# Cairn Homes (C5H.IR)

Canonical: https://gigainvestors.com/s/C5H.IR

Analysis as of: 2026-10-16T07:41:19.210Z. Financial observations: FY2016–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 2.66 per share; close as of 2026-10-15.

Estimated value: low EUR 2.14 per share, central EUR 2.43 per share, high EUR 2.82 per share. Buy at or below the central value EUR 2.43 per share. Valuation as of 2026-10-16T07:41:19.210Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.10×

- FY2018: 0.16×

- FY2019: 0.13×

- FY2020: 0.04×

- FY2021: 0.14×

- FY2022: 0.17×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 1.1%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 20.1%

- Recent gross margin (lower of latest and 3-year median): 22.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.4%

- FY2017: 1.4%

- FY2018: 5.0%

- FY2019: 5.9%

- FY2020: 1.1%

- FY2021: 5.7%

- FY2022: 9.8%

- FY2023: 9.8%

- FY2024: 12.9%

- FY2025: 13.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 448M

- Net income, five-year total: EUR 457M

- Return on incremental invested capital: 36.7%

- Working capital / revenue, annual change: -120.4 pp

- Working capital / revenue, change between three-year averages: -781.0 pp

- Working capital / revenue, final three-year average: 121.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.96×

- FY2023: 0.97×

- FY2024: 0.99×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.4% vs 12.9%

- Per-share earnings: 0.01 to 0.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -4.3%

- Market cap gain: EUR -174M

- Cumulative retained earnings: EUR 678M

- Diluted shares, 5-year annual growth: -4.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 64.3%

- Per-share value change: EUR 0.18

- Per-share value, starting three-year median: EUR 0.01

- Per-share value, ending three-year median: EUR 0.19

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 4.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: EUR 554M

- ROIC, first three-year median: 1.4%

- ROIC, last three-year median: 12.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.00

- FY2017: EUR 0.01

- FY2018: EUR 0.04

- FY2019: EUR 0.07

- FY2020: EUR 0.02

- FY2021: EUR 0.06

- FY2022: EUR 0.12

- FY2023: EUR 0.13

- FY2024: EUR 0.19

- FY2025: EUR 0.21

### accounting: pass

- Sloan accruals: 4.8%

- Receivables to sales index (DSRI): 0.27×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 14.3%

- FY2017: 13.2%

- FY2018: -0.9%

- FY2019: -4.9%

- FY2020: 5.2%

- FY2021: -4.5%

- FY2022: -1.3%

- FY2023: -2.1%

- FY2024: -1.9%

- FY2025: 4.8%

## Holders

## Price story

Price needs cash profits to grow 2% a year for ten years · sales +9.9%

Story as of 2026-10-16T10:00:11.885Z; price observation 2026-10-15.

Price needs cash profits to grow 2% a year for ten years

### Sales · FY2024–2025

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 41M 

- FY2017: EUR 149M 

- FY2018: EUR 337M 

- FY2019: EUR 435M 

- FY2020: EUR 262M 

- FY2021: EUR 424M 

- FY2022: EUR 617M 

- FY2023: EUR 667M 

- FY2024: EUR 860M 

- FY2025: EUR 945M 

### Gross margin · FY2025

gross margin 22.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.3% 

- FY2017: 18.2% 

- FY2018: 20.5% 

- FY2019: 19.6% 

- FY2020: 16.3% 

- FY2021: 19.8% 

- FY2022: 21.7% 

- FY2023: 22.1% 

- FY2024: 21.7% 

- FY2025: 22.1% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are EUR 944.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2025: revenue 944606000; grossProfit 208765000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); C5H.IR: Cairn Homes plc, together with its subsidiaries, operates as homebuilder in Ireland. The company builds, develops, and sells residential properties, including houses, duplexes, and apartments, as well as commercial and retail spaces. It also engages in property holding and rental; and financing activities. Cairn Homes plc was incorporated in 2014 and is based in Dublin, Ireland.

