# BAWAG Group AG (BG.VI)

Canonical: https://gigainvestors.com/s/BG.VI

Analysis as of: 2026-10-16T07:35:12.536Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 165.90 per share; close as of 2026-10-15.

Estimated value: low EUR 93.12 per share, central EUR 116.40 per share, high EUR 155.20 per share. Buy at or below the central value EUR 116.40 per share. Valuation as of 2026-10-16T07:35:12.536Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 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): 0.29×

Chart: Net income; fiscal year observations.

- FY2016: EUR 473M

- FY2017: EUR 449M

- FY2018: EUR 430M

- FY2019: EUR 444M

- FY2020: EUR 270M

- FY2021: EUR 455M

- FY2022: EUR 318M

- FY2023: EUR 683M

- FY2024: EUR 760M

- FY2025: EUR 860M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 14.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.2%

- Years with reported combined ratio: 0

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

- FY2016: 17.1%

- FY2017: 14.5%

- FY2018: 12.3%

- FY2019: 13.6%

- FY2020: 7.1%

- FY2021: 11.9%

- FY2022: 9.2%

- FY2023: 18.8%

- FY2024: 18.1%

- FY2025: 20.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 25.9%

- Book return interval: 10 years

- Starting book value per share: EUR 10.51

- Ending book value per share: EUR 54.37

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

- FY2016: 193.3%

- FY2017: 13.7%

- FY2018: 15.9%

- FY2019: 1.0%

- FY2020: 26.8%

- FY2021: 14.0%

- FY2022: -0.9%

- FY2023: 21.1%

- FY2024: 31.0%

- FY2025: 12.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -10.9%

- Diluted shares, 5-year annual growth: -2.5%

- Share growth excluding flagged crisis recapitalisations: -10.9%

- Five-year share growth excluding flagged crisis recapitalisations: -2.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.57×

- Book value created per share: EUR 43.86

- Earnings retained per share after dividends and buybacks: EUR 17.07

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

- FY2015: 100

- FY2016: 40

- FY2017: 40

- FY2018: 40

- FY2019: 39

- FY2020: 36

- FY2021: 36

- FY2022: 35

- FY2023: 33

- FY2024: 32

- FY2025: 32

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.2% a year forever · net income +13.1%

Story as of 2026-10-16T10:00:04.094Z; price observation 2026-10-15.

The price assumes profits grow 7.2% a year forever

### Net income · FY2025

net income +13.1%; source https://filings.xbrl.org/529900S9YO2JHTIIDG38/2025-12-31/ESEF/AT/0/bawaggroupag-2025-12-31-1-de/reports/bawaggroupag-2025-12-31-1-de.xhtml; observed 2026-03-10.

- FY2016: EUR 473M 

- FY2017: EUR 449M 

- FY2018: EUR 430M 

- FY2019: EUR 444M 

- FY2020: EUR 270M 

- FY2021: EUR 455M 

- FY2022: EUR 318M 

- FY2023: EUR 683M 

- FY2024: EUR 760M 

- FY2025: EUR 860M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 2.4 billion.

- Source: https://filings.xbrl.org/529900S9YO2JHTIIDG38/2025-12-31/ESEF/AT/0/bawaggroupag-2025-12-31-1-de/reports/bawaggroupag-2025-12-31-1-de.xhtml (filed 2026-03-10); FY2025: revenue 2353900000.

### Why customers stay

It earns 14.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on tangible equity observations [[2016,0.17068070377848285],[2017,0.1447495648810675],[2018,0.1229498828504486],[2019,0.1364488278489569],[2020,0.07106038291605302],[2021,0.11862773190236786],[2022,0.09174497031186948],[2023,0.18763056624518967],[2024,0.18090930730778387],[2025,0.19993024877935364]]; median 0.1405991963650122. 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 175 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,309000000],[2017,52000000],[2018,58000000],[2019,216000000],[2020,15000000],[2021,460000000],[2022,267000000],[2023,305000000],[2024,393000000],[2025,432000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900S9YO2JHTIIDG38/2025-12-31/ESEF/AT/0/bawaggroupag-2025-12-31-1-de/reports/bawaggroupag-2025-12-31-1-de.xhtml (filed 2026-03-10); FY2025: cash repurchases 175000000 EUR.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BG.VI SharesStats.PercentInsiders = 4.537 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Price 165.9; FX 1; original perpetual distributable cash 4.655891826147276; discount 0.1; growth 0.07193555258500739. 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)

