# ID Logistics Group (IDL.PA)

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

Analysis as of: 2026-10-16T07:40:09.187Z. Financial observations: FY2011–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 327.50 per share; close as of 2026-10-15.

Estimated value: low EUR 253.34 per share, central EUR 284.41 per share, high EUR 325.77 per share. Buy at or below the central value EUR 284.41 per share. Valuation as of 2026-10-16T07:40:09.187Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.3%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 4.8%

- Recent gross margin (lower of latest and 3-year median): 4.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 53.8%

- FY2019: 7.0%

- FY2020: 7.5%

- FY2021: 5.8%

- FY2022: 8.1%

- FY2023: 9.5%

- FY2024: 8.5%

- FY2025: 7.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 455M

- Net income, five-year total: EUR 240M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 6.1%

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

- FY2021: 0.66×

- FY2022: 2.47×

- FY2023: 2.37×

- FY2024: 2.23×

- FY2025: 1.54×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 108.9% vs 8.5%

- Per-share earnings: 2.72 to 8.07 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: EUR 2.0B

- Cumulative retained earnings: EUR -25M

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: EUR 5.35

- Per-share value, starting three-year median: EUR 2.72

- Per-share value, ending three-year median: EUR 8.07

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 885M

- Cumulative net income, 10 years: EUR 337M

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.60

- FY2017: EUR 2.72

- FY2018: EUR 4.26

- FY2019: EUR 2.48

- FY2020: EUR 4.20

- FY2021: EUR 5.49

- FY2022: EUR 6.33

- FY2023: EUR 8.07

- FY2024: EUR 7.79

- FY2025: EUR 9.41

### accounting: pass

- Sloan accruals: -12.6%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.91×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -1.7%

- FY2018: -4.8%

- FY2019: -14.1%

- FY2020: -14.8%

- FY2021: -13.7%

- FY2022: -13.5%

- FY2023: -14.6%

- FY2024: -14.4%

- FY2025: -12.6%

## Holders

## Price story

Down 27% since Jul 2024 · sales +14.2%

Story as of 2026-10-16T10:00:11.240Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2024–2025

sales +14.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.3B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.5B 

- FY2020: EUR 1.6B 

- FY2021: EUR 1.9B 

- FY2022: EUR 2.5B 

- FY2023: EUR 2.7B 

- FY2024: EUR 3.3B 

- FY2025: EUR 3.7B 

### Gross margin · FY2025

gross margin 4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 4.8% 

- FY2017: 5.3% 

- FY2018: 6.1% 

- FY2019: 14.1% 

- FY2020: 4.7% 

- FY2021: 4.8% 

- FY2022: 4.7% 

- FY2023: 16.5% 

- FY2024: 3.2% 

- FY2025: 4.8% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are EUR 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2025: revenue 3737000000; grossProfit 180846000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IDL.PA: ID Logistics Group SA provides contract logistics services in France and internationally. It offers warehousing and value-added, transport and flow organization, and supply chain optimization services. The company provides co-packing and site automation services. In addition, it provides turnkey project delivery and e-commerce solutions. The company serves customers in the FMCG, e-commerce, high-tech, cosmetics and fragrance, healthcare, fashion, industrial, and retail sectors. The company was incorporated in 2001 and is headquartered in Orgon, France.

### Why customers stay

Margins ranged from 3.2% to 16.5% during 2023–25; it earns 8.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2023: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2024: grossProfit / revenue = 3.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2025: grossProfit / revenue = 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); 10-year return on capital observations [[2016,1.088624853728679],[2017,1.2490174475899247],[2018,0.5383350723721696],[2019,0.07030539537996341],[2020,0.07547878984373214],[2021,0.058337108577980995],[2022,0.08111179000055668],[2023,0.0949425863769212],[2024,0.08456687425091024],[2025,0.07721870488941714]]; median 0.08283933212573347. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back EUR 21.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2016: growth capex 9936000; upkeep 23953000; owner earnings 15490000. Growth capex / owner earnings = 0.6414460942543576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2017: growth capex 2292000; upkeep 27615000; owner earnings 16149000. Growth capex / owner earnings = 0.14192829277354635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2018: growth capex 7586477.432684585; upkeep 40622522.567315415; owner earnings 13242477.432684585. Growth capex / owner earnings = 0.5728895874090695.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2019: growth capex 0; upkeep 60841000; owner earnings 27046200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2020: growth capex 0; upkeep 59311000; owner earnings 54988200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2021: growth capex 0; upkeep 83526000; owner earnings 21773400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2022: growth capex 0; upkeep 67541000; owner earnings 94490600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2023: growth capex 0; upkeep 74926000; owner earnings 123450000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2024: growth capex 0; upkeep 96887000; owner earnings 117994000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2025: growth capex 0; upkeep 153981000; owner earnings 97424200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); Dividend observations: [[2016,74815000],[2017,26597000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); FY2025: cash repurchases 21147000 EUR.

