# Industria de Diseno Textil (ITX.MC)

Canonical: https://gigainvestors.com/s/ITX.MC

Analysis as of: 2026-10-16T07:33:33.778Z. Financial observations: FY2000–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 55.44 per share; close as of 2026-10-15.

Estimated value: low EUR 29.07 per share, central EUR 39.80 per share, high EUR 46.17 per share. Buy at or below the central value EUR 39.80 per share. Valuation as of 2026-10-16T07:33:33.778Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.17×

- FY2019: 0.17×

- FY2020: 0.17×

- FY2021: 0.07×

- FY2022: 0.15×

- FY2023: 0.17×

- FY2024: 0.19×

- FY2025: 0.20×

- FY2026: 0.20×

### moat: pass

- ROIC, median of available years: 40.0%

- ROIC, second-lowest year: 27.1%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 56.8%

- Recent gross margin (lower of latest and 3-year median): 57.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 36.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 42.9%

- FY2018: 42.8%

- FY2019: 38.9%

- FY2020: 27.1%

- FY2021: 9.1%

- FY2022: 27.3%

- FY2023: 35.1%

- FY2024: 41.9%

- FY2025: 43.5%

- FY2026: 41.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 24B

- Net income, five-year total: EUR 25B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: -2.6%

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

- FY2022: 0.68×

- FY2023: 1.06×

- FY2024: 1.07×

- FY2025: 0.93×

- FY2026: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 42.8% vs 41.9%

- Per-share earnings: 1.01 to 1.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 76B

- Cumulative retained earnings: EUR 7.5B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.0%

- Per-share value change: EUR 0.87

- Per-share value, starting three-year median: EUR 1.01

- Per-share value, ending three-year median: EUR 1.88

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.3B

- Cumulative net income, 10 years: EUR 40B

- ROIC, first three-year median: 42.8%

- ROIC, last three-year median: 41.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.01

- FY2018: EUR 1.08

- FY2019: EUR 1.11

- FY2020: EUR 1.17

- FY2021: EUR 0.36

- FY2022: EUR 1.04

- FY2023: EUR 1.33

- FY2024: EUR 1.73

- FY2025: EUR 1.88

- FY2026: EUR 2.00

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.0%

- FY2018: -2.9%

- FY2019: -2.7%

- FY2020: -11.5%

- FY2021: -7.2%

- FY2022: -12.1%

- FY2023: -8.5%

- FY2024: -10.0%

- FY2025: -9.9%

- FY2026: -8.5%

## Holders

## Price story

Price needs cash profits to grow 11.1% a year for ten years · sales +3.2%

Story as of 2026-10-16T09:59:56.690Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

### Sales · FY2025–2026

sales +3.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 23B 

- FY2018: EUR 25B 

- FY2019: EUR 26B 

- FY2020: EUR 28B 

- FY2021: EUR 20B 

- FY2022: EUR 28B 

- FY2023: EUR 33B 

- FY2024: EUR 36B 

- FY2025: EUR 39B 

- FY2026: EUR 40B 

### Gross margin · FY2026

gross margin 58.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 57.0% 

- FY2018: 56.3% 

- FY2019: 56.7% 

- FY2020: 55.9% 

- FY2021: 55.8% 

- FY2022: 57.1% 

- FY2023: 57.0% 

- FY2024: 49.7% 

- FY2025: 57.8% 

- FY2026: 58.3% 

## Owner memo

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

### How it makes money

Operates in apparel retail; annual sales are EUR 39.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2026: revenue 39864173000; grossProfit 23222455000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITX.MC: Industria de Diseño Textil, S.A., together with its subsidiaries, engages in the retail and online distribution of clothing, footwear, accessories, and household products in Spain, rest of Europe, the Americas, Asia, and internationally. The company sells its products under the Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Lefties, and Zara Home. It is also involved in the textile manufacturing, logistics, design, insurance, construction, buyer activities, and real estate businesses, as well as provides financial services. Industria de Diseño Textil, S.A. was founded in 1963 and is headquartered in Corunna, Spain.