- 2017-10: EUR 45.50 per share

- 2017-11: EUR 43.17 per share

- 2017-12: EUR 44.46 per share

- 2018-01: EUR 46.90 per share

- 2018-02: EUR 44.82 per share

- 2018-03: EUR 44.58 per share

- 2018-04: EUR 43.46 per share

- 2018-05: EUR 40.60 per share

- 2018-06: EUR 40.00 per share

- 2018-07: EUR 40.32 per share

- 2018-08: EUR 40.28 per share

- 2018-09: EUR 40.00 per share

- 2018-10: EUR 38.14 per share

- 2018-11: EUR 38.74 per share

- 2018-12: EUR 35.84 per share

- 2019-01: EUR 36.96 per share

- 2019-02: EUR 38.70 per share

- 2019-03: EUR 39.34 per share

- 2019-04: EUR 43.28 per share

- 2019-05: EUR 37.96 per share

- 2019-06: EUR 36.86 per share

- 2019-07: EUR 35.94 per share

- 2019-08: EUR 34.52 per share

- 2019-09: EUR 36.12 per share

- 2019-10: EUR 37.00 per share

- 2019-11: EUR 36.46 per share

- 2019-12: EUR 40.60 per share

- 2020-01: EUR 39.12 per share

- 2020-02: EUR 39.10 per share

- 2020-03: EUR 25.58 per share

- 2020-04: EUR 31.02 per share

- 2020-05: EUR 29.70 per share

- 2020-06: EUR 30.74 per share

- 2020-07: EUR 30.96 per share

- 2020-08: EUR 31.56 per share

- 2020-09: EUR 30.80 per share

- 2020-10: EUR 31.40 per share

- 2020-11: EUR 37.98 per share

- 2020-12: EUR 38.00 per share

- 2021-01: EUR 36.06 per share

- 2021-02: EUR 43.04 per share

- 2021-03: EUR 44.04 per share

- 2021-04: EUR 44.94 per share

- 2021-05: EUR 45.20 per share

- 2021-06: EUR 44.88 per share

- 2021-07: EUR 47.96 per share

- 2021-08: EUR 50.90 per share

- 2021-09: EUR 55.05 per share

- 2021-10: EUR 54.45 per share

- 2021-11: EUR 51.45 per share

- 2021-12: EUR 54.20 per share

- 2022-01: EUR 53.00 per share

- 2022-02: EUR 48.04 per share

- 2022-03: EUR 45.96 per share

- 2022-04: EUR 45.72 per share

- 2022-05: EUR 47.52 per share

- 2022-06: EUR 40.16 per share

- 2022-07: EUR 44.94 per share

- 2022-08: EUR 45.10 per share

- 2022-09: EUR 44.46 per share

- 2022-10: EUR 48.92 per share

- 2022-11: EUR 49.36 per share

- 2022-12: EUR 49.80 per share

- 2023-01: EUR 56.65 per share

- 2023-02: EUR 58.95 per share

- 2023-03: EUR 44.66 per share

- 2023-04: EUR 44.16 per share

- 2023-05: EUR 40.66 per share

- 2023-06: EUR 42.22 per share

- 2023-07: EUR 44.30 per share

- 2023-08: EUR 43.54 per share

- 2023-09: EUR 43.46 per share

- 2023-10: EUR 41.94 per share

- 2023-11: EUR 47.80 per share

- 2023-12: EUR 47.98 per share

- 2024-01: EUR 47.84 per share

- 2024-02: EUR 52.25 per share

- 2024-03: EUR 58.70 per share

- 2024-04: EUR 56.20 per share

- 2024-05: EUR 60.60 per share

- 2024-06: EUR 59.10 per share

- 2024-07: EUR 67.45 per share

- 2024-08: EUR 69.15 per share

- 2024-09: EUR 69.55 per share

- 2024-10: EUR 71.00 per share

- 2024-11: EUR 75.00 per share

- 2024-12: EUR 81.15 per share

- 2025-01: EUR 87.55 per share

- 2025-02: EUR 97.10 per share

- 2025-03: EUR 95.00 per share

- 2025-04: EUR 96.75 per share

- 2025-05: EUR 109.50 per share

- 2025-06: EUR 108.40 per share

- 2025-07: EUR 110.80 per share

- 2025-08: EUR 110.50 per share

- 2025-09: EUR 112.00 per share

- 2025-10: EUR 111.90 per share

- 2025-11: EUR 115.40 per share

- 2025-12: EUR 129.00 per share

- 2026-01: EUR 137.40 per share

- 2026-02: EUR 132.00 per share

- 2026-03: EUR 129.50 per share

- 2026-04: EUR 145.70 per share

- 2026-05: EUR 154.10 per share

- 2026-06: EUR 175.30 per share

- 2026-07: EUR 175.20 per share

- 2026-08: EUR 179.80 per share

- 2026-09: EUR 178.90 per share

- 2026-10: EUR 170.30 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 55.92 per share, central EUR 69.90 per share, high EUR 93.20 per share

