# FBD Holdings (EG7.IR)

Canonical: https://gigainvestors.com/s/EG7.IR

Analysis as of: 2026-10-16T07:45:04.980Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 18.90 per share; close as of 2026-10-15.

Estimated value: low EUR 22.75 per share, central EUR 28.44 per share, high EUR 37.92 per share. Buy at or below the central value EUR 28.44 per share. Valuation as of 2026-10-16T07:45:04.980Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 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): 0.50×

Chart: Net income; fiscal year observations.

- FY2016: EUR 11M

- FY2017: EUR 43M

- FY2018: EUR 42M

- FY2019: EUR 98M

- FY2020: EUR 4.4M

- FY2021: EUR 96M

- FY2022: EUR 64M

- FY2023: EUR 70M

- FY2024: EUR 67M

- FY2025: EUR 47M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 15.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.3%

- Years with reported combined ratio: 0

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

- FY2016: 5.3%

- FY2017: 17.6%

- FY2018: 14.7%

- FY2019: 26.3%

- FY2020: 1.1%

- FY2021: 20.7%

- FY2022: 15.6%

- FY2023: 16.0%

- FY2024: 15.3%

- FY2025: 10.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.1%

- Book return interval: 10 years

- Starting book value per share: EUR 6.31

- Ending book value per share: EUR 13.28

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

- FY2016: 4.4%

- FY2017: 3.5%

- FY2018: 25.7%

- FY2019: 1.3%

- FY2020: 54.4%

- FY2021: 28.9%

- FY2022: -4.2%

- FY2023: 28.9%

- FY2024: 16.4%

- FY2025: 13.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.57×

- Book value created per share: EUR 6.97

- Earnings retained per share after dividends and buybacks: EUR 4.43

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

- FY2015: 100

- FY2016: 100

- FY2017: 120

- FY2018: 102

- FY2019: 139

- FY2020: 101

- FY2021: 104

- FY2022: 105

- FY2023: 106

- FY2024: 106

- FY2025: 104

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 4% a year forever · net income -29.8%

Story as of 2026-10-16T10:00:13.295Z; price observation 2026-10-15.

The price assumes profits grow 4% a year forever

### Net income · FY2025

net income -29.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 11M 

- FY2017: EUR 43M 

- FY2018: EUR 42M 

- FY2019: EUR 98M 

- FY2020: EUR 4.4M 

- FY2021: EUR 96M 

- FY2022: EUR 64M 

- FY2023: EUR 70M 

- FY2024: EUR 67M 

- FY2025: EUR 47M 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are EUR 462.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); FY2025: revenue 462729000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG7.IR: FBD Holdings plc, through its subsidiaries, engages in the underwriting of general insurance to farmers, private individuals, and business owners in Ireland. It operates through two segments, General Insurance and Other Services. The company is involved in underwriting operations for motor and non-motor insurance portfolios. It also provides car, home, travel, life and pensions, farm, and business insurance products; and investments and pension products. FBD Holdings plc was founded in 1969 and is headquartered in Dublin, Ireland.

### Why customers stay

It earns 15.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); 10-year return on tangible equity observations [[2016,0.05287835373795259],[2017,0.17557148320400687],[2018,0.14717953379105897],[2019,0.26258458535748375],[2020,0.011498046117903426],[2021,0.20676469200513004],[2022,0.15589766513049372],[2023,0.16012277284261037],[2024,0.15323036653989622],[2025,0.10944418144858122]]; median 0.15456401583519497. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); Dividend observations: [[2016,0],[2017,8602000],[2018,8602000],[2019,17714000],[2020,35870000],[2021,35870000],[2022,35870000],[2023,72026000],[2024,72080000],[2025,63675000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); FY2025: cash repurchases 4009000 EUR.

### Are managers owners

Insiders own 34.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG7.IR SharesStats.PercentInsiders = 34.839 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:04.980Z); Price 18.9; FX 1; original perpetual distributable cash 1.1377280649910648; discount 0.1; growth 0.03980274788407064. 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 6.10 per share

