# CA Immobilien Anlagen AG (CAI.VI)

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

Analysis as of: 2026-10-16T07:40:38.186Z. Financial observations: FY2015–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 21.05 per share; close as of 2026-10-15.

Estimated value: low EUR 15.61 per share, central EUR 16.79 per share, high EUR 18.37 per share. Buy at or below the central value EUR 16.79 per share. Valuation as of 2026-10-16T07:40:38.186Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 2

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.51×

- FY2018: 0.44×

- FY2019: 0.52×

- FY2020: 0.43×

- FY2021: 0.52×

- FY2022: 0.50×

- FY2023: 0.59×

- FY2024: 0.51×

- FY2025: 0.55×

- LTM to Jun 2026: 0.54×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 72.1%

- Recent gross margin (lower of latest and 3-year median): 71.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.9%

- FY2017: 3.0%

- FY2018: 2.5%

- FY2019: 2.4%

- FY2020: 2.1%

- FY2021: 2.1%

- FY2022: 1.8%

- FY2023: 4.2%

- FY2024: 2.9%

- FY2025: 3.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 427M

- Net income, five-year total: EUR 449M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.8 pp

- Working capital / revenue, change between three-year averages: -35.0 pp

- Working capital / revenue, final three-year average: 8.6%

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

- FY2021: 0.99×

- FY2022: 0.97×

- FY2023: 1.03×

- FY2024: 1.07×

- FY2025: 0.98×

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 2.9% vs 3.9%

- Per-share earnings: 3.28 to -0.68 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: EUR -251M

- Cumulative retained earnings: EUR 57M

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -3.96

- Per-share value, starting three-year median: EUR 3.28

- Per-share value, ending three-year median: EUR -0.68

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 1.2%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 421K

- Cumulative net income, 10 years: EUR 1.8B

- ROIC, first three-year median: 2.9%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.52

- FY2018: EUR 3.28

- FY2019: EUR 4.23

- FY2020: EUR 2.73

- FY2021: EUR 4.76

- FY2022: EUR 0.75

- FY2023: EUR -2.28

- FY2024: EUR -0.68

- FY2025: EUR 1.93

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 0.36×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.4%

- FY2017: 2.1%

- FY2018: 3.7%

- FY2019: 4.7%

- FY2020: 1.0%

- FY2021: 4.6%

- FY2022: -1.0%

- FY2023: -7.5%

- FY2024: -3.2%

- FY2025: -0.4%

## Holders

## Price story

Down 43% since Oct 2021 · sales -9.3%

Story as of 2026-10-16T10:00:11.584Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

### Sales · FY2025–2026

sales -9.3%; source https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2017: EUR 272M 

- FY2018: EUR 305M 

- FY2019: EUR 293M 

- FY2020: EUR 340M 

- FY2021: EUR 297M 

- FY2022: EUR 279M 

- FY2023: EUR 420M 

- FY2024: EUR 325M 

- FY2025: EUR 301M 

- FY2026: EUR 273M 

### Gross margin · FY2025

gross margin 71.3%; source https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: 69.9% 

- FY2017: 72.8% 

- FY2018: 66.3% 

- FY2019: 73.5% 

- FY2020: 70.6% 

- FY2021: 77.1% 

- FY2022: 74.8% 

- FY2023: 76.6% 

- FY2024: 67.3% 

- FY2025: 71.3% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are EUR 300.7 million.

- Source: https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: revenue 300673000; grossProfit 214395000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 67.3% to 76.6% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 76.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 67.3%.

- Source: https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 71.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.0288306531457382],[2017,0.029946979210828124],[2018,0.0254710187312482],[2019,0.023978546383738274],[2020,0.02130667930101482],[2021,0.020738264465522283],[2022,0.017861983902182018],[2023,0.04218560431960618],[2024,0.0293437845485236],[2025,0.039325173083836235]]; median 0.027150835938493198. 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 80.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 1191000; owner earnings 124177000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 939000; owner earnings 131521000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 1685000; owner earnings 107644000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 2714000; owner earnings 387003000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 2085000; owner earnings 248341200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 1911000; owner earnings 475198800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 1416000; owner earnings 73054400. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 1489000; owner earnings 180771200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,47904000],[2017,60691000],[2018,74423000],[2019,83725000],[2020,93028000],[2021,100436000],[2022,251791000],[2023,348521000],[2024,78173000],[2025,95847000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: cash repurchases 80552000 EUR.

### Are managers owners

Insiders own 4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAI.VI SharesStats.PercentInsiders = 3.978 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.0648577237536675. Price 21.05; 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)