### Why customers stay

Margins ranged from 49.7% to 58.3% during 2024–26; it earns 40% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2024: grossProfit / revenue = 49.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2025: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2026: grossProfit / revenue = 58.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); 10-year return on capital observations [[2017,0.42906649695264476],[2018,0.4275351934264458],[2019,0.3888942733229869],[2020,0.27055004654239256],[2021,0.09070645492842286],[2022,0.272777077042643],[2023,0.3505978350865798],[2024,0.41946469282571097],[2025,0.43523884481305913],[2026,0.4112317445960748]]; median 0.40006300895953084. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 57% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); Gross margin observations: [[2021,0.5582295853347711],[2022,0.5705729542502526],[2023,0.5698056434032363]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2017: growth capex 290785999; upkeep 967736000; owner earnings 3156957000. Growth capex / owner earnings = 0.09210958495791992.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2018: growth capex 481000000; upkeep 1108000000; owner earnings 3368000000. Growth capex / owner earnings = 0.1428147268408551.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2019: growth capex 185000000; upkeep 1206000000; owner earnings 3443000000. Growth capex / owner earnings = 0.05373221028173105.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2020: growth capex 0; upkeep 1152000000; owner earnings 3948600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2021: growth capex 0; upkeep 708000000; owner earnings 1909800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2022: growth capex 0; upkeep 1126000000; owner earnings 2215400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2023: growth capex 0; upkeep 1415000000; owner earnings 4374400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2024: growth capex 0; upkeep 1398000000; owner earnings 5735400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2025: growth capex 0; upkeep 2206000000; owner earnings 5476733000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); FY2026: growth capex 0; upkeep 2192000000; owner earnings 5950490000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); Dividend observations: [[2017,1871457000],[2018,2127000000],[2019,2335000000],[2020,2741000000],[2021,1090000000],[2022,2192000000],[2023,2914000000],[2024,3735000000],[2025,4797000000],[2026,5236000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITX.MC SharesStats.PercentInsiders = 64.349 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 7.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.778Z); Ten-year compound average after fade. Initial solved rate 0.19517993267140643. Price 55.44; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.9235154902225233 → FY2026 1.9093471693451478. Closing-price date 2026-10-15.

