# Donegal Investment Group (DQ7A.IR)

Canonical: https://gigainvestors.com/s/DQ7A.IR

Analysis as of: 2026-10-16T08:00:48.953Z. Financial observations: FY2007–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 8.75 per share; close as of 2026-10-14.

Estimated value: low EUR 15.71 per share, central EUR 15.86 per share, high EUR 16.06 per share. Buy at or below the central value EUR 15.86 per share. Valuation as of 2026-10-16T08:00:48.953Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.08×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: -0.01×

- FY2023: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.3%

- ROIC, second-lowest year: -7.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 19.8%

- Typical minus recent gross margin: 2.9 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.6%

- FY2018: 13.4%

- FY2019: 36.0%

- FY2020: >100%

- FY2021: 9.3%

- FY2022: -1.7%

- FY2023: 14.6%

- FY2024: -7.2%

- FY2025: -10.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 20M

- Net income, five-year total: EUR 21M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.6 pp

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

- FY2021: 0.75×

- FY2022: 1.01×

- FY2023: 1.08×

- FY2024: 1.02×

- FY2025: 1.05×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 0.98 to 1.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -18.4%

- Ordinary dilution, 5-year annual growth: -14.3%

- Market cap gain: EUR -27M

- Cumulative retained earnings: EUR -47M

- Diluted shares, 10-year annual growth: -18.4%

- Diluted shares, 5-year annual growth: -14.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.4%

- Per-share value change: EUR 0.21

- Per-share value, starting three-year median: EUR 0.98

- Per-share value, ending three-year median: EUR 1.19

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 30.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: -7.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.27

- FY2018: EUR 4.59

- FY2019: EUR 0.98

- FY2020: EUR 0.68

- FY2021: EUR 1.37

- FY2022: EUR 6.27

- FY2023: EUR 1.32

- FY2024: EUR 1.19

- FY2025: EUR 0.08

### accounting: pass

- Sloan accruals: -2.6%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.0%

- FY2018: 36.0%

- FY2019: 0.2%

- FY2020: -7.3%

- FY2021: -3.8%

- FY2022: 64.4%

- FY2023: 10.1%

- FY2024: -5.1%

- FY2025: -2.6%

## Holders

## Price story

Down 61% since Jun 2022 · net income -93.8%

Story as of 2026-10-16T10:00:13.862Z; price observation 2026-10-14.

### Net income · FY2025

net income -93.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 2.3M 

- FY2018: EUR 20M 

- FY2019: EUR 4.2M 

- FY2020: EUR 2.0M 

- FY2021: EUR 3.9M 

- FY2022: EUR 13M 

- FY2023: EUR 2.0M 

- FY2024: EUR 1.8M 

- FY2025: EUR 113K 

### Gross margin · FY2023

gross margin 32.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 26.8% 

- FY2018: 27.1% 

- FY2019: 36.2% 

- FY2020: 35.4% 

- FY2021: 35.4% 

- FY2022: 33.3% 

- FY2023: 32.9% 

## Owner memo

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

### Why customers stay

It earns 9.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:00:48.953Z); 10-year return on capital observations [[2017,0.05629101248174708],[2018,0.1340805346388086],[2019,0.36011275546159266],[2020,2.1535335764690315],[2021,0.09346246973365617],[2022,-0.017478871902003607],[2023,0.1456265784138668],[2024,-0.07220960599523106],[2025,-0.10258354900416339]]; median 0.09346246973365617. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back EUR 5 million of shares.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2016-08-31 (filed 2026-10-16T08:00:48.953Z); FY2016: growth capex 0; upkeep 0; owner earnings 975000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2018-08-31 (filed 2026-10-16T08:00:48.953Z); FY2018: growth capex 0; upkeep 1331000; owner earnings 19453000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2019-08-31 (filed 2026-10-16T08:00:48.953Z); FY2019: growth capex 0; upkeep 30000; owner earnings 5170800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2021-08-31 (filed 2026-10-16T08:00:48.953Z); FY2021: growth capex 0; upkeep 1952000; owner earnings 2895800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2022-08-31 (filed 2026-10-16T08:00:48.953Z); FY2022: growth capex 0; upkeep 239000; owner earnings 13430400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2023-08-31 (filed 2026-10-16T08:00:48.953Z); FY2023: growth capex 0; upkeep 127000; owner earnings 2183600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2024-08-31 (filed 2026-10-16T08:00:48.953Z); FY2024: growth capex 0; upkeep 216000; owner earnings 1843200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2025-08-31 (filed 2026-10-16T08:00:48.953Z); FY2025: growth capex 0; upkeep 513000; owner earnings 119000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:00:48.953Z); Dividend observations: [[2017,490000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2025,291000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/DQ7A.IR.json#2025-08-31 (filed 2026-10-16T08:00:48.953Z); FY2025: cash repurchases 5041000 EUR.

