# Bouygues (EN.PA)

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

Analysis as of: 2026-10-16T07:34:55.539Z. Financial observations: FY2002–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 40.94 per share; close as of 2026-10-15.

Estimated value: low EUR 41.81 per share, central EUR 49.66 per share, high EUR 56.47 per share. Buy at or below the central value EUR 49.66 per share. Valuation as of 2026-10-16T07:34:55.539Z; scenarios are not confidence intervals.

Expected annual return: 11.9% at the stated quote. About 11.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.03×

### moat: fail

- Recent gross margin fell 48.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 18.1%

- ROIC, second-lowest year: 15.6%

- Typical minus recent gross margin: 48.2 pp

- Typical gross margin (annual median): 53.7%

- Recent gross margin (lower of latest and 3-year median): 5.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.6%

- FY2017: 22.8%

- FY2018: 19.4%

- FY2019: 25.1%

- FY2020: 16.3%

- FY2021: 28.3%

- FY2022: 13.9%

- FY2023: 16.1%

- FY2024: 18.1%

- FY2025: 18.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.6B

- Net income, five-year total: EUR 5.3B

- Return on incremental invested capital: 8.5%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 12.3 pp

- Working capital / revenue, final three-year average: 18.6%

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

- FY2021: 0.67×

- FY2022: 0.54×

- FY2023: 0.71×

- FY2024: 1.38×

- FY2025: 0.95×

### management: fail

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

- ROIC first 3 years vs last 3 years: 19.4% vs 18.0%

- Per-share earnings: 2.12 to 2.79 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

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

- Market cap gain: EUR 5.3B

- Cumulative retained earnings: EUR 10B

- Diluted shares, 10-year annual growth: 1.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.5%

- Per-share value change: EUR 0.68

- Per-share value, starting three-year median: EUR 2.12

- Per-share value, ending three-year median: EUR 2.79

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 1.4%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 10B

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: 19.4%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.12

- FY2017: EUR 3.04

- FY2018: EUR 3.58

- FY2019: EUR 3.19

- FY2020: EUR 1.82

- FY2021: EUR 2.96

- FY2022: EUR 2.57

- FY2023: EUR 2.75

- FY2024: EUR 2.79

- FY2025: EUR 2.96

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -3.0%

- FY2018: -2.4%

- FY2019: -5.6%

- FY2020: -6.7%

- FY2021: -5.5%

- FY2022: -3.3%

- FY2023: -7.1%

- FY2024: -6.8%

- FY2025: -6.2%

## Holders

## Price story

Down 22% since Feb 2026 · sales +0.2%

Story as of 2026-10-16T10:00:03.021Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

### Sales · FY2024–2025

sales +0.2%; source https://filings.xbrl.org/969500MOCLNQFNZN0D63/2024-12-31/ESEF/FR/0/969500MOCLNQFNZN0D63-2024-12-31-0-fr/reports/969500MOCLNQFNZN0D63-2024-12-31-0-fr.xhtml; observed 2025-04-15.

- FY2016: EUR 32B 

- FY2017: EUR 33B 

- FY2018: EUR 36B 

- FY2019: EUR 38B 

- FY2020: EUR 35B 

- FY2021: EUR 38B 

- FY2022: EUR 44B 

- FY2023: EUR 56B 

- FY2024: EUR 57B 

- FY2025: EUR 57B 

### Gross margin · FY2025

gross margin 5.5%; source https://filings.xbrl.org/969500MOCLNQFNZN0D63/2024-12-31/ESEF/FR/0/969500MOCLNQFNZN0D63-2024-12-31-0-fr/reports/969500MOCLNQFNZN0D63-2024-12-31-0-fr.xhtml; observed 2025-04-15.

- FY2016: 53.5% 

- FY2017: 53.8% 

- FY2018: 53.3% 

- FY2019: 53.4% 

- FY2020: 55.7% 

- FY2021: 55.5% 

- FY2022: 56.4% 

- FY2023: 53.6% 

- FY2024: 55.2% 

- FY2025: 5.5% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 56.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 56877000000; grossProfit 3136000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 5.5% to 55.2% during 2023–25; it earns 18.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 53.6%.