### Why customers stay

Margins ranged from 21.7% to 22.1% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2023: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2024: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2025: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); 10-year return on capital observations [[2016,0.0037535853585749525],[2017,0.013944101782008018],[2018,0.05017982936007622],[2019,0.059190197845985976],[2020,0.010769549220543462],[2021,0.05653244858464424],[2022,0.09837820542137582],[2023,0.09823538378530132],[2024,0.12893985916289838],[2025,0.13140827129614555]]; median 0.057861323215315105. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.2% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2017: growth capex 814000; upkeep 398000; owner earnings 4452000. Growth capex / owner earnings = 0.18283917340521114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2018: growth capex 263000; upkeep 330000; owner earnings 30764000. Growth capex / owner earnings = 0.008548953322064751.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2019: growth capex 566000; upkeep 743000; owner earnings 50996400. Growth capex / owner earnings = 0.011098822661991827.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2020: growth capex 0; upkeep 196000; owner earnings 13047200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2021: growth capex 683000; upkeep 809000; owner earnings 43114600. Growth capex / owner earnings = 0.01584150148673535.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2022: growth capex 1637600.1763833915; upkeep 3965399.8236166085; owner earnings 77471200.17638339. Growth capex / owner earnings = 0.021138180028900645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2023: growth capex 552111.3602319034; upkeep 3537888.6397680966; owner earnings 82777711.3602319. Growth capex / owner earnings = 0.006669807018814837.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2024: growth capex 1671000; upkeep 2728000; owner earnings 113283000. Growth capex / owner earnings = 0.01475066867932523.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2025: growth capex 217000; upkeep 2633000; owner earnings 131608200. Growth capex / owner earnings = 0.0016488334313515419.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); Dividend observations: [[2016,19693000],[2017,19693000],[2018,19693000],[2019,19693000],[2020,19948000],[2021,19948000],[2022,40694000],[2023,41896000],[2024,44720000],[2025,52880000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); FY2025: cash repurchases 7833000 EUR.

### Are managers owners

Insiders own 5.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); C5H.IR SharesStats.PercentInsiders = 5.414 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.210Z); Ten-year compound average after fade. Initial solved rate 0.015925588234365518. Price 2.655; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2017-07: EUR 1.57 per share