- FY2018: low EUR 58.39 per share, central EUR 72.99 per share, high EUR 97.32 per share

- FY2019: low EUR 54.32 per share, central EUR 67.91 per share, high EUR 90.54 per share

- FY2020: low EUR 66.01 per share, central EUR 82.51 per share, high EUR 110.02 per share

- FY2021: low EUR 64.55 per share, central EUR 80.69 per share, high EUR 107.58 per share

- FY2022: low EUR 55.49 per share, central EUR 69.36 per share, high EUR 92.48 per share

- FY2023: low EUR 69.11 per share, central EUR 86.38 per share, high EUR 115.18 per share

- FY2024: low EUR 90.86 per share, central EUR 113.58 per share, high EUR 151.44 per share

- FY2025: low EUR 93.21 per share, central EUR 116.52 per share, high EUR 155.36 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

[Original ESEF filing](https://filings.xbrl.org/529900S9YO2JHTIIDG38/2025-12-31/ESEF/AT/0/bawaggroupag-2025-12-31-1-de/reports/bawaggroupag-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-03-10.

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.

BAWAG Group AG

BG · VI

STOXX Europe 600 · ATX

A wonderful business at too high a price

Passes the quality tests.

Share price: EUR 165.90
Buy up to: EUR 116.40
Expected / yr: 8.8% 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 452M
Worst year: EUR 270M
Latest · 2025: EUR 860M

Earned a median 14.1% on tangible equity (minimum 12%), and the second-worst year 9.2% (minimum 5%).

Return on tangible common equity

10y median: 14.1%
Worst year: 7.1%
Latest · 2025: 20.0%

Book value plus dividends grew 25.9% a year (minimum 7%).

Annual book + dividend return

10y median: 14.9%
Worst year: -0.9%
Latest · 2025: 12.7%

Ordinary share growth was -10.9% over the full period and -2.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 36
Worst year: 100
Latest · 2025: 32