- 2016-11: EUR 6.02 per share

- 2016-12: EUR 6.89 per share

- 2017-01: EUR 7.97 per share

- 2017-02: EUR 7.85 per share

- 2017-03: EUR 8.07 per share

- 2017-04: EUR 8.15 per share

- 2017-05: EUR 8.20 per share

- 2017-06: EUR 8.25 per share

- 2017-07: EUR 8.45 per share

- 2017-08: EUR 8.25 per share

- 2017-09: EUR 8.35 per share

- 2017-10: EUR 8.95 per share

- 2017-11: EUR 9.58 per share

- 2017-12: EUR 10.11 per share

- 2018-01: EUR 10.70 per share

- 2018-02: EUR 11.90 per share

- 2018-03: EUR 12.10 per share

- 2018-04: EUR 11.75 per share

- 2018-05: EUR 10.50 per share

- 2018-06: EUR 10.60 per share

- 2018-07: EUR 10.35 per share

- 2018-08: EUR 10.60 per share

- 2018-09: EUR 10.15 per share

- 2018-10: EUR 10.75 per share

- 2018-11: EUR 9.50 per share

- 2018-12: EUR 8.24 per share

- 2019-01: EUR 8.30 per share

- 2019-02: EUR 8.98 per share

- 2019-03: EUR 9.02 per share

- 2019-04: EUR 9.02 per share

- 2019-05: EUR 8.78 per share

- 2019-06: EUR 8.44 per share

- 2019-07: EUR 9.54 per share

- 2019-08: EUR 9.04 per share

- 2019-09: EUR 9.10 per share

- 2019-10: EUR 8.86 per share

- 2019-11: EUR 8.34 per share

- 2019-12: EUR 8.70 per share

- 2020-01: EUR 8.68 per share

- 2020-02: EUR 8.70 per share

- 2020-03: EUR 6.20 per share

- 2020-04: EUR 7.22 per share

- 2020-05: EUR 6.88 per share

- 2020-06: EUR 6.74 per share

- 2020-07: EUR 6.64 per share

- 2020-08: EUR 6.02 per share

- 2020-09: EUR 6.30 per share

- 2020-10: EUR 6.20 per share

- 2020-11: EUR 7.20 per share

- 2020-12: EUR 7.50 per share

- 2021-01: EUR 7.08 per share

- 2021-02: EUR 7.38 per share

- 2021-03: EUR 6.98 per share

- 2021-04: EUR 7.84 per share

- 2021-05: EUR 8.90 per share

- 2021-06: EUR 8.92 per share

- 2021-07: EUR 7.80 per share

- 2021-08: EUR 7.70 per share

- 2021-09: EUR 7.70 per share

- 2021-10: EUR 8.26 per share

- 2021-11: EUR 8.20 per share

- 2021-12: EUR 7.34 per share

- 2022-01: EUR 10.30 per share

- 2022-02: EUR 10.45 per share

- 2022-03: EUR 9.96 per share

- 2022-04: EUR 9.96 per share

- 2022-05: EUR 9.70 per share

- 2022-06: EUR 9.66 per share

- 2022-07: EUR 10.20 per share

- 2022-08: EUR 10.15 per share

- 2022-09: EUR 10.00 per share

- 2022-10: EUR 10.05 per share

- 2022-11: EUR 11.30 per share

- 2022-12: EUR 11.05 per share

- 2023-01: EUR 11.40 per share

- 2023-02: EUR 13.60 per share

- 2023-03: EUR 13.55 per share

- 2023-04: EUR 12.80 per share

- 2023-05: EUR 12.40 per share

- 2023-06: EUR 12.75 per share

- 2023-07: EUR 12.90 per share

- 2023-08: EUR 13.05 per share

- 2023-09: EUR 12.20 per share

- 2023-10: EUR 11.70 per share

- 2023-11: EUR 11.15 per share

- 2023-12: EUR 11.35 per share

- 2024-01: EUR 11.75 per share

- 2024-02: EUR 12.75 per share

- 2024-03: EUR 13.20 per share

- 2024-04: EUR 13.85 per share

- 2024-05: EUR 13.45 per share

- 2024-06: EUR 12.75 per share

- 2024-07: EUR 12.65 per share

- 2024-08: EUR 13.50 per share

- 2024-09: EUR 12.40 per share

- 2024-10: EUR 12.60 per share

- 2024-11: EUR 12.50 per share

- 2024-12: EUR 12.65 per share

- 2025-01: EUR 13.00 per share

- 2025-02: EUR 13.50 per share

- 2025-03: EUR 14.35 per share

- 2025-04: EUR 12.90 per share

- 2025-05: EUR 13.00 per share

- 2025-06: EUR 13.90 per share

- 2025-07: EUR 13.95 per share

- 2025-08: EUR 14.40 per share

- 2025-09: EUR 14.05 per share

- 2025-10: EUR 14.50 per share

- 2025-11: EUR 15.50 per share

- 2025-12: EUR 15.75 per share

- 2026-01: EUR 16.20 per share

- 2026-02: EUR 17.00 per share

- 2026-03: EUR 16.40 per share

- 2026-04: EUR 16.05 per share

- 2026-05: EUR 17.00 per share

- 2026-06: EUR 17.10 per share

- 2026-07: EUR 17.50 per share

- 2026-08: EUR 18.70 per share

- 2026-09: EUR 18.65 per share

- 2026-10: EUR 18.95 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.06 per share, central EUR 1.17 per share, high EUR 1.30 per share