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

- 2016-10: EUR 31.85 per share

- 2016-11: EUR 32.28 per share

- 2016-12: EUR 32.43 per share

- 2017-01: EUR 30.54 per share

- 2017-02: EUR 30.32 per share

- 2017-03: EUR 33.04 per share

- 2017-04: EUR 35.21 per share

- 2017-05: EUR 36.40 per share

- 2017-06: EUR 33.61 per share

- 2017-07: EUR 33.59 per share

- 2017-08: EUR 31.92 per share

- 2017-09: EUR 31.89 per share

- 2017-10: EUR 32.10 per share

- 2017-11: EUR 29.74 per share

- 2017-12: EUR 29.05 per share

- 2018-01: EUR 28.87 per share

- 2018-02: EUR 24.96 per share

- 2018-03: EUR 25.43 per share

- 2018-04: EUR 25.78 per share

- 2018-05: EUR 27.01 per share

- 2018-06: EUR 29.26 per share

- 2018-07: EUR 28.05 per share

- 2018-08: EUR 26.05 per share

- 2018-09: EUR 26.11 per share

- 2018-10: EUR 24.93 per share

- 2018-11: EUR 27.09 per share

- 2018-12: EUR 22.35 per share

- 2019-01: EUR 24.35 per share

- 2019-02: EUR 26.54 per share

- 2019-03: EUR 26.20 per share

- 2019-04: EUR 26.97 per share

- 2019-05: EUR 24.05 per share

- 2019-06: EUR 26.45 per share

- 2019-07: EUR 27.03 per share

- 2019-08: EUR 28.12 per share

- 2019-09: EUR 28.40 per share

- 2019-10: EUR 27.95 per share

- 2019-11: EUR 28.26 per share

- 2019-12: EUR 31.45 per share

- 2020-01: EUR 30.37 per share

- 2020-02: EUR 28.13 per share

- 2020-03: EUR 23.66 per share

- 2020-04: EUR 23.25 per share

- 2020-05: EUR 25.05 per share

- 2020-06: EUR 23.57 per share

- 2020-07: EUR 22.52 per share

- 2020-08: EUR 23.55 per share

- 2020-09: EUR 23.80 per share

- 2020-10: EUR 21.19 per share

- 2020-11: EUR 27.85 per share

- 2020-12: EUR 26.04 per share

- 2021-01: EUR 24.49 per share

- 2021-02: EUR 27.31 per share

- 2021-03: EUR 28.10 per share

- 2021-04: EUR 29.62 per share

- 2021-05: EUR 31.69 per share

- 2021-06: EUR 29.71 per share

- 2021-07: EUR 28.59 per share

- 2021-08: EUR 28.91 per share

- 2021-09: EUR 31.82 per share

- 2021-10: EUR 31.24 per share

- 2021-11: EUR 27.86 per share

- 2021-12: EUR 28.53 per share

- 2022-01: EUR 26.74 per share

- 2022-02: EUR 23.60 per share

- 2022-03: EUR 19.78 per share

- 2022-04: EUR 20.10 per share

- 2022-05: EUR 22.39 per share

- 2022-06: EUR 21.59 per share

- 2022-07: EUR 23.69 per share

- 2022-08: EUR 21.55 per share

- 2022-09: EUR 21.28 per share

- 2022-10: EUR 22.94 per share

- 2022-11: EUR 24.86 per share

- 2022-12: EUR 24.85 per share

- 2023-01: EUR 28.62 per share

- 2023-02: EUR 29.09 per share

- 2023-03: EUR 30.90 per share

- 2023-04: EUR 31.16 per share

- 2023-05: EUR 31.29 per share

- 2023-06: EUR 35.46 per share

- 2023-07: EUR 34.81 per share

- 2023-08: EUR 35.36 per share

- 2023-09: EUR 35.29 per share

- 2023-10: EUR 32.55 per share

- 2023-11: EUR 37.83 per share

- 2023-12: EUR 39.43 per share

- 2024-01: EUR 39.71 per share

- 2024-02: EUR 41.01 per share

- 2024-03: EUR 46.67 per share

- 2024-04: EUR 42.85 per share

- 2024-05: EUR 43.56 per share

- 2024-06: EUR 46.36 per share

- 2024-07: EUR 44.86 per share

- 2024-08: EUR 48.98 per share

- 2024-09: EUR 53.14 per share

- 2024-10: EUR 52.30 per share

- 2024-11: EUR 52.18 per share

- 2024-12: EUR 49.64 per share

- 2025-01: EUR 52.72 per share

- 2025-02: EUR 52.00 per share

- 2025-03: EUR 45.85 per share

- 2025-04: EUR 47.24 per share

- 2025-05: EUR 47.72 per share

- 2025-06: EUR 44.18 per share

- 2025-07: EUR 41.91 per share

- 2025-08: EUR 42.20 per share

- 2025-09: EUR 46.97 per share

- 2025-10: EUR 47.90 per share

- 2025-11: EUR 48.25 per share

- 2025-12: EUR 56.34 per share

- 2026-01: EUR 55.00 per share

- 2026-02: EUR 56.82 per share

- 2026-03: EUR 49.24 per share

- 2026-04: EUR 50.58 per share

- 2026-05: EUR 53.30 per share

- 2026-06: EUR 55.12 per share

- 2026-07: EUR 56.44 per share

- 2026-08: EUR 58.00 per share

- 2026-09: EUR 53.92 per share

- 2026-10: EUR 54.14 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 16.78 per share, central EUR 23.64 per share, high EUR 27.46 per share

- FY2018: low EUR 17.38 per share, central EUR 23.75 per share, high EUR 27.55 per share

- FY2019: low EUR 17.76 per share, central EUR 24.34 per share, high EUR 28.22 per share

- FY2020: low EUR 19.65 per share, central EUR 26.66 per share, high EUR 30.87 per share

- FY2021: low EUR 11.82 per share, central EUR 13.13 per share, high EUR 14.88 per share

- FY2022: low EUR 18.45 per share, central EUR 23.69 per share, high EUR 27.27 per share

- FY2023: low EUR 21.89 per share, central EUR 28.96 per share, high EUR 33.44 per share

- FY2024: low EUR 20.38 per share, central EUR 22.72 per share, high EUR 25.83 per share

- FY2025: low EUR 27.62 per share, central EUR 38.71 per share, high EUR 44.90 per share

- FY2026: low EUR 28.80 per share, central EUR 39.41 per share, high EUR 45.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Industria de Diseno Textil

ITX · MC

Euro Stoxx 50 · STOXX Europe 600 · IBEX 35

A wonderful business at too high a price

Passes the quality tests.

