# Axa (CS.PA)

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

Analysis as of: 2026-10-16T07:33:41.221Z. 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 42.85 per share; close as of 2026-10-15.

Estimated value: low EUR 28.05 per share, central EUR 35.06 per share, high EUR 46.74 per share. Buy at or below the central value EUR 35.06 per share. Valuation as of 2026-10-16T07:33:41.221Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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): 0.55×

Chart: Net income; fiscal year observations.

- FY2016: EUR 5.6B

- FY2017: EUR 6.0B

- FY2018: EUR 1.9B

- FY2019: EUR 3.6B

- FY2020: EUR 3.0B

- FY2021: EUR 7.1B

- FY2022: EUR 6.5B

- FY2023: EUR 7.0B

- FY2024: EUR 7.7B

- FY2025: EUR 9.6B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 4.2%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 7.9%

- FY2017: 8.6%

- FY2018: 3.0%

- FY2019: 5.2%

- FY2020: 4.2%

- FY2021: 10.0%

- FY2022: 14.3%

- FY2023: 15.9%

- FY2024: 15.4%

- FY2025: 22.6%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 3.2%

- Book return interval: 10 years

- Starting book value per share: EUR 28.14

- Ending book value per share: EUR 20.99

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

- FY2016: 7.8%

- FY2017: 0.2%

- FY2018: 7.8%

- FY2019: 6.9%

- FY2020: 5.3%

- FY2021: 4.3%

- FY2022: -29.5%

- FY2023: 11.0%

- FY2024: 25.9%

- FY2025: 1.8%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -3.2%

- Share growth excluding flagged crisis recapitalisations: -1.8%

- Five-year share growth excluding flagged crisis recapitalisations: -3.2%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -7.16

- Earnings retained per share after dividends and buybacks: EUR -1.12

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 0.8 times annual sales · "AXA Posts Net Profit Below Estimates on Currency Hit" (finance.yahoo.com, Aug 2025) · net income +25.2%

Story as of 2026-10-16T09:59:57.233Z; price observation 2026-10-15.

The price is 0.8 times annual sales

### Net income · FY2025

net income +25.2%; source https://filings.xbrl.org/F5WCUMTUM4RKZ1MAIE39/2025-12-31/ESEF/FR/0/axa-2025-12-31-1-fr/reports/axa-2025-12-31-1-fr.html; observed 2026-03-24.

- FY2016: EUR 5.6B 

- FY2017: EUR 6.0B 

- FY2018: EUR 1.9B 

- FY2019: EUR 3.6B 

- FY2020: EUR 3.0B 

- FY2021: EUR 7.1B 

- FY2022: EUR 6.5B 

- FY2023: EUR 7.0B 

- FY2024: EUR 7.7B 

- FY2025: EUR 9.6B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 109.2 billion.

- Source: https://filings.xbrl.org/F5WCUMTUM4RKZ1MAIE39/2025-12-31/ESEF/FR/0/axa-2025-12-31-1-fr/reports/axa-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: revenue 109229000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CS.PA: AXA SA, through its subsidiaries, provides insurance, asset management, and banking services worldwide. The company operates through France, Europe, AXA XL, Asia, Africa & EME-LATAM, and Transversal & Other segments. It offers life and savings insurance and property and casualty insurance products. The company also provides protection and retirement products for individual and professional customers; reinsurance coverages; property, primary and excess casualty, excess and surplus lines, environmental liability, professional liability, construction, marine, energy, aviation and satellite, fine art and specie, livestock and aquaculture, accident and health, and crisis management. In addition, it offers reinsurance solutions with casualty, property risk, property catastrophe, specialty, and other reinsurance; proportional and non-proportional, and facultative reinsurance; risk management solutions and consulting services; integrated ecosystem between healthcare solutions and the insurance coverage, which includes onsite services in clinics, remote teleconsultation and digital services, and home services; travel insurance and assistance services, as well as AXA Multilink platform, a B2B2C platform; Sophia, the customer facing GenAI chatbot; and EMMA, a digital assistant. Further, the company offers motor, household, property and general liability, banking, savings, health, term life, whole life, universal life, endowment, deferred and immediate annuities, and other investment-based products for retail/individual and commercial/group customers. AXA SA was founded in 1852 and is headquartered in Paris, France.