- FY2017: low EUR 1.06 per share, central EUR 1.17 per share, high EUR 1.30 per share

- FY2018: low EUR 6.54 per share, central EUR 8.17 per share, high EUR 10.89 per share

- FY2019: low EUR 14.60 per share, central EUR 18.25 per share, high EUR 24.34 per share

- FY2020: low EUR 15.25 per share, central EUR 16.78 per share, high EUR 18.64 per share

- FY2021: low EUR 24.40 per share, central EUR 30.50 per share, high EUR 40.67 per share

- FY2022: low EUR 15.65 per share, central EUR 17.22 per share, high EUR 19.13 per share

- FY2023: low EUR 21.89 per share, central EUR 27.36 per share, high EUR 36.49 per share

- FY2024: low EUR 22.73 per share, central EUR 28.41 per share, high EUR 37.88 per share

- FY2025: low EUR 22.76 per share, central EUR 28.45 per share, high EUR 37.93 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

## 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.

FBD Holdings

EG7 · IR

ISEQ 20

A wonderful business at a fair price

Passes the quality tests.

Share price: EUR 18.90
Buy up to: EUR 28.44
Expected / yr: 12.0% 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 56M
Worst year: EUR 4.4M
Latest · 2025: EUR 47M

Earned a median 15.5% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 15.5%
Worst year: 1.1%
Latest · 2025: 10.9%

Book value plus dividends grew 16.1% a year (minimum 7%).

Annual book + dividend return

10y median: 14.9%
Worst year: -4.2%
Latest · 2025: 13.4%

Ordinary share growth was 0.4% over the full period and 0.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 104
Worst year: 139
Latest · 2025: 104

