# Coface (COFA.PA)

Canonical: https://gigainvestors.com/s/COFA.PA

Analysis as of: 2026-10-16T07:39:42.737Z. 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 16.00 per share; close as of 2026-10-15.

Estimated value: low EUR 13.36 per share, central EUR 14.93 per share, high EUR 16.91 per share. Buy at or below the central value EUR 14.93 per share. Valuation as of 2026-10-16T07:39:42.737Z; 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; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.48×

Chart: Net income; fiscal year observations.

- FY2016: EUR 42M

- FY2017: EUR 83M

- FY2018: EUR 122M

- FY2019: EUR 147M

- FY2020: EUR 83M

- FY2021: EUR 224M

- FY2022: EUR 283M

- FY2023: EUR 241M

- FY2024: EUR 261M

- FY2025: EUR 222M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.7%

- Years with reported combined ratio: 0

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

- FY2016: 2.7%

- FY2017: 11.6%

- FY2018: 16.5%

- FY2019: 8.6%

- FY2020: 4.7%

- FY2021: 11.4%

- FY2022: 24.8%

- FY2023: 13.3%

- FY2024: 13.4%

- FY2025: 11.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.1%

- Book return interval: 10 years

- Starting book value per share: EUR 11.18

- Ending book value per share: EUR 14.74

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

- FY2016: 4.4%

- FY2017: -46.4%

- FY2018: 11.7%

- FY2019: 118.0%

- FY2020: 9.1%

- FY2021: 16.2%

- FY2022: -29.6%

- FY2023: 69.4%

- FY2024: 16.2%

- FY2025: 9.8%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.60×

- Book value created per share: EUR 3.56

- Earnings retained per share after dividends and buybacks: EUR 2.23

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 96

- FY2019: 96

- FY2020: 95

- FY2021: 95

- FY2022: 95

- FY2023: 95

- FY2024: 95

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 2% a year forever · net income -15%

Story as of 2026-10-16T10:00:10.993Z; price observation 2026-10-15.

The price assumes profits grow 2% a year forever

### Net income · FY2025

net income -15%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 42M 

- FY2017: EUR 83M 

- FY2018: EUR 122M 

- FY2019: EUR 147M 

- FY2020: EUR 83M 

- FY2021: EUR 224M 

- FY2022: EUR 283M 

- FY2023: EUR 241M 

- FY2024: EUR 261M 

- FY2025: EUR 222M 

## Owner memo

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

### How it makes money

Operates in insurance reinsurance; annual sales are EUR 1.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:42.737Z); FY2025: revenue 1898043000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COFA.PA: COFACE SA, through its subsidiaries, provides trade credit insurance products and services for small and medium enterprises, mid-market companies, international corporations, international companies, financial institutions, and clients of distribution partners. It offers insurance products, including TradeLiner; EasyLiner, a range of contracts for small and medium enterprises; GlobaLiner, that offers multinationals services, and management and oversight tools; CofaNet, a central internet portal that enables policyholders to manage their contracts; Coface Dashboard, a tool providing client risk analyses and reports; CofaMove, a mobile app that includes the key features of CofaNet; CofaServe, an API offer; and AlyX, a credit risk management software, as well as Single Risk medium-term insurance for commercial and political risks. The company also provides business information, debt collection, factoring and surety bonds services. In addition, it offers contract surety bonds, customs and excise bonds, environmental surety bonds, legal bonds for temporary employment companies, and payment guarantees. Further, the company provides Urba360, a universal risk business assessment; Full report that provides complete financial data, a score, a maximum recommended credit limit and debtor risk assessment using an 11-point scale; Snapshot report, an instant report that provides a summary of the key aspects needed to assess business partners; Score which determines a company's ability to meet its short-term financial commitments; Credit Opinions which provides a recommended outstanding amount for a company; compliance control tools; Portfolio Insights and Selectio, an interactive portfolio management tools; and Economic Insights. It has operations in Western Europe, Africa, Northern Europe, Central and Eastern Europe, the Mediterranean, North America, Latin America, and the Asia-Pacific. COFACE SA was founded in 1946 and is headquartered in Bois-Colombes, France.

