# Deutsche Börse AG (DB1.XETRA)

Canonical: https://gigainvestors.com/s/DB1.XETRA

Analysis as of: 2026-10-16T07:33:49.770Z. Financial observations: FY1999–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 305.50 per share; close as of 2026-10-15.

Estimated value: low EUR 318.04 per share, central EUR 388.76 per share, high EUR 429.94 per share. Buy at or below the central value EUR 388.76 per share. Valuation as of 2026-10-16T07:33:49.770Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 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: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.39×

- FY2017: 0.42×

- FY2018: 0.40×

- FY2019: 0.44×

- FY2020: 0.43×

- FY2021: 0.38×

- FY2022: 0.53×

- FY2023: 0.42×

- FY2024: 0.41×

- FY2025: 0.40×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC, median of available years: 10.6%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 57.5%

- Recent gross margin (lower of latest and 3-year median): 59.2%

- Years with nonpositive capital: 9

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: 10.2%

- FY2018: 30.9%

- FY2019: 12.4%

- FY2020: 10.8%

- FY2021: 9.1%

- FY2022: 15.0%

- FY2023: 10.1%

- FY2024: 10.5%

- FY2025: 11.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.7B

- Net income, five-year total: EUR 8.4B

- Return on incremental invested capital: 13.6%

- Working capital / revenue, annual change: -14.7 pp

- Working capital / revenue, change between three-year averages: -283.1 pp

- Working capital / revenue, final three-year average: 153.6%

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

- FY2021: 0.99×

- FY2022: 0.94×

- FY2023: 1.01×

- FY2024: 1.01×

- FY2025: 1.17×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.2% vs 10.5%

- Per-share earnings: 4.68 to 10.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 26B

- Cumulative retained earnings: EUR 7.0B

- Diluted shares, 10-year annual growth: -0.2%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.8%

- Per-share value change: EUR 5.93

- Per-share value, starting three-year median: EUR 4.68

- Per-share value, ending three-year median: EUR 10.60

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 8.7B

- Cumulative net income, 10 years: EUR 13B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: 10.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.81

- FY2017: EUR 4.68

- FY2018: EUR 4.46

- FY2019: EUR 5.47

- FY2020: EUR 5.89

- FY2021: EUR 6.59

- FY2022: EUR 8.12

- FY2023: EUR 9.31

- FY2024: EUR 10.60

- FY2025: EUR 10.96

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -0.1%

- FY2018: -0.3%

- FY2019: 0.1%

- FY2020: -0.2%

- FY2021: 0.1%

- FY2022: -0.4%

- FY2023: -0.3%

- FY2024: -0.2%

- FY2025: -0.3%

## Holders

## Price story

Price needs cash profits to grow 1% a year for ten years · sales +5.6%

Story as of 2026-10-16T09:59:57.917Z; price observation 2026-10-15.

Price needs cash profits to grow 1% a year for ten years

### Sales · FY2024–2025

sales +5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.6B 

- FY2017: EUR 2.8B 

- FY2018: EUR 3.1B 

- FY2019: EUR 3.3B 

- FY2020: EUR 3.7B 

- FY2021: EUR 4.4B 

- FY2022: EUR 5.2B 

- FY2023: EUR 6.1B 

- FY2024: EUR 7.0B 

- FY2025: EUR 7.4B 

### Gross margin · FY2025

gross margin 67.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 53.1% 

- FY2017: 54.9% 

- FY2018: 52.7% 

- FY2019: 59.0% 

- FY2020: 56.6% 

- FY2021: 51.6% 

- FY2022: 80.9% 

- FY2023: 59.2% 

- FY2024: 58.3% 

- FY2025: 67.7% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are EUR 7.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2025: revenue 7415000000; grossProfit 5021000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DB1.XETRA: Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.

