# Societe Generale (GLE.PA)

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

Analysis as of: 2026-10-16T07:33:54.269Z. 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 64.60 per share; close as of 2026-10-15.

Estimated value: low EUR 29.04 per share, central EUR 33.81 per share, high EUR 40.47 per share. Buy at or below the central value EUR 33.81 per share. Valuation as of 2026-10-16T07:33:54.269Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.59×

Chart: Net income; fiscal year observations.

- FY2016: EUR 3.4B

- FY2017: EUR 2.3B

- FY2018: EUR 3.4B

- FY2019: EUR 2.5B

- FY2020: EUR -869M

- FY2021: EUR 5.1B

- FY2022: EUR 1.4B

- FY2023: EUR 2.5B

- FY2024: EUR 4.2B

- FY2025: EUR 6.0B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 5.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.4%

- Years with reported combined ratio: 0

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

- FY2016: 6.1%

- FY2017: 4.5%

- FY2018: 6.3%

- FY2019: 4.5%

- FY2020: -1.6%

- FY2021: 8.6%

- FY2022: 2.4%

- FY2023: 4.3%

- FY2024: 6.8%

- FY2025: 9.7%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.2%

- Book return interval: 10 years

- Starting book value per share: EUR 66.85

- Ending book value per share: EUR 79.73

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

- FY2016: 7.3%

- FY2017: 0.4%

- FY2018: 9.6%

- FY2019: 0.2%

- FY2020: -2.8%

- FY2021: 6.7%

- FY2022: 8.8%

- FY2023: 0.4%

- FY2024: 9.3%

- FY2025: 2.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -1.7%

- Share growth excluding flagged crisis recapitalisations: -0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -1.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.54×

- Book value created per share: EUR 12.88

- Earnings retained per share after dividends and buybacks: EUR 3.64

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

- FY2015: 100

- FY2016: 100

- FY2017: 101

- FY2018: 99

- FY2019: 106

- FY2020: 106

- FY2021: 107

- FY2022: 104

- FY2023: 101

- FY2024: 100

- FY2025: 98

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 21% since Jul 2026 · "Societe Generale targets higher profits and cost cuts in 2029 outlook" (finance.yahoo.com, Sep 2026) · net income +42.9%

Story as of 2026-10-16T09:59:58.228Z; price observation 2026-10-15.

The price assumes profits grow 6.8% a year forever

- 2025-10-30: Societe Generale Shares Fall as Buyback View Disappoints Despite Profit Beat ([finance.yahoo.com](https://finance.yahoo.com/m/3f85e7dd-5248-35cb-bc66-1d04071ab7c7/societe-generale-shares-fall.html))

### Net income · FY2025

net income +42.9%; source https://filings.xbrl.org/O2RNE8IBXP4R0TD8PU41/2025-12-31/ESEF/FR/0/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR/reports/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: EUR 3.4B 

- FY2017: EUR 2.3B 

- FY2018: EUR 3.4B 

- FY2019: EUR 2.5B 

- FY2020: EUR -869M 

- FY2021: EUR 5.1B 

- FY2022: EUR 1.4B 

- FY2023: EUR 2.5B 

- FY2024: EUR 4.2B 

- FY2025: EUR 6.0B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 86.2 billion.

- Source: https://filings.xbrl.org/O2RNE8IBXP4R0TD8PU41/2025-12-31/ESEF/FR/0/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR/reports/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: revenue 86158000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GLE.PA: Société Générale Société anonyme provides banking and financial services to individuals, corporates, and institutional clients in Europe and internationally. It operates through French Retail, Private Banking and Insurance; International Retail, Mobility and Leasing Services; and Global Banking and Investor Solutions. The company offers retail banking services, such as consumer credit, vehicle leasing and fleet management, online banking, wealth management, and equipment and vendor finance services; and insurance products, including home, vehicle, family, health, and mortgage insurance. It also provides corporate and investment banking, securities, clearing services, execution, prime brokerage, and custody services; and consumer finance, advisory and financing, and asset management and private banking services. Société Générale Société anonyme was incorporated in 1864 and is headquartered in Paris, France.