### Are managers owners

Insiders own 29.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DQ7A.IR SharesStats.PercentInsiders = 29.18 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.9 times net assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:00:48.953Z); Closing price 8.75 EUR; reporting-to-trading FX 1; FY2025 net assets per share 9.608825729244577; price multiple 0.9106211566902779. FY2025 cash earnings/share 0.08900523560209424. Closing-price date 2026-10-14.

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

- 2016-10: EUR 5.40 per share

- 2016-11: EUR 5.45 per share

- 2016-12: EUR 5.30 per share

- 2017-01: EUR 5.40 per share

- 2017-02: EUR 5.35 per share

- 2017-03: EUR 5.40 per share

- 2017-04: EUR 5.90 per share

- 2017-05: EUR 5.55 per share

- 2017-06: EUR 5.56 per share

- 2017-07: EUR 6.15 per share

- 2017-08: EUR 6.25 per share

- 2017-09: EUR 6.17 per share

- 2017-10: EUR 7.75 per share

- 2017-11: EUR 7.70 per share

- 2017-12: EUR 7.79 per share

- 2018-01: EUR 7.80 per share

- 2018-02: EUR 8.80 per share

- 2018-03: EUR 8.85 per share

- 2018-04: EUR 8.80 per share

- 2018-05: EUR 8.90 per share

- 2018-06: EUR 9.35 per share

- 2018-07: EUR 9.70 per share

- 2018-08: EUR 9.60 per share

- 2018-09: EUR 9.40 per share

- 2018-10: EUR 8.90 per share

- 2018-11: EUR 8.65 per share

- 2018-12: EUR 8.75 per share

- 2019-01: EUR 8.65 per share

- 2019-02: EUR 8.95 per share

- 2019-03: EUR 9.30 per share

- 2019-04: EUR 9.35 per share

- 2019-05: EUR 10.40 per share

- 2019-06: EUR 9.60 per share

- 2019-07: EUR 10.90 per share

- 2019-08: EUR 11.30 per share

- 2019-09: EUR 10.70 per share

- 2019-10: EUR 10.90 per share

- 2019-11: EUR 12.00 per share

- 2019-12: EUR 13.00 per share

- 2020-01: EUR 14.00 per share

- 2020-02: EUR 13.30 per share

- 2020-03: EUR 13.00 per share

- 2020-04: EUR 13.00 per share

- 2020-05: EUR 12.50 per share

- 2020-06: EUR 12.60 per share

- 2020-07: EUR 13.00 per share

- 2020-08: EUR 12.50 per share

- 2020-09: EUR 13.40 per share

- 2020-10: EUR 13.50 per share

- 2020-11: EUR 13.00 per share

- 2020-12: EUR 13.50 per share

- 2021-01: EUR 12.90 per share

- 2021-02: EUR 13.00 per share

- 2021-03: EUR 11.84 per share

- 2021-04: EUR 12.75 per share

- 2021-05: EUR 12.32 per share

- 2021-06: EUR 13.00 per share

- 2021-07: EUR 13.00 per share

- 2021-08: EUR 12.75 per share

- 2021-09: EUR 13.00 per share

- 2021-10: EUR 13.25 per share

- 2021-11: EUR 15.80 per share

- 2021-12: EUR 16.40 per share

- 2022-01: EUR 16.00 per share

- 2022-02: EUR 17.02 per share

- 2022-03: EUR 18.00 per share

- 2022-04: EUR 19.00 per share

- 2022-05: EUR 19.00 per share

- 2022-06: EUR 22.50 per share

- 2022-07: EUR 21.00 per share

- 2022-08: EUR 20.00 per share

- 2022-09: EUR 20.00 per share

- 2022-10: EUR 20.00 per share

- 2022-11: EUR 18.60 per share

