per share

- 2025-02: EUR 0.54 per share

- 2025-03: EUR 0.56 per share

- 2025-04: EUR 0.56 per share

- 2025-05: EUR 0.69 per share

- 2025-06: EUR 0.66 per share

- 2025-07: EUR 0.72 per share

- 2025-08: EUR 0.72 per share

- 2025-09: EUR 0.75 per share

- 2025-10: EUR 0.77 per share

- 2025-11: EUR 0.82 per share

- 2025-12: EUR 0.90 per share

- 2026-01: EUR 0.91 per share

- 2026-02: EUR 0.89 per share

- 2026-03: EUR 0.83 per share

- 2026-04: EUR 0.91 per share

- 2026-05: EUR 0.97 per share

- 2026-06: EUR 1.04 per share

- 2026-07: EUR 1.07 per share

- 2026-08: EUR 1.12 per share

- 2026-09: EUR 1.22 per share

- 2026-10: EUR 1.12 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 0.04 per share, central EUR 0.04 per share, high EUR 0.05 per share

- FY2017: low EUR 0.00 per share, central EUR 0.00 per share, high EUR 0.00 per share

- FY2018: low EUR 0.06 per share, central EUR 0.07 per share, high EUR 0.08 per share

- FY2019: low EUR 0.00 per share, central EUR 0.00 per share, high EUR 0.00 per share

- FY2020: low EUR 0.00 per share, central EUR 0.00 per share, high EUR 0.00 per share

- FY2021: low EUR 0.00 per share, central EUR 0.00 per share, high EUR 0.00 per share

- FY2022: low EUR 0.01 per share, central EUR 0.01 per share, high EUR 0.01 per share

- FY2023: low EUR 0.00 per share, central EUR 0.00 per share, high EUR 0.00 per share

- FY2024: low EUR 0.02 per share, central EUR 0.02 per share, high EUR 0.02 per share

- FY2025: low EUR 0.05 per share, central EUR 0.06 per share, high EUR 0.07 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 2026-10-15T06:40:38.030Z 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 Comercial Portugues

BCP · LS

STOXX Europe 600 · PSI

Not a wonderful business

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

Share price: EUR 1.12
Buy up to: EUR 0.06
Expected / yr: 4.3% 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 244M
Worst year: EUR 24M
Latest · 2025: EUR 1.0B

Earned a median 4.3% on tangible equity (minimum 12%), and the second-worst year 1.7% (minimum 5%).

Return on tangible common equity

10y median: 4.3%
Worst year: 0.6%
Latest · 2025: 13.6%

Book value plus dividends grew -5.3% a year (minimum 7%).

Annual book + dividend return

10y median: 0.5%
Worst year: -57.7%
Latest · 2025: 17.8%

Book value gained -0.46 per share against 0.2 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 331
Worst year: 331
Latest · 2025: 327