### Are managers owners

Insiders own 52.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IDL.PA SharesStats.PercentInsiders = 52.808 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years; actual growth was 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:09.187Z); Ten-year compound average after fade. Initial solved rate 0.02771387604575546. Price 327.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.753007487170859 → FY2025 14.489024390243902. Closing-price date 2026-10-15.

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

- 2016-10: EUR 128.50 per share

- 2016-11: EUR 136.75 per share

- 2016-12: EUR 135.00 per share

- 2017-01: EUR 142.49 per share

- 2017-02: EUR 140.30 per share

- 2017-03: EUR 133.20 per share

- 2017-04: EUR 139.15 per share

- 2017-05: EUR 134.92 per share

- 2017-06: EUR 136.96 per share

- 2017-07: EUR 136.50 per share

- 2017-08: EUR 138.75 per share

- 2017-09: EUR 151.00 per share

- 2017-10: EUR 147.50 per share

- 2017-11: EUR 126.21 per share

- 2017-12: EUR 135.20 per share

- 2018-01: EUR 135.80 per share

- 2018-02: EUR 138.00 per share

- 2018-03: EUR 145.00 per share

- 2018-04: EUR 147.60 per share

- 2018-05: EUR 155.00 per share

- 2018-06: EUR 138.60 per share

- 2018-07: EUR 140.80 per share

- 2018-08: EUR 152.60 per share

- 2018-09: EUR 154.40 per share

- 2018-10: EUR 149.00 per share

- 2018-11: EUR 140.00 per share

- 2018-12: EUR 115.00 per share

- 2019-01: EUR 146.80 per share

- 2019-02: EUR 147.20 per share

- 2019-03: EUR 141.20 per share

- 2019-04: EUR 159.40 per share

- 2019-05: EUR 156.00 per share

- 2019-06: EUR 156.20 per share

- 2019-07: EUR 169.20 per share

- 2019-08: EUR 156.00 per share

- 2019-09: EUR 161.60 per share

- 2019-10: EUR 171.40 per share

- 2019-11: EUR 194.00 per share

- 2019-12: EUR 180.40 per share

- 2020-01: EUR 176.60 per share

- 2020-02: EUR 160.60 per share

- 2020-03: EUR 143.00 per share

- 2020-04: EUR 170.00 per share

- 2020-05: EUR 182.60 per share

- 2020-06: EUR 172.40 per share

- 2020-07: EUR 185.00 per share

- 2020-08: EUR 189.00 per share

- 2020-09: EUR 184.80 per share

- 2020-10: EUR 200.00 per share

- 2020-11: EUR 194.00 per share

- 2020-12: EUR 226.00 per share

- 2021-01: EUR 225.00 per share

- 2021-02: EUR 210.50 per share

- 2021-03: EUR 228.00 per share

- 2021-04: EUR 230.00 per share

- 2021-05: EUR 238.00 per share

- 2021-06: EUR 236.00 per share

- 2021-07: EUR 270.00 per share

- 2021-08: EUR 319.00 per share

- 2021-09: EUR 276.50 per share

- 2021-10: EUR 317.50 per share

- 2021-11: EUR 343.00 per share

- 2021-12: EUR 367.50 per share

- 2022-01: EUR 321.50 per share

- 2022-02: EUR 316.50 per share

- 2022-03: EUR 322.00 per share

- 2022-04: EUR 304.00 per share

- 2022-05: EUR 274.50 per share

- 2022-06: EUR 264.50 per share

- 2022-07: EUR 316.00 per share

- 2022-08: EUR 279.00 per share

- 2022-09: EUR 252.00 per share

- 2022-10: EUR 272.00 per share

- 2022-11: EUR 272.00 per share

- 2022-12: EUR 268.00 per share

- 2023-01: EUR 285.50 per share

- 2023-02: EUR 304.00 per share

- 2023-03: EUR 274.00 per share

- 2023-04: EUR 266.50 per share

- 2023-05: EUR 250.00 per share

- 2023-06: EUR 270.00 per share

- 2023-07: EUR 261.00 per share

- 2023-08: EUR 240.50 per share

- 2023-09: EUR 249.50 per share

- 2023-10: EUR 256.00 per share