- 2022-12: EUR 20.20 per share

- 2023-01: EUR 20.00 per share

- 2023-02: EUR 20.00 per share

- 2023-03: EUR 19.50 per share

- 2023-04: EUR 18.80 per share

- 2023-05: EUR 18.80 per share

- 2023-06: EUR 18.50 per share

- 2023-07: EUR 18.00 per share

- 2023-08: EUR 18.00 per share

- 2023-09: EUR 17.50 per share

- 2023-10: EUR 17.00 per share

- 2023-11: EUR 16.50 per share

- 2023-12: EUR 16.50 per share

- 2024-01: EUR 16.50 per share

- 2024-02: EUR 16.00 per share

- 2024-03: EUR 16.00 per share

- 2024-04: EUR 16.50 per share

- 2024-05: EUR 16.50 per share

- 2024-06: EUR 16.50 per share

- 2024-07: EUR 16.50 per share

- 2024-08: EUR 16.50 per share

- 2024-09: EUR 16.50 per share

- 2024-10: EUR 16.50 per share

- 2024-11: EUR 16.50 per share

- 2024-12: EUR 16.60 per share

- 2025-01: EUR 16.50 per share

- 2025-02: EUR 16.50 per share

- 2025-03: EUR 16.50 per share

- 2025-04: EUR 16.50 per share

- 2025-05: EUR 16.50 per share

- 2025-06: EUR 18.80 per share

- 2025-07: EUR 18.00 per share

- 2025-08: EUR 18.10 per share

- 2025-09: EUR 18.90 per share

- 2025-10: EUR 18.20 per share

- 2025-11: EUR 18.40 per share

- 2025-12: EUR 18.40 per share

- 2026-01: EUR 16.00 per share

- 2026-02: EUR 15.60 per share

- 2026-03: EUR 15.90 per share

- 2026-04: EUR 15.80 per share

- 2026-05: EUR 15.80 per share

- 2026-06: EUR 15.60 per share

- 2026-07: EUR 14.50 per share

- 2026-08: EUR 12.50 per share

- 2026-09: EUR 10.00 per share

- 2026-10: EUR 8.75 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 12.88 per share, central EUR 14.42 per share, high EUR 16.48 per share

- FY2022: low EUR 18.34 per share, central EUR 20.38 per share, high EUR 23.11 per share

- FY2023: low EUR 27.86 per share, central EUR 31.13 per share, high EUR 35.47 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 2026-10-15T07:06:48.570Z 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.

Donegal Investment Group

DQ7A · IR

ISEQ 20

Not a wonderful business

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

Share price: EUR 8.75
Buy up to: EUR 15.86
Expected / yr: Excess cash covers price · no finite IRR

The business

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

Sales fell in 6 years (limit 5), and margins varied 55.8% around their average (limit 35%).

Operating margin

7y median: 5.0%
Worst year: -0.9%
Latest · 2023: 5.0%

Capital return excluding acquisitions: median 9.3% (minimum 15%), and the second-worst year -7.2% (minimum 10%).

ROIC excluding acquisitions

9y median: 9.3%
Worst year: -10.3%
Latest · 2025: -10.3%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 1.02×
Latest · 2025: 1.05×

Per-share value rose from 0.98 to 1.19, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: EUR 1.19
Worst year: EUR 0.08
Latest · 2025: EUR 0.08

Profits were backed by cash: accruals were -2.6% of assets (limit 10%).

