# Eurofins Scientific SE (ERF.PA)

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

Analysis as of: 2026-10-16T07:35:08.290Z. 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 79.16 per share; close as of 2026-10-15.

Estimated value: low EUR 37.60 per share, central EUR 49.08 per share, high EUR 56.98 per share. Buy at or below the central value EUR 49.08 per share. Valuation as of 2026-10-16T07:35:08.290Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% 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: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.12×

- FY2023: 0.08×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: fail

- Recent gross margin fell 53.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 18.2%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: 53.4 pp

- Typical gross margin (annual median): 65.7%

- Recent gross margin (lower of latest and 3-year median): 12.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.3%

- FY2017: 19.9%

- FY2018: 14.4%

- FY2019: 12.3%

- FY2020: 29.3%

- FY2021: 34.1%

- FY2022: 19.6%

- FY2023: 12.3%

- FY2024: 15.2%

- FY2025: 16.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.3B

- Net income, five-year total: EUR 2.6B

- Return on incremental invested capital: 83.2%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.1 pp

- Working capital / revenue, final three-year average: 15.3%

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

- FY2021: 0.87×

- FY2022: 0.74×

- FY2023: 0.99×

- FY2024: 1.10×

- FY2025: 0.79×

### 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: 19.9% vs 15.2%

- Per-share earnings: 0.99 to 2.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: EUR 4.6B

- Cumulative retained earnings: EUR 2.7B

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

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.8%

- Per-share value change: EUR 1.11

- Per-share value, starting three-year median: EUR 0.99

- Per-share value, ending three-year median: EUR 2.10

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 1.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.1B

- Cumulative net income, 10 years: EUR 3.9B

- ROIC, first three-year median: 19.9%

- ROIC, last three-year median: 15.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.99

- FY2017: EUR 1.20

- FY2018: EUR 1.24

- FY2019: EUR 1.05

- FY2020: EUR 2.74

- FY2021: EUR 3.91

- FY2022: EUR 3.08

- FY2023: EUR 1.57

- FY2024: EUR 2.10

- FY2025: EUR 2.54

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -3.2%

- FY2018: -4.4%

- FY2019: -6.2%

- FY2020: -8.0%

- FY2021: -7.8%

- FY2022: -5.2%

- FY2023: -6.5%

- FY2024: -8.4%

- FY2025: -7.5%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since Nov 2021 · sales +5%

Story as of 2026-10-16T10:00:03.804Z; price observation 2026-10-15.

Price needs cash profits to grow 11% a year for ten years

### Sales · FY2024–2025

sales +5%; source https://filings.xbrl.org/529900JEHFM47DYY3S57/2024-12-31/ESEF/LU/0/529900JEHFM47DYY3S57-2024-12-31-0-en/reports/529900JEHFM47DYY3S57-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: EUR 2.5B 

- FY2017: EUR 3.0B 

- FY2018: EUR 3.8B 

- FY2019: EUR 4.6B 

- FY2020: EUR 5.4B 

- FY2021: EUR 6.7B 

- FY2022: EUR 6.7B 

- FY2023: EUR 6.5B 

- FY2024: EUR 7.0B 

- FY2025: EUR 7.3B 

### Gross margin · FY2025

gross margin 12.3%; source https://filings.xbrl.org/529900JEHFM47DYY3S57/2024-12-31/ESEF/LU/0/529900JEHFM47DYY3S57-2024-12-31-0-en/reports/529900JEHFM47DYY3S57-2024-12-31-0-en.xhtml; observed 2025-05-08.

- FY2016: 64.6% 

- FY2017: 64.2% 

- FY2018: 64.3% 

- FY2019: 67.1% 

- FY2020: 67.9% 

- FY2021: 68.0% 

- FY2022: 66.8% 

- FY2023: 9.5% 

- FY2024: 67.8% 

- FY2025: 12.3% 

## Owner memo

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

### How it makes money

Operates in diagnostics & research; annual sales are EUR 7.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 7296000000; grossProfit 896700000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 9.5% to 67.8% during 2023–25; it earns 18.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 9.5%.