### Why customers stay

Margins ranged from 58.3% to 67.7% during 2023–25; it earns 10.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2023: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2024: grossProfit / revenue = 58.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2025: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); 10-year return on capital observations [[2016,0.10029514354708881],[2017,0.10242337945673319],[2018,0.30934531447436586],[2019,0.12374037707339036],[2020,0.10754626970473319],[2021,0.09098970260875931],[2022,0.1497186127848353],[2023,0.10115482159464903],[2024,0.10495309568039728],[2025,0.11318437168259071]]; median 0.10624968269256524. 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 504 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2016: growth capex 0; upkeep 164900000; owner earnings 1243100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2017: growth capex 0; upkeep 149200000; owner earnings 885000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2018: growth capex 0; upkeep 160000000; owner earnings 874800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2019: growth capex 0; upkeep 184900000; owner earnings 977000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2020: growth capex 0; upkeep 195500000; owner earnings 1066920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2021: growth capex 0; upkeep 206400000; owner earnings 1199660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2022: growth capex 0; upkeep 325200000; owner earnings 1406100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2023: growth capex 0; upkeep 267900000; owner earnings 1739140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2024: growth capex 0; upkeep 360600000; owner earnings 1970280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2025: growth capex 0; upkeep 55000000; owner earnings 2336800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); Dividend observations: [[2016,420100000],[2017,439000000],[2018,453300000],[2019,495000000],[2020,531900000],[2021,550600000],[2022,587600000],[2023,661500000],[2024,697800000],[2025,734000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); FY2025: cash repurchases 504000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DB1.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1% yearly over ten years; actual growth was 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:49.770Z); Ten-year compound average after fade. Initial solved rate 0.001770671869128884. Price 305.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.599873639296448 → FY2025 12.833242535542942. Closing-price date 2026-10-15.

