# Bankinter (BKT.MC)

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

Analysis as of: 2026-10-16T07:35:07.245Z. 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 15.18 per share; close as of 2026-10-15.

Estimated value: low EUR 8.38 per share, central EUR 10.48 per share, high EUR 13.97 per share. Buy at or below the central value EUR 10.48 per share. Valuation as of 2026-10-16T07:35:07.245Z; 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; 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): 0.39×

Chart: Net income; fiscal year observations.

- FY2016: EUR 482M

- FY2017: EUR 484M

- FY2018: EUR 514M

- FY2019: EUR 539M

- FY2020: EUR 317M

- FY2021: EUR 1.3B

- FY2022: EUR 560M

- FY2023: EUR 845M

- FY2024: EUR 953M

- FY2025: EUR 1.1B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.8%

- Years with reported combined ratio: 0

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

- FY2016: 12.5%

- FY2017: 11.8%

- FY2018: 12.3%

- FY2019: 12.2%

- FY2020: 6.7%

- FY2021: 29.1%

- FY2022: 12.1%

- FY2023: 16.8%

- FY2024: 17.1%

- FY2025: 19.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.1%

- Book return interval: 10 years

- Starting book value per share: EUR 3.93

- Ending book value per share: EUR 6.31

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

- FY2016: 14.4%

- FY2017: 12.3%

- FY2018: 8.5%

- FY2019: 11.5%

- FY2020: 8.9%

- FY2021: 1.8%

- FY2022: 6.4%

- FY2023: 17.3%

- FY2024: 19.9%

- FY2025: 11.4%

### 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: -0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.59×

- Book value created per share: EUR 2.38

- Earnings retained per share after dividends and buybacks: EUR 4.00

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### 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 +14.4%

Story as of 2026-10-16T10:00:03.693Z; price observation 2026-10-15.

The price assumes profits grow 7.2% a year forever

### Net income · FY2025

net income +14.4%; source https://filings.xbrl.org/VWMYAEQSTOPNV0SUGU82/2024-12-31/ESEF/ES/0/VWMYAEQSTOPNV0SUGU82-20241231-es/reports/VWMYAEQSTOPNV0SUGU82-20241231-0-es.xhtml; observed 2025-05-08.

- FY2016: EUR 482M 

- FY2017: EUR 484M 

- FY2018: EUR 514M 

- FY2019: EUR 539M 

- FY2020: EUR 317M 

- FY2021: EUR 1.3B 

- FY2022: EUR 560M 

- FY2023: EUR 845M 

- FY2024: EUR 953M 

- FY2025: EUR 1.1B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 4.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 4710327000.

### Why customers stay

It earns 12.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on tangible equity observations [[2016,0.12520659666024023],[2017,0.11790809755631315],[2018,0.12259341209869327],[2019,0.12218391584262074],[2020,0.06738577865834042],[2021,0.29091453457554467],[2022,0.12109792558764712],[2023,0.1682532936168721],[2024,0.17148343443006295],[2025,0.19216942750532973]]; median 0.12390000437946674. 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 46.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,189453000],[2017,224500000],[2018,258406000],[2019,264661000],[2020,87758000],[2021,210769000],[2022,252479000],[2023,405834000],[2024,462348000],[2025,516717000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 46176000 EUR.

### Are managers owners

Insiders own 29.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BKT.MC SharesStats.PercentInsiders = 29.116999999999997 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 2025-05-08); Price 15.175; FX 1; original perpetual distributable cash 0.41908146866288065; discount 0.1; growth 0.07238342875368167. 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 5.04 per share