- Source: https://filings.xbrl.org/529900JEHFM47DYY3S57/2024-12-31/ESEF/LU/0/529900JEHFM47DYY3S57-2024-12-31-0-en/reports/529900JEHFM47DYY3S57-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 67.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.34346497783226526],[2017,0.19880958066401724],[2018,0.14432141323661832],[2019,0.1225835083226442],[2020,0.292882406352276],[2021,0.34100779205068465],[2022,0.19641749276157874],[2023,0.12304334588571822],[2024,0.15193482777500658],[2025,0.16779943103832468]]; median 0.18210846189995172. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 31.2% of cash earnings on expansion; earns 83.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 57979000; upkeep 141696000; owner earnings 173997000. Growth capex / owner earnings = 0.3332183888227958.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 70017000; upkeep 175718000; owner earnings 216771000. Growth capex / owner earnings = 0.3229998477656144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 140749000; upkeep 223700000; owner earnings 223900000. Growth capex / owner earnings = 0.6286243858865564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 425100000; owner earnings 152360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 355500000; owner earnings 571460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 519500000; owner earnings 680520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 660200000; owner earnings 451680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 550100000; owner earnings 308740000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900JEHFM47DYY3S57/2024-12-31/ESEF/LU/0/529900JEHFM47DYY3S57-2024-12-31-0-en/reports/529900JEHFM47DYY3S57-2024-12-31-0-en.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 528400000; owner earnings 447900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 116953075.13657999; upkeep 643046924.86342; owner earnings 374773075.13658. Growth capex / owner earnings = 0.31206370706849296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Incremental return on capital 0.8321671691411279, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,22452000],[2017,34912000],[2018,42600000],[2019,51400000],[2020,500000],[2021,130400000],[2022,192500000],[2023,191900000],[2024,95600000],[2025,110000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 940000000 EUR.

### Are managers owners

Insiders own 36.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ERF.PA SharesStats.PercentInsiders = 36.55 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11% yearly over ten years; actual growth was 14.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.1458398713321799. Price 79.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5332600464150482 → FY2025 2.004134091639465. Closing-price date 2026-10-15.