Sloan accruals

9y median: -1.0%
Worst year: 64.4%
Latest · 2025: -2.6%

Profit record · pass 0 loss years in 9 (at most 2), mean operating margin 4.5%, three-year average owner earnings per share 0.91 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 5.40; 2016-11 · Price EUR 5.45; 2016-12 · Price EUR 5.30; 2017-01 · Price EUR 5.40; 2017-02 · Price EUR 5.35; 2017-03 · Price EUR 5.40; 2017-04 · Price EUR 5.90; 2017-05 · Price EUR 5.55; 2017-06 · Price EUR 5.56; 2017-07 · Price EUR 6.15; 2017-08 · Price EUR 6.25; 2017-09 · Price EUR 6.17; 2017-10 · Price EUR 7.75; 2017-11 · Price EUR 7.70; 2017-12 · Price EUR 7.79; 2018-01 · Price EUR 7.80; 2018-02 · Price EUR 8.80; 2018-03 · Price EUR 8.85; 2018-04 · Price EUR 8.80; 2018-05 · Price EUR 8.90; 2018-06 · Price EUR 9.35; 2018-07 · Price EUR 9.70; 2018-08 · Price EUR 9.60; 2018-09 · Price EUR 9.40; 2018-10 · Price EUR 8.90; 2018-11 · Price EUR 8.65; 2018-12 · Price EUR 8.75; 2019-01 · Price EUR 8.65; 2019-02 · Price EUR 8.95; 2019-03 · Price EUR 9.30; 2019-04 · Price EUR 9.35; 2019-05 · Price EUR 10.40; 2019-06 · Price EUR 9.60; 2019-07 · Price EUR 10.90; 2019-08 · Price EUR 11.30; 2019-09 · Price EUR 10.70; 2019-10 · Price EUR 10.90; 2019-11 · Price EUR 12.00; 2019-12 · Price EUR 13.00; 2020-01 · Price EUR 14.00; 2020-02 · Price EUR 13.30; 2020-03 · Price EUR 13.00; 2020-04 · Price EUR 13.00; 2020-05 · Price EUR 12.50; 2020-06 · Price EUR 12.60; 2020-07 · Price EUR 13.00; 2020-08 · Price EUR 12.50; 2020-09 · Price EUR 13.40; 2020-10 · Price EUR 13.50; 2020-11 · Price EUR 13.00; 2020-12 · Price EUR 13.50; 2021-01 · Price EUR 12.90 · Value 14.42 · Buy at or below 14.42; 2021-02 · Price EUR 13.00 · Value 14.42 · Buy at or below 14.42; 2021-03 · Price EUR 11.84 · Value 14.42 · Buy at or below 14.42; 2021-04 · Price EUR 12.75 · Value 14.42 · Buy at or below 14.42; 2021-05 · Price EUR 12.32 · Value 14.42 · Buy at or below 14.42; 2021-06 · Price EUR 13.00 · Value 14.42 · Buy at or below 14.42; 2021-07 · Price EUR 13.00 · Value 14.42 · Buy at or below 14.42; 2021-08 · Price EUR 12.75 · Value 14.42 · Buy at or below 14.42; 2021-09 · Price EUR 13.00 · Value 14.42 · Buy at or below 14.42; 2021-10 · Price EUR 13.25 · Value 14.42 · Buy at or below 14.42; 2021-11 · Price EUR 15.80 · Value 14.42 · Buy at or below 14.42; 2021-12 · Price EUR 16.40 · Value 14.42 · Buy at or below 14.42; 2022-01 · Price EUR 16.00 · Value 14.42 · Buy at or below 14.42; 2022-02 · Price EUR 17.02 · Value 20.38 · Buy at or below 20.38; 2022-03 · Price EUR 18.00 · Value 20.38 · Buy at or below 20.38; 2022-04 · Price EUR 19.00 · Value 20.38 · Buy at or below 20.38; 2022-05 · Price EUR 19.00 · Value 20.38 · Buy at or below 20.38; 2022-06 · Price EUR 22.50 · Value 20.38 · Buy at or below 20.38; 2022-07 · Price EUR 21.00 · Value 20.38 · Buy at or below 20.38; 2022-08 · Price EUR 20.00 · Value 20.38 · Buy at or below 20.38; 2022-09 · Price EUR 20.00 · Value 20.38 · Buy at or below 20.38; 2022-10 · Price EUR 20.00 · Value 20.38 · Buy at or below 20.38; 2022-11 · Price EUR 18.60 · Value 20.38 · Buy at or below 20.38; 2022-12 · Price EUR 20.20 · Value 20.38 · Buy at or below 20.38; 2023-01 · Price EUR 20.00 · Value 20.38 · Buy at or below 20.38; 2023-02 · Price EUR 20.00 · Value 31.13 · Buy at or below 31.13; 2023-03 · Price EUR 19.50 · Value 31.13 · Buy at or below 31.13; 2023-04 · Price EUR 