- 2016-11: EUR 5.13 per share

- 2016-12: EUR 5.32 per share

- 2017-01: EUR 5.38 per share

- 2017-02: EUR 5.26 per share

- 2017-03: EUR 5.69 per share

- 2017-04: EUR 5.84 per share

- 2017-05: EUR 5.93 per share

- 2017-06: EUR 5.83 per share

- 2017-07: EUR 5.96 per share

- 2017-08: EUR 5.79 per share

- 2017-09: EUR 5.79 per share

- 2017-10: EUR 5.86 per share

- 2017-11: EUR 5.86 per share

- 2017-12: EUR 5.71 per share

- 2018-01: EUR 6.70 per share

- 2018-02: EUR 6.56 per share

- 2018-03: EUR 6.04 per share

- 2018-04: EUR 6.28 per share

- 2018-05: EUR 5.96 per share

- 2018-06: EUR 6.03 per share

- 2018-07: EUR 5.97 per share

- 2018-08: EUR 5.54 per share

- 2018-09: EUR 5.73 per share

- 2018-10: EUR 5.24 per share

- 2018-11: EUR 5.34 per share

- 2018-12: EUR 5.07 per share

- 2019-01: EUR 4.92 per share

- 2019-02: EUR 5.22 per share

- 2019-03: EUR 4.91 per share

- 2019-04: EUR 5.15 per share

- 2019-05: EUR 4.68 per share

- 2019-06: EUR 4.38 per share

- 2019-07: EUR 4.24 per share

- 2019-08: EUR 3.83 per share

- 2019-09: EUR 4.19 per share

- 2019-10: EUR 4.48 per share

- 2019-11: EUR 4.59 per share

- 2019-12: EUR 4.72 per share

- 2020-01: EUR 4.23 per share

- 2020-02: EUR 3.86 per share

- 2020-03: EUR 2.42 per share

- 2020-04: EUR 2.72 per share

- 2020-05: EUR 2.76 per share

- 2020-06: EUR 3.07 per share

- 2020-07: EUR 3.17 per share

- 2020-08: EUR 3.26 per share

- 2020-09: EUR 2.66 per share

- 2020-10: EUR 2.33 per share

- 2020-11: EUR 3.00 per share

- 2020-12: EUR 3.20 per share

- 2021-01: EUR 3.36 per share

- 2021-02: EUR 3.97 per share

- 2021-03: EUR 4.28 per share

- 2021-04: EUR 4.56 per share

- 2021-05: EUR 4.69 per share

- 2021-06: EUR 4.24 per share

- 2021-07: EUR 4.61 per share

- 2021-08: EUR 4.96 per share

- 2021-09: EUR 5.07 per share

- 2021-10: EUR 4.76 per share

- 2021-11: EUR 4.34 per share

- 2021-12: EUR 4.51 per share

- 2022-01: EUR 5.19 per share

- 2022-02: EUR 5.10 per share

- 2022-03: EUR 5.32 per share

- 2022-04: EUR 5.63 per share

- 2022-05: EUR 5.92 per share

- 2022-06: EUR 5.95 per share

- 2022-07: EUR 4.80 per share

- 2022-08: EUR 5.10 per share

- 2022-09: EUR 5.77 per share

- 2022-10: EUR 6.12 per share

- 2022-11: EUR 6.29 per share

- 2022-12: EUR 6.27 per share

- 2023-01: EUR 6.62 per share

- 2023-02: EUR 6.65 per share

- 2023-03: EUR 5.23 per share

- 2023-04: EUR 5.36 per share

- 2023-05: EUR 5.34 per share

- 2023-06: EUR 5.63 per share

- 2023-07: EUR 5.88 per share

- 2023-08: EUR 5.92 per share

- 2023-09: EUR 6.04 per share

- 2023-10: EUR 5.96 per share

- 2023-11: EUR 6.44 per share

- 2023-12: EUR 5.80 per share

- 2024-01: EUR 5.72 per share

- 2024-02: EUR 5.87 per share

- 2024-03: EUR 6.78 per share

- 2024-04: EUR 7.42 per share

- 2024-05: EUR 8.12 per share

- 2024-06: EUR 7.63 per share

- 2024-07: EUR 7.89 per share

- 2024-08: EUR 8.00 per share

- 2024-09: EUR 7.93 per share

- 2024-10: EUR 7.49 per share

- 2024-11: EUR 7.49 per share

- 2024-12: EUR 7.64 per share

- 2025-01: EUR 8.23 per share

- 2025-02: EUR 9.33 per share

- 2025-03: EUR 10.25 per share

- 2025-04: EUR 10.24 per share

- 2025-05: EUR 11.34 per share

- 2025-06: EUR 11.08 per share

- 2025-07: EUR 12.50 per share

- 2025-08: EUR 12.75 per share

- 2025-09: EUR 13.41 per share

- 2025-10: EUR 13.07 per share

- 2025-11: EUR 13.56 per share

- 2025-12: EUR 14.16 per share

- 2026-01: EUR 14.42 per share

- 2026-02: EUR 14.18 per share

- 2026-03: EUR 13.38 per share

- 2026-04: EUR 14.17 per share

- 2026-05: EUR 14.47 per share

- 2026-06: EUR 14.64 per share

- 2026-07: EUR 15.93 per share

- 2026-08: EUR 16.67 per share

- 2026-09: EUR 16.25 per share

- 2026-10: EUR 15.32 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 3.67 per share, central EUR 4.04 per share, high EUR 4.49 per share

- FY2017: low EUR 3.35 per share, central EUR 4.03 per share, high EUR 5.06 per share