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 1.68 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 6.10 · Value 1.17 · Buy at or below 1.17; 2016-11 · Price EUR 6.02 · Value 1.17 · Buy at or below 1.17; 2016-12 · Price EUR 6.89 · Value 1.17 · Buy at or below 1.17; 2017-01 · Price EUR 7.97 · Value 1.17 · Buy at or below 1.17; 2017-02 · Price EUR 7.85 · Value 1.17 · Buy at or below 1.17; 2017-03 · Price EUR 8.07 · Value 1.17 · Buy at or below 1.17; 2017-04 · Price EUR 8.15 · Value 1.17 · Buy at or below 1.17; 2017-05 · Price EUR 8.20 · Value 1.17 · Buy at or below 1.17; 2017-06 · Price EUR 8.25 · Value 1.17 · Buy at or below 1.17; 2017-07 · Price EUR 8.45 · Value 1.17 · Buy at or below 1.17; 2017-08 · Price EUR 8.25 · Value 1.17 · Buy at or below 1.17; 2017-09 · Price EUR 8.35 · Value 1.17 · Buy at or below 1.17; 2017-10 · Price EUR 8.95 · Value 1.17 · Buy at or below 1.17; 2017-11 · Price EUR 9.58 · Value 1.17 · Buy at or below 1.17; 2017-12 · Price EUR 10.11 · Value 1.17 · Buy at or below 1.17; 2018-01 · Price EUR 10.70 · Value 1.17 · Buy at or below 1.17; 2018-02 · Price EUR 11.90 · Value 8.17 · Buy at or below 8.17; 2018-03 · Price EUR 12.10 · Value 8.17 · Buy at or below 8.17; 2018-04 · Price EUR 11.75 · Value 8.17 · Buy at or below 8.17; 2018-05 · Price EUR 10.50 · Value 8.17 · Buy at or below 8.17; 2018-06 · Price EUR 10.60 · Value 8.17 · Buy at or below 8.17; 2018-07 · Price EUR 10.35 · Value 8.17 · Buy at or below 8.17; 2018-08 · Price EUR 10.60 · Value 8.17 · Buy at or below 8.17; 2018-09 · Price EUR 10.15 · Value 8.17 · Buy at or below 8.17; 2018-10 · Price EUR 10.75 · Value 8.17 · Buy at or below 8.17; 2018-11 · Price EUR 9.50 · Value 8.17 · Buy at or below 8.17; 2018-12 · Price EUR 8.24 · Value 8.17 · Buy at or below 8.17; 2019-01 · Price EUR 8.30 · Value 8.17 · Buy at or below 8.17; 2019-02 · Price EUR 8.98 · Value 18.25 · Buy at or below 18.25; 2019-03 · Price EUR 9.02 · Value 18.25 · Buy at or below 18.25; 2019-04 · Price EUR 9.02 · Value 18.25 · Buy at or below 18.25; 2019-05 · Price EUR 8.78 · Value 18.25 · Buy at or below 18.25; 2019-06 · Price EUR 8.44 · Value 18.25 · Buy at or below 18.25; 2019-07 · Price EUR 9.54 · Value 18.25 · Buy at or below 18.25; 2019-08 · Price EUR 9.04 · Value 18.25 · Buy at or below 18.25; 2019-09 · Price EUR 9.10 · Value 18.25 · Buy at or below 18.25; 2019-10 · Price EUR 8.86 · Value 18.25 · Buy at or below 18.25; 2019-11 · Price EUR 8.34 · Value 18.25 · Buy at or below 18.25; 2019-12 · Price EUR 8.70 · Value 18.25 · Buy at or below 18.25; 2020-01 · Price EUR 8.68 · Value 18.25 · Buy at or below 18.25; 2020-02 · Price EUR 8.70 · Value 16.78 · Buy at or below 16.78; 2020-03 · Price EUR 6.20 · Value 16.78 · Buy at or below 16.78; 2020-04 · Price EUR 7.22 · Value 16.78 · Buy at or below 16.78; 2020-05 · Price EUR 6.88 · Value 16.78 · Buy at or below 16.78; 2020-06 · Price EUR 6.74 · Value 16.78 · Buy at or below 16.78; 2020-07 · Price EUR 6.64 · Value 16.78 · Buy at or below 16.78; 2020-08 · Price EUR 6.02 · Value 16.78 · Buy at or below 16.78; 2020-09 · Price EUR 6.30 · Value 16.78 · Buy at or below 16.78; 2020-10 · Price EUR 6.20 · Value 16.78 · Buy at or below 16.78; 2020-11 · Price EUR 7.20 · Value 16.78 · Buy at or below 16.78; 2020-12 · Price EUR 7.50 · Value 16.78 · Buy at or below 16.78; 2021-01 · Price EUR 7.08 · Value 16.78 · Buy at or below 16.78; 2021-02 · Price EUR 7.38 · Value 30.50 · Buy at or below 30.50; 2021-03 · Price EUR 6.98 · Value 30.50 · Buy at or below 30.50; 2021-04 · Price EUR 7.84 · Value 30.50 · Buy at or below 30.50; 2021-05 · Price EUR 8.90 · Value 30.50 · Buy at or below 30.50; 2021-06 · Price EUR 8.92 · Value 30.50 · Buy at or below 30.50; 2021-07 · Price EUR 7.80 · Value 30.50 · Buy at or below 30.50; 2021-08 · Price EUR 7.70 · Value 30.50 · Buy at or below 30.50; 2021-09 · Price EUR 7.70 · Value 30.50 · Buy at or below 30.50; 2021-10 · Price EUR 8.26 · Value 30.50 · Buy at or below 30.50; 2021-11 · Price EUR 8.20 · Value 30.50 · Buy at or below 30.50; 2021-12 · Price EUR 7.34 · Value 30.50 · Buy at or below 30.50; 2022-01 · Price EUR 10.30 · Value 30.50 · Buy at or below 30.50; 2022-02 · Price EUR 10.45 · Value 17.22 · Buy at or below 17.22; 2022-03 · Price EUR 9.96 · Value 