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

- 2016-10: EUR 68.07 per share

- 2016-11: EUR 73.11 per share

- 2016-12: EUR 76.42 per share

- 2017-01: EUR 82.31 per share

- 2017-02: EUR 80.19 per share

- 2017-03: EUR 86.18 per share

- 2017-04: EUR 89.85 per share

- 2017-05: EUR 92.48 per share

- 2017-06: EUR 92.42 per share

- 2017-07: EUR 88.41 per share

- 2017-08: EUR 89.79 per share

- 2017-09: EUR 91.71 per share

- 2017-10: EUR 88.68 per share

- 2017-11: EUR 95.25 per share

- 2017-12: EUR 96.80 per share

- 2018-01: EUR 103.35 per share

- 2018-02: EUR 109.45 per share

- 2018-03: EUR 110.60 per share

- 2018-04: EUR 111.65 per share

- 2018-05: EUR 114.40 per share

- 2018-06: EUR 114.15 per share

- 2018-07: EUR 112.70 per share

- 2018-08: EUR 119.00 per share

- 2018-09: EUR 115.40 per share

- 2018-10: EUR 111.85 per share

- 2018-11: EUR 112.80 per share

- 2018-12: EUR 104.95 per share

- 2019-01: EUR 116.25 per share

- 2019-02: EUR 111.10 per share

- 2019-03: EUR 114.30 per share

- 2019-04: EUR 118.90 per share

- 2019-05: EUR 123.75 per share

- 2019-06: EUR 124.40 per share

- 2019-07: EUR 126.30 per share

- 2019-08: EUR 133.75 per share

- 2019-09: EUR 143.40 per share

- 2019-10: EUR 138.95 per share

- 2019-11: EUR 139.25 per share

- 2019-12: EUR 140.15 per share

- 2020-01: EUR 147.05 per share

- 2020-02: EUR 142.05 per share

- 2020-03: EUR 125.00 per share

- 2020-04: EUR 141.75 per share

- 2020-05: EUR 147.90 per share

- 2020-06: EUR 161.05 per share

- 2020-07: EUR 154.60 per share

- 2020-08: EUR 158.40 per share

- 2020-09: EUR 149.80 per share

- 2020-10: EUR 126.35 per share

- 2020-11: EUR 139.75 per share

- 2020-12: EUR 139.25 per share

- 2021-01: EUR 132.60 per share

- 2021-02: EUR 135.55 per share

- 2021-03: EUR 141.70 per share

- 2021-04: EUR 143.30 per share

- 2021-05: EUR 133.70 per share

- 2021-06: EUR 147.20 per share

- 2021-07: EUR 140.75 per share

- 2021-08: EUR 146.10 per share

- 2021-09: EUR 140.50 per share

- 2021-10: EUR 143.60 per share

- 2021-11: EUR 138.60 per share

- 2021-12: EUR 147.10 per share

- 2022-01: EUR 157.20 per share

- 2022-02: EUR 152.70 per share

- 2022-03: EUR 163.00 per share

- 2022-04: EUR 166.20 per share

- 2022-05: EUR 156.25 per share

- 2022-06: EUR 159.60 per share

- 2022-07: EUR 170.50 per share

- 2022-08: EUR 168.45 per share

- 2022-09: EUR 168.25 per share

- 2022-10: EUR 164.65 per share

- 2022-11: EUR 175.90 per share

- 2022-12: EUR 161.40 per share

- 2023-01: EUR 164.25 per share

- 2023-02: EUR 165.00 per share

- 2023-03: EUR 179.45 per share

- 2023-04: EUR 172.90 per share

- 2023-05: EUR 161.50 per share

- 2023-06: EUR 169.10 per share

- 2023-07: EUR 174.30 per share

- 2023-08: EUR 163.85 per share

- 2023-09: EUR 163.70 per share

- 2023-10: EUR 155.20 per share

- 2023-11: EUR 174.30 per share

- 2023-12: EUR 186.50 per share

- 2024-01: EUR 184.75 per share

- 2024-02: EUR 193.60 per share

- 2024-03: EUR 189.65 per share

- 2024-04: EUR 181.15 per share

- 2024-05: EUR 182.90 per share

- 2024-06: EUR 191.10 per share

- 2024-07: EUR 189.40 per share

- 2024-08: EUR 202.90 per share

- 2024-09: EUR 210.70 per share

- 2024-10: EUR 213.70 per share

- 2024-11: EUR 221.50 per share

- 2024-12: EUR 222.40 per share

- 2025-01: EUR 238.40 per share

- 2025-02: EUR 251.20 per share

- 2025-03: EUR 272.10 per share

- 2025-04: EUR 283.50 per share

- 2025-05: EUR 283.50 per share

- 2025-06: EUR 276.90 per share

- 2025-07: EUR 254.10 per share

- 2025-08: EUR 251.60 per share

- 2025-09: EUR 228.10 per share

- 2025-10: EUR 219.50 per share

- 2025-11: EUR 230.50 per share

- 2025-12: EUR 223.70 per share

- 2026-01: EUR 213.30 per share

- 2026-02: EUR 232.40 per share

- 2026-03: EUR 251.10 per share

- 2026-04: EUR 261.60 per share

- 2026-05: EUR 247.60 per share

- 2026-06: EUR 238.80 per share

- 2026-07: EUR 262.30 per share

- 2026-08: EUR 288.00 per share

- 2026-09: EUR 286.10 per share

- 2026-10: EUR 298.90 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 636.58 per share, central EUR 650.96 per share, high EUR 661.57 per share

- FY2017: low EUR 485.18 per share, central EUR 492.32 per share, high EUR 501.82 per share

- FY2018: low EUR 682.25 per share, central EUR 690.32 per share, high EUR 701.06 per share

- FY2019: low EUR 538.73 per share, central EUR 549.74 per share, high EUR 561.43 per share

- FY2020: low EUR 565.66 per share, central EUR 581.31 per share, high EUR 595.55 per share

- FY2021: low EUR 686.31 per share, central EUR 707.39 per share, high EUR 724.65 per share

- FY2022: low EUR 859.92 per share, central EUR 906.64 per share, high EUR 933.85 per share

- FY2023: low EUR 860.71 per share, central EUR 874.87 per share, high EUR 893.71 per share

- FY2024: low EUR 826.14 per share, central EUR 842.29 per share, high EUR 863.81 per share

- FY2025: low EUR 155.31 per share, central EUR 221.86 per share, high EUR 260.61 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 2026-10-15T06:39:36.110Z 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.

Deutsche Börse AG

DB1 · XETRA

Euro Stoxx 50 · STOXX Europe 600 · DAX 40

Not a wonderful business

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

Share price: EUR 305.50
Buy up to: EUR 388.76
Expected / yr: 13.6% 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 9.7% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 41.2%
Worst year: 38.1%
Latest · 2025: 40.3%

Capital return excluding acquisitions: median 10.6% (minimum 15%).