- FY2018: low EUR 3.45 per share, central EUR 4.13 per share, high EUR 5.16 per share

- FY2019: low EUR 4.20 per share, central EUR 4.62 per share, high EUR 5.14 per share

- FY2020: low EUR 4.49 per share, central EUR 4.94 per share, high EUR 5.49 per share

- FY2021: low EUR 5.27 per share, central EUR 5.79 per share, high EUR 6.44 per share

- FY2022: low EUR 6.27 per share, central EUR 7.84 per share, high EUR 10.45 per share

- FY2023: low EUR 7.04 per share, central EUR 8.80 per share, high EUR 11.73 per share

- FY2024: low EUR 8.07 per share, central EUR 10.09 per share, high EUR 13.45 per share

- FY2025: low EUR 8.38 per share, central EUR 10.48 per share, high EUR 13.97 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 2026-10-15T06:40:50.546Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/VWMYAEQSTOPNV0SUGU82/2024-12-31/ESEF/ES/0/VWMYAEQSTOPNV0SUGU82-20241231-es/reports/VWMYAEQSTOPNV0SUGU82-20241231-0-es.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.

Bankinter

BKT · MC

STOXX Europe 600 · IBEX 35

Not a wonderful business

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

Share price: EUR 15.18
Buy up to: EUR 10.48
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 549M
Worst year: EUR 317M
Latest · 2025: EUR 1.1B

Earned a median 12.4% on tangible equity (minimum 12%), and the second-worst year 11.8% (minimum 5%).

Return on tangible common equity

10y median: 12.4%
Worst year: 6.7%
Latest · 2025: 19.2%

Book value plus dividends grew 11.1% a year (minimum 7%).

Annual book + dividend return

10y median: 11.4%
Worst year: 1.8%
Latest · 2025: 11.4%

Book value gained 2.38 per share against 4 kept (must cover the amount kept).

Shares (first year = 100)