### Why customers stay

It earns 9.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on tangible equity observations [[2016,0.07878521750216015],[2017,0.0859059631380098],[2018,0.030082655218812072],[2019,0.05154727670715482],[2020,0.04171205138947075],[2021,0.09981022000421734],[2022,0.14316583246973738],[2023,0.15867693701857724],[2024,0.15400801603206413],[2025,0.2260990108315124]]; median 0.09285809157111358. 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 7.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,2923000000],[2017,3098000000],[2018,3414000000],[2019,3268000000],[2020,1743000000],[2021,3489000000],[2022,3676000000],[2023,3948000000],[2024,4455000000],[2025,4728000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/F5WCUMTUM4RKZ1MAIE39/2025-12-31/ESEF/FR/0/axa-2025-12-31-1-fr/reports/axa-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: cash repurchases 7323000000 EUR.

### Are managers owners

Insiders own 20.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CS.PA SharesStats.PercentInsiders = 20.604 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 42.85 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 53.865473656075444; price multiple 0.79550029158923. FY2025 cash earnings/share 4.271583931458763. Closing-price date 2026-10-15.

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

- 2016-10: EUR 20.54 per share

- 2016-11: EUR 22.23 per share

- 2016-12: EUR 23.99 per share

- 2017-01: EUR 22.72 per share

- 2017-02: EUR 22.27 per share

- 2017-03: EUR 24.26 per share

- 2017-04: EUR 24.51 per share

- 2017-05: EUR 23.74 per share

- 2017-06: EUR 23.95 per share

- 2017-07: EUR 24.96 per share

- 2017-08: EUR 24.38 per share

- 2017-09: EUR 25.59 per share

- 2017-10: EUR 25.93 per share

- 2017-11: EUR 25.35 per share

- 2017-12: EUR 24.74 per share

- 2018-01: EUR 26.50 per share

- 2018-02: EUR 25.86 per share

- 2018-03: EUR 21.60 per share

- 2018-04: EUR 23.72 per share

- 2018-05: EUR 21.33 per share

- 2018-06: EUR 21.02 per share

- 2018-07: EUR 21.60 per share

- 2018-08: EUR 21.75 per share

- 2018-09: EUR 23.15 per share

- 2018-10: EUR 22.14 per share

- 2018-11: EUR 21.52 per share

- 2018-12: EUR 18.86 per share

- 2019-01: EUR 20.25 per share

- 2019-02: EUR 22.30 per share

- 2019-03: EUR 22.43 per share

- 2019-04: EUR 23.75 per share

- 2019-05: EUR 22.08 per share

- 2019-06: EUR 23.10 per share

- 2019-07: EUR 22.90 per share

- 2019-08: EUR 20.87 per share

- 2019-09: EUR 23.43 per share

- 2019-10: EUR 23.69 per share

- 2019-11: EUR 24.70 per share

- 2019-12: EUR 25.11 per share

- 2020-01: EUR 24.08 per share

- 2020-02: EUR 20.96 per share

- 2020-03: EUR 15.79 per share

- 2020-04: EUR 16.20 per share

- 2020-05: EUR 16.38 per share

- 2020-06: EUR 18.61 per share

- 2020-07: EUR 16.86 per share

- 2020-08: EUR 17.08 per share

- 2020-09: EUR 15.78 per share

- 2020-10: EUR 13.80 per share

- 2020-11: EUR 19.71 per share

- 2020-12: EUR 19.51 per share

- 2021-01: EUR 18.30 per share

- 2021-02: EUR 20.80 per share

- 2021-03: EUR 22.89 per share

- 2021-04: EUR 23.53 per share

- 2021-05: EUR 22.58 per share

- 2021-06: EUR 21.39 per share

- 2021-07: EUR 21.88 per share

- 2021-08: EUR 23.78 per share

- 2021-09: EUR 24.09 per share

- 2021-10: EUR 25.16 per share

- 2021-11: EUR 24.35 per share

- 2021-12: EUR 26.19 per share

- 2022-01: EUR 27.96 per share

