# Kemira Oyj (KEMIRA.HE)

Canonical: https://gigainvestors.com/s/KEMIRA.HE

Analysis as of: 2026-10-16T07:39:39.021Z. Financial observations: FY1998–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 16.75 per share; close as of 2026-10-15.

Estimated value: low EUR 11.90 per share, central EUR 13.43 per share, high EUR 15.47 per share. Buy at or below the central value EUR 13.43 per share. Valuation as of 2026-10-16T07:39:39.021Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.12×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 25.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 25.2 pp

- Typical gross margin (annual median): 44.6%

- Recent gross margin (lower of latest and 3-year median): 19.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.8%

- FY2017: 7.9%

- FY2018: 8.1%

- FY2019: 9.7%

- FY2020: 11.4%

- FY2021: 8.2%

- FY2022: 14.0%

- FY2023: 14.2%

- FY2024: 17.9%

- FY2025: 14.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 891M

- Net income, five-year total: EUR 970M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -6.4 pp

- Working capital / revenue, final three-year average: 12.2%

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

- FY2021: 1.04×

- FY2022: 0.92×

- FY2023: 0.87×

- FY2024: 0.97×

- FY2025: 0.82×

### 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: 8.1% vs 14.2%

- Per-share earnings: 0.52 to 1.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: EUR 1.1B

- Cumulative retained earnings: EUR 582M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.2%

- Per-share value change: EUR 0.78

- Per-share value, starting three-year median: EUR 0.52

- Per-share value, ending three-year median: EUR 1.30

- Average buyback yield: 3.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 133M

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 14.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.60

- FY2017: EUR 0.52

- FY2018: EUR 0.58

- FY2019: EUR 0.72

- FY2020: EUR 0.86

- FY2021: EUR 0.71

- FY2022: EUR 1.50

- FY2023: EUR 1.30

- FY2024: EUR 1.61

- FY2025: EUR 1.20

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.8%

- FY2017: -4.7%

- FY2018: -4.4%

- FY2019: -9.5%

- FY2020: -8.7%

- FY2021: -3.6%

- FY2022: -4.6%

- FY2023: -9.9%

- FY2024: -7.0%

- FY2025: -6.3%

## Holders

## Price story

Down 26% since Jun 2024 · sales -6.6%

Story as of 2026-10-16T10:00:10.949Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2024–2025