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

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 1.07 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 5.04 · Value 4.04 · Buy at or below 4.04; 2016-11 · Price EUR 5.13 · Value 4.04 · Buy at or below 4.04; 2016-12 · Price EUR 5.32 · Value 4.04 · Buy at or below 4.04; 2017-01 · Price EUR 5.38 · Value 4.04 · Buy at or below 4.04; 2017-02 · Price EUR 5.26 · Value 4.03 · Buy at or below 4.03; 2017-03 · Price EUR 5.69 · Value 4.03 · Buy at or below 4.03; 2017-04 · Price EUR 5.84 · Value 4.03 · Buy at or below 4.03; 2017-05 · Price EUR 5.93 · Value 4.03 · Buy at or below 4.03; 2017-06 · Price EUR 5.83 · Value 4.03 · Buy at or below 4.03; 2017-07 · Price EUR 5.96 · Value 4.03 · Buy at or below 4.03; 2017-08 · Price EUR 5.79 · Value 4.03 · Buy at or below 4.03; 2017-09 · Price EUR 5.79 · Value 4.03 · Buy at or below 4.03; 2017-10 · Price EUR 5.86 · Value 4.03 · Buy at or below 4.03; 2017-11 · Price EUR 5.86 · Value 4.03 · Buy at or below 4.03; 2017-12 · Price EUR 5.71 · Value 4.03 · Buy at or below 4.03; 2018-01 · Price EUR 6.70 · Value 4.03 · Buy at or below 4.03; 2018-02 · Price EUR 6.56 · Value 4.13 · Buy at or below 4.13; 2018-03 · Price EUR 6.04 · Value 4.13 · Buy at or below 4.13; 2018-04 · Price EUR 6.28 · Value 4.13 · Buy at or below 4.13; 2018-05 · Price EUR 5.96 · Value 4.13 · Buy at or below 4.13; 2018-06 · Price EUR 6.03 · Value 4.13 · Buy at or below 4.13; 2018-07 · Price EUR 5.97 · Value 4.13 · Buy at or below 4.13; 2018-08 · Price EUR 5.54 · Value 4.13 · Buy at or below 4.13; 2018-09 · Price EUR 5.73 · Value 4.13 · Buy at or below 4.13; 2018-10 · Price EUR 5.24 · Value 4.13 · Buy at or below 4.13; 2018-11 · Price EUR 5.34 · Value 4.13 · Buy at or below 4.13; 2018-12 · Price EUR 5.07 · Value 4.13 · Buy at or below 4.13; 2019-01 · Price EUR 4.92 · Value 4.13 · Buy at or below 4.13; 2019-02 · Price EUR 5.22 · Value 4.62 · Buy at or below 4.62; 2019-03 · Price EUR 4.91 · Value 4.62 · Buy at or below 4.62; 2019-04 · Price EUR 5.15 · Value 4.62 · Buy at or below 4.62; 2019-05 · Price EUR 4.68 · Value 4.62 · Buy at or below 4.62; 2019-06 · Price EUR 4.38 · Value 4.62 · Buy at or below 4.62; 2019-07 · Price EUR 4.24 · Value 4.62 · Buy at or below 4.62; 2019-08 · Price EUR 3.83 · Value 4.62 · Buy at or below 4.62; 2019-09 · Price EUR 4.19 · Value 4.62 · Buy at or below 4.62; 2019-10 · Price EUR 4.48 · Value 4.62 · Buy at or below 4.62; 2019-11 · Price EUR 4.59 · Value 4.62 · Buy at or below 4.62; 2019-12 · Price EUR 4.72 · Value 4.62 · Buy at or below 4.62; 2020-01 · Price EUR 4.23 · Value 4.62 · Buy at or below 4.62; 2020-02 · Price EUR 3.86 · Value 4.94 · Buy at or below 4.94; 2020-03 · Price EUR 2.42 · Value 4.94 · Buy at or below 4.94; 2020-04 · Price EUR 2.72 · Value 4.94 · Buy at or below 4.94; 2020-05 · Price EUR 2.76 · Value 4.94 · Buy at or below 4.94; 2020-06 · Price EUR 3.07 · Value 4.94 · Buy at or below 4.94; 2020-07 · Price EUR 3.17 · Value 4.94 · Buy at or below 4.94; 2020-08 · Price EUR 3.26 · Value 4.94 · Buy at or below 4.94; 2020-09 · Price EUR 2.66 · Value 4.94 · Buy at or below 4.94; 2020-10 · Price EUR 2.33 · Value 4.94 · Buy at or below 4.94; 2020-11 · Price EUR 3.00 · Value 4.94 · Buy at or below 4.94; 2020-12 · Price EUR 3.20 · Value 4.94 · Buy at or below 4.94; 2021-01 · Price EUR 3.36 · Value 4.94 · Buy at or below 4.94; 2021-02 · Price EUR 3.97 · Value 5.79 · Buy at or below 5.79; 2021-03 · Price EUR 4.28 · Value 5.79 · Buy at or below 5.79; 2021-04 · Price EUR 4.56 · Value 5.79 · Buy at or below 5.79; 2021-05 · Price EUR 4.69 · Value 5.79 · Buy at or below 5.79; 2021-06 · Price EUR 4.24 · Value 5.79 · Buy at or below 5.79; 2021-07 · Price EUR 4.61 · Value 5.79 · Buy at or below 5.79; 2021-08 · Price EUR 4.96 · Value 5.79 · Buy at or below 5.79; 2021-09 · Price EUR 5.07 · Value 5.79 · Buy at or below 5.79; 2021-10 · Price EUR 4.76 · Value 5.79 · Buy at or below 5.79; 2021-11 · Price EUR 4.34 · Value 5.79 · Buy at or below 5.79; 2021-12 · Price EUR 4.51 · Value 5.79 · Buy at or below 5.79; 2022-01 · Price EUR 5.19 · Value 5.79 · Buy at or below 5.79; 2022-02 · Price EUR 5.10 · Value 7.84 · Buy at or below 7.84; 