### Why customers stay

It earns 5.3% 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 [[2016,0.06107610276296655],[2017,0.04461817141767566],[2018,0.06279533372711163],[2019,0.044855581300741104],[2020,-0.01574788880432025],[2021,0.08615925218340612],[2022,0.02357622481969659],[2023,0.04338368369761938],[2024,0.06798646745552551],[2025,0.09697380963921606]]; median 0.052965842031853824. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,1357000000],[2017,3836000000],[2018,2543000000],[2019,1219000000],[2020,91000000],[2021,661000000],[2022,1371000000],[2023,1362000000],[2024,719000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GLE.PA SharesStats.PercentInsiders = 8.813 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Price 64.6; FX 1; original perpetual distributable cash 2.056593332854151; discount 0.1; growth 0.0681641898938986. 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 35.56 per share

- 2016-11: EUR 40.59 per share

- 2016-12: EUR 46.75 per share

- 2017-01: EUR 45.26 per share

- 2017-02: EUR 41.91 per share

- 2017-03: EUR 47.55 per share

- 2017-04: EUR 50.21 per share

- 2017-05: EUR 46.67 per share

- 2017-06: EUR 47.11 per share

- 2017-07: EUR 49.60 per share

- 2017-08: EUR 47.03 per share

- 2017-09: EUR 49.54 per share

- 2017-10: EUR 47.80 per share

- 2017-11: EUR 42.31 per share

- 2017-12: EUR 43.05 per share

- 2018-01: EUR 46.86 per share

- 2018-02: EUR 47.12 per share

- 2018-03: EUR 44.16 per share

- 2018-04: EUR 45.46 per share

- 2018-05: EUR 36.86 per share

- 2018-06: EUR 36.12 per share

- 2018-07: EUR 38.11 per share

- 2018-08: EUR 35.24 per share

- 2018-09: EUR 36.97 per share

- 2018-10: EUR 32.48 per share

- 2018-11: EUR 32.46 per share

- 2018-12: EUR 27.82 per share

- 2019-01: EUR 27.14 per share

- 2019-02: EUR 27.00 per share

- 2019-03: EUR 25.78 per share

- 2019-04: EUR 28.22 per share

- 2019-05: EUR 22.46 per share

- 2019-06: EUR 22.22 per share

- 2019-07: EUR 22.21 per share

- 2019-08: EUR 23.06 per share

- 2019-09: EUR 25.14 per share

- 2019-10: EUR 25.45 per share

- 2019-11: EUR 28.56 per share

- 2019-12: EUR 31.02 per share

- 2020-01: EUR 29.23 per share

- 2020-02: EUR 25.59 per share

- 2020-03: EUR 15.35 per share

- 2020-04: EUR 14.26 per share

- 2020-05: EUR 13.23 per share

- 2020-06: EUR 14.80 per share

- 2020-07: EUR 12.98 per share

- 2020-08: EUR 13.58 per share

- 2020-09: EUR 11.32 per share

- 2020-10: EUR 11.64 per share

- 2020-11: EUR 16.69 per share

- 2020-12: EUR 17.02 per share

- 2021-01: EUR 15.44 per share

- 2021-02: EUR 20.54 per share

- 2021-03: EUR 22.32 per share

- 2021-04: EUR 23.67 per share

- 2021-05: EUR 26.21 per share

- 2021-06: EUR 24.86 per share

- 2021-07: EUR 24.73 per share

- 2021-08: EUR 26.65 per share

- 2021-09: EUR 27.20 per share

- 2021-10: EUR 28.84 per share

- 2021-11: EUR 27.55 per share

- 2021-12: EUR 30.21 per share

- 2022-01: EUR 32.69 per share

- 2022-02: EUR 25.64 per share

- 2022-03: EUR 24.46 per share

- 2022-04: EUR 23.17 per share

- 2022-05: EUR 25.01 per share

- 2022-06: EUR 20.89 per share

- 2022-07: EUR 21.84 per share

- 2022-08: EUR 22.08 per share

- 2022-09: EUR 20.42 per share

- 2022-10: EUR 23.23 per share

- 2022-11: EUR 23.99 per share