- 2022-02: EUR 24.28 per share

- 2022-03: EUR 26.57 per share

- 2022-04: EUR 25.46 per share

- 2022-05: EUR 23.51 per share

- 2022-06: EUR 21.66 per share

- 2022-07: EUR 22.45 per share

- 2022-08: EUR 23.53 per share

- 2022-09: EUR 22.48 per share

- 2022-10: EUR 25.00 per share

- 2022-11: EUR 27.02 per share

- 2022-12: EUR 26.06 per share

- 2023-01: EUR 28.62 per share

- 2023-02: EUR 29.85 per share

- 2023-03: EUR 28.17 per share

- 2023-04: EUR 29.57 per share

- 2023-05: EUR 26.42 per share

- 2023-06: EUR 27.03 per share

- 2023-07: EUR 27.97 per share

- 2023-08: EUR 27.78 per share

- 2023-09: EUR 28.18 per share

- 2023-10: EUR 27.96 per share

- 2023-11: EUR 28.60 per share

- 2023-12: EUR 29.49 per share

- 2024-01: EUR 31.16 per share

- 2024-02: EUR 32.88 per share

- 2024-03: EUR 34.82 per share

- 2024-04: EUR 32.44 per share

- 2024-05: EUR 33.05 per share

- 2024-06: EUR 30.57 per share

- 2024-07: EUR 32.49 per share

- 2024-08: EUR 34.40 per share

- 2024-09: EUR 34.53 per share

- 2024-10: EUR 34.52 per share

- 2024-11: EUR 32.98 per share

- 2024-12: EUR 34.32 per share

- 2025-01: EUR 36.65 per share

- 2025-02: EUR 37.44 per share

- 2025-03: EUR 39.40 per share

- 2025-04: EUR 41.57 per share

- 2025-05: EUR 41.51 per share

- 2025-06: EUR 41.67 per share

- 2025-07: EUR 42.68 per share

- 2025-08: EUR 39.79 per share

- 2025-09: EUR 40.64 per share

- 2025-10: EUR 37.63 per share

- 2025-11: EUR 38.90 per share

- 2025-12: EUR 40.96 per share

- 2026-01: EUR 38.43 per share

- 2026-02: EUR 41.46 per share

- 2026-03: EUR 39.24 per share

- 2026-04: EUR 40.94 per share

- 2026-05: EUR 39.73 per share

- 2026-06: EUR 43.85 per share

- 2026-07: EUR 44.94 per share

- 2026-08: EUR 43.10 per share

- 2026-09: EUR 42.54 per share

- 2026-10: EUR 42.01 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 32.09 per share, central EUR 40.11 per share, high EUR 53.48 per share

- FY2017: low EUR 33.74 per share, central EUR 42.17 per share, high EUR 56.23 per share

- FY2018: low EUR 57.39 per share, central EUR 71.74 per share, high EUR 95.65 per share

- FY2019: low EUR 38.37 per share, central EUR 47.96 per share, high EUR 63.95 per share

- FY2020: low EUR 28.64 per share, central EUR 31.50 per share, high EUR 35.00 per share

- FY2021: low EUR 41.49 per share, central EUR 51.86 per share, high EUR 69.14 per share

- FY2022: low EUR 20.43 per share, central EUR 22.48 per share, high EUR 24.97 per share

- FY2023: low EUR 20.86 per share, central EUR 22.95 per share, high EUR 25.50 per share

- FY2024: low EUR 28.27 per share, central EUR 31.09 per share, high EUR 34.55 per share

- FY2025: low EUR 32.13 per share, central EUR 40.16 per share, high EUR 53.55 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 2026-10-15T06:39:27.820Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/F5WCUMTUM4RKZ1MAIE39/2025-12-31/ESEF/FR/0/axa-2025-12-31-1-fr/reports/axa-2025-12-31-1-fr.html); period 2025-12-31, filed 2026-03-24.

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.

Axa

CS · PA

Euro Stoxx 50 · STOXX Europe 600 · CAC 40 · SBF 120

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: EUR 42.85
Buy up to: EUR 35.06
Expected / yr: 9.3% 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 6.2B
Worst year: EUR 1.9B
Latest · 2025: EUR 9.6B

Earned a median 9.3% on equity (minimum 10%).