ROIC excluding acquisitions

10y median: 10.6%
Worst year: 9.1%
Latest · 2025: 11.3%

Each $1 of profit left $1.03 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 1.01×
Latest · 2025: 1.17×

Per-share value rose from 4.68 to 10.6, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 6.70
Worst year: EUR 4.46
Latest · 2025: EUR 10.96

Profits were backed by cash: accruals were -0.3% of assets (limit 10%).

Sloan accruals

10y median: -0.2%
Worst year: 0.1%
Latest · 2025: -0.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 42.3%, three-year average owner earnings per share 10.98 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 68.07 · Value 650.96 · Buy at or below 650.96; 2016-11 · Price EUR 73.11 · Value 650.96 · Buy at or below 650.96; 2016-12 · Price EUR 76.42 · Value 650.96 · Buy at or below 650.96; 2017-01 · Price EUR 82.31 · Value 650.96 · Buy at or below 650.96; 2017-02 · Price EUR 80.19 · Value 492.32 · Buy at or below 492.32; 2017-03 · Price EUR 86.18 · Value 492.32 · Buy at or below 492.32; 2017-04 · Price EUR 89.85 · Value 492.32 · Buy at or below 492.32; 2017-05 · Price EUR 92.48 · Value 492.32 · Buy at or below 492.32; 2017-06 · Price EUR 92.42 · Value 492.32 · Buy at or below 492.32; 2017-07 · Price EUR 88.41 · Value 492.32 · Buy at or below 492.32; 2017-08 · Price EUR 89.79 · Value 492.32 · Buy at or below 492.32; 2017-09 · Price EUR 91.71 · Value 492.32 · Buy at or below 492.32; 2017-10 · Price EUR 88.68 · Value 492.32 · Buy at or below 492.32; 2017-11 · Price EUR 95.25 · Value 492.32 · Buy at or below 492.32; 2017-12 · Price EUR 96.80 · Value 492.32 · Buy at or below 492.32; 2018-01 · Price EUR 103.35 · Value 492.32 · Buy at or below 492.32; 2018-02 · Price EUR 109.45 · Value 690.32 · Buy at or below 690.32; 2018-03 · Price EUR 110.60 · Value 690.32 · Buy at or below 690.32; 2018-04 · Price EUR 111.65 · Value 690.32 · Buy at or below 690.32; 2018-05 · Price EUR 114.40 · Value 690.32 · Buy at or below 690.32; 2018-06 · Price EUR 114.15 · Value 690.32 · Buy at or below 690.32; 2018-07 · Price EUR 112.70 · Value 690.32 · Buy at or below 690.32; 2018-08 · Price EUR 119.00 · Value 690.32 · Buy at or below 690.32; 2018-09 · Price EUR 115.40 · Value 690.32 · Buy at or below 690.32; 2018-10 · Price EUR 111.85 · Value 690.32 · Buy at or below 690.32; 2018-11 · Price EUR 112.80 · Value 690.32 · Buy at or below 690.32; 2018-12 · Price EUR 104.95 · Value 690.32 · Buy at or below 690.32; 2019-01 · Price EUR 116.25 · Value 690.32 · Buy at or below 690.32; 2019-02 · Price EUR 111.10 · Value 549.74 · Buy at or below 549.74; 2019-03 · Price EUR 114.30 · Value 549.74 · Buy at or below 549.74; 2019-04 · Price EUR 118.90 · Value 549.74 · Buy at or below 549.74; 2019-05 · Price EUR 123.75 · Value 549.74 · Buy at or below 549.74; 2019-06 · Price EUR 124.40 · Value 549.74 · Buy at or below 549.74; 2019-07 · Price EUR 126.30 · Value 549.74 · Buy at or below 549.74; 2019-08 · Price EUR 133.75 · Value 549.74 · Buy at or below 549.74; 2019-09 · Price EUR 143.40 · Value 549.74 · Buy at or below 549.74; 2019-10 · Price EUR 138.95 · Value 549.74 · Buy at or below 549.74; 2019-11 · Price EUR 139.25 · Value 