- 2022-12: EUR 23.48 per share

- 2023-01: EUR 27.28 per share

- 2023-02: EUR 27.32 per share

- 2023-03: EUR 20.79 per share

- 2023-04: EUR 22.03 per share

- 2023-05: EUR 21.63 per share

- 2023-06: EUR 23.80 per share

- 2023-07: EUR 24.72 per share

- 2023-08: EUR 26.22 per share

- 2023-09: EUR 23.05 per share

- 2023-10: EUR 21.15 per share

- 2023-11: EUR 23.08 per share

- 2023-12: EUR 24.03 per share

- 2024-01: EUR 23.96 per share

- 2024-02: EUR 22.43 per share

- 2024-03: EUR 24.81 per share

- 2024-04: EUR 25.39 per share

- 2024-05: EUR 27.39 per share

- 2024-06: EUR 21.92 per share

- 2024-07: EUR 23.98 per share

- 2024-08: EUR 21.83 per share

- 2024-09: EUR 22.35 per share

- 2024-10: EUR 26.39 per share

- 2024-11: EUR 25.10 per share

- 2024-12: EUR 27.16 per share

- 2025-01: EUR 31.25 per share

- 2025-02: EUR 39.31 per share

- 2025-03: EUR 41.39 per share

- 2025-04: EUR 45.60 per share

- 2025-05: EUR 47.85 per share

- 2025-06: EUR 48.55 per share

- 2025-07: EUR 55.96 per share

- 2025-08: EUR 52.72 per share

- 2025-09: EUR 56.36 per share

- 2025-10: EUR 54.86 per share

- 2025-11: EUR 59.94 per share

- 2025-12: EUR 68.72 per share

- 2026-01: EUR 73.80 per share

- 2026-02: EUR 73.86 per share

- 2026-03: EUR 61.76 per share

- 2026-04: EUR 68.44 per share

- 2026-05: EUR 71.63 per share

- 2026-06: EUR 77.37 per share

- 2026-07: EUR 81.31 per share

- 2026-08: EUR 72.65 per share

- 2026-09: EUR 69.56 per share

- 2026-10: EUR 64.84 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 24.13 per share, central EUR 27.63 per share, high EUR 32.31 per share

- FY2017: low EUR 25.26 per share, central EUR 28.66 per share, high EUR 33.12 per share

- FY2018: low EUR 26.44 per share, central EUR 30.00 per share, high EUR 34.67 per share

- FY2019: low EUR 36.58 per share, central EUR 40.23 per share, high EUR 44.70 per share

- FY2020: low EUR 33.20 per share, central EUR 36.52 per share, high EUR 40.57 per share

- FY2021: low EUR 19.45 per share, central EUR 22.43 per share, high EUR 26.48 per share

- FY2022: low EUR 20.69 per share, central EUR 23.85 per share, high EUR 28.16 per share

- FY2023: low EUR 25.93 per share, central EUR 29.41 per share, high EUR 33.96 per share

- FY2024: low EUR 44.30 per share, central EUR 48.73 per share, high EUR 54.14 per share

- FY2025: low EUR 26.50 per share, central EUR 30.86 per share, high EUR 36.93 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

Prior published observations retained from 2026-10-15T06:39:39.841Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/O2RNE8IBXP4R0TD8PU41/2025-12-31/ESEF/FR/0/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR/reports/O2RNE8IBXP4R0TD8PU41-2025-12-31-1-FR.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.

Societe Generale

GLE · PA

STOXX Europe 600 · CAC 40 · SBF 120

Not a wonderful business

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

Share price: EUR 64.60
Buy up to: EUR 33.81
Expected / yr: 7.1% 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 9 years (at least 9 needed).

Net income

10y median: EUR 3.0B
Worst year: EUR -869M
Latest · 2025: EUR 6.0B

Earned a median 5.3% on tangible equity (minimum 12%), and the second-worst year 2.4% (minimum 5%).