Return on common equity

10y median: 9.3%
Worst year: 3.0%
Latest · 2025: 22.6%

Book value plus dividends grew 3.2% a year (minimum 7%).

Annual book + dividend return

10y median: 6.1%
Worst year: -29.5%
Latest · 2025: 1.8%

Book value gained -7.16 per share against 0 kept (must cover the amount kept).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ EUR 0

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 3.81 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 20.54 · Value 40.11 · Buy at or below 40.11; 2016-11 · Price EUR 22.23 · Value 40.11 · Buy at or below 40.11; 2016-12 · Price EUR 23.98 · Value 40.11 · Buy at or below 40.11; 2017-01 · Price EUR 22.72 · Value 40.11 · Buy at or below 40.11; 2017-02 · Price EUR 22.27 · Value 42.17 · Buy at or below 42.17; 2017-03 · Price EUR 24.25 · Value 42.17 · Buy at or below 42.17; 2017-04 · Price EUR 24.51 · Value 42.17 · Buy at or below 42.17; 2017-05 · Price EUR 23.74 · Value 42.17 · Buy at or below 42.17; 2017-06 · Price EUR 23.95 · Value 42.17 · Buy at or below 42.17; 2017-07 · Price EUR 24.96 · Value 42.17 · Buy at or below 42.17; 2017-08 · Price EUR 24.38 · Value 42.17 · Buy at or below 42.17; 2017-09 · Price EUR 25.59 · Value 42.17 · Buy at or below 42.17; 2017-10 · Price EUR 25.93 · Value 42.17 · Buy at or below 42.17; 2017-11 · Price EUR 25.35 · Value 42.17 · Buy at or below 42.17; 2017-12 · Price EUR 24.73 · Value 42.17 · Buy at or below 42.17; 2018-01 · Price EUR 26.50 · Value 42.17 · Buy at or below 42.17; 2018-02 · Price EUR 25.86 · Value 71.74 · Buy at or below 71.74; 2018-03 · Price EUR 21.60 · Value 71.74 · Buy at or below 71.74; 2018-04 · Price EUR 23.72 · Value 71.74 · Buy at or below 71.74; 2018-05 · Price EUR 21.32 · Value 71.74 · Buy at or below 71.74; 2018-06 · Price EUR 21.02 · Value 71.74 · Buy at or below 71.74; 2018-07 · Price EUR 21.60 · Value 71.74 · Buy at or below 71.74; 2018-08 · Price EUR 21.75 · Value 71.74 · Buy at or below 71.74; 2018-09 · Price EUR 23.15 · Value 71.74 · Buy at or below 71.74; 2018-10 · Price EUR 22.14 · Value 71.74 · Buy at or below 71.74; 2018-11 · Price EUR 21.52 · Value 71.74 · Buy at or below 71.74; 2018-12 · Price EUR 18.86 · Value 71.74 · Buy at or below 71.74; 2019-01 · Price EUR 20.25 · Value 71.74 · Buy at or below 71.74; 2019-02 · Price EUR 22.30 · Value 47.96 · Buy at or below 47.96; 2019-03 · Price EUR 22.43 · Value 47.96 · Buy at or below 47.96; 2019-04 · Price EUR 23.75 · Value 47.96 · Buy at or below 47.96; 2019-05 · Price EUR 22.08 · Value 47.96 · Buy at or below 47.96; 2019-06 · Price EUR 23.10 · Value 47.96 · Buy at or below 47.96; 2019-07 · Price EUR 22.90 · Value 47.96 · Buy at or below 47.96; 2019-08 · Price EUR 20.87 · Value 47.96 · Buy at or below 47.96; 2019-09 · Price EUR 23.43 · Value 47.96 · Buy at or below 47.96; 2019-10 · Price EUR 23.68 · Value 47.96 · Buy at or below 47.96; 2019-11 · Price EUR 24.70 · Value 47.96 · Buy at or below 47.96; 2019-12 · Price EUR 25.11 · Value 47.96 · Buy at or