sales -6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.4B 

- FY2017: EUR 2.5B 

- FY2018: EUR 2.6B 

- FY2019: EUR 2.7B 

- FY2020: EUR 2.4B 

- FY2021: EUR 2.7B 

- FY2022: EUR 3.6B 

- FY2023: EUR 3.4B 

- FY2024: EUR 2.9B 

- FY2025: EUR 2.8B 

### Gross margin · FY2025

gross margin 19.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.3% 

- FY2017: 37.7% 

- FY2018: 36.4% 

- FY2019: 47.9% 

- FY2020: 50.9% 

- FY2021: 46.2% 

- FY2022: 43.0% 

- FY2023: 48.2% 

- FY2024: 51.6% 

- FY2025: 19.4% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are EUR 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2025: revenue 2753500000; grossProfit 533385750; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KEMIRA.HE: Kemira Oyj operates as a chemicals company in Finland, rest of Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates in three segments: Water Solutions, Packaging & Hygiene Solutions, and Fiber Essentials. It offers clean, safe, and affordable drinking water through efficient water processing, wastewater treatment, and reuse, supported by advanced digital technologies for customers in municipalities and water intensive industries. The company also provides functional and safe products enabled by efficient and compliant production processes and advanced digital technologies, serving customers in packaging, board, and tissue. In addition, it offers bright, clean, and strong pulp produced through efficient pulping and bleaching processes supported by advanced digital technologies for customers in pulp production. Kemira Oyj was founded in 1920 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 19.4% to 51.6% during 2023–25; it earns 10.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2023: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2024: grossProfit / revenue = 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2025: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); 10-year return on capital observations [[2016,0.08772786458333333],[2017,0.07935313319357881],[2018,0.08067209823480898],[2019,0.09674656173699882],[2020,0.1137351204166417],[2021,0.08207739355349133],[2022,0.1400305728842758],[2023,0.14159444979187516],[2024,0.17885196709882184],[2025,0.1415670289465941]]; median 0.10524084107682026. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 96.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2016: growth capex 0; upkeep 212600000; owner earnings 16400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2017: growth capex 42252523.31517559; upkeep 144147476.6848244; owner earnings 75452523.3151756. Growth capex / owner earnings = 0.5599882079315092.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2018: growth capex 1100000; upkeep 149300000; owner earnings 89100000. Growth capex / owner earnings = 0.012345679012345678.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2019: growth capex 15900000; upkeep 187900000; owner earnings 83380000. Growth capex / owner earnings = 0.19069321180139123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2020: growth capex 0; upkeep 198200000; owner earnings 106220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2021: growth capex 0; upkeep 168800000; owner earnings 112140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2022: growth capex 0; upkeep 197900000; owner earnings 214320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2023: growth capex 0; upkeep 204900000; owner earnings 173500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2024: growth capex 0; upkeep 167300000; owner earnings 242460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2025: growth capex 0; upkeep 196700000; owner earnings 148640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); Dividend observations: [[2016,86500000],[2017,86900000],[2018,87300000],[2019,80900000],[2020,85700000],[2021,95300000],[2022,88900000],[2023,95200000],[2024,104700000],[2025,113100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); FY2025: cash repurchases 96300000 EUR.

### Are managers owners

Insiders own 28.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KEMIRA.HE SharesStats.PercentInsiders = 28.171000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.021Z); Ten-year compound average after fade. Initial solved rate 0.04169160613082758. Price 16.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.46691481106390814 → FY2025 0.9837193911317008. Closing-price date 2026-10-15.

