# Erste Group Bank AG (EBS.VI)

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

Analysis as of: 2026-10-16T07:33:57.534Z. 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 109.30 per share; close as of 2026-10-15.

Estimated value: low EUR 74.23 per share, central EUR 92.79 per share, high EUR 123.72 per share. Buy at or below the central value EUR 92.79 per share. Valuation as of 2026-10-16T07:33:57.534Z; 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; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.27×

Chart: Net income; fiscal year observations.

- FY2016: EUR 1.2B

- FY2017: EUR 1.3B

- FY2018: EUR 1.7B

- FY2019: EUR 1.4B

- FY2020: EUR 669M

- FY2021: EUR 1.8B

- FY2022: EUR 2.2B

- FY2023: EUR 3.0B

- FY2024: EUR 3.1B

- FY2025: EUR 3.5B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.7%

- Years with reported combined ratio: 0

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

- FY2016: 11.3%

- FY2017: 10.2%

- FY2018: 13.3%

- FY2019: 9.7%

- FY2020: 4.2%

- FY2021: 10.7%

- FY2022: 12.0%

- FY2023: 14.7%

- FY2024: 14.4%

- FY2025: 14.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.4%

- Book return interval: 10 years

- Starting book value per share: EUR 23.27

- Ending book value per share: EUR 60.80

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

- FY2016: 18.5%

- FY2017: 15.8%

- FY2018: 14.5%

- FY2019: 5.7%

- FY2020: 13.8%

- FY2021: 13.7%

- FY2022: 7.0%

- FY2023: 18.1%

- FY2024: 15.7%

- FY2025: 22.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.7%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.35×

- Book value created per share: EUR 37.54

- Earnings retained per share after dividends and buybacks: EUR 27.75

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 95

- FY2019: 104

- FY2020: 103

- FY2021: 99

- FY2022: 104

- FY2023: 104

- FY2024: 101

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · net income +12.3%

Story as of 2026-10-16T09:59:58.477Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income +12.3%; source https://filings.xbrl.org/PQOH26KWDF7CG10L6792/2025-12-31/ESEF/AT/0/egb-2025-12-31-0-de/reports/egb-2025-12-31-0-de.xhtml; observed 2026-03-18.

- FY2016: EUR 1.2B 

- FY2017: EUR 1.3B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.4B 

- FY2020: EUR 669M 

- FY2021: EUR 1.8B 

- FY2022: EUR 2.2B 

- FY2023: EUR 3.0B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.5B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 11.8 billion.

- Source: https://filings.xbrl.org/PQOH26KWDF7CG10L6792/2025-12-31/ESEF/AT/0/egb-2025-12-31-0-de/reports/egb-2025-12-31-0-de.xhtml (filed 2026-03-18); FY2025: revenue 11761000000.

### Why customers stay

It earns 11.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on tangible equity observations [[2016,0.11276964769647696],[2017,0.10167115442773797],[2018,0.1334134886283885],[2019,0.09669069095492108],[2020,0.041836887954340644],[2021,0.10673581639155055],[2022,0.12025810250769418],[2023,0.14743778892495327],[2024,0.14365834597526778],[2025,0.14105449284680918]]; median 0.11651387510208558. 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 205 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,222000000],[2017,470000000],[2018,568000000],[2019,663000000],[2020,114600000],[2021,756000000],[2022,753600000],[2023,869000000],[2024,1217000000],[2025,1344000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/PQOH26KWDF7CG10L6792/2025-12-31/ESEF/AT/0/egb-2025-12-31-0-de/reports/egb-2025-12-31-0-de.xhtml (filed 2026-03-18); FY2025: cash repurchases 205000000 EUR.

### Are managers owners

Insiders own 26.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EBS.VI SharesStats.PercentInsiders = 26.669999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Price 109.3; FX 1; original perpetual distributable cash 3.7115449211559395; discount 0.1; growth 0.06604258992538026. 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 28.61 per share