549.74 · Buy at or below 549.74; 2019-12 · Price EUR 140.15 · Value 549.74 · Buy at or below 549.74; 2020-01 · Price EUR 147.05 · Value 549.74 · Buy at or below 549.74; 2020-02 · Price EUR 142.05 · Value 581.31 · Buy at or below 581.31; 2020-03 · Price EUR 125.00 · Value 581.31 · Buy at or below 581.31; 2020-04 · Price EUR 141.75 · Value 581.31 · Buy at or below 581.31; 2020-05 · Price EUR 147.90 · Value 581.31 · Buy at or below 581.31; 2020-06 · Price EUR 161.05 · Value 581.31 · Buy at or below 581.31; 2020-07 · Price EUR 154.60 · Value 581.31 · Buy at or below 581.31; 2020-08 · Price EUR 158.40 · Value 581.31 · Buy at or below 581.31; 2020-09 · Price EUR 149.80 · Value 581.31 · Buy at or below 581.31; 2020-10 · Price EUR 126.35 · Value 581.31 · Buy at or below 581.31; 2020-11 · Price EUR 139.75 · Value 581.31 · Buy at or below 581.31; 2020-12 · Price EUR 139.25 · Value 581.31 · Buy at or below 581.31; 2021-01 · Price EUR 132.60 · Value 581.31 · Buy at or below 581.31; 2021-02 · Price EUR 135.55 · Value 707.39 · Buy at or below 707.39; 2021-03 · Price EUR 141.70 · Value 707.39 · Buy at or below 707.39; 2021-04 · Price EUR 143.30 · Value 707.39 · Buy at or below 707.39; 2021-05 · Price EUR 133.70 · Value 707.39 · Buy at or below 707.39; 2021-06 · Price EUR 147.20 · Value 707.39 · Buy at or below 707.39; 2021-07 · Price EUR 140.75 · Value 707.39 · Buy at or below 707.39; 2021-08 · Price EUR 146.10 · Value 707.39 · Buy at or below 707.39; 2021-09 · Price EUR 140.50 · Value 707.39 · Buy at or below 707.39; 2021-10 · Price EUR 143.60 · Value 707.39 · Buy at or below 707.39; 2021-11 · Price EUR 138.60 · Value 707.39 · Buy at or below 707.39; 2021-12 · Price EUR 147.10 · Value 707.39 · Buy at or below 707.39; 2022-01 · Price EUR 157.20 · Value 707.39 · Buy at or below 707.39; 2022-02 · Price EUR 152.70 · Value 906.64 · Buy at or below 906.64; 2022-03 · Price EUR 163.00 · Value 906.64 · Buy at or below 906.64; 2022-04 · Price EUR 166.20 · Value 906.64 · Buy at or below 906.64; 2022-05 · Price EUR 156.25 · Value 906.64 · Buy at or below 906.64; 2022-06 · Price EUR 159.60 · Value 906.64 · Buy at or below 906.64; 2022-07 · Price EUR 170.50 · Value 906.64 · Buy at or below 906.64; 2022-08 · Price EUR 168.45 · Value 906.64 · Buy at or below 906.64; 2022-09 · Price EUR 168.25 · Value 906.64 · Buy at or below 906.64; 2022-10 · Price EUR 164.65 · Value 906.64 · Buy at or below 906.64; 2022-11 · Price EUR 175.90 · Value 906.64 · Buy at or below 906.64; 2022-12 · Price EUR 161.40 · Value 906.64 · Buy at or below 906.64; 2023-01 · Price EUR 164.25 · Value 906.64 · Buy at or below 906.64; 2023-02 · Price EUR 165.00 · Value 874.87 · Buy at or below 874.87; 2023-03 · Price EUR 179.45 · Value 874.87 · Buy at or below 874.87; 2023-04 · Price EUR 172.90 · Value 874.87 · Buy at or below 874.87; 2023-05 · Price EUR 161.50 · Value 874.87 · Buy at or below 874.87; 2023-06 · Price EUR 169.10 · Value 874.87 · Buy at or below 874.87; 2023-07 · Price EUR 174.30 · Value 874.87 · Buy at or below 874.87; 2023-08 · Price EUR 163.85 · Value 874.87 · Buy at or below 874.87; 2023-09 · Price EUR 163.70 · Value 874.87 · Buy at or below 874.87; 