### Why customers stay

It earns 11.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:42.737Z); 10-year return on tangible equity observations [[2016,0.026977483794737016],[2017,0.11575576567014483],[2018,0.16545571599374598],[2019,0.086127370529247],[2020,0.04690359867719404],[2021,0.11415186961766108],[2022,0.24842096765418709],[2023,0.13279581856060377],[2024,0.13366616712584486],[2025,0.11385888532567193]]; median 0.11495381764390294. 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 5.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:42.737Z); Dividend observations: [[2016,75312000],[2017,20398000],[2018,52895000],[2019,119424000],[2020,81976000],[2021,81976000],[2022,224029000],[2023,226953000],[2024,194321000],[2025,209060000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:42.737Z); FY2025: cash repurchases 5757000 EUR.

### Are managers owners

Insiders own 4.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COFA.PA SharesStats.PercentInsiders = 4.293 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:42.737Z); Price 16; FX 1; original perpetual distributable cash 1.2743356531922034; discount 0.1; growth 0.02035402167548729. 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 5.90 per share

- 2016-11: EUR 5.55 per share

- 2016-12: EUR 6.20 per share

- 2017-01: EUR 5.98 per share

- 2017-02: EUR 6.89 per share

- 2017-03: EUR 7.05 per share

- 2017-04: EUR 7.18 per share

- 2017-05: EUR 7.24 per share

- 2017-06: EUR 8.78 per share

- 2017-07: EUR 8.00 per share

- 2017-08: EUR 8.01 per share

- 2017-09: EUR 9.09 per share

- 2017-10: EUR 9.38 per share

- 2017-11: EUR 9.21 per share

- 2017-12: EUR 8.91 per share

- 2018-01: EUR 9.04 per share

- 2018-02: EUR 9.57 per share

- 2018-03: EUR 9.29 per share

- 2018-04: EUR 10.52 per share

- 2018-05: EUR 9.10 per share

- 2018-06: EUR 9.52 per share

- 2018-07: EUR 7.66 per share

- 2018-08: EUR 8.07 per share

- 2018-09: EUR 8.17 per share

- 2018-10: EUR 8.84 per share

- 2018-11: EUR 8.21 per share

- 2018-12: EUR 7.93 per share

- 2019-01: EUR 8.02 per share

- 2019-02: EUR 7.91 per share

- 2019-03: EUR 7.88 per share

- 2019-04: EUR 9.00 per share

- 2019-05: EUR 8.74 per share

- 2019-06: EUR 8.87 per share

- 2019-07: EUR 11.20 per share

- 2019-08: EUR 10.74 per share

- 2019-09: EUR 10.42 per share

- 2019-10: EUR 9.80 per share

- 2019-11: EUR 10.03 per share

- 2019-12: EUR 10.97 per share

- 2020-01: EUR 11.13 per share

- 2020-02: EUR 9.94 per share

- 2020-03: EUR 5.85 per share

- 2020-04: EUR 5.36 per share

- 2020-05: EUR 5.13 per share

- 2020-06: EUR 5.84 per share

- 2020-07: EUR 6.70 per share

- 2020-08: EUR 6.56 per share

- 2020-09: EUR 5.97 per share

- 2020-10: EUR 6.70 per share

- 2020-11: EUR 8.51 per share

- 2020-12: EUR 8.21 per share

- 2021-01: EUR 8.12 per share

- 2021-02: EUR 9.05 per share

- 2021-03: EUR 9.44 per share

- 2021-04: EUR 10.15 per share

- 2021-05: EUR 9.97 per share

- 2021-06: EUR 10.22 per share

- 2021-07: EUR 10.60 per share

- 2021-08: EUR 10.41 per share

- 2021-09: EUR 10.89 per share

- 2021-10: EUR 12.35 per share

- 2021-11: EUR 12.01 per share

- 2021-12: EUR 12.53 per share

- 2022-01: EUR 11.69 per share

- 2022-02: EUR 11.97 per share

- 2022-03: EUR 10.93 per share