- 2016-11: EUR 26.24 per share

- 2016-12: EUR 28.19 per share

- 2017-01: EUR 28.14 per share

- 2017-02: EUR 27.46 per share

- 2017-03: EUR 30.53 per share

- 2017-04: EUR 32.82 per share

- 2017-05: EUR 32.30 per share

- 2017-06: EUR 33.53 per share

- 2017-07: EUR 35.12 per share

- 2017-08: EUR 35.50 per share

- 2017-09: EUR 36.55 per share

- 2017-10: EUR 36.89 per share

- 2017-11: EUR 36.65 per share

- 2017-12: EUR 36.11 per share

- 2018-01: EUR 40.53 per share

- 2018-02: EUR 41.91 per share

- 2018-03: EUR 40.80 per share

- 2018-04: EUR 40.60 per share

- 2018-05: EUR 35.68 per share

- 2018-06: EUR 35.75 per share

- 2018-07: EUR 36.96 per share

- 2018-08: EUR 34.27 per share

- 2018-09: EUR 35.78 per share

- 2018-10: EUR 36.00 per share

- 2018-11: EUR 34.85 per share

- 2018-12: EUR 29.05 per share

- 2019-01: EUR 30.40 per share

- 2019-02: EUR 33.25 per share

- 2019-03: EUR 32.76 per share

- 2019-04: EUR 35.70 per share

- 2019-05: EUR 31.75 per share

- 2019-06: EUR 32.64 per share

- 2019-07: EUR 32.44 per share

- 2019-08: EUR 29.27 per share

- 2019-09: EUR 30.34 per share

- 2019-10: EUR 31.67 per share

- 2019-11: EUR 32.50 per share

- 2019-12: EUR 33.56 per share

- 2020-01: EUR 33.16 per share

- 2020-02: EUR 31.03 per share

- 2020-03: EUR 16.89 per share

- 2020-04: EUR 19.83 per share

- 2020-05: EUR 19.77 per share

- 2020-06: EUR 20.95 per share

- 2020-07: EUR 18.90 per share

- 2020-08: EUR 20.38 per share

- 2020-09: EUR 17.88 per share

- 2020-10: EUR 17.58 per share

- 2020-11: EUR 24.10 per share

- 2020-12: EUR 24.94 per share

- 2021-01: EUR 25.25 per share

- 2021-02: EUR 27.29 per share

- 2021-03: EUR 28.92 per share

- 2021-04: EUR 29.60 per share

- 2021-05: EUR 33.62 per share

- 2021-06: EUR 30.94 per share

- 2021-07: EUR 32.71 per share

- 2021-08: EUR 33.86 per share

- 2021-09: EUR 38.06 per share

- 2021-10: EUR 37.10 per share

- 2021-11: EUR 38.57 per share

- 2021-12: EUR 41.35 per share

- 2022-01: EUR 41.23 per share

- 2022-02: EUR 31.99 per share

- 2022-03: EUR 33.09 per share

- 2022-04: EUR 29.66 per share

- 2022-05: EUR 29.01 per share

- 2022-06: EUR 24.20 per share

- 2022-07: EUR 24.70 per share

- 2022-08: EUR 22.48 per share

- 2022-09: EUR 22.64 per share

- 2022-10: EUR 24.96 per share

- 2022-11: EUR 29.60 per share

- 2022-12: EUR 29.90 per share

- 2023-01: EUR 34.75 per share

- 2023-02: EUR 37.18 per share

- 2023-03: EUR 30.50 per share

- 2023-04: EUR 32.91 per share

- 2023-05: EUR 30.27 per share

- 2023-06: EUR 32.09 per share

- 2023-07: EUR 34.38 per share

- 2023-08: EUR 32.97 per share

- 2023-09: EUR 32.82 per share

- 2023-10: EUR 33.75 per share

- 2023-11: EUR 37.11 per share

- 2023-12: EUR 36.73 per share

- 2024-01: EUR 40.05 per share

- 2024-02: EUR 36.90 per share

- 2024-03: EUR 41.30 per share

- 2024-04: EUR 43.87 per share

- 2024-05: EUR 45.10 per share

- 2024-06: EUR 44.24 per share

- 2024-07: EUR 48.08 per share

- 2024-08: EUR 49.51 per share

- 2024-09: EUR 49.25 per share

- 2024-10: EUR 51.74 per share

- 2024-11: EUR 51.90 per share

- 2024-12: EUR 59.66 per share

- 2025-01: EUR 59.44 per share

- 2025-02: EUR 64.64 per share

- 2025-03: EUR 63.72 per share

- 2025-04: EUR 59.45 per share

- 2025-05: EUR 70.85 per share

- 2025-06: EUR 72.30 per share

- 2025-07: EUR 80.55 per share

- 2025-08: EUR 81.30 per share

- 2025-09: EUR 83.20 per share

- 2025-10: EUR 89.75 per share

- 2025-11: EUR 94.15 per share

- 2025-12: EUR 102.90 per share

- 2026-01: EUR 109.50 per share

- 2026-02: EUR 100.70 per share

- 2026-03: EUR 92.50 per share

- 2026-04: EUR 94.20 per share

- 2026-05: EUR 103.00 per share

- 2026-06: EUR 117.10 per share

- 2026-07: EUR 112.80 per share

- 2026-08: EUR 121.30 per share

- 2026-09: EUR 121.10 per share

- 2026-10: EUR 111.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 26.47 per share, central EUR 29.12 per share, high EUR 32.35 per share