- Source: https://filings.xbrl.org/969500MOCLNQFNZN0D63/2024-12-31/ESEF/FR/0/969500MOCLNQFNZN0D63-2024-12-31-0-fr/reports/969500MOCLNQFNZN0D63-2024-12-31-0-fr.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 55.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.15580531386844157],[2017,0.22837002059114997],[2018,0.19447736987754954],[2019,0.25113487606560325],[2020,0.1625039073488365],[2021,0.2830048312561266],[2022,0.13858519677439235],[2023,0.16066632275879952],[2024,0.18117355020272652],[2025,0.17997369921012563]]; median 0.18057362470642607. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2016: growth capex 0; upkeep 2164000000; owner earnings 328000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 227765790.37755084; upkeep 1808234209.6224492; owner earnings 852765790.3775508. Growth capex / owner earnings = 0.2670906747756738.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 262000000; upkeep 2081000000; owner earnings 1308000000. Growth capex / owner earnings = 0.20030581039755352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 0; upkeep 1879000000; owner earnings 1062800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 203000000; upkeep 2333000000; owner earnings 758000000. Growth capex / owner earnings = 0.2678100263852243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 45000000; upkeep 2685000000; owner earnings 524783377.5419982. Growth capex / owner earnings = 0.08574966724512662.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 0; upkeep 2664000000; owner earnings 734840965.8617818. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500MOCLNQFNZN0D63/2024-12-31/ESEF/FR/0/969500MOCLNQFNZN0D63-2024-12-31-0-fr/reports/969500MOCLNQFNZN0D63-2024-12-31-0-fr.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 1989000000; owner earnings 1458862520.4582653. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: growth capex 0; upkeep 2501000000; owner earnings 1079131761.0062892. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,552000000],[2017,568000000],[2018,620000000],[2019,631000000],[2020,646000000],[2021,647000000],[2022,680000000],[2023,671000000],[2024,718000000],[2025,755000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EN.PA SharesStats.PercentInsiders = 47.199000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate -0.013498729734149728. Price 40.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.2538830077578972 → FY2025 2.806905760363447. Closing-price date 2026-10-15.