- 2022-04: EUR 11.51 per share

- 2022-05: EUR 10.97 per share

- 2022-06: EUR 9.97 per share

- 2022-07: EUR 10.21 per share

- 2022-08: EUR 10.00 per share

- 2022-09: EUR 9.84 per share

- 2022-10: EUR 11.27 per share

- 2022-11: EUR 11.69 per share

- 2022-12: EUR 12.14 per share

- 2023-01: EUR 12.82 per share

- 2023-02: EUR 13.96 per share

- 2023-03: EUR 13.05 per share

- 2023-04: EUR 13.86 per share

- 2023-05: EUR 12.95 per share

- 2023-06: EUR 12.62 per share

- 2023-07: EUR 13.32 per share

- 2023-08: EUR 12.37 per share

- 2023-09: EUR 12.08 per share

- 2023-10: EUR 11.38 per share

- 2023-11: EUR 11.15 per share

- 2023-12: EUR 11.84 per share

- 2024-01: EUR 12.53 per share

- 2024-02: EUR 13.26 per share

- 2024-03: EUR 14.65 per share

- 2024-04: EUR 14.45 per share

- 2024-05: EUR 14.10 per share

- 2024-06: EUR 13.01 per share

- 2024-07: EUR 14.01 per share

- 2024-08: EUR 14.54 per share

- 2024-09: EUR 14.69 per share

- 2024-10: EUR 14.82 per share

- 2024-11: EUR 14.64 per share

- 2024-12: EUR 14.38 per share

- 2025-01: EUR 15.59 per share

- 2025-02: EUR 16.42 per share

- 2025-03: EUR 17.69 per share

- 2025-04: EUR 18.01 per share

- 2025-05: EUR 16.47 per share

- 2025-06: EUR 16.29 per share

- 2025-07: EUR 16.32 per share

- 2025-08: EUR 16.09 per share

- 2025-09: EUR 15.87 per share

- 2025-10: EUR 15.28 per share

- 2025-11: EUR 15.18 per share

- 2025-12: EUR 15.70 per share

- 2026-01: EUR 15.42 per share

- 2026-02: EUR 15.66 per share

- 2026-03: EUR 14.92 per share

- 2026-04: EUR 15.75 per share

- 2026-05: EUR 14.95 per share

- 2026-06: EUR 15.06 per share

- 2026-07: EUR 15.80 per share

- 2026-08: EUR 15.85 per share

- 2026-09: EUR 16.30 per share

- 2026-10: EUR 15.75 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 7.35 per share, central EUR 8.09 per share, high EUR 8.99 per share

- FY2017: low EUR 3.44 per share, central EUR 3.78 per share, high EUR 4.20 per share

- FY2018: low EUR 3.66 per share, central EUR 4.03 per share, high EUR 4.48 per share

- FY2019: low EUR 6.74 per share, central EUR 7.94 per share, high EUR 9.67 per share

- FY2020: low EUR 8.85 per share, central EUR 9.74 per share, high EUR 10.82 per share

- FY2021: low EUR 8.36 per share, central EUR 9.69 per share, high EUR 11.53 per share

- FY2022: low EUR 5.41 per share, central EUR 6.13 per share, high EUR 7.07 per share

- FY2023: low EUR 10.92 per share, central EUR 12.17 per share, high EUR 13.75 per share

- FY2024: low EUR 13.84 per share, central EUR 15.70 per share, high EUR 18.13 per share

- FY2025: low EUR 13.66 per share, central EUR 15.26 per share, high EUR 17.28 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 2026-10-15T06:45:29.443Z 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.

Coface

COFA · PA

SBF 120

Not a wonderful business

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

Share price: EUR 16.00
Buy up to: EUR 14.93
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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: EUR 184M
Worst year: EUR 42M
Latest · 2025: EUR 222M

Earned a median 11.5% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 11.5%
Worst year: 2.7%
Latest · 2025: 11.4%

Book value plus dividends grew 10.1% a year (minimum 7%).