Return on tangible common equity

10y median: 5.3%
Worst year: -1.6%
Latest · 2025: 9.7%

Book value plus dividends grew 4.2% a year (minimum 7%).

Annual book + dividend return

10y median: 4.7%
Worst year: -2.8%
Latest · 2025: 2.6%

Ordinary share growth was -0.2% over the full period and -1.7% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 101
Worst year: 107
Latest · 2025: 98

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 5.38 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 35.56 · Value 27.63 · Buy at or below 27.63; 2016-11 · Price EUR 40.59 · Value 27.63 · Buy at or below 27.63; 2016-12 · Price EUR 46.74 · Value 27.63 · Buy at or below 27.63; 2017-01 · Price EUR 45.26 · Value 27.63 · Buy at or below 27.63; 2017-02 · Price EUR 41.91 · Value 28.66 · Buy at or below 28.66; 2017-03 · Price EUR 47.55 · Value 28.66 · Buy at or below 28.66; 2017-04 · Price EUR 50.21 · Value 28.66 · Buy at or below 28.66; 2017-05 · Price EUR 46.67 · Value 28.66 · Buy at or below 28.66; 2017-06 · Price EUR 47.11 · Value 28.66 · Buy at or below 28.66; 2017-07 · Price EUR 49.60 · Value 28.66 · Buy at or below 28.66; 2017-08 · Price EUR 47.03 · Value 28.66 · Buy at or below 28.66; 2017-09 · Price EUR 49.53 · Value 28.66 · Buy at or below 28.66; 2017-10 · Price EUR 47.80 · Value 28.66 · Buy at or below 28.66; 2017-11 · Price EUR 42.31 · Value 28.66 · Buy at or below 28.66; 2017-12 · Price EUR 43.05 · Value 28.66 · Buy at or below 28.66; 2018-01 · Price EUR 46.85 · Value 28.66 · Buy at or below 28.66; 2018-02 · Price EUR 47.12 · Value 30.00 · Buy at or below 30.00; 2018-03 · Price EUR 44.16 · Value 30.00 · Buy at or below 30.00; 2018-04 · Price EUR 45.45 · Value 30.00 · Buy at or below 30.00; 2018-05 · Price EUR 36.85 · Value 30.00 · Buy at or below 30.00; 2018-06 · Price EUR 36.12 · Value 30.00 · Buy at or below 30.00; 2018-07 · Price EUR 38.11 · Value 30.00 · Buy at or below 30.00; 2018-08 · Price EUR 35.24 · Value 30.00 · Buy at or below 30.00; 2018-09 · Price EUR 36.97 · Value 30.00 · Buy at or below 30.00; 2018-10 · Price EUR 32.48 · Value 30.00 · Buy at or below 30.00; 2018-11 · Price EUR 32.46 · Value 30.00 · Buy at or below 30.00; 2018-12 · Price EUR 27.82 · Value 30.00 · Buy at or below 30.00; 2019-01 · Price EUR 27.14 · Value 30.00 · Buy at or below 30.00; 2019-02 · Price EUR 27.00 · Value 40.23 · Buy at or below 40.23; 2019-03 · Price EUR 25.77 · Value 40.23 · Buy at or below 40.23; 2019-04 · Price EUR 28.22 · Value 40.23 · Buy at or below 40.23; 2019-05 · Price EUR 22.46 · Value 40.23 · Buy at or below 40.23; 2019-06 · Price EUR 22.22 · Value 40.23 · Buy at or below 40.23; 2019-07 · Price EUR 22.20 · Value 40.23 · Buy at or below 40.23; 2019-08 · Price EUR 23.05 · Value 40.23 · Buy at or below 40.23; 2019-09 · Price EUR 25.14 · Value 40.23 · Buy at or below 40.23; 2019-10 · Price EUR 25.45 · Value 40.23 · Buy at or below 40.23; 2019-11 · Price EUR 28.56 · Value 40.23 · Buy at or below 40.23; 2019-12 · Price EUR 31.02 · Value 40.23 · Buy at