2023-10 · Price EUR 155.20 · Value 874.87 · Buy at or below 874.87; 2023-11 · Price EUR 174.30 · Value 874.87 · Buy at or below 874.87; 2023-12 · Price EUR 186.50 · Value 874.87 · Buy at or below 874.87; 2024-01 · Price EUR 184.75 · Value 874.87 · Buy at or below 874.87; 2024-02 · Price EUR 193.60 · Value 842.29 · Buy at or below 842.29; 2024-03 · Price EUR 189.65 · Value 842.29 · Buy at or below 842.29; 2024-04 · Price EUR 181.15 · Value 842.29 · Buy at or below 842.29; 2024-05 · Price EUR 182.90 · Value 842.29 · Buy at or below 842.29; 2024-06 · Price EUR 191.10 · Value 842.29 · Buy at or below 842.29; 2024-07 · Price EUR 189.40 · Value 842.29 · Buy at or below 842.29; 2024-08 · Price EUR 202.90 · Value 842.29 · Buy at or below 842.29; 2024-09 · Price EUR 210.70 · Value 842.29 · Buy at or below 842.29; 2024-10 · Price EUR 213.70 · Value 842.29 · Buy at or below 842.29; 2024-11 · Price EUR 221.50 · Value 842.29 · Buy at or below 842.29; 2024-12 · Price EUR 222.40 · Value 842.29 · Buy at or below 842.29; 2025-01 · Price EUR 238.40 · Value 842.29 · Buy at or below 842.29; 2025-02 · Price EUR 251.20 · Value 221.86 · Buy at or below 221.86; 2025-03 · Price EUR 272.10 · Value 221.86 · Buy at or below 221.86; 2025-04 · Price EUR 283.50 · Value 221.86 · Buy at or below 221.86; 2025-05 · Price EUR 283.50 · Value 221.86 · Buy at or below 221.86; 2025-06 · Price EUR 276.90 · Value 221.86 · Buy at or below 221.86; 2025-07 · Price EUR 254.10 · Value 221.86 · Buy at or below 221.86; 2025-08 · Price EUR 251.60 · Value 221.86 · Buy at or below 221.86; 2025-09 · Price EUR 228.10 · Value 221.86 · Buy at or below 221.86; 2025-10 · Price EUR 219.50 · Value 221.86 · Buy at or below 221.86; 2025-11 · Price EUR 230.50 · Value 221.86 · Buy at or below 221.86; 2025-12 · Price EUR 223.70 · Value 221.86 · Buy at or below 221.86; 2026-01 · Price EUR 213.30 · Value 221.86 · Buy at or below 221.86; 2026-02 · Price EUR 232.40 · Value 388.76 · Buy at or below 388.76; 2026-03 · Price EUR 251.10 · Value 388.76 · Buy at or below 388.76; 2026-04 · Price EUR 261.60 · Value 388.76 · Buy at or below 388.76; 2026-05 · Price EUR 247.60 · Value 388.76 · Buy at or below 388.76; 2026-06 · Price EUR 238.80 · Value 388.76 · Buy at or below 388.76; 2026-07 · Price EUR 262.30 · Value 388.76 · Buy at or below 388.76; 2026-08 · Price EUR 288.00 · Value 388.76 · Buy at or below 388.76; 2026-09 · Price EUR 286.10 · Value 388.76 · Buy at or below 388.76; 2026-10 · Price EUR 298.90 · Value 388.76 · Buy at or below 388.76; 2026-10 · Price EUR 305.50 · Value 388.76 · Buy at or below 388.76

EUR per share · annual estimates

Price & return math
Value range	EUR 318.04 – EUR 429.94
Buy at or below	Central value EUR 388.76
Discount to value	1 − 305.50 / 388.76 = 21.4%
Return / year	About 13.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 12.14/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash EUR 153.02/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 7.4B

Revenue

Owner earningsEUR 2.3B

Owner earnings

Operating margin40.3%

Operating margin

Net cash / debtEUR 11B

Net cash / debt

Diluted shares182M

Diluted shares

Prices 15 Oct 2026 · FY2025