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 9.59 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2017-10 · Price EUR 45.50 · Value 69.90 · Buy at or below 69.90; 2017-11 · Price EUR 43.17 · Value 69.90 · Buy at or below 69.90; 2017-12 · Price EUR 44.46 · Value 69.90 · Buy at or below 69.90; 2018-01 · Price EUR 46.90 · Value 69.90 · Buy at or below 69.90; 2018-02 · Price EUR 44.82 · Value 72.99 · Buy at or below 72.99; 2018-03 · Price EUR 44.58 · Value 72.99 · Buy at or below 72.99; 2018-04 · Price EUR 43.46 · Value 72.99 · Buy at or below 72.99; 2018-05 · Price EUR 40.60 · Value 72.99 · Buy at or below 72.99; 2018-06 · Price EUR 40.00 · Value 72.99 · Buy at or below 72.99; 2018-07 · Price EUR 40.32 · Value 72.99 · Buy at or below 72.99; 2018-08 · Price EUR 40.28 · Value 72.99 · Buy at or below 72.99; 2018-09 · Price EUR 40.00 · Value 72.99 · Buy at or below 72.99; 2018-10 · Price EUR 38.14 · Value 72.99 · Buy at or below 72.99; 2018-11 · Price EUR 38.74 · Value 72.99 · Buy at or below 72.99; 2018-12 · Price EUR 35.84 · Value 72.99 · Buy at or below 72.99; 2019-01 · Price EUR 36.96 · Value 72.99 · Buy at or below 72.99; 2019-02 · Price EUR 38.70 · Value 67.91 · Buy at or below 67.91; 2019-03 · Price EUR 39.34 · Value 67.91 · Buy at or below 67.91; 2019-04 · Price EUR 43.28 · Value 67.91 · Buy at or below 67.91; 2019-05 · Price EUR 37.96 · Value 67.91 · Buy at or below 67.91; 2019-06 · Price EUR 36.86 · Value 67.91 · Buy at or below 67.91; 2019-07 · Price EUR 35.94 · Value 67.91 · Buy at or below 67.91; 2019-08 · Price EUR 34.52 · Value 67.91 · Buy at or below 67.91; 2019-09 · Price EUR 36.12 · Value 67.91 · Buy at or below 67.91; 2019-10 · Price EUR 37.00 · Value 67.91 · Buy at or below 67.91; 2019-11 · Price EUR 36.46 · Value 67.91 · Buy at or below 67.91; 2019-12 · Price EUR 40.60 · Value 67.91 · Buy at or below 67.91; 2020-01 · Price EUR 39.12 · Value 67.91 · Buy at or below 67.91; 2020-02 · Price EUR 39.10 · Value 82.51 · Buy at or below 82.51; 2020-03 · Price EUR 25.58 · Value 82.51 · Buy at or below 82.51; 2020-04 · Price EUR 31.02 · Value 82.51 · Buy at or below 82.51; 2020-05 · Price EUR 29.70 · Value 82.51 · Buy at or below 82.51; 2020-06 · Price EUR 30.74 · Value 82.51 · Buy at or below 82.51; 2020-07 · Price EUR 30.96 · Value 82.51 · Buy at or below 82.51; 2020-08 · Price EUR 31.56 · Value 82.51 · Buy at or below 82.51; 2020-09 · Price EUR 30.80 · Value 82.51 · Buy at or below 82.51; 2020-10 · Price EUR 31.40 · Value 82.51 · Buy at or below 82.51; 2020-11 · Price EUR 37.98 · Value 82.51 · Buy at or below 82.51; 2020-12 · Price EUR 38.00 · Value 82.51 · Buy at or below 82.51; 2021-01 · Price EUR 36.06 · Value 82.51 · Buy at or below 82.51; 2021-02 · Price EUR 43.04 · Value 80.69 · Buy at or below 80.69; 2021-03 · Price EUR 44.04 · Value 80.69 · Buy at or below 80.69; 2021-04 · Price EUR 44.94 · Value 80.69 · Buy at or below 80.69; 2021-05 · Price EUR 45.20 · Value 80.69 · Buy at or below 80.69; 2021-06 · Price EUR 44.88 · Value 80.69 · Buy at or below 80.69; 2021-07 · Price EUR 47.96 · Value 80.69 · Buy at or below 80.69; 2021-08 · Price EUR 50.90 · Value 80.69 · Buy at or below 80.69; 2021-09 · Price EUR 55.05 · Value 80.69 · Buy at or below 80.69; 2021-10 · Price EUR 54.45 · Value 80.69 · Buy at or below 80.69; 2021-11 · Price EUR 51.45 · Value 80.69 · Buy at or below 80.69; 2021-12 · Price EUR 54.20 · Value 80.69 · Buy at or below 80.69; 2022-01 · Price EUR 53.00 · Value 80.69 · Buy at or below 80.69; 2022-02 · Price EUR 48.04 · Value 69.36 · Buy at or below 69.36; 2022-03 · Price EUR 45.96 · Value 69.36 · Buy at or below 69.36; 2022-04 · Price EUR 45.72 · Value 69.36 · Buy at or below 69.36; 2022-05 · Price EUR 47.52 · Value 69.36 · Buy at or below 69.36; 2022-06 · Price EUR 40.16 · Value 69.36 · Buy at or below 69.36; 2022-07 · Price EUR 44.94 · Value 69.36 · Buy at or below 69.36; 2022-08 · Price EUR 45.10 · Value 69.36 · Buy at or below 69.36; 2022-09 · Price EUR 44.46 · Value 69.36 · Buy at or below 69.36; 2022-10 · Price EUR 48.92 · Value 69.36 · Buy at or below 69.36; 2022-11 · Price EUR 49.36 · Value 69.36 · Buy at or below 69.36; 2022-12 · Price EUR 49.80 · Value 69.36 · Buy at or below 69.36; 2023-01 · Price EUR 56.65 · Value 69.36 · Buy at or below 69.36; 2023-02 · Price EUR 58.95 · Value 86.38 · Buy at or below 86.38; 2023-03 · Price EUR 44.66 · Value 86.38 · Buy at or below 86.38; 2023-04 · Price EUR 44.16 · Value 86.38 · Buy at or below 86.38; 2023-05 · Price EUR 40.66 · Value 86.38 · Buy at or below 86.38; 2023-06 · Price EUR 42.22 · Value 86.38 · Buy at or below 86.38; 2023-07 · Price EUR 44.30 · Value 86.38 · Buy at or below 86.38; 2023-08 · Price EUR 43.54 · Value 86.38 · Buy at or below 86.38; 2023-09 · Price EUR 43.46 · Value 86.38 · Buy at or below 86.38; 2023-10 · Price EUR 41.94 · Value 86.38 · Buy at or below 86.38; 2023-11 · Price EUR 47.80 · Value 86.38 · Buy at or below 86.38; 2023-12 · Price EUR 47.98 · Value 86.38 · Buy at or below 86.38; 2024-01 · Price EUR 47.84 · Value 86.38 · Buy at or below 86.38; 2024-02 · Price EUR 52.25 · Value 113.58 · Buy at or below 113.58; 2024-03 · Price EUR 58.70 · Value 113.58 · Buy at or below 113.58; 2024-04 · Price EUR 56.20 · Value 113.58 · Buy at or below 113.58; 2024-05 · Price EUR 60.60 · Value 113.58 · Buy at or below 113.58; 2024-06 · Price EUR 59.10 · Value 113.58 · Buy at or below 113.58; 2024-07 · Price EUR 67.45 · Value 113.58 · Buy at or below 113.58; 2024-08 · Price EUR 69.15 · Value 113.58 · Buy at or below 113.58; 2024-09 · Price EUR 69.55 · Value 113.58 · Buy at or below 113.58; 2024-10 · Price EUR 71.00 · Value 113.58 · Buy at or below 113.58; 2024-11 · Price EUR 75.00 · Value 113.58 · Buy at or below 113.58; 2024-12 · Price EUR 81.15 · Value 113.58 · Buy at or below 113.58; 2025-01 · Price EUR 87.55 · Value 113.58 · Buy at or below 113.58; 2025-02 · Price EUR 97.10 · Value 116.52 · Buy at or below 116.52; 2025-03 · Price EUR 95.00 · Value 116.52 · Buy at or below 116.52; 2025-04 · Price EUR 96.75 · Value 116.52 · Buy at or below 116.52; 2025-05 · Price EUR 109.50 · Value 116.52 · Buy at or below 116.52; 2025-06 · Price EUR 108.40 · Value 116.52 · Buy at or below 116.52; 2025-07 · Price EUR 110.80 · Value 116.52 · Buy at or below 116.52; 2025-08 · Price EUR 110.50 · Value 116.52 · Buy at or below 116.52; 2025-09 · Price EUR 112.00 · Value 116.52 · Buy at or below 116.52; 2025-10 · Price EUR 111.90 · Value 116.52 · Buy at or below 116.52; 2025-11 · Price EUR 115.40 · Value 116.52 · Buy at or below 116.52; 2025-12 · Price EUR 129.00 · Value 116.52 · Buy at or below 116.52; 2026-01 · Price EUR 137.40 · Value 116.52 · Buy at or below 116.52; 2026-02 · Price EUR 132.00 · Value 116.40 · Buy at or below 116.40; 2026-03 · Price EUR 129.50 · Value 116.40 · Buy at or below 116.40; 2026-04 · Price EUR 145.70 · Value 116.40 · Buy at or below 116.40; 2026-05 · Price EUR 154.10 · Value 116.40 · Buy at or below 116.40; 2026-06 · Price EUR 175.30 · Value 116.40 · Buy at or below 116.40; 2026-07 · Price EUR 175.20 · Value 116.40 · Buy at or below 116.40; 2026-08 · Price EUR 179.80 · Value 116.40 · Buy at or below 116.40; 2026-09 · Price EUR 178.90 · Value 116.40 · Buy at or below 116.40; 2026-10 · Price EUR 170.30 · Value 116.40 · Buy at or below 116.40; 2026-10 · Price EUR 165.90 · Value 116.40 · Buy at or below 116.40

EUR per share · annual estimates

Price & return math
Value range	EUR 93.12 – EUR 155.20
Buy at or below	Central value EUR 116.40
Discount to value	1 − 165.90 / 116.40 = -42.5%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 54.31/share; ROE 14.6%; first payout EUR 4.66/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 860M

Net income

Book / shareEUR 54.37

Book / share

Dividend / shareEUR 5.46

Dividend / share

Return on tangible equity20.0%

Return on tangible equity

Diluted shares79M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·