Share price: EUR 55.44
Buy up to: EUR 39.80
Expected / yr: 8.0% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 20.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 17.0%
Worst year: 7.4%
Latest · 2026: 20.2%

Capital return excluding acquisitions: median 40% (minimum 15%), and the second-worst year 27.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 40.0%
Worst year: 9.1%
Latest · 2026: 41.1%

Each $1 of profit left $0.96 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.96×
Annual median: 0.96×
Latest · 2026: 0.96×

Per-share value rose from 1.01 to 1.88, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 1.14
Worst year: EUR 0.36
Latest · 2026: EUR 2.00

Profits were backed by cash: accruals were -8.5% of assets (limit 10%).

Sloan accruals

10y median: -8.5%
Worst year: -2.7%
Latest · 2026: -8.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.7%, three-year average owner earnings per share 1.84 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 31.84; 2016-11 · Price EUR 32.27; 2016-12 · Price EUR 32.43; 2017-01 · Price EUR 30.54 · Value 23.64 · Buy at or below 23.64; 2017-02 · Price EUR 30.32 · Value 23.64 · Buy at or below 23.64; 2017-03 · Price EUR 33.04 · Value 23.64 · Buy at or below 23.64; 2017-04 · Price EUR 35.21 · Value 23.64 · Buy at or below 23.64; 2017-05 · Price EUR 36.40 · Value 23.64 · Buy at or below 23.64; 2017-06 · Price EUR 33.61 · Value 23.64 · Buy at or below 23.64; 2017-07 · Price EUR 33.59 · Value 23.64 · Buy at or below 23.64; 2017-08 · Price EUR 31.91 · Value 23.64 · Buy at or below 23.64; 2017-09 · Price EUR 31.89 · Value 23.64 · Buy at or below 23.64; 2017-10 · Price EUR 32.09 · Value 23.64 · Buy at or below 23.64; 2017-11 · Price EUR 29.74 · Value 23.64 · Buy at or below 23.64; 2017-12 · Price EUR 29.05 · Value 23.64 · Buy at or below 23.64; 2018-01 · Price EUR 28.87 · Value 23.64 · Buy at or below 23.64; 2018-02 · Price EUR 24.96 · Value 23.75 · Buy at or below 23.75; 2018-03 · Price EUR 25.43 · Value 23.75 · Buy at or below 23.75; 2018-04 · Price EUR 25.78 · Value 23.75 · Buy at or below 23.75; 2018-05 · Price EUR 27.01 · Value 23.75 · Buy at or below 23.75; 2018-06 · Price EUR 29.26 · Value 23.75 · Buy at or below 23.75; 2018-07 · Price EUR 28.05 · Value 23.75 · Buy at or below 23.75; 2018-08 · Price EUR 26.05 · Value 23.75 · Buy at or below 23.75; 2018-09 · Price EUR 26.11 · Value 23.75 · Buy at or below 23.75; 2018-10 · Price EUR 24.93 · Value 23.75 · Buy at or below 23.75; 2018-11 · Price EUR 27.09 · Value 23.75 · Buy at or below 23.75; 2018-12 · Price EUR 22.35 · Value 23.75 · Buy at or below 23.75; 2019-01 · Price EUR 24.35 · Value 23.75 · Buy at or below 23.75; 2019-02 · Price EUR 26.54 · Value 24.34 · Buy at or below 24.34; 2019-03 · Price EUR 26.20 · Value 24.34 · Buy at or below 24.34; 2019-04 · Price EUR 26.97 · Value 24.34 · Buy at or below 24.34; 2019-05 · Price EUR 24.05 · Value 24.34 · Buy at or below 24.34; 2019-06 · Price EUR 26.45 · Value 24.34 · Buy at or below 24.34; 2019-07 · Price EUR 27.03 · Value 24.34 · Buy at or below 24.34; 2019-08 · Price EUR 28.12 · Value 24.34 · Buy at