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

- 2016-10: EUR 29.71 per share

- 2016-11: EUR 32.00 per share

- 2016-12: EUR 34.05 per share

- 2017-01: EUR 33.66 per share

- 2017-02: EUR 36.37 per share

- 2017-03: EUR 38.16 per share

- 2017-04: EUR 38.60 per share

- 2017-05: EUR 38.13 per share

- 2017-06: EUR 36.92 per share

- 2017-07: EUR 36.25 per share

- 2017-08: EUR 38.10 per share

- 2017-09: EUR 40.15 per share

- 2017-10: EUR 41.22 per share

- 2017-11: EUR 43.46 per share

- 2017-12: EUR 43.31 per share

- 2018-01: EUR 44.77 per share

- 2018-02: EUR 41.66 per share

- 2018-03: EUR 40.71 per share

- 2018-04: EUR 42.25 per share

- 2018-05: EUR 39.54 per share

- 2018-06: EUR 36.91 per share

- 2018-07: EUR 37.61 per share

- 2018-08: EUR 38.03 per share

- 2018-09: EUR 37.23 per share

- 2018-10: EUR 32.24 per share

- 2018-11: EUR 33.96 per share

- 2018-12: EUR 31.34 per share

- 2019-01: EUR 30.92 per share

- 2019-02: EUR 33.25 per share

- 2019-03: EUR 31.85 per share

- 2019-04: EUR 33.54 per share

- 2019-05: EUR 31.33 per share

- 2019-06: EUR 32.57 per share

- 2019-07: EUR 32.38 per share

- 2019-08: EUR 34.55 per share

- 2019-09: EUR 36.75 per share

- 2019-10: EUR 38.00 per share

- 2019-11: EUR 37.08 per share

- 2019-12: EUR 37.88 per share

- 2020-01: EUR 35.73 per share

- 2020-02: EUR 35.48 per share

- 2020-03: EUR 26.72 per share

- 2020-04: EUR 28.11 per share

- 2020-05: EUR 27.54 per share

- 2020-06: EUR 30.41 per share

- 2020-07: EUR 30.00 per share

- 2020-08: EUR 33.25 per share

- 2020-09: EUR 29.62 per share

- 2020-10: EUR 28.15 per share

- 2020-11: EUR 33.38 per share

- 2020-12: EUR 33.65 per share

- 2021-01: EUR 32.42 per share

- 2021-02: EUR 33.56 per share

- 2021-03: EUR 34.19 per share

- 2021-04: EUR 35.64 per share

- 2021-05: EUR 33.38 per share

- 2021-06: EUR 31.19 per share

- 2021-07: EUR 32.49 per share

- 2021-08: EUR 35.43 per share

- 2021-09: EUR 35.90 per share

- 2021-10: EUR 35.00 per share

- 2021-11: EUR 29.95 per share

- 2021-12: EUR 31.49 per share

- 2022-01: EUR 31.19 per share

- 2022-02: EUR 32.02 per share

- 2022-03: EUR 31.63 per share

- 2022-04: EUR 32.85 per share

- 2022-05: EUR 32.13 per share

- 2022-06: EUR 29.36 per share

- 2022-07: EUR 29.50 per share

- 2022-08: EUR 29.30 per share

- 2022-09: EUR 26.85 per share

- 2022-10: EUR 28.88 per share

- 2022-11: EUR 29.56 per share

- 2022-12: EUR 28.04 per share

- 2023-01: EUR 30.24 per share

- 2023-02: EUR 32.04 per share

- 2023-03: EUR 31.09 per share

- 2023-04: EUR 33.20 per share

- 2023-05: EUR 29.96 per share

- 2023-06: EUR 30.76 per share

- 2023-07: EUR 32.57 per share

- 2023-08: EUR 31.90 per share

- 2023-09: EUR 33.14 per share

- 2023-10: EUR 33.21 per share

- 2023-11: EUR 34.91 per share

- 2023-12: EUR 34.12 per share

- 2024-01: EUR 33.98 per share

- 2024-02: EUR 36.57 per share

- 2024-03: EUR 37.83 per share

- 2024-04: EUR 34.61 per share

- 2024-05: EUR 36.00 per share

- 2024-06: EUR 29.97 per share

- 2024-07: EUR 31.94 per share

- 2024-08: EUR 32.41 per share

- 2024-09: EUR 30.06 per share

- 2024-10: EUR 29.43 per share

- 2024-11: EUR 28.16 per share

- 2024-12: EUR 28.54 per share

- 2025-01: EUR 30.63 per share

- 2025-02: EUR 33.04 per share

- 2025-03: EUR 36.41 per share

- 2025-04: EUR 38.70 per share

- 2025-05: EUR 38.39 per share

- 2025-06: EUR 38.40 per share

- 2025-07: EUR 36.15 per share

- 2025-08: EUR 36.64 per share

- 2025-09: EUR 38.32 per share

- 2025-10: EUR 39.13 per share

- 2025-11: EUR 43.02 per share

- 2025-12: EUR 44.35 per share

- 2026-01: EUR 45.61 per share

- 2026-02: EUR 52.68 per share

- 2026-03: EUR 49.41 per share

- 2026-04: EUR 50.28 per share

- 2026-05: EUR 50.46 per share

- 2026-06: EUR 48.81 per share

- 2026-07: EUR 48.76 per share

- 2026-08: EUR 44.22 per share

- 2026-09: EUR 41.63 per share

- 2026-10: EUR 40.46 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 12.53 per share, central EUR 12.61 per share, high EUR 12.71 per share

- FY2017: low EUR 22.19 per share, central EUR 23.63 per share, high EUR 25.54 per share

- FY2018: low EUR 30.56 per share, central EUR 33.93 per share, high EUR 38.42 per share

- FY2019: low EUR 36.62 per share, central EUR 40.63 per share, high EUR 45.96 per share

- FY2020: low EUR 35.03 per share, central EUR 38.58 per share, high EUR 43.31 per share

- FY2021: low EUR 43.17 per share, central EUR 47.06 per share, high EUR 52.21 per share

- FY2022: low EUR 37.27 per share, central EUR 41.42 per share, high EUR 46.35 per share

- FY2023: low EUR 32.76 per share, central EUR 37.64 per share, high EUR 42.19 per share

- FY2024: low EUR 33.20 per share, central EUR 38.42 per share, high EUR 43.12 per share

- FY2025: low EUR 48.11 per share, central EUR 56.00 per share, high EUR 62.85 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 2026-10-15T06:40:43.258Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500MOCLNQFNZN0D63/2024-12-31/ESEF/FR/0/969500MOCLNQFNZN0D63-2024-12-31-0-fr/reports/969500MOCLNQFNZN0D63-2024-12-31-0-fr.xhtml); period 2024-12-31, filed 2025-04-15.