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

- 2016-10: EUR 10.86 per share

- 2016-11: EUR 11.45 per share

- 2016-12: EUR 12.13 per share

- 2017-01: EUR 11.61 per share

- 2017-02: EUR 12.02 per share

- 2017-03: EUR 11.51 per share

- 2017-04: EUR 11.75 per share

- 2017-05: EUR 11.22 per share

- 2017-06: EUR 11.06 per share

- 2017-07: EUR 10.65 per share

- 2017-08: EUR 10.39 per share

- 2017-09: EUR 11.12 per share

- 2017-10: EUR 12.10 per share

- 2017-11: EUR 10.91 per share

- 2017-12: EUR 11.50 per share

- 2018-01: EUR 11.40 per share

- 2018-02: EUR 11.24 per share

- 2018-03: EUR 10.40 per share

- 2018-04: EUR 11.12 per share

- 2018-05: EUR 11.12 per share

- 2018-06: EUR 11.39 per share

- 2018-07: EUR 11.23 per share

- 2018-08: EUR 11.42 per share

- 2018-09: EUR 11.61 per share

- 2018-10: EUR 10.83 per share

- 2018-11: EUR 10.17 per share

- 2018-12: EUR 9.85 per share

- 2019-01: EUR 10.61 per share

- 2019-02: EUR 11.76 per share

- 2019-03: EUR 11.02 per share

- 2019-04: EUR 12.61 per share

- 2019-05: EUR 12.29 per share

- 2019-06: EUR 12.94 per share

- 2019-07: EUR 13.36 per share

- 2019-08: EUR 12.80 per share

- 2019-09: EUR 13.50 per share

- 2019-10: EUR 14.55 per share

- 2019-11: EUR 14.18 per share

- 2019-12: EUR 13.26 per share

- 2020-01: EUR 13.64 per share

- 2020-02: EUR 11.47 per share

- 2020-03: EUR 8.83 per share

- 2020-04: EUR 10.99 per share

- 2020-05: EUR 11.50 per share

- 2020-06: EUR 11.46 per share

- 2020-07: EUR 11.29 per share

- 2020-08: EUR 11.58 per share

- 2020-09: EUR 10.87 per share

- 2020-10: EUR 10.61 per share

- 2020-11: EUR 12.05 per share

- 2020-12: EUR 12.94 per share

- 2021-01: EUR 13.97 per share

- 2021-02: EUR 13.37 per share

- 2021-03: EUR 13.09 per share

- 2021-04: EUR 13.59 per share

- 2021-05: EUR 13.31 per share

- 2021-06: EUR 13.28 per share

- 2021-07: EUR 14.20 per share

- 2021-08: EUR 14.29 per share

- 2021-09: EUR 13.32 per share

- 2021-10: EUR 13.27 per share

- 2021-11: EUR 13.13 per share

- 2021-12: EUR 13.33 per share

- 2022-01: EUR 13.00 per share

- 2022-02: EUR 11.85 per share

- 2022-03: EUR 11.87 per share

- 2022-04: EUR 12.50 per share

- 2022-05: EUR 12.72 per share

- 2022-06: EUR 11.66 per share

- 2022-07: EUR 12.40 per share

- 2022-08: EUR 12.00 per share

- 2022-09: EUR 11.35 per share

- 2022-10: EUR 13.36 per share

- 2022-11: EUR 13.89 per share

- 2022-12: EUR 14.33 per share

- 2023-01: EUR 14.90 per share

- 2023-02: EUR 18.13 per share

- 2023-03: EUR 16.22 per share

- 2023-04: EUR 15.89 per share

- 2023-05: EUR 14.82 per share

- 2023-06: EUR 14.59 per share

- 2023-07: EUR 14.26 per share

- 2023-08: EUR 14.62 per share

- 2023-09: EUR 14.74 per share

- 2023-10: EUR 15.28 per share

- 2023-11: EUR 15.43 per share

- 2023-12: EUR 16.79 per share

- 2024-01: EUR 17.35 per share

- 2024-02: EUR 16.65 per share

- 2024-03: EUR 17.52 per share

- 2024-04: EUR 20.42 per share

- 2024-05: EUR 21.68 per share

- 2024-06: EUR 22.76 per share

- 2024-07: EUR 20.90 per share

- 2024-08: EUR 22.18 per share

- 2024-09: EUR 22.42 per share

- 2024-10: EUR 19.52 per share

- 2024-11: EUR 18.60 per share

- 2024-12: EUR 19.52 per share

- 2025-01: EUR 21.28 per share

- 2025-02: EUR 21.24 per share

- 2025-03: EUR 20.06 per share

- 2025-04: EUR 18.15 per share

- 2025-05: EUR 19.35 per share

- 2025-06: EUR 19.67 per share

- 2025-07: EUR 18.68 per share

- 2025-08: EUR 19.76 per share

- 2025-09: EUR 19.08 per share

- 2025-10: EUR 19.10 per share

- 2025-11: EUR 19.26 per share

- 2025-12: EUR 19.58 per share

- 2026-01: EUR 19.83 per share

- 2026-02: EUR 20.50 per share

- 2026-03: EUR 18.80 per share

- 2026-04: EUR 17.65 per share

- 2026-05: EUR 17.84 per share

- 2026-06: EUR 16.41 per share

- 2026-07: EUR 17.01 per share

- 2026-08: EUR 17.58 per share

- 2026-09: EUR 17.21 per share

- 2026-10: EUR 16.95 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 3.09 per share, central EUR 3.40 per share, high EUR 3.82 per share

- FY2017: low EUR 4.86 per share, central EUR 5.43 per share, high EUR 6.18 per share

- FY2018: low EUR 6.17 per share, central EUR 6.94 per share, high EUR 7.96 per share

- FY2019: low EUR 6.37 per share, central EUR 7.16 per share, high EUR 8.22 per share

- FY2020: low EUR 6.17 per share, central EUR 6.92 per share, high EUR 7.92 per share

- FY2021: low EUR 7.14 per share, central EUR 8.05 per share, high EUR 9.25 per share

- FY2022: low EUR 13.02 per share, central EUR 16.37 per share, high EUR 18.94 per share

- FY2023: low EUR 13.86 per share, central EUR 17.00 per share, high EUR 19.49 per share

- FY2024: low EUR 14.44 per share, central EUR 17.12 per share, high EUR 19.47 per share

- FY2025: low EUR 11.99 per share, central EUR 13.47 per share, high EUR 15.45 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 2026-10-15T06:45:22.982Z 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.