18.80 · Value 31.13 · Buy at or below 31.13; 2023-05 · Price EUR 18.80 · Value 31.13 · Buy at or below 31.13; 2023-06 · Price EUR 18.50 · Value 31.13 · Buy at or below 31.13; 2023-07 · Price EUR 18.00 · Value 31.13 · Buy at or below 31.13; 2023-08 · Price EUR 18.00 · Value 31.13 · Buy at or below 31.13; 2023-09 · Price EUR 17.50 · Value 31.13 · Buy at or below 31.13; 2023-10 · Price EUR 17.00 · Value 31.13 · Buy at or below 31.13; 2023-11 · Price EUR 16.50 · Value 31.13 · Buy at or below 31.13; 2023-12 · Price EUR 16.50 · Value 31.13 · Buy at or below 31.13; 2024-01 · Price EUR 16.50 · Value 31.13 · Buy at or below 31.13; 2024-02 · Price EUR 16.00 · Value 15.86 · Buy at or below 15.86; 2024-03 · Price EUR 16.00 · Value 15.86 · Buy at or below 15.86; 2024-04 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-05 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-06 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-07 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-08 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-09 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-10 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-11 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2024-12 · Price EUR 16.60 · Value 15.86 · Buy at or below 15.86; 2025-01 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2025-02 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2025-03 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2025-04 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2025-05 · Price EUR 16.50 · Value 15.86 · Buy at or below 15.86; 2025-06 · Price EUR 18.80 · Value 15.86 · Buy at or below 15.86; 2025-07 · Price EUR 18.00 · Value 15.86 · Buy at or below 15.86; 2025-08 · Price EUR 18.10 · Value 15.86 · Buy at or below 15.86; 2025-09 · Price EUR 18.90 · Value 15.86 · Buy at or below 15.86; 2025-10 · Price EUR 18.20 · Value 15.86 · Buy at or below 15.86; 2025-11 · Price EUR 18.40 · Value 15.86 · Buy at or below 15.86; 2025-12 · Price EUR 18.40 · Value 15.86 · Buy at or below 15.86; 2026-01 · Price EUR 16.00 · Value 15.86 · Buy at or below 15.86; 2026-02 · Price EUR 15.60 · Value 15.86 · Buy at or below 15.86; 2026-03 · Price EUR 15.90 · Value 15.86 · Buy at or below 15.86; 2026-04 · Price EUR 15.80 · Value 15.86 · Buy at or below 15.86; 2026-05 · Price EUR 15.80 · Value 15.86 · Buy at or below 15.86; 2026-06 · Price EUR 15.60 · Value 15.86 · Buy at or below 15.86; 2026-07 · Price EUR 14.50 · Value 15.86 · Buy at or below 15.86; 2026-08 · Price EUR 12.50 · Value 15.86 · Buy at or below 15.86; 2026-09 · Price EUR 10.00 · Value 15.86 · Buy at or below 15.86; 2026-10 · Price EUR 8.75 · Value 15.86 · Buy at or below 15.86; 2026-10 · Price EUR 8.75 · Value 15.86 · Buy at or below 15.86

EUR per share · annual estimates

Price & return math
Value range	EUR 15.71 – EUR 16.06
Buy at or below	Central value EUR 15.86
Discount to value	1 − 8.75 / 15.86 = 44.8%
Return / year	Modelled excess cash covers today’s price; no finite annual IRR.
Cash-flow inputs	Owner cash EUR 0.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 14.62/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 0

Revenue

Owner earningsEUR 119K

Owner earnings

Operating margin5.0%

Operating margin

Net cash / debtEUR 4.0M

Net cash / debt

Diluted shares1.3M

Diluted shares

Prices 14 Oct 2026 · FY2025