- 2023-11: EUR 290.00 per share

- 2023-12: EUR 306.00 per share

- 2024-01: EUR 330.00 per share

- 2024-02: EUR 329.00 per share

- 2024-03: EUR 353.50 per share

- 2024-04: EUR 346.00 per share

- 2024-05: EUR 405.50 per share

- 2024-06: EUR 351.50 per share

- 2024-07: EUR 447.00 per share

- 2024-08: EUR 418.00 per share

- 2024-09: EUR 379.00 per share

- 2024-10: EUR 409.50 per share

- 2024-11: EUR 388.00 per share

- 2024-12: EUR 379.50 per share

- 2025-01: EUR 404.50 per share

- 2025-02: EUR 412.50 per share

- 2025-03: EUR 365.00 per share

- 2025-04: EUR 395.00 per share

- 2025-05: EUR 419.50 per share

- 2025-06: EUR 412.00 per share

- 2025-07: EUR 440.50 per share

- 2025-08: EUR 410.00 per share

- 2025-09: EUR 401.50 per share

- 2025-10: EUR 394.00 per share

- 2025-11: EUR 385.00 per share

- 2025-12: EUR 411.00 per share

- 2026-01: EUR 410.00 per share

- 2026-02: EUR 400.50 per share

- 2026-03: EUR 318.50 per share

- 2026-04: EUR 361.00 per share

- 2026-05: EUR 383.50 per share

- 2026-06: EUR 342.00 per share

- 2026-07: EUR 359.50 per share

- 2026-08: EUR 332.00 per share

- 2026-09: EUR 316.50 per share

- 2026-10: EUR 323.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 37.56 per share, central EUR 42.74 per share, high EUR 49.63 per share

- FY2017: low EUR 49.20 per share, central EUR 55.65 per share, high EUR 64.24 per share

- FY2018: low EUR 41.42 per share, central EUR 46.59 per share, high EUR 53.47 per share

- FY2019: low EUR 44.38 per share, central EUR 49.97 per share, high EUR 57.42 per share

- FY2020: low EUR 54.50 per share, central EUR 60.47 per share, high EUR 68.42 per share

- FY2021: low EUR 51.74 per share, central EUR 57.45 per share, high EUR 65.05 per share

- FY2022: low EUR 87.17 per share, central EUR 98.09 per share, high EUR 112.64 per share

- FY2023: low EUR 168.51 per share, central EUR 189.94 per share, high EUR 218.48 per share

- FY2024: low EUR 214.77 per share, central EUR 240.99 per share, high EUR 275.89 per share

- FY2025: low EUR 244.13 per share, central EUR 274.34 per share, high EUR 314.56 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 2026-10-15T06:45:55.850Z where newer inputs omit a numeric field or fiscal period.

## 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.

ID Logistics Group

IDL · PA

SBF 120

Not a wonderful business

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

Share price: EUR 327.50
Buy up to: EUR 284.41
Expected / yr: 9.0% 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

Margins varied 18.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 3.4%
Worst year: 2.5%
Latest · 2025: 4.2%

Capital return excluding acquisitions: median 8.3% (minimum 15%), and the second-worst year 7% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.3%
Worst year: 5.8%
Latest · 2025: 7.7%

Each $1 of profit left $1.90 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.90×
Annual median: 2.23×
Latest · 2025: 1.54×

Share growth was 1.2% over ten years and 2.3% over five (either must be at most 1% a year), and acquisitions used 263% of profits (limit 50%) while returns fell to 8.5% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: EUR 4.87
Worst year: EUR 2.48
Latest · 2025: EUR 9.41

Profits were backed by cash: accruals were -12.6% of assets (limit 10%).