Kemira Oyj

KEMIRA · HE

STOXX Europe 600 · OMXH25

Not a wonderful business

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

Share price: EUR 16.75
Buy up to: EUR 13.43
Expected / yr: 8.5% 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 27.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.1%
Worst year: 5.7%
Latest · 2025: 10.9%

Capital return excluding acquisitions: median 10.5% (minimum 15%), and the second-worst year 8.1% (minimum 10%), and gross margin fell 25.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 10.5%
Worst year: 7.9%
Latest · 2025: 14.2%

Each $1 of profit left $0.92 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 0.92×
Latest · 2025: 0.82×

Per-share value rose from 0.52 to 1.3, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 0.79
Worst year: EUR 0.52
Latest · 2025: EUR 1.20

Profits were backed by cash: accruals were -6.3% of assets (limit 10%).

Sloan accruals

10y median: -6.6%
Worst year: -3.6%
Latest · 2025: -6.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.3%, three-year average owner earnings per share 1.22 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 10.86 · Value 3.40 · Buy at or below 3.40; 2016-11 · Price EUR 11.45 · Value 3.40 · Buy at or below 3.40; 2016-12 · Price EUR 12.13 · Value 3.40 · Buy at or below 3.40; 2017-01 · Price EUR 11.61 · Value 3.40 · Buy at or below 3.40; 2017-02 · Price EUR 12.02 · Value 5.43 · Buy at or below 5.43; 2017-03 · Price EUR 11.51 · Value 5.43 · Buy at or below 5.43; 2017-04 · Price EUR 11.75 · Value 5.43 · Buy at or below 5.43; 2017-05 · Price EUR 11.22 · Value 5.43 · Buy at or below 5.43; 2017-06 · Price EUR 11.06 · Value 5.43 · Buy at or below 5.43; 2017-07 · Price EUR 10.65 · Value 5.43 · Buy at or below 5.43; 2017-08 · Price EUR 10.39 · Value 5.43 · Buy at or below 5.43; 2017-09 · Price EUR 11.12 · Value 5.43 · Buy at or below 5.43; 2017-10 · Price EUR 12.10 · Value 5.43 · Buy at or below 5.43; 2017-11 · Price EUR 10.91 · Value 5.43 · Buy at or below 5.43; 2017-12 · Price EUR 11.50 · Value 5.43 · Buy at or below 5.43; 2018-01 · Price EUR 11.40 · Value 5.43 · Buy at or below 5.43; 2018-02 · Price EUR 11.24 · Value 6.94 · Buy at or below 6.94; 2018-03 · Price EUR 10.40 · Value 6.94 · Buy at or below 6.94; 2018-04 · Price EUR 11.12 · Value 6.94 · Buy at or below 6.94; 2018-05 · Price EUR 11.12 · Value 6.94 · Buy at or below 6.94; 2018-06 · Price EUR 11.39 · Value 6.94 · Buy at or below 6.94; 2018-07 · Price EUR 11.23 · Value 6.94 · Buy at or below 6.94; 2018-08 · Price EUR 11.42 · Value 6.94 · Buy at or below 6.94; 2018-09 · Price EUR 11.61 · Value 6.94 · Buy at or below 6.94; 2018-10 · Price EUR 10.83 · Value 6.94 · Buy at or below 6.94; 2018-11 · Price EUR 10.17 · Value 6.94 · Buy at or below 6.94; 2018-12 · Price EUR 9.85 · Value 6.94 · Buy at or below 6.94; 2019-01 · Price EUR 10.61 · Value 6.94 · Buy at or below 6.94; 2019-02 · Price EUR 11.76 · Value 7.16 · Buy at or below 7.16; 2019-03 · Price EUR 11.02 · Value 7.16 · Buy at or below 7.16; 2019-04 · Price EUR 12.61 · Value 7.16 · Buy at or below 7.16; 2019-05 · Price EUR 12.29 · Value 7.16 · Buy at or below 7.16; 2019-06 · Price EUR 12.94 · Value 7.16 · Buy at or below 7.16; 2019-07 · Price EUR 13.36 · Value 7.16 · Buy at or below 7.16; 2019-08 · Price EUR 12.80 · Value 7.16 · Buy at or below 7.16; 2019-09 · Price EUR 13.50 · Value 7.16 · Buy at or below 7.16; 2019-10 · Price EUR 14.55 · Value 7.16 · Buy at or below 7.16; 2019-11 · Price EUR 14.18 · Value 7.16 · Buy at or below 7.16; 2019-12 · Price EUR 13.26 · Value 7.16 · Buy at or below 7.16; 2020-01 · Price EUR 13.64 · Value 7.16 · Buy at or below 7.16; 2020-02 · Price EUR 11.47 · Value 6.92 · Buy at or below 6.92; 2020-03 · Price EUR 8.83 · Value 6.92 · Buy at or below 6.92; 2020-04 · Price EUR 10.99 · Value 6.92 · Buy at or below 6.92; 2020-05 · Price EUR 11.50 · Value 6.92 · Buy at or below 6.92; 2020-06 · Price EUR 11.46 · Value 6.92 · Buy at or below 6.92; 2020-07 · Price EUR 11.29 · Value 6.92 · Buy at or below 6.92; 2020-08 · Price EUR 11.58 · Value 6.92 · Buy at or below 6.92; 2020-09 · Price EUR 10.87 · Value 6.92 · Buy at or below 6.92; 2020-10 · Price EUR 10.61 · Value 6.92 · Buy at or below 6.92; 2020-11 · Price EUR 12.05 · Value 6.92 · Buy at or below 6.92; 2020-12 · Price EUR 12.94 · Value 6.92 · Buy at or below 6.92; 2021-01 · Price EUR 13.97 · Value 6.92 · Buy at or below 6.92; 2021-02 · Price EUR 13.37 · Value 8.05 · Buy at or below 8.05; 2021-03 · Price EUR 13.09 · Value 8.05 · Buy at or below 8.05; 2021-04 · Price EUR 13.59 · Value 8.05 · Buy at or below 8.05; 2021-05 · Price EUR 13.31 · Value 8.05 · Buy at or below 8.05; 2021-06 · Price EUR 13.28 · Value 8.05 · Buy at or below 8.05; 2021-07 · Price EUR 14.20 · Value 8.05 · Buy at or below 8.05; 2021-08 · Price EUR 14.29 · Value 8.05 · Buy at or below 8.05; 2021-09 · Price EUR 13.32 · Value 8.05 · Buy at or below 8.05; 2021-10 · Price EUR 13.27 · Value 8.05 · Buy at or below 8.05; 2021-11 · Price EUR 13.13 · Value 8.05 · Buy at or below 8.05; 2021-12 · Price EUR 13.33 · Value 8.05 · Buy at or below 8.05; 2022-01 · Price EUR 13.00 · Value 8.05 · Buy at or below 8.05; 2022-02 · Price EUR 11.85 · Value 16.37 · Buy at or below 16.37; 2022-03 · Price EUR 11.87 · Value 16.37 · Buy at or below 16.37; 2022-04 · Price EUR 12.50 · Value 16.37 · Buy at or below 16.37; 2022-05 · Price EUR 12.72 · Value 16.37 · Buy at or below 16.37; 2022-06 · Price EUR 11.66 · Value 16.37 · Buy at or below 16.37; 2022-07 · Price EUR 12.40 · Value 16.37 · Buy at or below 16.37; 2022-08 · Price EUR 12.00 · Value 16.37 · Buy at or below 16.37; 2022-09 · Price EUR 11.35 · Value 16.37 · Buy at or below 16.37; 2022-10 · Price EUR 13.36 · Value 16.37 · Buy at or below 16.37; 2022-11 · Price EUR 13.89 · Value 16.37 · Buy at or below 16.37; 2022-12 · Price EUR 14.33 · Value 16.37 · Buy at or below 16.37; 2023-01 · Price EUR 14.90 · Value 16.37 · Buy at or below 16.37; 2023-02 · Price EUR 18.13 · Value 17.00 · Buy at or below 17.00; 2023-03 · Price EUR 16.22 · Value 17.00 · Buy at or below 17.00; 2023-04 · Price EUR 15.89 · Value 17.00 · Buy at or below 17.00; 2023-05 · Price EUR 14.82 · Value 17.00 · Buy at or below 17.00; 2023-06 · Price EUR 14.59 · Value 17.00 · Buy at or below 17.00; 2023-07 · Price EUR 14.26 · Value 17.00 · Buy at or below 17.00; 