# CPI Europe AG (CPI.VI)

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

Analysis as of: 2026-10-16T07:40:07.812Z. Financial observations: FY2015–FY2025.

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 15.50 per share; close as of 2026-10-15.

Estimated value: low EUR 19.14 per share, central EUR 21.44 per share, high EUR 24.51 per share. Buy at or below the central value EUR 21.44 per share. Valuation as of 2026-10-16T07:40:07.812Z; scenarios are not confidence intervals.

Expected annual return: 13.3% at the stated quote. About 13.3% 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

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.71×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: -0.49×

- FY2018: -0.42×

- FY2019: 0.17×

- FY2020: 0.44×

- FY2021: 0.40×

- FY2022: 0.35×

- FY2023: 0.42×

- FY2024: 0.46×

- FY2025: 0.50×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.2%

- ROIC, second-lowest year: -2.9%

- Typical minus recent gross margin: -16.7 pp

- Typical gross margin (annual median): 67.0%

- Recent gross margin (lower of latest and 3-year median): 83.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.0%

- FY2017: -2.9%

- FY2018: -3.0%

- FY2019: 1.2%

- FY2020: 2.5%

- FY2021: 2.4%

- FY2022: 1.7%

- FY2023: 3.7%

- FY2024: 3.6%

- FY2025: 4.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.4B

- Net income, five-year total: EUR 957M

- Return on incremental invested capital: 13.8%

- Working capital / revenue, annual change: -3.7 pp

- Working capital / revenue, change between three-year averages: -27.2 pp

- Working capital / revenue, final three-year average: -0.9%

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

- FY2021: 0.63×

- FY2022: -0.14×

- FY2023: -2.41×

- FY2024: 3.00×

- FY2025: 0.70×

### management: fail

- 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: -2.9% vs 3.7%

- Per-share earnings: 1.82 to 0.97 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: EUR -227M

- Cumulative retained earnings: EUR 1.3B

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -10.0%

- Per-share value change: EUR -0.85

- Per-share value, starting three-year median: EUR 1.82

- Per-share value, ending three-year median: EUR 0.97

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.9%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 593K

- Cumulative net income, 10 years: EUR 552M

- ROIC, first three-year median: -2.9%

- ROIC, last three-year median: 3.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR -4.79

- FY2018: EUR 1.82

- FY2019: EUR 2.95

- FY2020: EUR -1.35

- FY2021: EUR 2.81

- FY2022: EUR 1.04

- FY2023: EUR -1.31

- FY2024: EUR 0.97

- FY2025: EUR 3.73

### accounting: pass

- Sloan accruals: 1.6%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -10.2%

- FY2018: 2.3%

- FY2019: 2.4%

- FY2020: -4.6%

- FY2021: 1.9%

- FY2022: 1.6%

- FY2023: -6.4%

- FY2024: -2.9%

- FY2025: 1.6%

## Holders

## Price story

Down 51% since Aug 2024 · sales -7.4%

Story as of 2026-10-16T10:00:11.233Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.8% a year for ten years

### Sales · FY2024–2025

sales -7.4%; source https://filings.xbrl.org/5299000DUMZ99SBBX121/2025-12-31/ESEF/AT/0/cpieuropeag-2025-12-31-1-de/reports/cpieuropeag-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: EUR 731M 

- FY2017: EUR 324M 

- FY2018: EUR 334M 

- FY2019: EUR 367M 

- FY2020: EUR 378M 

- FY2021: EUR 375M 

- FY2022: EUR 423M 

- FY2023: EUR 797M 

- FY2024: EUR 885M 

- FY2025: EUR 820M 

### Gross margin · FY2025

gross margin 86.3%; source https://filings.xbrl.org/5299000DUMZ99SBBX121/2025-12-31/ESEF/AT/0/cpieuropeag-2025-12-31-1-de/reports/cpieuropeag-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: 25.6% 