Sloan accruals

10y median: -13.6%
Worst year: -1.7%
Latest · 2025: -12.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 3.6%, three-year average owner earnings per share 16.99 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 128.50 · Value 42.74 · Buy at or below 42.74; 2016-11 · Price EUR 136.75 · Value 42.74 · Buy at or below 42.74; 2016-12 · Price EUR 135.00 · Value 42.74 · Buy at or below 42.74; 2017-01 · Price EUR 142.49 · Value 42.74 · Buy at or below 42.74; 2017-02 · Price EUR 140.30 · Value 55.65 · Buy at or below 55.65; 2017-03 · Price EUR 133.20 · Value 55.65 · Buy at or below 55.65; 2017-04 · Price EUR 139.15 · Value 55.65 · Buy at or below 55.65; 2017-05 · Price EUR 134.92 · Value 55.65 · Buy at or below 55.65; 2017-06 · Price EUR 136.96 · Value 55.65 · Buy at or below 55.65; 2017-07 · Price EUR 136.50 · Value 55.65 · Buy at or below 55.65; 2017-08 · Price EUR 138.75 · Value 55.65 · Buy at or below 55.65; 2017-09 · Price EUR 151.00 · Value 55.65 · Buy at or below 55.65; 2017-10 · Price EUR 147.50 · Value 55.65 · Buy at or below 55.65; 2017-11 · Price EUR 126.21 · Value 55.65 · Buy at or below 55.65; 2017-12 · Price EUR 135.20 · Value 55.65 · Buy at or below 55.65; 2018-01 · Price EUR 135.80 · Value 55.65 · Buy at or below 55.65; 2018-02 · Price EUR 138.00 · Value 46.59 · Buy at or below 46.59; 2018-03 · Price EUR 145.00 · Value 46.59 · Buy at or below 46.59; 2018-04 · Price EUR 147.60 · Value 46.59 · Buy at or below 46.59; 2018-05 · Price EUR 155.00 · Value 46.59 · Buy at or below 46.59; 2018-06 · Price EUR 138.60 · Value 46.59 · Buy at or below 46.59; 2018-07 · Price EUR 140.80 · Value 46.59 · Buy at or below 46.59; 2018-08 · Price EUR 152.60 · Value 46.59 · Buy at or below 46.59; 2018-09 · Price EUR 154.40 · Value 46.59 · Buy at or below 46.59; 2018-10 · Price EUR 149.00 · Value 46.59 · Buy at or below 46.59; 2018-11 · Price EUR 140.00 · Value 46.59 · Buy at or below 46.59; 2018-12 · Price EUR 115.00 · Value 46.59 · Buy at or below 46.59; 2019-01 · Price EUR 146.80 · Value 46.59 · Buy at or below 46.59; 2019-02 · Price EUR 147.20 · Value 49.97 · Buy at or below 49.97; 2019-03 · Price EUR 141.20 · Value 49.97 · Buy at or below 49.97; 2019-04 · Price EUR 159.40 · Value 49.97 · Buy at or below 49.97; 2019-05 · Price EUR 156.00 · Value 49.97 · Buy at or below 49.97; 2019-06 · Price EUR 156.20 · Value 49.97 · Buy at or below 49.97; 2019-07 · Price EUR 169.20 · Value 49.97 · Buy at or below 49.97; 2019-08 · Price EUR 156.00 · Value 49.97 · Buy at or below 49.97; 2019-09 · Price EUR 161.60 · Value 49.97 · Buy at or below 49.97; 2019-10 · Price EUR 171.40 · Value 49.97 · Buy at or below 49.97; 2019-11 · Price EUR 194.00 · Value 49.97 · Buy at or below 49.97; 2019-12 · Price EUR 180.40 · Value 49.97 · Buy at or below 49.97; 2020-01 · Price EUR 176.60 · Value 49.97 · Buy at or below 49.97; 2020-02 · Price EUR 160.60 · Value 60.47 · Buy at or below 60.47; 2020-03 · Price EUR 143.00 · Value 60.47 · Buy