2023-08 · Price EUR 14.62 · Value 17.00 · Buy at or below 17.00; 2023-09 · Price EUR 14.74 · Value 17.00 · Buy at or below 17.00; 2023-10 · Price EUR 15.28 · Value 17.00 · Buy at or below 17.00; 2023-11 · Price EUR 15.43 · Value 17.00 · Buy at or below 17.00; 2023-12 · Price EUR 16.79 · Value 17.00 · Buy at or below 17.00; 2024-01 · Price EUR 17.35 · Value 17.00 · Buy at or below 17.00; 2024-02 · Price EUR 16.65 · Value 17.12 · Buy at or below 17.12; 2024-03 · Price EUR 17.52 · Value 17.12 · Buy at or below 17.12; 2024-04 · Price EUR 20.42 · Value 17.12 · Buy at or below 17.12; 2024-05 · Price EUR 21.68 · Value 17.12 · Buy at or below 17.12; 2024-06 · Price EUR 22.76 · Value 17.12 · Buy at or below 17.12; 2024-07 · Price EUR 20.90 · Value 17.12 · Buy at or below 17.12; 2024-08 · Price EUR 22.18 · Value 17.12 · Buy at or below 17.12; 2024-09 · Price EUR 22.42 · Value 17.12 · Buy at or below 17.12; 2024-10 · Price EUR 19.52 · Value 17.12 · Buy at or below 17.12; 2024-11 · Price EUR 18.60 · Value 17.12 · Buy at or below 17.12; 2024-12 · Price EUR 19.52 · Value 17.12 · Buy at or below 17.12; 2025-01 · Price EUR 21.28 · Value 17.12 · Buy at or below 17.12; 2025-02 · Price EUR 21.24 · Value 13.47 · Buy at or below 13.47; 2025-03 · Price EUR 20.06 · Value 13.47 · Buy at or below 13.47; 2025-04 · Price EUR 18.15 · Value 13.47 · Buy at or below 13.47; 2025-05 · Price EUR 19.35 · Value 13.47 · Buy at or below 13.47; 2025-06 · Price EUR 19.67 · Value 13.47 · Buy at or below 13.47; 2025-07 · Price EUR 18.68 · Value 13.47 · Buy at or below 13.47; 2025-08 · Price EUR 19.76 · Value 13.47 · Buy at or below 13.47; 2025-09 · Price EUR 19.08 · Value 13.47 · Buy at or below 13.47; 2025-10 · Price EUR 19.10 · Value 13.47 · Buy at or below 13.47; 2025-11 · Price EUR 19.26 · Value 13.47 · Buy at or below 13.47; 2025-12 · Price EUR 19.58 · Value 13.47 · Buy at or below 13.47; 2026-01 · Price EUR 19.83 · Value 13.47 · Buy at or below 13.47; 2026-02 · Price EUR 20.50 · Value 13.43 · Buy at or below 13.43; 2026-03 · Price EUR 18.80 · Value 13.43 · Buy at or below 13.43; 2026-04 · Price EUR 17.65 · Value 13.43 · Buy at or below 13.43; 2026-05 · Price EUR 17.84 · Value 13.43 · Buy at or below 13.43; 2026-06 · Price EUR 16.41 · Value 13.43 · Buy at or below 13.43; 2026-07 · Price EUR 17.01 · Value 13.43 · Buy at or below 13.43; 2026-08 · Price EUR 17.58 · Value 13.43 · Buy at or below 13.43; 2026-09 · Price EUR 17.21 · Value 13.43 · Buy at or below 13.43; 2026-10 · Price EUR 16.95 · Value 13.43 · Buy at or below 13.43; 2026-10 · Price EUR 16.75 · Value 13.43 · Buy at or below 13.43

EUR per share · annual estimates

Price & return math
Value range	EUR 11.90 – EUR 15.47
Buy at or below	Central value EUR 13.43
Discount to value	1 − 16.75 / 13.43 = -24.7%
Return / year	About 8.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 1.01/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.81/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 2.8B

Revenue

Owner earningsEUR 149M

Owner earnings

Operating margin10.9%

Operating margin

Net cash / debtEUR -506M

Net cash / debt

Diluted shares151M

Diluted shares

Prices 15 Oct 2026 · FY2025