- FY2019: 29.7% 

- FY2020: 55.1% 

- FY2021: 80.4% 

- FY2022: 80.8% 

- FY2023: 78.8% 

- FY2024: 83.7% 

- FY2025: 86.3% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are EUR 819.7 million.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 819690000; grossProfit 707695000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPI.VI: CPI Europe AG, together with its subsidiaries, engages in the purchasing, leasing, realization, acquisition, and developing of properties in Austria, Germany, Poland, the Czech Republic, Hungary, Romania, Slovakia, Croatia, Serbia, Slovenia, and Italy. The company manages and develops retail and office properties under the myhive, STOP SHOP, and VIVO! Brands. Its portfolio includes office buildings, retail and residential properties, and hotels. In addition, the company owns and operates hotels. The company was formerly known as IMMOFINANZ AG and changed its name to CPI Europe AG in March 2025. CPI Europe AG was founded in 1990 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 78.8% to 86.3% during 2023–25; it earns 2.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 78.8%.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 83.7%.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 86.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.020047688883290556],[2017,-0.029075575586345794],[2018,-0.03028929957466591],[2019,0.011769727672747601],[2020,0.02526140851083294],[2021,0.024498958800287563],[2022,0.016531124523223768],[2023,0.037038697948033675],[2024,0.036370825721743084],[2025,0.04553005672963829]]; median 0.02227332384178906. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 81% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/5299000DUMZ99SBBX121/2025-12-31/ESEF/AT/0/cpieuropeag-2025-12-31-1-de/reports/cpieuropeag-2025-12-31-1-de.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.8043572740773921],[2022,0.8075098159799423],[2023,0.7879520188712389]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 0; owner earnings 147520500. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 0; owner earnings 84821000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 0; owner earnings 85293000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 0; owner earnings 205588000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 0; owner earnings 147878000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 0; owner earnings 217147000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 0; owner earnings 434223000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 0; owner earnings 400455000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IMO1.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 0; owner earnings 361316000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,86935500],[2017,63152000],[2018,77928000],[2019,88113000],[2020,92470000],[2021,92470000],[2023,19048000],[2024,23991000],[2025,13840000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPI.VI SharesStats.PercentInsiders = 75.035 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.8% 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 -0.06645442077149394. Price 15.5; 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)