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.

Bouygues

EN · PA

STOXX Europe 600 · CAC 40 · SBF 120

Not a wonderful business

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

Share price: EUR 40.94
Buy up to: EUR 49.66
Expected / yr: 11.9% 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 26.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 4.4%
Worst year: 3.0%
Latest · 2025: 3.3%

Gross margin fell 48.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 18.1%
Worst year: 13.9%
Latest · 2025: 18.0%

New investment earned 8.5% (minimum 12%), and working capital rose 12.3% of sales (limit 10%) to 18.6% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.85×
Annual median: 0.71×
Latest · 2025: 0.95×

Buybacks favoured expensive years across 6 years (limit five), with price discipline -0.77 (minimum -0.5) and spending 1.4% of value (limit 1%).

Earnings per share

10y median: EUR 2.88
Worst year: EUR 1.82
Latest · 2025: EUR 2.96

Profits were backed by cash: accruals were -6.2% of assets (limit 10%).

Sloan accruals

10y median: -5.5%
Worst year: -2.4%
Latest · 2025: -6.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.6%, three-year average owner earnings per share 2.87 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 29.70 · Value 12.61 · Buy at or below 12.61; 2016-11 · Price EUR 32.00 · Value 12.61 · Buy at or below 12.61; 2016-12 · Price EUR 34.05 · Value 12.61 · Buy at or below 12.61; 2017-01 · Price EUR 33.66 · Value 12.61 · Buy at or below 12.61; 2017-02 · Price EUR 36.37 · Value 23.63 · Buy at or below 23.63; 2017-03 · Price EUR 38.16 · Value 23.63 · Buy at or below 23.63; 2017-04 · Price EUR 38.59 · Value 23.63 · Buy at or below 23.63; 2017-05 · Price EUR 38.13 · Value 23.63 · Buy at or below 23.63; 2017-06 · Price EUR 36.92 · Value 23.63 · Buy at or below 23.63; 2017-07 · Price EUR 36.24 · Value 23.63 · Buy at or below 23.63; 2017-08 · Price EUR 38.09 · Value 23.63 · Buy at or below 23.63; 2017-09 · Price EUR 40.15 · Value 23.63 · Buy at or below 23.63; 2017-10 · Price EUR 41.22 · Value 23.63 · Buy at or below 23.63; 2017-11 · Price EUR 43.46 · Value 23.63 · Buy at or below 23.63; 2017-12 · Price EUR 43.31 · Value 23.63 · Buy at or below 23.63; 2018-01 · Price EUR 44.77 · Value 23.63 · Buy at or below 23.63; 2018-02 · Price EUR 41.66 · Value 33.93 · Buy at or below 33.93; 2018-03 · Price EUR 40.71 · Value 33.93 · Buy at or below 33.93; 2018-04 · Price EUR 42.25 · Value 33.93 · Buy at or below 33.93; 2018-05 · Price EUR 39.54 · Value 33.93 · Buy at or below 33.93; 2018-06 · Price EUR 36.91 · Value 33.93 · Buy at or below 33.93; 2018-07 · Price EUR 37.61 · Value 33.93 · Buy at or below 33.93; 2018-08 · Price EUR 38.03 · Value 33.93 · Buy at or below 33.93; 2018-09 · Price EUR 37.23 · Value 33.93 · Buy at or below 33.93; 2018-10 · Price EUR 32.24 · Value 33.93 · Buy at or below 33.93; 2018-11 · Price EUR 33.96 · Value 33.93 · Buy at or below 33.93; 2018-12 · Price EUR 31.34 · Value 33.93 · Buy at or below 33.93; 2019-01 · Price EUR 30.92 · Value 33.93 · Buy at or below 33.93; 2019-02 · Price EUR 33.25 · Value 40.63 · Buy at or below 40.63; 2019-03 · Price EUR 31.85 · Value 40.63 · Buy at or below 40.63; 2019-04 · Price EUR 33.54 · Value 40.63 · Buy at or