Annual book + dividend return

10y median: 10.8%
Worst year: -46.4%
Latest · 2025: 9.8%

Ordinary share growth was -0.5% over the full period and 0.1% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 95
Worst year: 100
Latest · 2025: 95

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 1.61 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 5.90 · Value 8.09 · Buy at or below 8.09; 2016-11 · Price EUR 5.54 · Value 8.09 · Buy at or below 8.09; 2016-12 · Price EUR 6.20 · Value 8.09 · Buy at or below 8.09; 2017-01 · Price EUR 5.98 · Value 8.09 · Buy at or below 8.09; 2017-02 · Price EUR 6.89 · Value 3.78 · Buy at or below 3.78; 2017-03 · Price EUR 7.05 · Value 3.78 · Buy at or below 3.78; 2017-04 · Price EUR 7.18 · Value 3.78 · Buy at or below 3.78; 2017-05 · Price EUR 7.24 · Value 3.78 · Buy at or below 3.78; 2017-06 · Price EUR 8.78 · Value 3.78 · Buy at or below 3.78; 2017-07 · Price EUR 8.00 · Value 3.78 · Buy at or below 3.78; 2017-08 · Price EUR 8.01 · Value 3.78 · Buy at or below 3.78; 2017-09 · Price EUR 9.09 · Value 3.78 · Buy at or below 3.78; 2017-10 · Price EUR 9.38 · Value 3.78 · Buy at or below 3.78; 2017-11 · Price EUR 9.21 · Value 3.78 · Buy at or below 3.78; 2017-12 · Price EUR 8.91 · Value 3.78 · Buy at or below 3.78; 2018-01 · Price EUR 9.04 · Value 3.78 · Buy at or below 3.78; 2018-02 · Price EUR 9.57 · Value 4.03 · Buy at or below 4.03; 2018-03 · Price EUR 9.29 · Value 4.03 · Buy at or below 4.03; 2018-04 · Price EUR 10.52 · Value 4.03 · Buy at or below 4.03; 2018-05 · Price EUR 9.10 · Value 4.03 · Buy at or below 4.03; 2018-06 · Price EUR 9.52 · Value 4.03 · Buy at or below 4.03; 2018-07 · Price EUR 7.66 · Value 4.03 · Buy at or below 4.03; 2018-08 · Price EUR 8.07 · Value 4.03 · Buy at or below 4.03; 2018-09 · Price EUR 8.17 · Value 4.03 · Buy at or below 4.03; 2018-10 · Price EUR 8.84 · Value 4.03 · Buy at or below 4.03; 2018-11 · Price EUR 8.21 · Value 4.03 · Buy at or below 4.03; 2018-12 · Price EUR 7.93 · Value 4.03 · Buy at or below 4.03; 2019-01 · Price EUR 8.02 · Value 4.03 · Buy at or below 4.03; 2019-02 · Price EUR 7.91 · Value 7.94 · Buy at or below 7.94; 2019-03 · Price EUR 7.88 · Value 7.94 · Buy at or below 7.94; 2019-04 · Price EUR 9.00 · Value 7.94 · Buy at or below 7.94; 2019-05 · Price EUR 8.73 · Value 7.94 · Buy at or below 7.94; 2019-06 · Price EUR 8.87 · Value 7.94 · Buy at or below 7.94; 2019-07 · Price EUR 11.20 · Value 7.94 · Buy at or below 7.94; 2019-08 · Price EUR 10.74 · Value 7.94 · Buy at or below 7.94; 2019-09 · Price EUR 10.42 · Value 7.94 · Buy at or below 7.94; 2019-10 · Price EUR 9.80 · Value 7.94 · Buy at or below 7.94; 2019-11 · Price EUR 10.03 · Value 7.94 · Buy at or below 7.94; 2019-12 · Price EUR 10.97 · Value 7.94 · Buy at or below 7.94; 2020-01 · Price EUR 11.13 · Value 7.94 · Buy at or below 7.94; 2020-02 · Price EUR 9.94 · Value 9.74 · Buy at or below 