at or below 60.47; 2020-04 · Price EUR 170.00 · Value 60.47 · Buy at or below 60.47; 2020-05 · Price EUR 182.60 · Value 60.47 · Buy at or below 60.47; 2020-06 · Price EUR 172.40 · Value 60.47 · Buy at or below 60.47; 2020-07 · Price EUR 185.00 · Value 60.47 · Buy at or below 60.47; 2020-08 · Price EUR 189.00 · Value 60.47 · Buy at or below 60.47; 2020-09 · Price EUR 184.80 · Value 60.47 · Buy at or below 60.47; 2020-10 · Price EUR 200.00 · Value 60.47 · Buy at or below 60.47; 2020-11 · Price EUR 194.00 · Value 60.47 · Buy at or below 60.47; 2020-12 · Price EUR 226.00 · Value 60.47 · Buy at or below 60.47; 2021-01 · Price EUR 225.00 · Value 60.47 · Buy at or below 60.47; 2021-02 · Price EUR 210.50 · Value 57.45 · Buy at or below 57.45; 2021-03 · Price EUR 228.00 · Value 57.45 · Buy at or below 57.45; 2021-04 · Price EUR 230.00 · Value 57.45 · Buy at or below 57.45; 2021-05 · Price EUR 238.00 · Value 57.45 · Buy at or below 57.45; 2021-06 · Price EUR 236.00 · Value 57.45 · Buy at or below 57.45; 2021-07 · Price EUR 270.00 · Value 57.45 · Buy at or below 57.45; 2021-08 · Price EUR 319.00 · Value 57.45 · Buy at or below 57.45; 2021-09 · Price EUR 276.50 · Value 57.45 · Buy at or below 57.45; 2021-10 · Price EUR 317.50 · Value 57.45 · Buy at or below 57.45; 2021-11 · Price EUR 343.00 · Value 57.45 · Buy at or below 57.45; 2021-12 · Price EUR 367.50 · Value 57.45 · Buy at or below 57.45; 2022-01 · Price EUR 321.50 · Value 57.45 · Buy at or below 57.45; 2022-02 · Price EUR 316.50 · Value 98.09 · Buy at or below 98.09; 2022-03 · Price EUR 322.00 · Value 98.09 · Buy at or below 98.09; 2022-04 · Price EUR 304.00 · Value 98.09 · Buy at or below 98.09; 2022-05 · Price EUR 274.50 · Value 98.09 · Buy at or below 98.09; 2022-06 · Price EUR 264.50 · Value 98.09 · Buy at or below 98.09; 2022-07 · Price EUR 316.00 · Value 98.09 · Buy at or below 98.09; 2022-08 · Price EUR 279.00 · Value 98.09 · Buy at or below 98.09; 2022-09 · Price EUR 252.00 · Value 98.09 · Buy at or below 98.09; 2022-10 · Price EUR 272.00 · Value 98.09 · Buy at or below 98.09; 2022-11 · Price EUR 272.00 · Value 98.09 · Buy at or below 98.09; 2022-12 · Price EUR 268.00 · Value 98.09 · Buy at or below 98.09; 2023-01 · Price EUR 285.50 · Value 98.09 · Buy at or below 98.09; 2023-02 · Price EUR 304.00 · Value 189.94 · Buy at or below 189.94; 2023-03 · Price EUR 274.00 · Value 189.94 · Buy at or below 189.94; 2023-04 · Price EUR 266.50 · Value 189.94 · Buy at or below 189.94; 2023-05 · Price EUR 250.00 · Value 189.94 · Buy at or below 189.94; 2023-06 · Price EUR 270.00 · Value 189.94 · Buy at or below 189.94; 2023-07 · Price EUR 261.00 · Value 189.94 · Buy at or below 189.94; 2023-08 · Price EUR 240.50 · Value 189.94 · Buy at or below 189.94; 2023-09 · Price EUR 249.50 · Value 189.94 · Buy at or below 189.94; 2023-10 · Price EUR 256.00 · Value 189.94 · Buy at or below 189.94; 2023-11 · Price EUR 290.00 · Value 189.94 · Buy at or below 189.94; 2023-12 · Price EUR 306.00 · Value 189.94 · Buy at or below 189.94; 2024-01 · Price EUR 330.00 · Value 189.94 · Buy at or below 189.94; 2024-02 · Price EUR 329.00 · Value 240.99 · Buy at or below 240.99; 2024-03 · Price EUR 353.50 · Value 240.99 · Buy at or below 240.99; 2024-04 · Price EUR 346.00 · Value 240.99 · Buy at or below 240.99; 2024-05 · Price EUR 405.50 · Value 240.99 · Buy at or below 240.99; 2024-06 · Price EUR 351.50 · Value 240.99 · Buy at or below 240.99; 2024-07 · Price EUR 447.00 · Value 240.99 · Buy at or below 240.99; 2024-08 · Price EUR 418.00 · Value 240.99 · Buy at or below 240.99; 2024-09 · Price EUR 379.00 · Value 240.99 · Buy at or below 240.99; 2024-10 · Price EUR 409.50 · Value 240.99 · Buy at or below 240.99; 2024-11 · Price EUR 388.00 · Value 240.99 · Buy at or below 240.99; 2024-12 · Price EUR 379.50 · Value 240.99 · Buy at or below 240.99; 2025-01 · Price EUR 404.50 · Value 240.99 · Buy at or below 240.99; 2025-02 · Price EUR 412.50 · Value 274.34 · Buy at or below 274.34; 2025-03 · Price EUR 365.00 · Value 274.34 · Buy at or below 274.34; 2025-04 · Price EUR 395.00 · Value 274.34 · Buy at or below 274.34; 2025-05 · Price EUR 419.50 · Value 274.34 · Buy at or below 274.34; 2025-06 · Price EUR 412.00 · Value 274.34 · Buy at or below 274.34; 2025-07 · Price EUR 440.50 · Value 274.34 · Buy at or below 274.34; 2025-08 · Price EUR 410.00 · Value 274.34 · Buy at or below 274.34; 2025-09 · Price EUR 401.50 · Value 274.34 · Buy at or below 274.34; 2025-10 · Price EUR 394.00 · Value 274.34 · Buy at or below 274.34; 2025-11 · Price EUR 385.00 · Value 274.34 · Buy at or below 274.34; 2025-12 · Price EUR 411.00 · Value 274.34 · Buy at or below 274.34; 2026-01 · Price EUR 410.00 · Value 274.34 · Buy at or below 274.34; 2026-02 · Price EUR 400.50 · Value 284.41 · Buy at or below 284.41; 2026-03 · Price EUR 318.50 · Value 284.41 · Buy at or below 284.41; 2026-04 · Price EUR 361.00 · Value 284.41 · Buy at or below 284.41; 2026-05 · Price EUR 383.50 · Value 284.41 · Buy at or below 284.41; 2026-06 · Price EUR 342.00 · Value 284.41 · Buy at or below 284.41; 2026-07 · Price EUR 359.50 · Value 284.41 · Buy at or below 284.41; 2026-08 · Price EUR 332.00 · Value 284.41 · Buy at or below 284.41; 2026-09 · Price EUR 316.50 · Value 284.41 · Buy at or below 284.41; 2026-10 · Price EUR 323.50 · Value 284.41 · Buy at or below 284.41; 2026-10 · Price EUR 327.50 · Value 284.41 · Buy at or below 284.41

EUR per share · annual estimates

Price & return math
Value range	EUR 253.34 – EUR 325.77
Buy at or below	Central value EUR 284.41
Discount to value	1 − 327.50 / 284.41 = -15.2%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 20.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 27.99/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 3.7B

Revenue

Owner earningsEUR 97M

Owner earnings

Operating margin4.2%

Operating margin

Net cash / debtEUR -1.4B

Net cash / debt

Diluted shares6.7M

Diluted shares

Prices 15 Oct 2026 · FY2025