below 40.63; 2019-05 · Price EUR 31.33 · Value 40.63 · Buy at or below 40.63; 2019-06 · Price EUR 32.57 · Value 40.63 · Buy at or below 40.63; 2019-07 · Price EUR 32.38 · Value 40.63 · Buy at or below 40.63; 2019-08 · Price EUR 34.55 · Value 40.63 · Buy at or below 40.63; 2019-09 · Price EUR 36.75 · Value 40.63 · Buy at or below 40.63; 2019-10 · Price EUR 38.00 · Value 40.63 · Buy at or below 40.63; 2019-11 · Price EUR 37.08 · Value 40.63 · Buy at or below 40.63; 2019-12 · Price EUR 37.88 · Value 40.63 · Buy at or below 40.63; 2020-01 · Price EUR 35.73 · Value 40.63 · Buy at or below 40.63; 2020-02 · Price EUR 35.48 · Value 38.58 · Buy at or below 38.58; 2020-03 · Price EUR 26.72 · Value 38.58 · Buy at or below 38.58; 2020-04 · Price EUR 28.11 · Value 38.58 · Buy at or below 38.58; 2020-05 · Price EUR 27.54 · Value 38.58 · Buy at or below 38.58; 2020-06 · Price EUR 30.41 · Value 38.58 · Buy at or below 38.58; 2020-07 · Price EUR 30.00 · Value 38.58 · Buy at or below 38.58; 2020-08 · Price EUR 33.25 · Value 38.58 · Buy at or below 38.58; 2020-09 · Price EUR 29.62 · Value 38.58 · Buy at or below 38.58; 2020-10 · Price EUR 28.15 · Value 38.58 · Buy at or below 38.58; 2020-11 · Price EUR 33.38 · Value 38.58 · Buy at or below 38.58; 2020-12 · Price EUR 33.65 · Value 38.58 · Buy at or below 38.58; 2021-01 · Price EUR 32.42 · Value 38.58 · Buy at or below 38.58; 2021-02 · Price EUR 33.56 · Value 47.06 · Buy at or below 47.06; 2021-03 · Price EUR 34.19 · Value 47.06 · Buy at or below 47.06; 2021-04 · Price EUR 35.64 · Value 47.06 · Buy at or below 47.06; 2021-05 · Price EUR 33.38 · Value 47.06 · Buy at or below 47.06; 2021-06 · Price EUR 31.19 · Value 47.06 · Buy at or below 47.06; 2021-07 · Price EUR 32.49 · Value 47.06 · Buy at or below 47.06; 2021-08 · Price EUR 35.43 · Value 47.06 · Buy at or below 47.06; 2021-09 · Price EUR 35.90 · Value 47.06 · Buy at or below 47.06; 2021-10 · Price EUR 35.00 · Value 47.06 · Buy at or below 47.06; 2021-11 · Price EUR 29.95 · Value 47.06 · Buy at or below 47.06; 2021-12 · Price EUR 31.49 · Value 47.06 · Buy at or below 47.06; 2022-01 · Price EUR 31.19 · Value 47.06 · Buy at or below 47.06; 2022-02 · Price EUR 32.02 · Value 41.42 · Buy at or below 41.42; 2022-03 · Price EUR 31.63 · Value 41.42 · Buy at or below 41.42; 2022-04 · Price EUR 32.85 · Value 41.42 · Buy at or below 41.42; 2022-05 · Price EUR 32.13 · Value 41.42 · Buy at or below 41.42; 2022-06 · Price EUR 29.36 · Value 41.42 · Buy at or below 41.42; 2022-07 · Price EUR 29.50 · Value 41.42 · Buy at or below 41.42; 2022-08 · Price EUR 29.30 · Value 41.42 · Buy at or below 41.42; 2022-09 · Price EUR 26.85 · Value 41.42 · Buy at or below 41.42; 2022-10 · Price EUR 28.88 · Value 41.42 · Buy at or below 41.42; 2022-11 · Price EUR 29.56 · Value 41.42 · Buy at or below 41.42; 2022-12 · Price EUR 28.04 · Value 41.42 · Buy at or below 41.42; 2023-01 · Price EUR 30.24 · Value 41.42 · Buy at or below 41.42; 2023-02 · Price EUR 32.04 · Value 37.64 · Buy at or below 37.64; 2023-03 · Price EUR 31.09 · Value 37.64 · Buy at or below 37.64; 2023-04 · Price EUR 33.20 · Value 37.64 · Buy at or below 37.64; 2023-05 · Price EUR 29.96 · Value 37.64 · Buy at or below 37.64; 2023-06 · Price EUR 30.76 · Value 37.64 · Buy at or below 37.64; 