- FY2017: low EUR 28.51 per share, central EUR 31.36 per share, high EUR 34.85 per share

- FY2018: low EUR 29.10 per share, central EUR 36.38 per share, high EUR 48.50 per share

- FY2019: low EUR 28.24 per share, central EUR 35.30 per share, high EUR 47.07 per share

- FY2020: low EUR 13.10 per share, central EUR 16.13 per share, high EUR 20.98 per share

- FY2021: low EUR 34.71 per share, central EUR 43.38 per share, high EUR 57.85 per share

- FY2022: low EUR 37.79 per share, central EUR 47.24 per share, high EUR 62.99 per share

- FY2023: low EUR 48.10 per share, central EUR 60.13 per share, high EUR 80.17 per share

- FY2024: low EUR 57.43 per share, central EUR 71.78 per share, high EUR 95.71 per share

- FY2025: low EUR 70.46 per share, central EUR 88.07 per share, high EUR 117.43 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 2026-10-15T06:39:42.730Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/PQOH26KWDF7CG10L6792/2025-12-31/ESEF/AT/0/egb-2025-12-31-0-de/reports/egb-2025-12-31-0-de.xhtml); period 2025-12-31, filed 2026-03-18.

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.

Erste Group Bank AG

EBS · VI

STOXX Europe 600 · ATX

Not a wonderful business

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

Share price: EUR 109.30
Buy up to: EUR 92.79
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 9 needed).

Net income

10y median: EUR 1.7B
Worst year: EUR 669M
Latest · 2025: EUR 3.5B

Earned a median 11.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 11.7%
Worst year: 4.2%
Latest · 2025: 14.1%

Book value plus dividends grew 14.4% a year (minimum 7%).

Annual book + dividend return

10y median: 15.1%
Worst year: 5.7%
Latest · 2025: 22.6%

Ordinary share growth was 0% over the full period and -0.7% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 104
Latest · 2025: 100