below 47.96; 2020-01 · Price EUR 24.08 · Value 47.96 · Buy at or below 47.96; 2020-02 · Price EUR 20.95 · Value 31.50 · Buy at or below 31.50; 2020-03 · Price EUR 15.79 · Value 31.50 · Buy at or below 31.50; 2020-04 · Price EUR 16.20 · Value 31.50 · Buy at or below 31.50; 2020-05 · Price EUR 16.38 · Value 31.50 · Buy at or below 31.50; 2020-06 · Price EUR 18.61 · Value 31.50 · Buy at or below 31.50; 2020-07 · Price EUR 16.86 · Value 31.50 · Buy at or below 31.50; 2020-08 · Price EUR 17.08 · Value 31.50 · Buy at or below 31.50; 2020-09 · Price EUR 15.78 · Value 31.50 · Buy at or below 31.50; 2020-10 · Price EUR 13.80 · Value 31.50 · Buy at or below 31.50; 2020-11 · Price EUR 19.71 · Value 31.50 · Buy at or below 31.50; 2020-12 · Price EUR 19.51 · Value 31.50 · Buy at or below 31.50; 2021-01 · Price EUR 18.30 · Value 31.50 · Buy at or below 31.50; 2021-02 · Price EUR 20.80 · Value 51.86 · Buy at or below 51.86; 2021-03 · Price EUR 22.89 · Value 51.86 · Buy at or below 51.86; 2021-04 · Price EUR 23.52 · Value 51.86 · Buy at or below 51.86; 2021-05 · Price EUR 22.58 · Value 51.86 · Buy at or below 51.86; 2021-06 · Price EUR 21.39 · Value 51.86 · Buy at or below 51.86; 2021-07 · Price EUR 21.88 · Value 51.86 · Buy at or below 51.86; 2021-08 · Price EUR 23.78 · Value 51.86 · Buy at or below 51.86; 2021-09 · Price EUR 24.09 · Value 51.86 · Buy at or below 51.86; 2021-10 · Price EUR 25.16 · Value 51.86 · Buy at or below 51.86; 2021-11 · Price EUR 24.35 · Value 51.86 · Buy at or below 51.86; 2021-12 · Price EUR 26.18 · Value 51.86 · Buy at or below 51.86; 2022-01 · Price EUR 27.95 · Value 51.86 · Buy at or below 51.86; 2022-02 · Price EUR 24.27 · Value 22.48 · Buy at or below 22.48; 2022-03 · Price EUR 26.57 · Value 22.48 · Buy at or below 22.48; 2022-04 · Price EUR 25.46 · Value 22.48 · Buy at or below 22.48; 2022-05 · Price EUR 23.51 · Value 22.48 · Buy at or below 22.48; 2022-06 · Price EUR 21.66 · Value 22.48 · Buy at or below 22.48; 2022-07 · Price EUR 22.45 · Value 22.48 · Buy at or below 22.48; 2022-08 · Price EUR 23.52 · Value 22.48 · Buy at or below 22.48; 2022-09 · Price EUR 22.48 · Value 22.48 · Buy at or below 22.48; 2022-10 · Price EUR 25.00 · Value 22.48 · Buy at or below 22.48; 2022-11 · Price EUR 27.02 · Value 22.48 · Buy at or below 22.48; 2022-12 · Price EUR 26.05 · Value 22.48 · Buy at or below 22.48; 2023-01 · Price EUR 28.61 · Value 22.48 · Buy at or below 22.48; 2023-02 · Price EUR 29.85 · Value 22.95 · Buy at or below 22.95; 2023-03 · Price EUR 28.16 · Value 22.95 · Buy at or below 22.95; 2023-04 · Price EUR 29.57 · Value 22.95 · Buy at or below 22.95; 2023-05 · Price EUR 26.41 · Value 22.95 · Buy at or below 22.95; 2023-06 · Price EUR 27.02 · Value 22.95 · Buy at or below 22.95; 2023-07 · Price EUR 27.97 · Value 22.95 · Buy at or below 22.95; 2023-08 · Price EUR 27.77 · Value 22.95 · Buy at or below 22.95; 2023-09 · Price EUR 28.18 · Value 22.95 · Buy at or below 22.95; 2023-10 · Price EUR 27.95 · Value 22.95 · Buy