2023-07 · Price EUR 32.57 · Value 37.64 · Buy at or below 37.64; 2023-08 · Price EUR 31.90 · Value 37.64 · Buy at or below 37.64; 2023-09 · Price EUR 33.14 · Value 37.64 · Buy at or below 37.64; 2023-10 · Price EUR 33.21 · Value 37.64 · Buy at or below 37.64; 2023-11 · Price EUR 34.91 · Value 37.64 · Buy at or below 37.64; 2023-12 · Price EUR 34.12 · Value 37.64 · Buy at or below 37.64; 2024-01 · Price EUR 33.98 · Value 37.64 · Buy at or below 37.64; 2024-02 · Price EUR 36.57 · Value 38.42 · Buy at or below 38.42; 2024-03 · Price EUR 37.83 · Value 38.42 · Buy at or below 38.42; 2024-04 · Price EUR 34.61 · Value 38.42 · Buy at or below 38.42; 2024-05 · Price EUR 36.00 · Value 38.42 · Buy at or below 38.42; 2024-06 · Price EUR 29.97 · Value 38.42 · Buy at or below 38.42; 2024-07 · Price EUR 31.94 · Value 38.42 · Buy at or below 38.42; 2024-08 · Price EUR 32.41 · Value 38.42 · Buy at or below 38.42; 2024-09 · Price EUR 30.06 · Value 38.42 · Buy at or below 38.42; 2024-10 · Price EUR 29.43 · Value 38.42 · Buy at or below 38.42; 2024-11 · Price EUR 28.16 · Value 38.42 · Buy at or below 38.42; 2024-12 · Price EUR 28.54 · Value 38.42 · Buy at or below 38.42; 2025-01 · Price EUR 30.63 · Value 38.42 · Buy at or below 38.42; 2025-02 · Price EUR 33.04 · Value 56.00 · Buy at or below 56.00; 2025-03 · Price EUR 36.41 · Value 56.00 · Buy at or below 56.00; 2025-04 · Price EUR 38.70 · Value 56.00 · Buy at or below 56.00; 2025-05 · Price EUR 38.39 · Value 56.00 · Buy at or below 56.00; 2025-06 · Price EUR 38.40 · Value 56.00 · Buy at or below 56.00; 2025-07 · Price EUR 36.15 · Value 56.00 · Buy at or below 56.00; 2025-08 · Price EUR 36.64 · Value 56.00 · Buy at or below 56.00; 2025-09 · Price EUR 38.32 · Value 56.00 · Buy at or below 56.00; 2025-10 · Price EUR 39.13 · Value 56.00 · Buy at or below 56.00; 2025-11 · Price EUR 43.02 · Value 56.00 · Buy at or below 56.00; 2025-12 · Price EUR 44.35 · Value 56.00 · Buy at or below 56.00; 2026-01 · Price EUR 45.61 · Value 56.00 · Buy at or below 56.00; 2026-02 · Price EUR 52.68 · Value 49.66 · Buy at or below 49.66; 2026-03 · Price EUR 49.41 · Value 49.66 · Buy at or below 49.66; 2026-04 · Price EUR 50.28 · Value 49.66 · Buy at or below 49.66; 2026-05 · Price EUR 50.46 · Value 49.66 · Buy at or below 49.66; 2026-06 · Price EUR 48.81 · Value 49.66 · Buy at or below 49.66; 2026-07 · Price EUR 48.76 · Value 49.66 · Buy at or below 49.66; 2026-08 · Price EUR 44.22 · Value 49.66 · Buy at or below 49.66; 2026-09 · Price EUR 41.63 · Value 49.66 · Buy at or below 49.66; 2026-10 · Price EUR 40.46 · Value 49.66 · Buy at or below 49.66; 2026-10 · Price EUR 40.94 · Value 49.66 · Buy at or below 49.66

EUR per share · annual estimates

Price & return math
Value range	EUR 41.81 – EUR 56.47
Buy at or below	Central value EUR 49.66
Discount to value	1 − 40.94 / 49.66 = 17.6%
Return / year	About 11.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 2.79/share; 2.9% growth for 5 years, then fades to 3.0%; excess cash EUR 8.73/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 57B

Revenue

Owner earningsEUR 1.1B

Owner earnings

Operating margin3.3%

Operating margin

Net cash / debtEUR -7.6B

Net cash / debt

Diluted shares384M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·