- 2017-08: EUR 1.71 per share

- 2017-09: EUR 1.71 per share

- 2017-10: EUR 1.77 per share

- 2017-11: EUR 1.78 per share

- 2017-12: EUR 1.89 per share

- 2018-01: EUR 1.95 per share

- 2018-02: EUR 1.76 per share

- 2018-03: EUR 1.80 per share

- 2018-04: EUR 1.81 per share

- 2018-05: EUR 1.83 per share

- 2018-06: EUR 1.76 per share

- 2018-07: EUR 1.72 per share

- 2018-08: EUR 1.60 per share

- 2018-09: EUR 1.46 per share

- 2018-10: EUR 1.42 per share

- 2018-11: EUR 1.32 per share

- 2018-12: EUR 1.08 per share

- 2019-01: EUR 1.30 per share

- 2019-02: EUR 1.35 per share

- 2019-03: EUR 1.44 per share

- 2019-04: EUR 1.29 per share

- 2019-05: EUR 1.22 per share

- 2019-06: EUR 1.20 per share

- 2019-07: EUR 1.07 per share

- 2019-08: EUR 1.03 per share

- 2019-09: EUR 1.13 per share

- 2019-10: EUR 1.16 per share

- 2019-11: EUR 1.21 per share

- 2019-12: EUR 1.26 per share

- 2020-01: EUR 1.23 per share

- 2020-02: EUR 1.21 per share

- 2020-03: EUR 0.68 per share

- 2020-04: EUR 0.85 per share

- 2020-05: EUR 0.91 per share

- 2020-06: EUR 0.87 per share

- 2020-07: EUR 0.85 per share

- 2020-08: EUR 0.78 per share

- 2020-09: EUR 0.79 per share

- 2020-10: EUR 0.78 per share

- 2020-11: EUR 0.93 per share

- 2020-12: EUR 0.98 per share

- 2021-01: EUR 0.95 per share

- 2021-02: EUR 0.91 per share

- 2021-03: EUR 1.07 per share

- 2021-04: EUR 1.08 per share

- 2021-05: EUR 1.07 per share

- 2021-06: EUR 1.07 per share

- 2021-07: EUR 1.12 per share

- 2021-08: EUR 1.14 per share

- 2021-09: EUR 1.14 per share

- 2021-10: EUR 1.12 per share

- 2021-11: EUR 1.10 per share

- 2021-12: EUR 1.13 per share

- 2022-01: EUR 1.25 per share

- 2022-02: EUR 1.27 per share

- 2022-03: EUR 1.24 per share

- 2022-04: EUR 1.15 per share

- 2022-05: EUR 1.07 per share

- 2022-06: EUR 1.00 per share

- 2022-07: EUR 1.09 per share

- 2022-08: EUR 0.99 per share

- 2022-09: EUR 0.83 per share

- 2022-10: EUR 0.98 per share

- 2022-11: EUR 0.92 per share

- 2022-12: EUR 0.87 per share

- 2023-01: EUR 0.98 per share

- 2023-02: EUR 0.94 per share

- 2023-03: EUR 1.02 per share

- 2023-04: EUR 1.02 per share

- 2023-05: EUR 1.04 per share

- 2023-06: EUR 1.16 per share

- 2023-07: EUR 1.09 per share

- 2023-08: EUR 1.15 per share

- 2023-09: EUR 1.09 per share

- 2023-10: EUR 1.11 per share

- 2023-11: EUR 1.27 per share

- 2023-12: EUR 1.32 per share

- 2024-01: EUR 1.42 per share

- 2024-02: EUR 1.45 per share

- 2024-03: EUR 1.60 per share

- 2024-04: EUR 1.58 per share

- 2024-05: EUR 1.68 per share

- 2024-06: EUR 1.59 per share

- 2024-07: EUR 1.89 per share

- 2024-08: EUR 1.94 per share

- 2024-09: EUR 1.97 per share

- 2024-10: EUR 2.14 per share

- 2024-11: EUR 2.06 per share

- 2024-12: EUR 2.33 per share

- 2025-01: EUR 2.30 per share

- 2025-02: EUR 2.17 per share

- 2025-03: EUR 1.91 per share

- 2025-04: EUR 1.94 per share

- 2025-05: EUR 2.19 per share

- 2025-06: EUR 2.15 per share

- 2025-07: EUR 2.18 per share

- 2025-08: EUR 2.21 per share

- 2025-09: EUR 1.92 per share

- 2025-10: EUR 1.93 per share

- 2025-11: EUR 2.04 per share

- 2025-12: EUR 2.08 per share

- 2026-01: EUR 2.09 per share

- 2026-02: EUR 2.39 per share

- 2026-03: EUR 2.10 per share

- 2026-04: EUR 2.18 per share

- 2026-05: EUR 2.36 per share

- 2026-06: EUR 2.47 per share

- 2026-07: EUR 2.44 per share

- 2026-08: EUR 2.53 per share

- 2026-09: EUR 2.74 per share

- 2026-10: EUR 2.66 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 0.22 per share, central EUR 0.25 per share, high EUR 0.28 per share

- FY2021: low EUR 0.61 per share, central EUR 0.68 per share, high EUR 0.79 per share

- FY2022: low EUR 0.99 per share, central EUR 1.13 per share, high EUR 1.31 per share

- FY2023: low EUR 1.32 per share, central EUR 1.50 per share, high EUR 1.74 per share

- FY2024: low EUR 1.91 per share, central EUR 2.17 per share, high EUR 2.52 per share

- FY2025: low EUR 2.16 per share, central EUR 2.45 per share, high EUR 2.83 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 2026-10-15T06:47:03.787Z 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.

Cairn Homes

C5H · IR

ISEQ 20

Not a wonderful business

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

Share price: EUR 2.66
Buy up to: EUR 2.43
Expected / yr: 9.4% 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

Margins varied 31.2% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 14.8%
Worst year: 4.4%
Latest · 2025: 17.8%

Capital return excluding acquisitions: median 5.8% (minimum 15%), and the second-worst year 1.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.8%
Worst year: 0.4%
Latest · 2025: 13.1%

Each $1 of profit left $0.98 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 0.99×
Latest · 2025: 0.99×

Per-share value rose from 0.01 to 0.19, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 0.06
Worst year: EUR -0.00
Latest · 2025: EUR 0.21

Profits were backed by cash: accruals were 4.8% of assets (limit 10%).