- 2016-11: EUR 19.64 per share

- 2016-12: EUR 18.53 per share

- 2017-01: EUR 16.98 per share

- 2017-02: EUR 17.18 per share

- 2017-03: EUR 17.91 per share

- 2017-04: EUR 19.10 per share

- 2017-05: EUR 19.99 per share

- 2017-06: EUR 20.01 per share

- 2017-07: EUR 20.56 per share

- 2017-08: EUR 22.25 per share

- 2017-09: EUR 21.84 per share

- 2017-10: EUR 21.71 per share

- 2017-11: EUR 20.16 per share

- 2017-12: EUR 21.47 per share

- 2018-01: EUR 20.62 per share

- 2018-02: EUR 19.20 per share

- 2018-03: EUR 21.14 per share

- 2018-04: EUR 21.74 per share

- 2018-05: EUR 20.62 per share

- 2018-06: EUR 20.40 per share

- 2018-07: EUR 22.50 per share

- 2018-08: EUR 22.96 per share

- 2018-09: EUR 22.44 per share

- 2018-10: EUR 21.06 per share

- 2018-11: EUR 21.88 per share

- 2018-12: EUR 20.90 per share

- 2019-01: EUR 23.10 per share

- 2019-02: EUR 21.82 per share

- 2019-03: EUR 22.14 per share

- 2019-04: EUR 22.85 per share

- 2019-05: EUR 22.77 per share

- 2019-06: EUR 22.92 per share

- 2019-07: EUR 24.18 per share

- 2019-08: EUR 25.44 per share

- 2019-09: EUR 25.55 per share

- 2019-10: EUR 25.75 per share

- 2019-11: EUR 24.55 per share

- 2019-12: EUR 23.90 per share

- 2020-01: EUR 25.05 per share

- 2020-02: EUR 23.30 per share

- 2020-03: EUR 16.26 per share

- 2020-04: EUR 16.88 per share

- 2020-05: EUR 16.84 per share

- 2020-06: EUR 15.20 per share

- 2020-07: EUR 14.03 per share

- 2020-08: EUR 13.90 per share

- 2020-09: EUR 13.51 per share

- 2020-10: EUR 11.50 per share

- 2020-11: EUR 15.62 per share

- 2020-12: EUR 16.97 per share

- 2021-01: EUR 17.42 per share

- 2021-02: EUR 16.61 per share

- 2021-03: EUR 17.41 per share

- 2021-04: EUR 17.31 per share

- 2021-05: EUR 18.34 per share

- 2021-06: EUR 18.95 per share

- 2021-07: EUR 19.99 per share

- 2021-08: EUR 21.56 per share

- 2021-09: EUR 20.60 per share

- 2021-10: EUR 20.72 per share

- 2021-11: EUR 20.50 per share

- 2021-12: EUR 22.54 per share

- 2022-01: EUR 23.02 per share

- 2022-02: EUR 22.98 per share

- 2022-03: EUR 22.98 per share

- 2022-04: EUR 22.94 per share

- 2022-05: EUR 20.36 per share

- 2022-06: EUR 14.48 per share

- 2022-07: EUR 14.95 per share

- 2022-08: EUR 14.80 per share

- 2022-09: EUR 12.48 per share

- 2022-10: EUR 11.94 per share

- 2022-11: EUR 12.28 per share

- 2022-12: EUR 11.62 per share

- 2023-01: EUR 12.39 per share

- 2023-02: EUR 12.31 per share

- 2023-03: EUR 12.93 per share

- 2023-04: EUR 14.82 per share

- 2023-05: EUR 15.48 per share

- 2023-06: EUR 17.00 per share

- 2023-07: EUR 18.22 per share

- 2023-08: EUR 17.78 per share

- 2023-09: EUR 18.38 per share

- 2023-10: EUR 19.00 per share

- 2023-11: EUR 18.94 per share

- 2023-12: EUR 21.05 per share

- 2024-01: EUR 22.00 per share

- 2024-02: EUR 21.00 per share

- 2024-03: EUR 22.60 per share

- 2024-04: EUR 23.25 per share

- 2024-05: EUR 23.95 per share

- 2024-06: EUR 25.90 per share

- 2024-07: EUR 27.40 per share

- 2024-08: EUR 31.55 per share

- 2024-09: EUR 17.96 per share

- 2024-10: EUR 14.94 per share

- 2024-11: EUR 15.80 per share

- 2024-12: EUR 14.92 per share

- 2025-01: EUR 16.84 per share

- 2025-02: EUR 16.34 per share

- 2025-03: EUR 16.84 per share

- 2025-04: EUR 17.40 per share

- 2025-05: EUR 17.86 per share

- 2025-06: EUR 18.77 per share

- 2025-07: EUR 18.23 per share

- 2025-08: EUR 18.65 per share

- 2025-09: EUR 18.58 per share

- 2025-10: EUR 16.91 per share

- 2025-11: EUR 15.65 per share

- 2025-12: EUR 15.72 per share

- 2026-01: EUR 15.55 per share

- 2026-02: EUR 16.07 per share

- 2026-03: EUR 15.56 per share

- 2026-04: EUR 15.60 per share

- 2026-05: EUR 15.96 per share

- 2026-06: EUR 15.38 per share

- 2026-07: EUR 15.52 per share

- 2026-08: EUR 15.38 per share

- 2026-09: EUR 15.12 per share

- 2026-10: EUR 15.50 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 11.17 per share, central EUR 12.33 per share, high EUR 13.88 per share

- FY2020: low EUR 17.19 per share, central EUR 18.39 per share, high EUR 20.00 per share

- FY2021: low EUR 20.96 per share, central EUR 22.76 per share, high EUR 25.15 per share

- FY2022: low EUR 16.99 per share, central EUR 18.81 per share, high EUR 21.24 per share

- FY2023: low EUR 38.37 per share, central EUR 43.11 per share, high EUR 49.43 per share

- FY2024: low EUR 35.44 per share, central EUR 39.81 per share, high EUR 45.63 per share

- FY2025: low EUR 31.52 per share, central EUR 35.57 per share, high EUR 40.96 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 2026-10-15T06:45:51.809Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5299000DUMZ99SBBX121/2025-12-31/ESEF/AT/0/cpieuropeag-2025-12-31-1-de/reports/cpieuropeag-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.