or below 40.23; 2020-01 · Price EUR 29.23 · Value 40.23 · Buy at or below 40.23; 2020-02 · Price EUR 25.59 · Value 36.52 · Buy at or below 36.52; 2020-03 · Price EUR 15.35 · Value 36.52 · Buy at or below 36.52; 2020-04 · Price EUR 14.26 · Value 36.52 · Buy at or below 36.52; 2020-05 · Price EUR 13.23 · Value 36.52 · Buy at or below 36.52; 2020-06 · Price EUR 14.80 · Value 36.52 · Buy at or below 36.52; 2020-07 · Price EUR 12.98 · Value 36.52 · Buy at or below 36.52; 2020-08 · Price EUR 13.58 · Value 36.52 · Buy at or below 36.52; 2020-09 · Price EUR 11.32 · Value 36.52 · Buy at or below 36.52; 2020-10 · Price EUR 11.64 · Value 36.52 · Buy at or below 36.52; 2020-11 · Price EUR 16.69 · Value 36.52 · Buy at or below 36.52; 2020-12 · Price EUR 17.02 · Value 36.52 · Buy at or below 36.52; 2021-01 · Price EUR 15.44 · Value 36.52 · Buy at or below 36.52; 2021-02 · Price EUR 20.54 · Value 22.43 · Buy at or below 22.43; 2021-03 · Price EUR 22.32 · Value 22.43 · Buy at or below 22.43; 2021-04 · Price EUR 23.67 · Value 22.43 · Buy at or below 22.43; 2021-05 · Price EUR 26.20 · Value 22.43 · Buy at or below 22.43; 2021-06 · Price EUR 24.86 · Value 22.43 · Buy at or below 22.43; 2021-07 · Price EUR 24.73 · Value 22.43 · Buy at or below 22.43; 2021-08 · Price EUR 26.65 · Value 22.43 · Buy at or below 22.43; 2021-09 · Price EUR 27.20 · Value 22.43 · Buy at or below 22.43; 2021-10 · Price EUR 28.84 · Value 22.43 · Buy at or below 22.43; 2021-11 · Price EUR 27.55 · Value 22.43 · Buy at or below 22.43; 2021-12 · Price EUR 30.20 · Value 22.43 · Buy at or below 22.43; 2022-01 · Price EUR 32.69 · Value 22.43 · Buy at or below 22.43; 2022-02 · Price EUR 25.64 · Value 23.85 · Buy at or below 23.85; 2022-03 · Price EUR 24.46 · Value 23.85 · Buy at or below 23.85; 2022-04 · Price EUR 23.17 · Value 23.85 · Buy at or below 23.85; 2022-05 · Price EUR 25.00 · Value 23.85 · Buy at or below 23.85; 2022-06 · Price EUR 20.89 · Value 23.85 · Buy at or below 23.85; 2022-07 · Price EUR 21.84 · Value 23.85 · Buy at or below 23.85; 2022-08 · Price EUR 22.08 · Value 23.85 · Buy at or below 23.85; 2022-09 · Price EUR 20.41 · Value 23.85 · Buy at or below 23.85; 2022-10 · Price EUR 23.23 · Value 23.85 · Buy at or below 23.85; 2022-11 · Price EUR 23.99 · Value 23.85 · Buy at or below 23.85; 2022-12 · Price EUR 23.48 · Value 23.85 · Buy at or below 23.85; 2023-01 · Price EUR 27.28 · Value 23.85 · Buy at or below 23.85; 2023-02 · Price EUR 27.32 · Value 29.41 · Buy at or below 29.41; 2023-03 · Price EUR 20.79 · Value 29.41 · Buy at or below 29.41; 2023-04 · Price EUR 22.02 · Value 29.41 · Buy at or below 29.41; 2023-05 · Price EUR 21.63 · Value 29.41 · Buy at or below 29.41; 2023-06 · Price EUR 23.80 · Value 29.41 · Buy at or below 29.41; 2023-07 · Price EUR 24.71 · Value 29.41 · Buy at or below 29.41; 2023-08 · Price EUR 26.21 · Value 29.41 · Buy at or below 29.41; 2023-09 · Price EUR 23.05 · Value 29.41 · Buy at or below 29.41; 2023-10 · Price EUR 21.14 · Value 29.41 · Buy at or below 