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 0.06 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 1.21 · Value 0.04 · Buy at or below 0.04; 2016-11 · Price EUR 1.18 · Value 0.04 · Buy at or below 0.04; 2016-12 · Price EUR 1.07 · Value 0.04 · Buy at or below 0.04; 2017-01 · Price EUR 0.16 · Value 0.04 · Buy at or below 0.04; 2017-02 · Price EUR 0.15 · Value 0.00 · Buy at or below 0.00; 2017-03 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2017-04 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2017-05 · Price EUR 0.23 · Value 0.00 · Buy at or below 0.00; 2017-06 · Price EUR 0.24 · Value 0.00 · Buy at or below 0.00; 2017-07 · Price EUR 0.24 · Value 0.00 · Buy at or below 0.00; 2017-08 · Price EUR 0.22 · Value 0.00 · Buy at or below 0.00; 2017-09 · Price EUR 0.25 · Value 0.00 · Buy at or below 0.00; 2017-10 · Price EUR 0.26 · Value 0.00 · Buy at or below 0.00; 2017-11 · Price EUR 0.26 · Value 0.00 · Buy at or below 0.00; 2017-12 · Price EUR 0.27 · Value 0.00 · Buy at or below 0.00; 2018-01 · Price EUR 0.32 · Value 0.00 · Buy at or below 0.00; 2018-02 · Price EUR 0.29 · Value 0.07 · Buy at or below 0.07; 2018-03 · Price EUR 0.27 · Value 0.07 · Buy at or below 0.07; 2018-04 · Price EUR 0.28 · Value 0.07 · Buy at or below 0.07; 2018-05 · Price EUR 0.25 · Value 0.07 · Buy at or below 0.07; 2018-06 · Price EUR 0.26 · Value 0.07 · Buy at or below 0.07; 2018-07 · Price EUR 0.27 · Value 0.07 · Buy at or below 0.07; 2018-08 · Price EUR 0.25 · Value 0.07 · Buy at or below 0.07; 2018-09 · Price EUR 0.26 · Value 0.07 · Buy at or below 0.07; 2018-10 · Price EUR 0.24 · Value 0.07 · Buy at or below 0.07; 2018-11 · Price EUR 0.25 · Value 0.07 · Buy at or below 0.07; 2018-12 · Price EUR 0.23 · Value 0.07 · Buy at or below 0.07; 2019-01 · Price EUR 0.24 · Value 0.07 · Buy at or below 0.07; 2019-02 · Price EUR 0.24 · Value 0.00 · Buy at or below 0.00; 2019-03 · Price EUR 0.23 · Value 0.00 · Buy at or below 0.00; 2019-04 · Price EUR 0.25 · Value 0.00 · Buy at or below 0.00; 2019-05 · Price EUR 0.25 · Value 0.00 · Buy at or below 0.00; 2019-06 · Price EUR 0.27 · Value 0.00 · Buy at or below 0.00; 2019-07 · Price EUR 0.23 · Value 0.00 · Buy at or below 0.00; 2019-08 · Price EUR 0.19 · Value 0.00 · Buy at or below 0.00; 2019-09 · Price EUR 0.19 · Value 0.00 · Buy at or below 0.00; 2019-10 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2019-11 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2019-12 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2020-01 · Price EUR 0.19 · Value 0.00 · Buy at or below 0.00; 2020-02 · Price EUR 0.16 · Value 0.00 · Buy at or below 0.00; 2020-03 · Price EUR 0.10 · Value 0.00 · Buy at or below 0.00; 2020-04 · Price EUR 0.10 · Value 0.00 · Buy at or below 0.00; 2020-05 · Price EUR 0.10 · Value 0.00 · Buy at or below 0.00; 2020-06 · Price EUR 0.11 · Value 0.00 · Buy at or below 0.00; 2020-07 · Price EUR 0.10 · Value 0.00 · Buy at or below 0.00; 2020-08 · Price EUR 0.10 · Value 0.00 · Buy at or below 0.00; 2020-09 · Price EUR 0.08 · Value 0.00 · Buy at or below 0.00; 2020-10 · Price EUR 0.08 · Value 0.00 · Buy at or below 0.00; 2020-11 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2020-12 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2021-01 · Price EUR 0.11 · Value 0.00 · Buy at or below 0.00; 2021-02 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2021-03 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2021-04 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2021-05 · Price EUR 0.16 · Value 0.00 · Buy at or below 0.00; 2021-06 · Price EUR 0.14 · Value 0.00 · Buy at or below 0.00; 2021-07 · Price EUR 0.12 · Value 0.00 · Buy at or below 0.00; 2021-08 · Price EUR 0.13 · Value 0.00 · Buy at or below 0.00; 2021-09 · Price EUR 0.16 · Value 0.00 · Buy at or below 0.00; 2021-10 · Price EUR 0.16 · Value 0.00 · Buy at or below 0.00; 2021-11 · Price EUR 0.14 · Value 0.00 · Buy at or below 0.00; 2021-12 · Price EUR 0.14 · Value 0.00 · Buy at or below 0.00; 2022-01 · Price EUR 0.15 · Value 0.00 · Buy at or below 0.00; 2022-02 · Price EUR 0.17 · Value 0.01 · Buy at or below 0.01; 