at or below 22.95; 2023-11 · Price EUR 28.59 · Value 22.95 · Buy at or below 22.95; 2023-12 · Price EUR 29.49 · Value 22.95 · Buy at or below 22.95; 2024-01 · Price EUR 31.16 · Value 22.95 · Buy at or below 22.95; 2024-02 · Price EUR 32.88 · Value 31.09 · Buy at or below 31.09; 2024-03 · Price EUR 34.81 · Value 31.09 · Buy at or below 31.09; 2024-04 · Price EUR 32.44 · Value 31.09 · Buy at or below 31.09; 2024-05 · Price EUR 33.05 · Value 31.09 · Buy at or below 31.09; 2024-06 · Price EUR 30.57 · Value 31.09 · Buy at or below 31.09; 2024-07 · Price EUR 32.49 · Value 31.09 · Buy at or below 31.09; 2024-08 · Price EUR 34.40 · Value 31.09 · Buy at or below 31.09; 2024-09 · Price EUR 34.53 · Value 31.09 · Buy at or below 31.09; 2024-10 · Price EUR 34.52 · Value 31.09 · Buy at or below 31.09; 2024-11 · Price EUR 32.98 · Value 31.09 · Buy at or below 31.09; 2024-12 · Price EUR 34.32 · Value 31.09 · Buy at or below 31.09; 2025-01 · Price EUR 36.65 · Value 31.09 · Buy at or below 31.09; 2025-02 · Price EUR 37.44 · Value 40.16 · Buy at or below 40.16; 2025-03 · Price EUR 39.40 · Value 40.16 · Buy at or below 40.16; 2025-04 · Price EUR 41.57 · Value 40.16 · Buy at or below 40.16; 2025-05 · Price EUR 41.51 · Value 40.16 · Buy at or below 40.16; 2025-06 · Price EUR 41.67 · Value 40.16 · Buy at or below 40.16; 2025-07 · Price EUR 42.68 · Value 40.16 · Buy at or below 40.16; 2025-08 · Price EUR 39.79 · Value 40.16 · Buy at or below 40.16; 2025-09 · Price EUR 40.64 · Value 40.16 · Buy at or below 40.16; 2025-10 · Price EUR 37.63 · Value 40.16 · Buy at or below 40.16; 2025-11 · Price EUR 38.90 · Value 40.16 · Buy at or below 40.16; 2025-12 · Price EUR 40.96 · Value 40.16 · Buy at or below 40.16; 2026-01 · Price EUR 38.43 · Value 40.16 · Buy at or below 40.16; 2026-02 · Price EUR 41.46 · Value 35.06 · Buy at or below 35.06; 2026-03 · Price EUR 39.24 · Value 35.06 · Buy at or below 35.06; 2026-04 · Price EUR 40.94 · Value 35.06 · Buy at or below 35.06; 2026-05 · Price EUR 39.73 · Value 35.06 · Buy at or below 35.06; 2026-06 · Price EUR 43.85 · Value 35.06 · Buy at or below 35.06; 2026-07 · Price EUR 44.94 · Value 35.06 · Buy at or below 35.06; 2026-08 · Price EUR 43.10 · Value 35.06 · Buy at or below 35.06; 2026-09 · Price EUR 42.54 · Value 35.06 · Buy at or below 35.06; 2026-10 · Price EUR 42.01 · Value 35.06 · Buy at or below 35.06; 2026-10 · Price EUR 42.85 · Value 35.06 · Buy at or below 35.06

EUR per share · annual estimates

Price & return math
Value range	EUR 28.05 – EUR 46.74
Buy at or below	Central value EUR 35.06
Discount to value	1 − 42.85 / 35.06 = -22.2%
Return / year	About 9.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 8.76/share; ROE 24.7%; first payout EUR 1.40/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 9.6B

Net income

Book / shareEUR 20.99

Book / share

Dividend / shareEUR 2.33

Dividend / share

Return on equity22.6%

Return on equity

Diluted shares2.0B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·