29.41; 2023-11 · Price EUR 23.07 · Value 29.41 · Buy at or below 29.41; 2023-12 · Price EUR 24.02 · Value 29.41 · Buy at or below 29.41; 2024-01 · Price EUR 23.96 · Value 29.41 · Buy at or below 29.41; 2024-02 · Price EUR 22.43 · Value 48.73 · Buy at or below 48.73; 2024-03 · Price EUR 24.81 · Value 48.73 · Buy at or below 48.73; 2024-04 · Price EUR 25.39 · Value 48.73 · Buy at or below 48.73; 2024-05 · Price EUR 27.39 · Value 48.73 · Buy at or below 48.73; 2024-06 · Price EUR 21.92 · Value 48.73 · Buy at or below 48.73; 2024-07 · Price EUR 23.98 · Value 48.73 · Buy at or below 48.73; 2024-08 · Price EUR 21.83 · Value 48.73 · Buy at or below 48.73; 2024-09 · Price EUR 22.35 · Value 48.73 · Buy at or below 48.73; 2024-10 · Price EUR 26.39 · Value 48.73 · Buy at or below 48.73; 2024-11 · Price EUR 25.09 · Value 48.73 · Buy at or below 48.73; 2024-12 · Price EUR 27.16 · Value 48.73 · Buy at or below 48.73; 2025-01 · Price EUR 31.25 · Value 48.73 · Buy at or below 48.73; 2025-02 · Price EUR 39.30 · Value 30.86 · Buy at or below 30.86; 2025-03 · Price EUR 41.39 · Value 30.86 · Buy at or below 30.86; 2025-04 · Price EUR 45.60 · Value 30.86 · Buy at or below 30.86; 2025-05 · Price EUR 47.85 · Value 30.86 · Buy at or below 30.86; 2025-06 · Price EUR 48.55 · Value 30.86 · Buy at or below 30.86; 2025-07 · Price EUR 55.96 · Value 30.86 · Buy at or below 30.86; 2025-08 · Price EUR 52.72 · Value 30.86 · Buy at or below 30.86; 2025-09 · Price EUR 56.36 · Value 30.86 · Buy at or below 30.86; 2025-10 · Price EUR 54.86 · Value 30.86 · Buy at or below 30.86; 2025-11 · Price EUR 59.94 · Value 30.86 · Buy at or below 30.86; 2025-12 · Price EUR 68.72 · Value 30.86 · Buy at or below 30.86; 2026-01 · Price EUR 73.80 · Value 30.86 · Buy at or below 30.86; 2026-02 · Price EUR 73.86 · Value 33.81 · Buy at or below 33.81; 2026-03 · Price EUR 61.76 · Value 33.81 · Buy at or below 33.81; 2026-04 · Price EUR 68.44 · Value 33.81 · Buy at or below 33.81; 2026-05 · Price EUR 71.63 · Value 33.81 · Buy at or below 33.81; 2026-06 · Price EUR 77.37 · Value 33.81 · Buy at or below 33.81; 2026-07 · Price EUR 81.31 · Value 33.81 · Buy at or below 33.81; 2026-08 · Price EUR 72.65 · Value 33.81 · Buy at or below 33.81; 2026-09 · Price EUR 69.56 · Value 33.81 · Buy at or below 33.81; 2026-10 · Price EUR 64.84 · Value 33.81 · Buy at or below 33.81; 2026-10 · Price EUR 64.60 · Value 33.81 · Buy at or below 33.81

EUR per share · annual estimates

Price & return math
Value range	EUR 29.04 – EUR 40.47
Buy at or below	Central value EUR 33.81
Discount to value	1 − 64.60 / 33.81 = -91.0%
Return / year	About 7.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 87.37/share; ROE 6.3%; first payout EUR 2.06/share, growing 3.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 6.0B

Net income

Book / shareEUR 79.73

Book / share

Dividend / shareEUR 0

Dividend / share

Return on tangible equity9.7%

Return on tangible equity

Diluted shares776M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·