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

- 2016-10: EUR 41.39 per share

- 2016-11: EUR 41.30 per share

- 2016-12: EUR 40.50 per share

- 2017-01: EUR 41.50 per share

- 2017-02: EUR 40.33 per share

- 2017-03: EUR 40.79 per share

- 2017-04: EUR 45.21 per share

- 2017-05: EUR 47.28 per share

- 2017-06: EUR 49.32 per share

- 2017-07: EUR 47.04 per share

- 2017-08: EUR 48.01 per share

- 2017-09: EUR 53.46 per share

- 2017-10: EUR 53.70 per share

- 2017-11: EUR 50.87 per share

- 2017-12: EUR 50.76 per share

- 2018-01: EUR 52.50 per share

- 2018-02: EUR 46.36 per share

- 2018-03: EUR 42.90 per share

- 2018-04: EUR 44.78 per share

- 2018-05: EUR 43.94 per share

- 2018-06: EUR 47.64 per share

- 2018-07: EUR 46.66 per share

- 2018-08: EUR 48.64 per share

- 2018-09: EUR 48.90 per share

- 2018-10: EUR 44.64 per share

- 2018-11: EUR 38.30 per share

- 2018-12: EUR 32.60 per share

- 2019-01: EUR 35.16 per share

- 2019-02: EUR 37.02 per share

- 2019-03: EUR 36.90 per share

- 2019-04: EUR 40.80 per share

- 2019-05: EUR 40.72 per share

- 2019-06: EUR 38.90 per share

- 2019-07: EUR 38.60 per share

- 2019-08: EUR 41.64 per share

- 2019-09: EUR 42.64 per share

- 2019-10: EUR 45.42 per share

- 2019-11: EUR 47.66 per share

- 2019-12: EUR 49.42 per share

- 2020-01: EUR 48.60 per share

- 2020-02: EUR 45.48 per share

- 2020-03: EUR 45.10 per share

- 2020-04: EUR 50.50 per share

- 2020-05: EUR 60.78 per share

- 2020-06: EUR 55.86 per share

- 2020-07: EUR 55.18 per share

- 2020-08: EUR 67.16 per share

- 2020-09: EUR 67.54 per share

- 2020-10: EUR 68.38 per share

- 2020-11: EUR 68.06 per share

- 2020-12: EUR 68.63 per share

- 2021-01: EUR 79.18 per share

- 2021-02: EUR 73.64 per share

- 2021-03: EUR 81.51 per share

- 2021-04: EUR 82.35 per share

- 2021-05: EUR 88.27 per share

- 2021-06: EUR 96.40 per share

- 2021-07: EUR 100.84 per share

- 2021-08: EUR 120.08 per share

- 2021-09: EUR 110.84 per share

- 2021-10: EUR 101.94 per share

- 2021-11: EUR 112.94 per share

- 2021-12: EUR 108.80 per share

- 2022-01: EUR 88.77 per share

- 2022-02: EUR 90.54 per share

- 2022-03: EUR 89.91 per share

- 2022-04: EUR 88.72 per share

- 2022-05: EUR 86.82 per share

- 2022-06: EUR 75.08 per share

- 2022-07: EUR 76.02 per share

- 2022-08: EUR 69.10 per share

- 2022-09: EUR 61.12 per share

- 2022-10: EUR 64.78 per share

- 2022-11: EUR 66.42 per share

- 2022-12: EUR 67.06 per share

- 2023-01: EUR 65.74 per share

- 2023-02: EUR 66.00 per share

- 2023-03: EUR 61.64 per share

- 2023-04: EUR 63.26 per share

- 2023-05: EUR 61.64 per share

- 2023-06: EUR 58.16 per share

- 2023-07: EUR 62.58 per share

- 2023-08: EUR 56.84 per share

- 2023-09: EUR 53.50 per share

- 2023-10: EUR 47.83 per share

- 2023-11: EUR 53.36 per share

- 2023-12: EUR 58.98 per share

- 2024-01: EUR 56.10 per share

- 2024-02: EUR 55.24 per share

- 2024-03: EUR 59.08 per share

- 2024-04: EUR 57.60 per share

- 2024-05: EUR 55.36 per share

- 2024-06: EUR 46.55 per share

- 2024-07: EUR 54.84 per share

- 2024-08: EUR 51.64 per share

- 2024-09: EUR 56.90 per share

- 2024-10: EUR 45.18 per share

- 2024-11: EUR 46.79 per share

- 2024-12: EUR 49.31 per share

- 2025-01: EUR 51.86 per share

- 2025-02: EUR 48.31 per share

- 2025-03: EUR 49.22 per share

- 2025-04: EUR 55.48 per share

- 2025-05: EUR 58.74 per share

- 2025-06: EUR 60.44 per share

- 2025-07: EUR 67.32 per share

- 2025-08: EUR 64.82 per share

- 2025-09: EUR 61.78 per share

- 2025-10: EUR 61.14 per share

- 2025-11: EUR 58.64 per share

- 2025-12: EUR 62.40 per share

- 2026-01: EUR 68.14 per share

- 2026-02: EUR 68.16 per share

- 2026-03: EUR 62.66 per share

- 2026-04: EUR 59.02 per share

- 2026-05: EUR 62.46 per share

- 2026-06: EUR 68.56 per share

- 2026-07: EUR 68.16 per share

- 2026-08: EUR 72.54 per share

- 2026-09: EUR 75.00 per share

- 2026-10: EUR 78.46 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.02 per share, central EUR 20.99 per share, high EUR 23.88 per share

- FY2017: low EUR 17.19 per share, central EUR 22.56 per share, high EUR 25.76 per share

- FY2018: low EUR 18.66 per share, central EUR 24.72 per share, high EUR 28.57 per share

- FY2019: low EUR 20.78 per share, central EUR 29.12 per share, high EUR 34.00 per share

- FY2020: low EUR 29.83 per share, central EUR 40.86 per share, high EUR 47.29 per share

- FY2021: low EUR 35.19 per share, central EUR 49.46 per share, high EUR 57.76 per share

- FY2022: low EUR 32.39 per share, central EUR 44.92 per share, high EUR 52.43 per share

- FY2023: low EUR 35.04 per share, central EUR 46.77 per share, high EUR 53.93 per share

- FY2024: low EUR 34.12 per share, central EUR 46.04 per share, high EUR 53.56 per share

- FY2025: low EUR 35.33 per share, central EUR 45.83 per share, high EUR 53.07 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 2026-10-15T06:40:53.370Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900JEHFM47DYY3S57/2024-12-31/ESEF/LU/0/529900JEHFM47DYY3S57-2024-12-31-0-en/reports/529900JEHFM47DYY3S57-2024-12-31-0-en.xhtml); period 2024-12-31, filed 2025-05-08.