2022-03 · Price EUR 5.32 · Value 7.84 · Buy at or below 7.84; 2022-04 · Price EUR 5.63 · Value 7.84 · Buy at or below 7.84; 2022-05 · Price EUR 5.92 · Value 7.84 · Buy at or below 7.84; 2022-06 · Price EUR 5.95 · Value 7.84 · Buy at or below 7.84; 2022-07 · Price EUR 4.80 · Value 7.84 · Buy at or below 7.84; 2022-08 · Price EUR 5.10 · Value 7.84 · Buy at or below 7.84; 2022-09 · Price EUR 5.77 · Value 7.84 · Buy at or below 7.84; 2022-10 · Price EUR 6.12 · Value 7.84 · Buy at or below 7.84; 2022-11 · Price EUR 6.29 · Value 7.84 · Buy at or below 7.84; 2022-12 · Price EUR 6.27 · Value 7.84 · Buy at or below 7.84; 2023-01 · Price EUR 6.62 · Value 7.84 · Buy at or below 7.84; 2023-02 · Price EUR 6.65 · Value 8.80 · Buy at or below 8.80; 2023-03 · Price EUR 5.23 · Value 8.80 · Buy at or below 8.80; 2023-04 · Price EUR 5.36 · Value 8.80 · Buy at or below 8.80; 2023-05 · Price EUR 5.34 · Value 8.80 · Buy at or below 8.80; 2023-06 · Price EUR 5.63 · Value 8.80 · Buy at or below 8.80; 2023-07 · Price EUR 5.88 · Value 8.80 · Buy at or below 8.80; 2023-08 · Price EUR 5.92 · Value 8.80 · Buy at or below 8.80; 2023-09 · Price EUR 6.04 · Value 8.80 · Buy at or below 8.80; 2023-10 · Price EUR 5.96 · Value 8.80 · Buy at or below 8.80; 2023-11 · Price EUR 6.44 · Value 8.80 · Buy at or below 8.80; 2023-12 · Price EUR 5.80 · Value 8.80 · Buy at or below 8.80; 2024-01 · Price EUR 5.72 · Value 8.80 · Buy at or below 8.80; 2024-02 · Price EUR 5.87 · Value 10.09 · Buy at or below 10.09; 2024-03 · Price EUR 6.78 · Value 10.09 · Buy at or below 10.09; 2024-04 · Price EUR 7.42 · Value 10.09 · Buy at or below 10.09; 2024-05 · Price EUR 8.12 · Value 10.09 · Buy at or below 10.09; 2024-06 · Price EUR 7.63 · Value 10.09 · Buy at or below 10.09; 2024-07 · Price EUR 7.89 · Value 10.09 · Buy at or below 10.09; 2024-08 · Price EUR 8.00 · Value 10.09 · Buy at or below 10.09; 2024-09 · Price EUR 7.93 · Value 10.09 · Buy at or below 10.09; 2024-10 · Price EUR 7.49 · Value 10.09 · Buy at or below 10.09; 2024-11 · Price EUR 7.49 · Value 10.09 · Buy at or below 10.09; 2024-12 · Price EUR 7.64 · Value 10.09 · Buy at or below 10.09; 2025-01 · Price EUR 8.23 · Value 10.09 · Buy at or below 10.09; 2025-02 · Price EUR 9.33 · Value 10.48 · Buy at or below 10.48; 2025-03 · Price EUR 10.24 · Value 10.48 · Buy at or below 10.48; 2025-04 · Price EUR 10.24 · Value 10.48 · Buy at or below 10.48; 2025-05 · Price EUR 11.34 · Value 10.48 · Buy at or below 10.48; 2025-06 · Price EUR 11.08 · Value 10.48 · Buy at or below 10.48; 2025-07 · Price EUR 12.50 · Value 10.48 · Buy at or below 10.48; 2025-08 · Price EUR 12.74 · Value 10.48 · Buy at or below 10.48; 2025-09 · Price EUR 13.40 · Value 10.48 · Buy at or below 10.48; 2025-10 · Price EUR 13.07 · Value 10.48 · Buy at or below 10.48; 2025-11 · Price EUR 13.56 · Value 10.48 · Buy at or below 10.48; 2025-12 · Price EUR 14.15 · Value 10.48 · Buy at or below 10.48; 2026-01 · Price EUR 14.42 · Value 10.48 · Buy at or below 10.48; 2026-02 · Price EUR 14.18 · Value 10.48 · Buy at or below 10.48; 2026-03 · Price EUR 13.38 · Value 10.48 · Buy at or below 10.48; 2026-04 · Price EUR 14.16 · Value 10.48 · Buy at or below 10.48; 2026-05 · Price EUR 14.46 · Value 10.48 · Buy at or below 10.48; 2026-06 · Price EUR 14.64 · Value 10.48 · Buy at or below 10.48; 2026-07 · Price EUR 15.93 · Value 10.48 · Buy at or below 10.48; 2026-08 · Price EUR 16.66 · Value 10.48 · Buy at or below 10.48; 2026-09 · Price EUR 16.25 · Value 10.48 · Buy at or below 10.48; 2026-10 · Price EUR 15.31 · Value 10.48 · Buy at or below 10.48; 2026-10 · Price EUR 15.18 · Value 10.48 · Buy at or below 10.48

EUR per share · annual estimates

Price & return math
Value range	EUR 8.38 – EUR 13.97
Buy at or below	Central value EUR 10.48
Discount to value	1 − 15.18 / 10.48 = -44.8%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 6.31/share; ROE 12.6%; first payout EUR 0.42/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 1.1B

Net income

Book / shareEUR 6.31

Book / share

Dividend / shareEUR 0.57

Dividend / share

Return on tangible equity19.2%

Return on tangible equity

Diluted shares899M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·