or below 24.34; 2019-09 · Price EUR 28.40 · Value 24.34 · Buy at or below 24.34; 2019-10 · Price EUR 27.95 · Value 24.34 · Buy at or below 24.34; 2019-11 · Price EUR 28.26 · Value 24.34 · Buy at or below 24.34; 2019-12 · Price EUR 31.45 · Value 24.34 · Buy at or below 24.34; 2020-01 · Price EUR 30.37 · Value 24.34 · Buy at or below 24.34; 2020-02 · Price EUR 28.13 · Value 26.66 · Buy at or below 26.66; 2020-03 · Price EUR 23.66 · Value 26.66 · Buy at or below 26.66; 2020-04 · Price EUR 23.25 · Value 26.66 · Buy at or below 26.66; 2020-05 · Price EUR 25.05 · Value 26.66 · Buy at or below 26.66; 2020-06 · Price EUR 23.57 · Value 26.66 · Buy at or below 26.66; 2020-07 · Price EUR 22.52 · Value 26.66 · Buy at or below 26.66; 2020-08 · Price EUR 23.55 · Value 26.66 · Buy at or below 26.66; 2020-09 · Price EUR 23.80 · Value 26.66 · Buy at or below 26.66; 2020-10 · Price EUR 21.19 · Value 26.66 · Buy at or below 26.66; 2020-11 · Price EUR 27.85 · Value 26.66 · Buy at or below 26.66; 2020-12 · Price EUR 26.04 · Value 26.66 · Buy at or below 26.66; 2021-01 · Price EUR 24.49 · Value 26.66 · Buy at or below 26.66; 2021-02 · Price EUR 27.31 · Value 13.13 · Buy at or below 13.13; 2021-03 · Price EUR 28.10 · Value 13.13 · Buy at or below 13.13; 2021-04 · Price EUR 29.62 · Value 13.13 · Buy at or below 13.13; 2021-05 · Price EUR 31.69 · Value 13.13 · Buy at or below 13.13; 2021-06 · Price EUR 29.71 · Value 13.13 · Buy at or below 13.13; 2021-07 · Price EUR 28.59 · Value 13.13 · Buy at or below 13.13; 2021-08 · Price EUR 28.91 · Value 13.13 · Buy at or below 13.13; 2021-09 · Price EUR 31.82 · Value 13.13 · Buy at or below 13.13; 2021-10 · Price EUR 31.24 · Value 13.13 · Buy at or below 13.13; 2021-11 · Price EUR 27.86 · Value 13.13 · Buy at or below 13.13; 2021-12 · Price EUR 28.53 · Value 13.13 · Buy at or below 13.13; 2022-01 · Price EUR 26.74 · Value 13.13 · Buy at or below 13.13; 2022-02 · Price EUR 23.60 · Value 23.69 · Buy at or below 23.69; 2022-03 · Price EUR 19.78 · Value 23.69 · Buy at or below 23.69; 2022-04 · Price EUR 20.10 · Value 23.69 · Buy at or below 23.69; 2022-05 · Price EUR 22.39 · Value 23.69 · Buy at or below 23.69; 2022-06 · Price EUR 21.59 · Value 23.69 · Buy at or below 23.69; 2022-07 · Price EUR 23.69 · Value 23.69 · Buy at or below 23.69; 2022-08 · Price EUR 21.55 · Value 23.69 · Buy at or below 23.69; 2022-09 · Price EUR 21.28 · Value 23.69 · Buy at or below 23.69; 2022-10 · Price EUR 22.94 · Value 23.69 · Buy at or below 23.69; 2022-11 · Price EUR 24.86 · Value 23.69 · Buy at or below 23.69; 2022-12 · Price EUR 24.85 · Value 23.69 · Buy at or below 23.69; 2023-01 · Price EUR 28.62 · Value 23.69 · Buy at or below 23.69; 2023-02 · Price EUR 29.09 · Value 28.96 · Buy at or below 28.96; 2023-03 · Price EUR 30.90 · Value 28.96 · Buy at or below 28.96; 2023-04 · Price EUR 31.16 · Value 28.96 · Buy at or below 28.96; 2023-05 · Price EUR 31.29 · Value 28.96 · Buy at or below 28.96; 2023-06 · Price EUR 35.46 · Value 28.96 · Buy at or below 28.96; 2023-07 · Price EUR 34.81 · Value 28.96 · Buy at or below 28.96; 2023-08 · Price EUR 35.36 · Value 28.96 · Buy at or below 28.96; 2023-09 · Price EUR 35.29 · Value 28.96 · Buy at or below 28.96; 2023-10 · Price EUR 32.55 · Value 28.96 · Buy at or below 28.96; 2023-11 · Price EUR 37.83 · Value 28.96 · Buy at or below 28.96; 2023-12 · Price EUR 39.43 · Value 28.96 · Buy at or below 28.96; 2024-01 · Price EUR 39.71 · Value 28.96 · Buy at or below 28.96; 2024-02 · Price EUR 41.01 · Value 22.72 · Buy at or below 22.72; 2024-03 · Price EUR 46.67 · Value 22.72 · Buy at or below 22.72; 2024-04 · Price EUR 42.85 · Value 22.72 · Buy at or below 22.72; 2024-05 · Price EUR 43.56 · Value 22.72 · Buy at or below 22.72; 2024-06 · Price EUR 46.36 · Value 22.72 · Buy at or below 22.72; 2024-07 · Price EUR 44.86 · Value 22.72 · Buy at or below 22.72; 2024-08 · Price EUR 48.98 · Value 22.72 · Buy at or below 22.72; 2024-09 · Price EUR 53.14 · Value 22.72 · Buy at or below 22.72; 2024-10 · Price EUR 52.30 · Value 22.72 · Buy at or below 22.72; 2024-11 · Price EUR 52.18 · Value 22.72 · Buy at or below 22.72; 2024-12 · Price EUR 49.64 · Value 22.72 · Buy at or below 22.72; 2025-01 · Price EUR 52.72 · Value 22.72 · Buy at or below 22.72; 2025-02 · Price EUR 52.00 · Value 38.71 · Buy at or below 38.71; 2025-03 · Price EUR 45.85 · Value 38.71 · Buy at or below 38.71; 2025-04 · Price EUR 47.24 · Value 38.71 · Buy at or below 38.71; 2025-05 · Price EUR 47.72 · Value 38.71 · Buy at or below 38.71; 2025-06 · Price EUR 44.18 · Value 38.71 · Buy at or below 38.71; 2025-07 · Price EUR 41.91 · Value 38.71 · Buy at or below 38.71; 2025-08 · Price EUR 42.20 · Value 38.71 · Buy at or below 38.71; 2025-09 · Price EUR 46.97 · Value 38.71 · Buy at or below 38.71; 2025-10 · Price EUR 47.90 · Value 38.71 · Buy at or below 38.71; 2025-11 · Price EUR 48.25 · Value 38.71 · Buy at or below 38.71; 2025-12 · Price EUR 56.34 · Value 38.71 · Buy at or below 38.71; 2026-01 · Price EUR 55.00 · Value 38.71 · Buy at or below 38.71; 2026-02 · Price EUR 56.82 · Value 39.41 · Buy at or below 39.41; 2026-03 · Price EUR 49.24 · Value 39.41 · Buy at or below 39.41; 2026-04 · Price EUR 50.58 · Value 39.41 · Buy at or below 39.41; 2026-05 · Price EUR 53.30 · Value 39.41 · Buy at or below 39.41; 2026-06 · Price EUR 55.12 · Value 39.41 · Buy at or below 39.41; 2026-07 · Price EUR 56.44 · Value 39.41 · Buy at or below 39.41; 2026-08 · Price EUR 58.00 · Value 39.41 · Buy at or below 39.41; 2026-09 · Price EUR 53.92 · Value 39.41 · Buy at or below 39.41; 2026-10 · Price EUR 54.14 · Value 39.41 · Buy at or below 39.41; 2026-10 · Price EUR 55.44 · Value 39.41 · Buy at or below 39.41

EUR per share · annual estimates

Price & return math
Value range	EUR 29.07 – EUR 46.17
Buy at or below	Central value EUR 39.80
Discount to value	1 − 55.44 / 39.80 = -39.3%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 1.84/share; 10.5% growth fades over 10 years to 3.0%; excess cash EUR 3.21/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 40B

Revenue

Owner earningsEUR 6.0B

Owner earnings

Operating margin20.2%

Operating margin

Net cash / debtEUR 5.0B

Net cash / debt

Diluted shares3.1B

Diluted shares

Prices 15 Oct 2026 · FY2026