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.

Eurofins Scientific SE

ERF · PA

STOXX Europe 600 · CAC 40 · SBF 120

Not a wonderful business

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

Share price: EUR 79.16
Buy up to: EUR 49.08
Expected / yr: 7.3% 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 27.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.8%
Worst year: 8.4%
Latest · 2025: 11.2%

Gross margin fell 53.4 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 18.2%
Worst year: 12.3%
Latest · 2025: 16.8%

Each $1 of profit left $0.88 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.87×
Latest · 2025: 0.79×

Per-share value rose from 0.99 to 2.1, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 1.83
Worst year: EUR 0.99
Latest · 2025: EUR 2.54

Profits were backed by cash: accruals were -7.5% of assets (limit 10%).

Sloan accruals

10y median: -6.3%
Worst year: -3.2%
Latest · 2025: -7.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.7%, three-year average owner earnings per share 1.96 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 41.39 · Value 20.99 · Buy at or below 20.99; 2016-11 · Price EUR 41.30 · Value 20.99 · Buy at or below 20.99; 2016-12 · Price EUR 40.50 · Value 20.99 · Buy at or below 20.99; 2017-01 · Price EUR 41.50 · Value 20.99 · Buy at or below 20.99; 2017-02 · Price EUR 40.33 · Value 22.56 · Buy at or below 22.56; 2017-03 · Price EUR 40.79 · Value 22.56 · Buy at or below 22.56; 2017-04 · Price EUR 45.21 · Value 22.56 · Buy at or below 22.56; 2017-05 · Price EUR 47.27 · Value 22.56 · Buy at or below 22.56; 2017-06 · Price EUR 49.31 · Value 22.56 · Buy at or below 22.56; 2017-07 · Price EUR 47.04 · Value 22.56 · Buy at or below 22.56; 2017-08 · Price EUR 48.01 · Value 22.56 · Buy at or below 22.56; 2017-09 · Price EUR 53.46 · Value 22.56 · Buy at or below 22.56; 2017-10 · Price EUR 53.70 · Value 22.56 · Buy at or below 22.56; 2017-11 · Price EUR 50.87 · Value 22.56 · Buy at or below 22.56; 2017-12 · Price EUR 50.76 · Value 22.56 · Buy at or below 22.56; 2018-01 · Price EUR 52.50 · Value 22.56 · Buy at or below 22.56; 2018-02 · Price EUR 46.36 · Value 24.72 · Buy at or below 24.72; 2018-03 · Price EUR 42.90 · Value 24.72 · Buy at or below 24.72; 2018-04 · Price EUR 44.78 · Value 24.72 · Buy at or below 24.72; 2018-05 · Price EUR 43.94 · Value 24.72 · Buy at or below 24.72; 2018-06 · Price EUR 47.64 · Value 24.72 · Buy at or below 24.72; 2018-07 · Price EUR 46.66 · Value 24.72 · Buy at or below 24.72; 2018-08 · Price EUR 48.64 · Value 24.72 · Buy at or below 24.72; 2018-09 · Price EUR 48.90 · Value 24.72 · Buy at or below 24.72; 2018-10 · Price EUR 44.64 · Value 24.72 · Buy at or below 24.72; 2018-11 · Price EUR 38.30 · Value 24.72 · Buy at or below 24.72; 2018-12 · Price EUR 32.60 · Value 24.72 · Buy at or below 24.72; 2019-01 · Price EUR 35.16 · Value 24.72 · Buy at or below 24.72; 2019-02 · Price EUR 37.02 · Value 29.12 · Buy at or below 29.12; 2019-03 · Price EUR 36.90 · Value 29.12 · Buy at or below 29.12; 2019-04 · Price EUR 40.80 · Value 29.12 · Buy at or below 29.12; 2019-05 · Price EUR 40.72 · Value 29.12 · Buy at or below 29.12; 2019-06 · Price EUR 38.90 · Value 29.12 · Buy at or below 29.12; 2019-07 · Price EUR 38.60 · Value 29.12 · Buy at or below 29.12; 2019-08 · Price EUR 41.64 · Value 29.12 · Buy at or below 29.12; 2019-09 · Price EUR 42.64 · Value 29.12 · Buy at or below 29.12; 2019-10 · Price EUR 45.42 · Value 29.12 · Buy at or below 29.12; 2019-11 · Price EUR 47.66 · Value 29.12 · Buy at or below 29.12; 2019-12 · Price EUR 49.42 · Value 29.12 · Buy at or below 29.12; 2020-01 · Price EUR 48.60 · Value 29.12 · Buy at or below 29.12; 2020-02 · Price EUR 45.48 · Value 40.86 · Buy at or below 40.86; 2020-03 · Price EUR 45.10 · Value 40.86 · Buy at or below 40.86; 2020-04 · Price EUR 50.50 · Value 40.86 · Buy at or below 40.86; 2020-05 · Price EUR 60.78 · Value 40.86 · Buy at or below 40.86; 2020-06 · Price EUR 55.86 · Value 40.86 · Buy at or below 40.86; 2020-07 · Price EUR 55.18 · Value 40.86 · Buy at or below 40.86; 2020-08 · Price EUR 67.16 · Value 40.86 · Buy at or below 40.86; 2020-09 · Price EUR 67.54 · Value 40.86 · Buy at or below 40.86; 2020-10 · Price EUR 68.38 · Value 40.86 · Buy at or below 40.86; 2020-11 · Price EUR 68.06 · Value 40.86 · Buy at or below 40.86; 2020-12 · Price EUR 68.63 · Value 40.86 · Buy at or below 40.86; 2021-01 · Price EUR 79.18 · Value 40.86 · Buy at or below 40.86; 2021-02 · Price EUR 73.64 · Value 49.46 · Buy at or below 49.46; 2021-03 · Price EUR 81.51 · Value 49.46 · Buy at or below 49.46; 2021-04 · Price EUR 82.35 · Value 49.46 · Buy at or below 49.46; 2021-05 · Price EUR 88.27 · Value 49.46 · Buy at or below 49.46; 2021-06 · Price EUR 96.40 · Value 49.46 · Buy at or below 49.46; 2021-07 · Price EUR 100.84 · Value 49.46 · Buy at or below 49.46; 2021-08 · Price EUR 120.08 · Value 49.46 · Buy at or below 49.46; 2021-09 · Price EUR 110.84 · Value 49.46 · Buy at or below 49.46; 2021-10 · Price EUR 101.94 · Value 49.46 · Buy at or below 49.46; 2021-11 · Price EUR 112.94 · Value 49.46 · Buy at or below 49.46; 2021-12 · Price EUR 108.80 · Value 49.46 · Buy at or below 49.46; 2022-01 · Price EUR 88.77 · Value 49.46 · Buy at or below 49.46; 2022-02 · Price EUR 90.54 · Value 44.92 · Buy at or below 44.92; 2022-03 · Price EUR 89.91 · Value 44.92 · Buy at or below 44.92; 2022-04 · Price EUR 88.72 · Value 44.92 · Buy at or below 44.92; 2022-05 · Price EUR 86.82 · Value 44.92 · Buy at or below 44.92; 2022-06 · Price EUR 75.08 · Value 44.92 · Buy at or below 44.92; 2022-07 · Price EUR 76.02 · Value 44.92 · Buy at or below 44.92; 2022-08 · Price EUR 69.10 · Value 44.92 · Buy at or below 44.92; 2022-09 · Price EUR 61.12 · Value 44.92 · Buy at or below 44.92; 2022-10 · Price EUR 64.78 · Value 44.92 · Buy at or below 44.92; 2022-11 · Price EUR 66.42 · Value 44.92 · Buy at or below 44.92; 2022-12 · Price EUR 67.06 · Value 44.92 · Buy at or below 44.92; 2023-01 · Price EUR 65.74 · Value 44.92 · Buy at or below 44.92; 2023-02 · Price EUR 66.00 · Value 46.77 · Buy at or below 46.77; 2023-03 · Price EUR 61.64 · Value 46.77 · Buy at or below 46.77; 2023-04 · Price EUR 63.26 · Value 46.77 · Buy at or below 46.77; 2023-05 · Price EUR 61.64 · Value 46.77 · Buy at or below 46.77; 2023-06 · Price EUR 58.16 · Value 46.77 · Buy at or below 46.77; 2023-07 · Price EUR 62.58 · Value 46.77 · Buy at or