9.74; 2020-03 · Price EUR 5.85 · Value 9.74 · Buy at or below 9.74; 2020-04 · Price EUR 5.36 · Value 9.74 · Buy at or below 9.74; 2020-05 · Price EUR 5.13 · Value 9.74 · Buy at or below 9.74; 2020-06 · Price EUR 5.84 · Value 9.74 · Buy at or below 9.74; 2020-07 · Price EUR 6.70 · Value 9.74 · Buy at or below 9.74; 2020-08 · Price EUR 6.56 · Value 9.74 · Buy at or below 9.74; 2020-09 · Price EUR 5.97 · Value 9.74 · Buy at or below 9.74; 2020-10 · Price EUR 6.70 · Value 9.74 · Buy at or below 9.74; 2020-11 · Price EUR 8.51 · Value 9.74 · Buy at or below 9.74; 2020-12 · Price EUR 8.21 · Value 9.74 · Buy at or below 9.74; 2021-01 · Price EUR 8.12 · Value 9.74 · Buy at or below 9.74; 2021-02 · Price EUR 9.05 · Value 9.69 · Buy at or below 9.69; 2021-03 · Price EUR 9.44 · Value 9.69 · Buy at or below 9.69; 2021-04 · Price EUR 10.15 · Value 9.69 · Buy at or below 9.69; 2021-05 · Price EUR 9.97 · Value 9.69 · Buy at or below 9.69; 2021-06 · Price EUR 10.22 · Value 9.69 · Buy at or below 9.69; 2021-07 · Price EUR 10.60 · Value 9.69 · Buy at or below 9.69; 2021-08 · Price EUR 10.41 · Value 9.69 · Buy at or below 9.69; 2021-09 · Price EUR 10.89 · Value 9.69 · Buy at or below 9.69; 2021-10 · Price EUR 12.35 · Value 9.69 · Buy at or below 9.69; 2021-11 · Price EUR 12.01 · Value 9.69 · Buy at or below 9.69; 2021-12 · Price EUR 12.53 · Value 9.69 · Buy at or below 9.69; 2022-01 · Price EUR 11.69 · Value 9.69 · Buy at or below 9.69; 2022-02 · Price EUR 11.97 · Value 6.13 · Buy at or below 6.13; 2022-03 · Price EUR 10.93 · Value 6.13 · Buy at or below 6.13; 2022-04 · Price EUR 11.51 · Value 6.13 · Buy at or below 6.13; 2022-05 · Price EUR 10.97 · Value 6.13 · Buy at or below 6.13; 2022-06 · Price EUR 9.96 · Value 6.13 · Buy at or below 6.13; 2022-07 · Price EUR 10.21 · Value 6.13 · Buy at or below 6.13; 2022-08 · Price EUR 10.00 · Value 6.13 · Buy at or below 6.13; 2022-09 · Price EUR 9.84 · Value 6.13 · Buy at or below 6.13; 2022-10 · Price EUR 11.27 · Value 6.13 · Buy at or below 6.13; 2022-11 · Price EUR 11.69 · Value 6.13 · Buy at or below 6.13; 2022-12 · Price EUR 12.14 · Value 6.13 · Buy at or below 6.13; 2023-01 · Price EUR 12.82 · Value 6.13 · Buy at or below 6.13; 2023-02 · Price EUR 13.96 · Value 12.17 · Buy at or below 12.17; 2023-03 · Price EUR 13.05 · Value 12.17 · Buy at or below 12.17; 2023-04 · Price EUR 13.86 · Value 12.17 · Buy at or below 12.17; 2023-05 · Price EUR 12.95 · Value 12.17 · Buy at or below 12.17; 2023-06 · Price EUR 12.62 · Value 12.17 · Buy at or below 12.17; 2023-07 · Price EUR 13.32 · Value 12.17 · Buy at or below 12.17; 2023-08 · Price EUR 12.37 · Value 12.17 · Buy at or below 12.17; 2023-09 · Price EUR 12.08 · Value 12.17 · Buy at or below 12.17; 2023-10 · Price EUR 11.38 · Value 12.17 · Buy at or below 12.17; 2023-11 · Price EUR 11.15 · Value 12.17 · Buy at or below 12.17; 2023-12 · Price EUR 11.84 · Value 12.17 · Buy at or below 12.17; 2024-01 · Price EUR 12.53 · Value 12.17 · Buy at or below 12.17; 2024-02 · Price EUR 13.26 · Value 15.70 · Buy at or below 15.70; 2024-03 · Price EUR 14.65 · Value 15.70 · Buy at or below 15.70; 2024-04 · Price EUR 14.45 · Value 15.70 · Buy at or below 15.70; 2024-05 · Price EUR 14.10 · Value 15.70 · Buy at or below 15.70; 2024-06 · Price EUR 13.01 · Value 15.70 · Buy at or below 15.70; 2024-07 · Price EUR 14.01 · Value 15.70 · Buy at or below 15.70; 2024-08 · Price EUR 14.54 · Value 15.70 · Buy at or below 15.70; 2024-09 · Price EUR 14.69 · Value 15.70 · Buy at or below 15.70; 2024-10 · Price EUR 14.82 · Value 15.70 · Buy at or below 15.70; 2024-11 · Price EUR 14.64 · Value 15.70 · Buy at or below 15.70; 2024-12 · Price EUR 14.38 · Value 15.70 · Buy at or below 15.70; 2025-01 · Price EUR 15.59 · Value 15.70 · Buy at or below 15.70; 2025-02 · Price EUR 16.42 · Value 15.26 · Buy at or below 15.26; 2025-03 · Price EUR 17.69 · Value 15.26 · Buy at or below 15.26; 2025-04 · Price EUR 18.01 · Value 15.26 · Buy at or below 15.26; 2025-05 · Price EUR 16.47 · Value 15.26 · Buy at or below 15.26; 2025-06 · Price EUR 16.29 · Value 15.26 · Buy at or below 15.26; 2025-07 · Price EUR 16.32 · Value 15.26 · Buy at or below 15.26; 2025-08 · Price EUR 16.09 · Value 15.26 · Buy at or below 15.26; 2025-09 · Price EUR 15.87 · Value 15.26 · Buy at or below 15.26; 2025-10 · Price EUR 15.28 · Value 15.26 · Buy at or below 15.26; 2025-11 · Price EUR 15.18 · Value 15.26 · Buy at or below 15.26; 2025-12 · Price EUR 15.70 · Value 15.26 · Buy at or below 15.26; 2026-01 · Price EUR 15.42 · Value 15.26 · Buy at or below 15.26; 2026-02 · Price EUR 15.66 · Value 14.93 · Buy at or below 14.93; 2026-03 · Price EUR 14.92 · Value 14.93 · Buy at or below 14.93; 2026-04 · Price EUR 15.75 · Value 14.93 · Buy at or below 14.93; 2026-05 · Price EUR 14.95 · Value 14.93 · Buy at or below 14.93; 2026-06 · Price EUR 15.06 · Value 14.93 · Buy at or below 14.93; 2026-07 · Price EUR 15.80 · Value 14.93 · Buy at or below 14.93; 2026-08 · Price EUR 15.85 · Value 14.93 · Buy at or below 14.93; 2026-09 · Price EUR 16.30 · Value 14.93 · Buy at or below 14.93; 2026-10 · Price EUR 15.75 · Value 14.93 · Buy at or below 14.93; 2026-10 · Price EUR 16.00 · Value 14.93 · Buy at or below 14.93

EUR per share · annual estimates

Price & return math
Value range	EUR 13.36 – EUR 16.91
Buy at or below	Central value EUR 14.93
Discount to value	1 − 16.00 / 14.93 = -7.2%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 12.70/share; ROE 11.5%; first payout EUR 1.27/share, growing 1.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 222M

Net income

Book / shareEUR 14.74

Book / share

Dividend / shareEUR 1.39

Dividend / share

Return on tangible equity11.4%

Return on tangible equity

Diluted shares150M

Diluted shares

Prices 15 Oct 2026 · FY2025