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 7.71 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 28.61 · Value 29.12 · Buy at or below 29.12; 2016-11 · Price EUR 26.24 · Value 29.12 · Buy at or below 29.12; 2016-12 · Price EUR 28.18 · Value 29.12 · Buy at or below 29.12; 2017-01 · Price EUR 28.14 · Value 29.12 · Buy at or below 29.12; 2017-02 · Price EUR 27.46 · Value 31.36 · Buy at or below 31.36; 2017-03 · Price EUR 30.52 · Value 31.36 · Buy at or below 31.36; 2017-04 · Price EUR 32.82 · Value 31.36 · Buy at or below 31.36; 2017-05 · Price EUR 32.30 · Value 31.36 · Buy at or below 31.36; 2017-06 · Price EUR 33.52 · Value 31.36 · Buy at or below 31.36; 2017-07 · Price EUR 35.12 · Value 31.36 · Buy at or below 31.36; 2017-08 · Price EUR 35.49 · Value 31.36 · Buy at or below 31.36; 2017-09 · Price EUR 36.55 · Value 31.36 · Buy at or below 31.36; 2017-10 · Price EUR 36.89 · Value 31.36 · Buy at or below 31.36; 2017-11 · Price EUR 36.65 · Value 31.36 · Buy at or below 31.36; 2017-12 · Price EUR 36.10 · Value 31.36 · Buy at or below 31.36; 2018-01 · Price EUR 40.53 · Value 31.36 · Buy at or below 31.36; 2018-02 · Price EUR 41.91 · Value 36.38 · Buy at or below 36.38; 2018-03 · Price EUR 40.80 · Value 36.38 · Buy at or below 36.38; 2018-04 · Price EUR 40.60 · Value 36.38 · Buy at or below 36.38; 2018-05 · Price EUR 35.68 · Value 36.38 · Buy at or below 36.38; 2018-06 · Price EUR 35.75 · Value 36.38 · Buy at or below 36.38; 2018-07 · Price EUR 36.96 · Value 36.38 · Buy at or below 36.38; 2018-08 · Price EUR 34.27 · Value 36.38 · Buy at or below 36.38; 2018-09 · Price EUR 35.78 · Value 36.38 · Buy at or below 36.38; 2018-10 · Price EUR 36.00 · Value 36.38 · Buy at or below 36.38; 2018-11 · Price EUR 34.85 · Value 36.38 · Buy at or below 36.38; 2018-12 · Price EUR 29.05 · Value 36.38 · Buy at or below 36.38; 2019-01 · Price EUR 30.40 · Value 36.38 · Buy at or below 36.38; 2019-02 · Price EUR 33.25 · Value 35.30 · Buy at or below 35.30; 2019-03 · Price EUR 32.76 · Value 35.30 · Buy at or below 35.30; 2019-04 · Price EUR 35.70 · Value 35.30 · Buy at or below 35.30; 2019-05 · Price EUR 31.75 · Value 35.30 · Buy at or below 35.30; 2019-06 · Price EUR 32.64 · Value 35.30 · Buy at or below 35.30; 2019-07 · Price EUR 32.44 · Value 35.30 · Buy at or below 35.30; 2019-08 · Price EUR 29.27 · Value 35.30 · Buy at or below 35.30; 2019-09 · Price EUR 30.34 · Value 35.30 · Buy at or below 35.30; 2019-10 · Price EUR 31.67 · Value 35.30 · Buy at or below 35.30; 2019-11 · Price EUR 32.50 · Value 35.30 · Buy at or below 35.30; 2019-12 · Price EUR 33.56 · Value 35.30 · Buy at or below 35.30; 2020-01 · Price EUR 33.16 · Value 35.30 · Buy at or below 35.30; 2020-02 · Price EUR 31.03 · Value 16.13 · Buy at or below 16.13; 2020-03 · Price EUR 16.89 · Value 16.13 · Buy at or below 16.13; 2020-04 · Price EUR 19.82 · Value 16.13 · Buy at or below 16.13; 2020-05 · Price EUR 19.77 · Value 16.13 · Buy at or below 16.13; 2020-06 · Price EUR 20.95 · Value 16.13 · Buy at or below 16.13; 2020-07 · Price EUR 18.90 · Value 16.13 · Buy at or below 16.13; 2020-08 · Price EUR 20.38 · Value 16.13 · Buy at or below 16.13; 2020-09 · Price EUR 17.88 · Value 16.13 · Buy at or below 16.13; 2020-10 · Price EUR 17.58 · Value 16.13 · Buy at or below 16.13; 2020-11 · Price EUR 24.10 · Value 16.13 · Buy at or below 16.13; 2020-12 · Price EUR 24.94 · Value 16.13 · Buy at or below 16.13; 2021-01 · Price EUR 25.25 · Value 16.13 · Buy at or below 16.13; 2021-02 · Price EUR 27.29 · Value 43.38 · Buy at or below 43.38; 2021-03 · Price EUR 28.92 · Value 43.38 · Buy at or below 43.38; 2021-04 · Price EUR 29.60 · Value 43.38 · Buy at or below 43.38; 2021-05 · Price EUR 33.62 · Value 43.38 · Buy at or below 43.38; 2021-06 · Price EUR 30.94 · Value 43.38 · Buy at or below 43.38; 2021-07 · Price EUR 32.71 · Value 43.38 · Buy at or below 43.38; 2021-08 · Price EUR 33.86 · Value 43.38 · Buy at or below 43.38; 2021-09 · Price EUR 38.06 · Value 43.38 · Buy at or below 43.38; 2021-10 · Price EUR 37.10 · Value 43.38 · Buy at or below 43.38; 2021-11 · Price EUR 38.57 · Value 43.38 · Buy at or below 43.38; 2021-12 · Price EUR 41.35 · Value 43.38 · Buy at or below 43.38; 2022-01 · Price EUR 41.23 · Value 43.38 · Buy at or below 43.38; 2022-02 · Price EUR 31.99 · Value 47.24 · Buy at or below 47.24; 2022-03 · Price EUR 33.09 · Value 47.24 · Buy at or below 47.24; 2022-04 · Price EUR 29.66 · Value 47.24 · Buy at or below 47.24; 2022-05 · Price EUR 29.01 · Value 47.24 · Buy at or below 47.24; 2022-06 · Price EUR 24.20 · Value 47.24 · Buy at or below 47.24; 2022-07 · Price EUR 24.70 · Value 47.24 · Buy at or below 47.24; 2022-08 · Price EUR 22.48 · Value 47.24 · Buy at or below 47.24; 2022-09 · Price EUR 22.64 · Value 47.24 · Buy at or below 47.24; 2022-10 · Price EUR 24.96 · Value 47.24 · Buy at or below 47.24; 2022-11 · Price EUR 29.60 · Value 47.24 · Buy at or below 47.24; 2022-12 · Price EUR 29.90 · Value 47.24 · Buy at or below 47.24; 2023-01 · Price EUR 34.75 · Value 47.24 · Buy at or below 47.24; 2023-02 · Price EUR 37.18 · Value 60.13 · Buy at or below 60.13; 2023-03 · Price EUR 30.50 · Value 60.13 · Buy at or below 60.13; 2023-04 · Price EUR 32.91 · Value 60.13 · Buy at or below 60.13; 2023-05 · Price EUR 30.27 · Value 60.13 · Buy at or below 60.13; 2023-06 · Price EUR 32.09 · Value 60.13 · Buy at or below 60.13; 2023-07 · Price EUR 34.38 · Value 60.13 · Buy at or below 60.13; 2023-08 · Price EUR 32.97 · Value 60.13 · Buy at or below 60.13; 2023-09 · Price EUR 32.82 · Value 60.13 · Buy at or below 60.13; 2023-10 · Price EUR 33.75 · Value 60.13 · Buy at or below 60.13; 2023-11 · Price EUR 37.11 · Value 60.13 · Buy at or below 60.13; 2023-12 · Price EUR 36.73 · Value 60.13 · Buy at or below 60.13; 2024-01 · Price EUR 40.05 · Value 60.13 · Buy at or below 60.13; 2024-02 · Price EUR 36.90 · Value 71.78 · Buy at or below 71.78; 2024-03 · Price EUR 41.30 · Value 71.78 · Buy at or below 71.78; 2024-04 · Price EUR 43.87 · Value 71.78 · Buy at or below 71.78; 2024-05 · Price EUR 45.10 · Value 71.78 · Buy at or below 71.78; 2024-06 · Price EUR 44.24 · Value 71.78 · Buy at or below 71.78; 2024-07 · Price EUR 48.08 · Value 71.78 · Buy at or below 71.78; 2024-08 · Price EUR 49.51 · Value 71.78 · Buy at or below 71.78; 2024-09 · Price EUR 49.25 · Value 71.78 · Buy at or below 71.78; 2024-10 · Price EUR 51.74 · Value 71.78 · Buy at or below 71.78; 2024-11 · Price EUR 51.90 · Value 71.78 · Buy at or below 71.78; 2024-12 · Price EUR 59.66 · Value 71.78 · Buy at or below 71.78; 2025-01 · Price EUR 59.44 · Value 71.78 · Buy at or below 71.78; 2025-02 · Price EUR 64.64 · Value 88.07 · Buy at or below 88.07; 2025-03 · Price EUR 63.72 · Value 88.07 · Buy at or below 88.07; 2025-04 · Price EUR 59.45 · Value 88.07 · Buy at or below 88.07; 2025-05 · Price EUR 70.85 · Value 88.07 · Buy at or below 88.07; 2025-06 · Price EUR 72.30 · Value 88.07 · Buy at or below 88.07; 2025-07 · Price EUR 80.55 · Value 88.07 · Buy at or below 88.07; 2025-08 · Price EUR 81.30 · Value 88.07 · Buy at or below 88.07; 2025-09 · Price EUR 83.20 · Value 88.07 · Buy at or below 88.07; 2025-10 · Price EUR 89.75 · Value 88.07 · Buy at or below 88.07; 2025-11 · Price EUR 94.15 · Value 88.07 · Buy at or below 88.07; 2025-12 · Price EUR 102.90 · Value 88.07 · Buy at or below 88.07; 2026-01 · Price EUR 109.50 · Value 88.07 · Buy at or below 88.07; 2026-02 · Price EUR 100.70 · Value 92.79 · Buy at or below 92.79; 2026-03 · Price EUR 92.50 · Value 92.79 · Buy at or below 92.79; 2026-04 · Price EUR 94.20 · Value 92.79 · Buy at or below 92.79; 2026-05 · Price EUR 103.00 · Value 92.79 · Buy at or below 92.79; 2026-06 · Price EUR 117.10 · Value 92.79 · Buy at or below 92.79; 2026-07 · Price EUR 112.80 · Value 92.79 · Buy at or below 92.79; 2026-08 · Price EUR 121.30 · Value 92.79 · Buy at or below 92.79; 2026-09 · Price EUR 121.10 · Value 92.79 · Buy at or below 92.79; 2026-10 · Price EUR 111.00 · Value 92.79 · Buy at or below 92.79; 2026-10 · Price EUR 109.30 · Value 92.79 · Buy at or below 92.79

EUR per share · annual estimates

Price & return math
Value range	EUR 74.23 – EUR 123.72
Buy at or below	Central value EUR 92.79
Discount to value	1 − 109.30 / 92.79 = -17.8%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 64.06/share; ROE 11.8%; first payout EUR 3.71/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 3.5B

Net income

Book / shareEUR 60.80

Book / share

Dividend / shareEUR 3.28

Dividend / share

Return on tangible equity14.1%

Return on tangible equity

Diluted shares409M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·