below 46.77; 2023-08 · Price EUR 56.84 · Value 46.77 · Buy at or below 46.77; 2023-09 · Price EUR 53.50 · Value 46.77 · Buy at or below 46.77; 2023-10 · Price EUR 47.83 · Value 46.77 · Buy at or below 46.77; 2023-11 · Price EUR 53.36 · Value 46.77 · Buy at or below 46.77; 2023-12 · Price EUR 58.98 · Value 46.77 · Buy at or below 46.77; 2024-01 · Price EUR 56.10 · Value 46.77 · Buy at or below 46.77; 2024-02 · Price EUR 55.24 · Value 46.04 · Buy at or below 46.04; 2024-03 · Price EUR 59.08 · Value 46.04 · Buy at or below 46.04; 2024-04 · Price EUR 57.60 · Value 46.04 · Buy at or below 46.04; 2024-05 · Price EUR 55.36 · Value 46.04 · Buy at or below 46.04; 2024-06 · Price EUR 46.55 · Value 46.04 · Buy at or below 46.04; 2024-07 · Price EUR 54.84 · Value 46.04 · Buy at or below 46.04; 2024-08 · Price EUR 51.64 · Value 46.04 · Buy at or below 46.04; 2024-09 · Price EUR 56.90 · Value 46.04 · Buy at or below 46.04; 2024-10 · Price EUR 45.18 · Value 46.04 · Buy at or below 46.04; 2024-11 · Price EUR 46.79 · Value 46.04 · Buy at or below 46.04; 2024-12 · Price EUR 49.31 · Value 46.04 · Buy at or below 46.04; 2025-01 · Price EUR 51.86 · Value 46.04 · Buy at or below 46.04; 2025-02 · Price EUR 48.31 · Value 45.83 · Buy at or below 45.83; 2025-03 · Price EUR 49.22 · Value 45.83 · Buy at or below 45.83; 2025-04 · Price EUR 55.48 · Value 45.83 · Buy at or below 45.83; 2025-05 · Price EUR 58.74 · Value 45.83 · Buy at or below 45.83; 2025-06 · Price EUR 60.44 · Value 45.83 · Buy at or below 45.83; 2025-07 · Price EUR 67.32 · Value 45.83 · Buy at or below 45.83; 2025-08 · Price EUR 64.82 · Value 45.83 · Buy at or below 45.83; 2025-09 · Price EUR 61.78 · Value 45.83 · Buy at or below 45.83; 2025-10 · Price EUR 61.14 · Value 45.83 · Buy at or below 45.83; 2025-11 · Price EUR 58.64 · Value 45.83 · Buy at or below 45.83; 2025-12 · Price EUR 62.40 · Value 45.83 · Buy at or below 45.83; 2026-01 · Price EUR 68.14 · Value 45.83 · Buy at or below 45.83; 2026-02 · Price EUR 68.16 · Value 49.08 · Buy at or below 49.08; 2026-03 · Price EUR 62.66 · Value 49.08 · Buy at or below 49.08; 2026-04 · Price EUR 59.02 · Value 49.08 · Buy at or below 49.08; 2026-05 · Price EUR 62.46 · Value 49.08 · Buy at or below 49.08; 2026-06 · Price EUR 68.56 · Value 49.08 · Buy at or below 49.08; 2026-07 · Price EUR 68.16 · Value 49.08 · Buy at or below 49.08; 2026-08 · Price EUR 72.54 · Value 49.08 · Buy at or below 49.08; 2026-09 · Price EUR 75.00 · Value 49.08 · Buy at or below 49.08; 2026-10 · Price EUR 78.46 · Value 49.08 · Buy at or below 49.08; 2026-10 · Price EUR 79.16 · Value 49.08 · Buy at or below 49.08

EUR per share · annual estimates

Price & return math
Value range	EUR 37.60 – EUR 56.98
Buy at or below	Central value EUR 49.08
Discount to value	1 − 79.16 / 49.08 = -61.3%
Return / year	About 7.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 2.75/share; 5.4% growth for 5 years, then fades to 3.0%; excess cash EUR 2.76/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 7.3B

Revenue

Owner earningsEUR 375M

Owner earnings

Operating margin11.2%

Operating margin

Net cash / debtEUR -4.6B

Net cash / debt

Diluted shares187M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·