2022-03 · Price EUR 0.17 · Value 0.01 · Buy at or below 0.01; 2022-04 · Price EUR 0.15 · Value 0.01 · Buy at or below 0.01; 2022-05 · Price EUR 0.19 · Value 0.01 · Buy at or below 0.01; 2022-06 · Price EUR 0.17 · Value 0.01 · Buy at or below 0.01; 2022-07 · Price EUR 0.14 · Value 0.01 · Buy at or below 0.01; 2022-08 · Price EUR 0.15 · Value 0.01 · Buy at or below 0.01; 2022-09 · Price EUR 0.12 · Value 0.01 · Buy at or below 0.01; 2022-10 · Price EUR 0.14 · Value 0.01 · Buy at or below 0.01; 2022-11 · Price EUR 0.15 · Value 0.01 · Buy at or below 0.01; 2022-12 · Price EUR 0.15 · Value 0.01 · Buy at or below 0.01; 2023-01 · Price EUR 0.20 · Value 0.01 · Buy at or below 0.01; 2023-02 · Price EUR 0.23 · Value 0.00 · Buy at or below 0.00; 2023-03 · Price EUR 0.20 · Value 0.00 · Buy at or below 0.00; 2023-04 · Price EUR 0.23 · Value 0.00 · Buy at or below 0.00; 2023-05 · Price EUR 0.21 · Value 0.00 · Buy at or below 0.00; 2023-06 · Price EUR 0.22 · Value 0.00 · Buy at or below 0.00; 2023-07 · Price EUR 0.25 · Value 0.00 · Buy at or below 0.00; 2023-08 · Price EUR 0.26 · Value 0.00 · Buy at or below 0.00; 2023-09 · Price EUR 0.26 · Value 0.00 · Buy at or below 0.00; 2023-10 · Price EUR 0.29 · Value 0.00 · Buy at or below 0.00; 2023-11 · Price EUR 0.31 · Value 0.00 · Buy at or below 0.00; 2023-12 · Price EUR 0.27 · Value 0.00 · Buy at or below 0.00; 2024-01 · Price EUR 0.27 · Value 0.00 · Buy at or below 0.00; 2024-02 · Price EUR 0.27 · Value 0.02 · Buy at or below 0.02; 2024-03 · Price EUR 0.31 · Value 0.02 · Buy at or below 0.02; 2024-04 · Price EUR 0.33 · Value 0.02 · Buy at or below 0.02; 2024-05 · Price EUR 0.37 · Value 0.02 · Buy at or below 0.02; 2024-06 · Price EUR 0.34 · Value 0.02 · Buy at or below 0.02; 2024-07 · Price EUR 0.39 · Value 0.02 · Buy at or below 0.02; 2024-08 · Price EUR 0.42 · Value 0.02 · Buy at or below 0.02; 2024-09 · Price EUR 0.41 · Value 0.02 · Buy at or below 0.02; 2024-10 · Price EUR 0.46 · Value 0.02 · Buy at or below 0.02; 2024-11 · Price EUR 0.45 · Value 0.02 · Buy at or below 0.02; 2024-12 · Price EUR 0.46 · Value 0.02 · Buy at or below 0.02; 2025-01 · Price EUR 0.51 · Value 0.02 · Buy at or below 0.02; 2025-02 · Price EUR 0.54 · Value 0.06 · Buy at or below 0.06; 2025-03 · Price EUR 0.56 · Value 0.06 · Buy at or below 0.06; 2025-04 · Price EUR 0.56 · Value 0.06 · Buy at or below 0.06; 2025-05 · Price EUR 0.69 · Value 0.06 · Buy at or below 0.06; 2025-06 · Price EUR 0.66 · Value 0.06 · Buy at or below 0.06; 2025-07 · Price EUR 0.72 · Value 0.06 · Buy at or below 0.06; 2025-08 · Price EUR 0.72 · Value 0.06 · Buy at or below 0.06; 2025-09 · Price EUR 0.75 · Value 0.06 · Buy at or below 0.06; 2025-10 · Price EUR 0.77 · Value 0.06 · Buy at or below 0.06; 2025-11 · Price EUR 0.82 · Value 0.06 · Buy at or below 0.06; 2025-12 · Price EUR 0.90 · Value 0.06 · Buy at or below 0.06; 2026-01 · Price EUR 0.91 · Value 0.06 · Buy at or below 0.06; 2026-02 · Price EUR 0.89 · Value 0.06 · Buy at or below 0.06; 2026-03 · Price EUR 0.83 · Value 0.06 · Buy at or below 0.06; 2026-04 · Price EUR 0.91 · Value 0.06 · Buy at or below 0.06; 2026-05 · Price EUR 0.97 · Value 0.06 · Buy at or below 0.06; 2026-06 · Price EUR 1.03 · Value 0.06 · Buy at or below 0.06; 2026-07 · Price EUR 1.06 · Value 0.06 · Buy at or below 0.06; 2026-08 · Price EUR 1.12 · Value 0.06 · Buy at or below 0.06; 2026-09 · Price EUR 1.22 · Value 0.06 · Buy at or below 0.06; 2026-10 · Price EUR 1.12 · Value 0.06 · Buy at or below 0.06; 2026-10 · Price EUR 1.12 · Value 0.06 · Buy at or below 0.06

EUR per share · annual estimates

Price & return math
Value range	EUR 0.05 – EUR 0.07
Buy at or below	Central value EUR 0.06
Discount to value	1 − 1.12 / 0.06 = -1745.7%
Return / year	About 4.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 0.52/share; ROE 4.7%; first payout EUR 0.00/share, growing 4.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 1.0B

Net income

Book / shareEUR 0.50

Book / share

Dividend / shareEUR 0.03

Dividend / share

Return on tangible equity13.6%

Return on tangible equity

Diluted shares15B

Diluted shares

Prices 15 Oct 2026 · FY2025