17.22 · Buy at or below 17.22; 2022-04 · Price EUR 9.96 · Value 17.22 · Buy at or below 17.22; 2022-05 · Price EUR 9.70 · Value 17.22 · Buy at or below 17.22; 2022-06 · Price EUR 9.66 · Value 17.22 · Buy at or below 17.22; 2022-07 · Price EUR 10.20 · Value 17.22 · Buy at or below 17.22; 2022-08 · Price EUR 10.15 · Value 17.22 · Buy at or below 17.22; 2022-09 · Price EUR 10.00 · Value 17.22 · Buy at or below 17.22; 2022-10 · Price EUR 10.05 · Value 17.22 · Buy at or below 17.22; 2022-11 · Price EUR 11.30 · Value 17.22 · Buy at or below 17.22; 2022-12 · Price EUR 11.05 · Value 17.22 · Buy at or below 17.22; 2023-01 · Price EUR 11.40 · Value 17.22 · Buy at or below 17.22; 2023-02 · Price EUR 13.60 · Value 27.36 · Buy at or below 27.36; 2023-03 · Price EUR 13.55 · Value 27.36 · Buy at or below 27.36; 2023-04 · Price EUR 12.80 · Value 27.36 · Buy at or below 27.36; 2023-05 · Price EUR 12.40 · Value 27.36 · Buy at or below 27.36; 2023-06 · Price EUR 12.75 · Value 27.36 · Buy at or below 27.36; 2023-07 · Price EUR 12.90 · Value 27.36 · Buy at or below 27.36; 2023-08 · Price EUR 13.05 · Value 27.36 · Buy at or below 27.36; 2023-09 · Price EUR 12.20 · Value 27.36 · Buy at or below 27.36; 2023-10 · Price EUR 11.70 · Value 27.36 · Buy at or below 27.36; 2023-11 · Price EUR 11.15 · Value 27.36 · Buy at or below 27.36; 2023-12 · Price EUR 11.35 · Value 27.36 · Buy at or below 27.36; 2024-01 · Price EUR 11.75 · Value 27.36 · Buy at or below 27.36; 2024-02 · Price EUR 12.75 · Value 28.41 · Buy at or below 28.41; 2024-03 · Price EUR 13.20 · Value 28.41 · Buy at or below 28.41; 2024-04 · Price EUR 13.85 · Value 28.41 · Buy at or below 28.41; 2024-05 · Price EUR 13.45 · Value 28.41 · Buy at or below 28.41; 2024-06 · Price EUR 12.75 · Value 28.41 · Buy at or below 28.41; 2024-07 · Price EUR 12.65 · Value 28.41 · Buy at or below 28.41; 2024-08 · Price EUR 13.50 · Value 28.41 · Buy at or below 28.41; 2024-09 · Price EUR 12.40 · Value 28.41 · Buy at or below 28.41; 2024-10 · Price EUR 12.60 · Value 28.41 · Buy at or below 28.41; 2024-11 · Price EUR 12.50 · Value 28.41 · Buy at or below 28.41; 2024-12 · Price EUR 12.65 · Value 28.41 · Buy at or below 28.41; 2025-01 · Price EUR 13.00 · Value 28.41 · Buy at or below 28.41; 2025-02 · Price EUR 13.50 · Value 28.45 · Buy at or below 28.45; 2025-03 · Price EUR 14.35 · Value 28.45 · Buy at or below 28.45; 2025-04 · Price EUR 12.90 · Value 28.45 · Buy at or below 28.45; 2025-05 · Price EUR 13.00 · Value 28.45 · Buy at or below 28.45; 2025-06 · Price EUR 13.90 · Value 28.45 · Buy at or below 28.45; 2025-07 · Price EUR 13.95 · Value 28.45 · Buy at or below 28.45; 2025-08 · Price EUR 14.40 · Value 28.45 · Buy at or below 28.45; 2025-09 · Price EUR 14.05 · Value 28.45 · Buy at or below 28.45; 2025-10 · Price EUR 14.50 · Value 28.45 · Buy at or below 28.45; 2025-11 · Price EUR 15.50 · Value 28.45 · Buy at or below 28.45; 2025-12 · Price EUR 15.75 · Value 28.45 · Buy at or below 28.45; 2026-01 · Price EUR 16.20 · Value 28.45 · Buy at or below 28.45; 2026-02 · Price EUR 17.00 · Value 28.44 · Buy at or below 28.44; 2026-03 · Price EUR 16.40 · Value 28.44 · Buy at or below 28.44; 2026-04 · Price EUR 16.05 · Value 28.44 · Buy at or below 28.44; 2026-05 · Price EUR 17.00 · Value 28.44 · Buy at or below 28.44; 2026-06 · Price EUR 17.10 · Value 28.44 · Buy at or below 28.44; 2026-07 · Price EUR 17.50 · Value 28.44 · Buy at or below 28.44; 2026-08 · Price EUR 18.70 · Value 28.44 · Buy at or below 28.44; 2026-09 · Price EUR 18.65 · Value 28.44 · Buy at or below 28.44; 2026-10 · Price EUR 18.95 · Value 28.44 · Buy at or below 28.44; 2026-10 · Price EUR 18.90 · Value 28.44 · Buy at or below 28.44

EUR per share · annual estimates

Price & return math
Value range	EUR 22.75 – EUR 37.92
Buy at or below	Central value EUR 28.44
Discount to value	1 − 18.90 / 28.44 = 33.6%
Return / year	About 12.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 11.99/share; ROE 15.5%; first payout EUR 1.14/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 47M

Net income

Book / shareEUR 13.28

Book / share

Dividend / shareEUR 1.77

Dividend / share

Return on tangible equity10.9%

Return on tangible equity

Diluted shares36M

Diluted shares

Prices 15 Oct 2026 · FY2025