- 2016-10: EUR 16.54 per share

- 2016-11: EUR 17.20 per share

- 2016-12: EUR 17.50 per share

- 2017-01: EUR 18.24 per share

- 2017-02: EUR 18.50 per share

- 2017-03: EUR 20.60 per share

- 2017-04: EUR 20.12 per share

- 2017-05: EUR 21.24 per share

- 2017-06: EUR 21.36 per share

- 2017-07: EUR 21.80 per share

- 2017-08: EUR 23.96 per share

- 2017-09: EUR 24.30 per share

- 2017-10: EUR 24.50 per share

- 2017-11: EUR 25.25 per share

- 2017-12: EUR 25.81 per share

- 2018-01: EUR 24.74 per share

- 2018-02: EUR 24.14 per share

- 2018-03: EUR 27.14 per share

- 2018-04: EUR 28.74 per share

- 2018-05: EUR 30.04 per share

- 2018-06: EUR 28.54 per share

- 2018-07: EUR 29.92 per share

- 2018-08: EUR 31.60 per share

- 2018-09: EUR 30.78 per share

- 2018-10: EUR 28.74 per share

- 2018-11: EUR 28.40 per share

- 2018-12: EUR 27.62 per share

- 2019-01: EUR 31.26 per share

- 2019-02: EUR 29.68 per share

- 2019-03: EUR 32.20 per share

- 2019-04: EUR 31.25 per share

- 2019-05: EUR 33.25 per share

- 2019-06: EUR 32.30 per share

- 2019-07: EUR 31.80 per share

- 2019-08: EUR 32.20 per share

- 2019-09: EUR 32.55 per share

- 2019-10: EUR 34.60 per share

- 2019-11: EUR 37.25 per share

- 2019-12: EUR 37.45 per share

- 2020-01: EUR 39.75 per share

- 2020-02: EUR 37.00 per share

- 2020-03: EUR 30.70 per share

- 2020-04: EUR 29.05 per share

- 2020-05: EUR 30.30 per share

- 2020-06: EUR 29.65 per share

- 2020-07: EUR 26.60 per share

- 2020-08: EUR 26.15 per share

- 2020-09: EUR 25.30 per share

- 2020-10: EUR 23.55 per share

- 2020-11: EUR 29.05 per share

- 2020-12: EUR 31.35 per share

- 2021-01: EUR 35.50 per share

- 2021-02: EUR 35.55 per share

- 2021-03: EUR 36.10 per share

- 2021-04: EUR 36.45 per share

- 2021-05: EUR 35.65 per share

- 2021-06: EUR 35.15 per share

- 2021-07: EUR 37.05 per share

- 2021-08: EUR 36.85 per share

- 2021-09: EUR 36.50 per share

- 2021-10: EUR 37.00 per share

- 2021-11: EUR 36.30 per share

- 2021-12: EUR 33.00 per share

- 2022-01: EUR 32.35 per share

- 2022-02: EUR 30.65 per share

- 2022-03: EUR 28.05 per share

- 2022-04: EUR 27.00 per share

- 2022-05: EUR 31.10 per share

- 2022-06: EUR 30.25 per share

- 2022-07: EUR 31.85 per share

- 2022-08: EUR 31.75 per share

- 2022-09: EUR 30.40 per share

- 2022-10: EUR 31.95 per share

- 2022-11: EUR 31.70 per share

- 2022-12: EUR 28.35 per share

- 2023-01: EUR 28.60 per share

- 2023-02: EUR 27.00 per share

- 2023-03: EUR 24.80 per share

- 2023-04: EUR 26.30 per share

- 2023-05: EUR 25.55 per share

- 2023-06: EUR 26.55 per share

- 2023-07: EUR 29.05 per share

- 2023-08: EUR 30.60 per share

- 2023-09: EUR 31.40 per share

- 2023-10: EUR 31.90 per share

- 2023-11: EUR 30.00 per share

- 2023-12: EUR 32.45 per share

- 2024-01: EUR 30.40 per share

- 2024-02: EUR 29.70 per share

- 2024-03: EUR 32.70 per share

- 2024-04: EUR 30.50 per share

- 2024-05: EUR 29.82 per share

- 2024-06: EUR 30.96 per share

- 2024-07: EUR 30.20 per share

- 2024-08: EUR 31.80 per share

- 2024-09: EUR 26.86 per share

- 2024-10: EUR 22.24 per share

- 2024-11: EUR 23.88 per share

- 2024-12: EUR 23.32 per share

- 2025-01: EUR 23.86 per share

- 2025-02: EUR 23.32 per share

- 2025-03: EUR 22.40 per share

- 2025-04: EUR 23.82 per share

- 2025-05: EUR 24.20 per share

- 2025-06: EUR 24.26 per share

- 2025-07: EUR 23.42 per share

- 2025-08: EUR 23.44 per share

- 2025-09: EUR 23.38 per share

- 2025-10: EUR 24.12 per share

- 2025-11: EUR 24.34 per share

- 2025-12: EUR 22.52 per share

- 2026-01: EUR 25.12 per share

- 2026-02: EUR 26.40 per share

- 2026-03: EUR 24.32 per share

- 2026-04: EUR 27.20 per share

- 2026-05: EUR 24.85 per share

- 2026-06: EUR 22.80 per share

- 2026-07: EUR 24.15 per share

- 2026-08: EUR 23.30 per share

- 2026-09: EUR 21.80 per share

- 2026-10: EUR 21.00 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 21.47 per share, central EUR 23.80 per share, high EUR 26.89 per share

- FY2020: low EUR 29.40 per share, central EUR 32.09 per share, high EUR 35.68 per share

- FY2021: low EUR 29.71 per share, central EUR 32.94 per share, high EUR 37.25 per share

- FY2022: low EUR 30.32 per share, central EUR 33.38 per share, high EUR 37.44 per share

- FY2023: low EUR 41.52 per share, central EUR 46.22 per share, high EUR 52.48 per share

- FY2024: low EUR 17.63 per share, central EUR 18.95 per share, high EUR 20.70 per share

- FY2025: low EUR 15.68 per share, central EUR 16.92 per share, high EUR 18.57 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 2026-10-15T06:46:20.237Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5299003ICAPV07J0R180/2025-12-31/ESEF/AT/0/caimmo-2025-12-31-1-de/reports/caimmo-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-04-07.

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.

## Reported holder observations