Sloan accruals

10y median: -1.1%
Worst year: 14.3%
Latest · 2025: 4.8%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 13.5%, three-year average owner earnings per share 0.17 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2017-07 · Price EUR 1.57; 2017-08 · Price EUR 1.71; 2017-09 · Price EUR 1.71; 2017-10 · Price EUR 1.77; 2017-11 · Price EUR 1.78; 2017-12 · Price EUR 1.89; 2018-01 · Price EUR 1.95; 2018-02 · Price EUR 1.76; 2018-03 · Price EUR 1.80; 2018-04 · Price EUR 1.81; 2018-05 · Price EUR 1.83; 2018-06 · Price EUR 1.76; 2018-07 · Price EUR 1.72; 2018-08 · Price EUR 1.60; 2018-09 · Price EUR 1.46; 2018-10 · Price EUR 1.42; 2018-11 · Price EUR 1.32; 2018-12 · Price EUR 1.08; 2019-01 · Price EUR 1.30; 2019-02 · Price EUR 1.35; 2019-03 · Price EUR 1.44; 2019-04 · Price EUR 1.29; 2019-05 · Price EUR 1.22; 2019-06 · Price EUR 1.20; 2019-07 · Price EUR 1.07; 2019-08 · Price EUR 1.03; 2019-09 · Price EUR 1.13; 2019-10 · Price EUR 1.16; 2019-11 · Price EUR 1.21; 2019-12 · Price EUR 1.26; 2020-01 · Price EUR 1.23 · Value 0.25 · Buy at or below 0.25; 2020-02 · Price EUR 1.21 · Value 0.25 · Buy at or below 0.25; 2020-03 · Price EUR 0.68 · Value 0.25 · Buy at or below 0.25; 2020-04 · Price EUR 0.85 · Value 0.25 · Buy at or below 0.25; 2020-05 · Price EUR 0.91 · Value 0.25 · Buy at or below 0.25; 2020-06 · Price EUR 0.87 · Value 0.25 · Buy at or below 0.25; 2020-07 · Price EUR 0.85 · Value 0.25 · Buy at or below 0.25; 2020-08 · Price EUR 0.78 · Value 0.25 · Buy at or below 0.25; 2020-09 · Price EUR 0.79 · Value 0.25 · Buy at or below 0.25; 2020-10 · Price EUR 0.78 · Value 0.25 · Buy at or below 0.25; 2020-11 · Price EUR 0.93 · Value 0.25 · Buy at or below 0.25; 2020-12 · Price EUR 0.98 · Value 0.25 · Buy at or below 0.25; 2021-01 · Price EUR 0.95 · Value 0.25 · Buy at or below 0.25; 2021-02 · Price EUR 0.91 · Value 0.68 · Buy at or below 0.68; 2021-03 · Price EUR 1.07 · Value 0.68 · Buy at or below 0.68; 2021-04 · Price EUR 1.08 · Value 0.68 · Buy at or below 0.68; 2021-05 · Price EUR 1.07 · Value 0.68 · Buy at or below 0.68; 2021-06 · Price EUR 1.07 · Value 0.68 · Buy at or below 0.68; 2021-07 · Price EUR 1.12 · Value 0.68 · Buy at or below 0.68; 2021-08 · Price EUR 1.14 · Value 0.68 · Buy at or below 0.68; 2021-09 · Price EUR 1.14 · Value 0.68 · Buy at or below 0.68; 2021-10 · Price EUR 1.12 · Value 0.68 · Buy at or below 0.68; 2021-11 · Price EUR 1.10 · Value 0.68 · Buy at or below 0.68; 2021-12 · Price EUR 1.13 · Value 0.68 · Buy at or below 0.68; 2022-01 · Price EUR 1.25 · Value 0.68 · Buy at or below 0.68; 2022-02 · Price EUR 1.27 · Value 1.13 · Buy at or below 1.13; 2022-03 · Price EUR 1.24 · Value 1.13 · Buy at or below 1.13; 2022-04 · Price EUR 1.15 · Value 1.13 · Buy at or below 1.13; 2022-05 · Price EUR 1.07 · Value 1.13 · Buy at or below 1.13; 2022-06 · Price EUR 0.99 · Value 1.13 · Buy at or below 1.13; 2022-07 · Price EUR 1.09 · Value 1.13 · Buy at or below 1.13; 2022-08 · Price EUR 0.99 · Value 1.13 · Buy at or below 1.13; 2022-09 · Price EUR 0.82 · Value 1.13 · Buy at or below 1.13; 2022-10 · Price EUR 0.98 · Value 1.13 · Buy at or below 1.13; 2022-11 · Price EUR 0.92 · Value 1.13 · Buy at or below 1.13; 2022-12 · Price EUR 0.87 · Value 1.13 · Buy at or below 1.13; 2023-01 · Price EUR 0.98 · Value 1.13 · Buy at or below 1.13; 2023-02 · Price EUR 0.94 · Value 1.50 · Buy at or below 1.50; 2023-03 · Price EUR 1.02 · Value 1.50 · Buy at or below 1.50; 2023-04 · Price EUR 1.02 · Value 1.50 · Buy at or below 1.50; 2023-05 · Price EUR 1.04 · Value 1.50 · Buy at or below 1.50; 2023-06 · Price EUR 1.16 · Value 1.50 · Buy at or below 1.50; 2023-07 · Price EUR 1.09 · Value 1.50 · Buy at or below 1.50; 2023-08 · Price EUR 1.15 · Value 1.50 · Buy at or below 1.50; 2023-09 · Price EUR 1.09 · Value 1.50 · Buy at or below 1.50; 2023-10 · Price EUR 1.11 · Value 1.50 · Buy at or below 1.50; 2023-11 · Price EUR 1.27 · Value 1.50 · Buy at or below 1.50; 2023-12 · Price EUR 1.32 · Value 1.50 · Buy at or below 1.50; 2024-01 · Price EUR 1.42 · Value 1.50 · Buy at or below 1.50; 2024-02 · Price EUR 1.45 · Value 2.17 · Buy at or below 2.17; 2024-03 · Price EUR 1.60 · Value 2.17 · Buy at or below 2.17; 2024-04 · Price EUR 1.58 · Value 2.17 · Buy at or below 2.17; 2024-05 · Price EUR 1.68 · Value 2.17 · Buy at or below 2.17; 2024-06 · Price EUR 1.59 · Value 2.17 · Buy at or below 2.17; 2024-07 · Price EUR 1.89 · Value 2.17 · Buy at or below 2.17; 2024-08 · Price EUR 1.94 · Value 2.17 · Buy at or below 2.17; 2024-09 · Price EUR 1.97 · Value 2.17 · Buy at or below 2.17; 2024-10 · Price EUR 2.13 · Value 2.17 · Buy at or below 2.17; 2024-11 · Price EUR 2.06 · Value 2.17 · Buy at or below 2.17; 2024-12 · Price EUR 2.33 · Value 2.17 · Buy at or below 2.17; 2025-01 · Price EUR 2.29 · Value 2.17 · Buy at or below 2.17; 2025-02 · Price EUR 2.17 · Value 2.45 · Buy at or below 2.45; 2025-03 · Price EUR 1.91 · Value 2.45 · Buy at or below 2.45; 2025-04 · Price EUR 1.94 · Value 2.45 · Buy at or below 2.45; 2025-05 · Price EUR 2.19 · Value 2.45 · Buy at or below 2.45; 2025-06 · Price EUR 2.15 · Value 2.45 · Buy at or below 2.45; 2025-07 · Price EUR 2.18 · Value 2.45 · Buy at or below 2.45; 2025-08 · Price EUR 2.21 · Value 2.45 · Buy at or below 2.45; 2025-09 · Price EUR 1.92 · Value 2.45 · Buy at or below 2.45; 2025-10 · Price EUR 1.93 · Value 2.45 · Buy at or below 2.45; 2025-11 · Price EUR 2.04 · Value 2.45 · Buy at or below 2.45; 2025-12 · Price EUR 2.08 · Value 2.45 · Buy at or below 2.45; 2026-01 · Price EUR 2.09 · Value 2.45 · Buy at or below 2.45; 2026-02 · Price EUR 2.38 · Value 2.43 · Buy at or below 2.43; 2026-03 · Price EUR 2.10 · Value 2.43 · Buy at or below 2.43; 2026-04 · Price EUR 2.18 · Value 2.43 · Buy at or below 2.43; 2026-05 · Price EUR 2.35 · Value 2.43 · Buy at or below 2.43; 2026-06 · Price EUR 2.47 · Value 2.43 · Buy at or below 2.43; 2026-07 · Price EUR 2.44 · Value 2.43 · Buy at or below 2.43; 2026-08 · Price EUR 2.52 · Value 2.43 · Buy at or below 2.43; 2026-09 · Price EUR 2.73 · Value 2.43 · Buy at or below 2.43; 2026-10 · Price EUR 2.66 · Value 2.43 · Buy at or below 2.43; 2026-10 · Price EUR 2.65 · Value 2.43 · Buy at or below 2.43

EUR per share · annual estimates

Price & return math
Value range	EUR 2.14 – EUR 2.82
Buy at or below	Central value EUR 2.43
Discount to value	1 − 2.65 / 2.43 = -9.2%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.19/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.05/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 945M

Revenue

Owner earningsEUR 132M

Owner earnings

Operating margin17.8%

Operating margin

Net cash / debtEUR -171M

Net cash / debt

Diluted shares618M

Diluted shares

Prices 15 Oct 2026 · FY2025