# Deutsche Lufthansa AG (LHA.XETRA)

Canonical: https://gigainvestors.com/s/LHA.XETRA

Analysis as of: 2026-10-16T07:35:58.869Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 7.20 per share; close as of 2026-10-15.

Estimated value: low EUR 9.77 per share, central EUR 10.28 per share, high EUR 10.95 per share. Buy at or below the central value EUR 10.28 per share. Valuation as of 2026-10-16T07:35:58.869Z; scenarios are not confidence intervals.

Expected annual return: 31.3% at the stated quote. About 31.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 5.79×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.06×

- FY2019: 0.03×

- FY2020: -0.45×

- FY2021: -0.18×

- FY2022: 0.02×

- FY2023: 0.04×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: -18.1%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 10.9%

- Recent gross margin (lower of latest and 3-year median): 9.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.1%

- FY2017: 17.5%

- FY2018: 13.6%

- FY2019: 3.8%

- FY2020: -44.8%

- FY2021: -18.1%

- FY2022: 4.0%

- FY2023: 8.4%

- FY2024: 3.8%

- FY2025: 3.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 622M

- Net income, five-year total: EUR 3.0B

- Return on incremental invested capital: -9.3%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 5.5%

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

- FY2021: 0.79×

- FY2022: 0.38×

- FY2023: 0.69×

- FY2024: 0.58×

- FY2025: 0.06×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.5% vs 3.8%

- Per-share earnings: 1.93 to 1.15 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: 3.4%

- Market cap gain: EUR 2.0B

- Cumulative retained earnings: EUR 3.2B

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.2%

- Per-share value change: EUR -0.78

- Per-share value, starting three-year median: EUR 1.93

- Per-share value, ending three-year median: EUR 1.15

- Average buyback yield: 16.5%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 300M

- Cumulative net income, 10 years: EUR 3.8B

- ROIC, first three-year median: 17.5%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.93

- FY2017: EUR 2.57

- FY2018: EUR 2.34

- FY2019: EUR 1.30

- FY2020: EUR -6.62

- FY2021: EUR -1.83

- FY2022: EUR 0.66

- FY2023: EUR 1.40

- FY2024: EUR 1.15

- FY2025: EUR 1.12

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -7.4%

- FY2018: -5.1%

- FY2019: -6.6%

- FY2020: -11.1%

- FY2021: -6.6%

- FY2022: -10.1%

- FY2023: -7.0%

- FY2024: -5.2%

- FY2025: -4.9%

## Holders

## Price story

Down 30% since Mar 2023 · "Deutsche Lufthansa Posts In-Line Earnings But Warns Of Iran Conflict Impact" (finance.yahoo.com, Mar 2026) · sales +5.4%

Story as of 2026-10-16T10:00:06.441Z; price observation 2026-10-15.

Price needs cash profits to shrink 16.4% a year for ten years

- 2025-07-31: Deutsche Lufthansa Earnings Rise on High Maintenance, Repair Demand ([finance.yahoo.com](https://finance.yahoo.com/m/78ec92d7-14e0-37b9-8ecf-05746f0356d0/deutsche-lufthansa-earnings.html))

- 2025-10-30: Deutsche Lufthansa Sees Demand Stabilizing as Costs Eat Into Net Profit ([finance.yahoo.com](https://finance.yahoo.com/m/0354d190-6fc8-3f0f-90de-eb8c3909ed89/deutsche-lufthansa-sees.html))

- 2026-03-06: Deutsche Lufthansa Posts In-Line Earnings But Warns Of Iran Conflict Impact ([finance.yahoo.com](https://finance.yahoo.com/m/4d661264-7a0c-3cff-aa5b-f1146212854c/deutsche-lufthansa-posts.html))

### Sales · FY2024–2025

sales +5.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 32B 

- FY2017: EUR 36B 

- FY2018: EUR 36B 

- FY2019: EUR 36B 

- FY2020: EUR 14B 

- FY2021: EUR 17B 

- FY2022: EUR 31B 

- FY2023: EUR 35B 

- FY2024: EUR 38B 

- FY2025: EUR 40B 

### Gross margin · FY2025

gross margin 9.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.7% 

- FY2017: 15.9% 

- FY2018: 15.4% 

- FY2019: 11.7% 

- FY2022: 10.0% 

- FY2023: 12.1% 

- FY2024: 9.9% 

- FY2025: 9.5% 

## Owner memo

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

### How it makes money

Operates in airlines; annual sales are EUR 39.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2025: revenue 39597000000; grossProfit 3775000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 9.5% to 12.1% during 2023–25; it earns 3.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2023: grossProfit / revenue = 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2024: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2025: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); 10-year return on capital observations [[2016,0.24104555083528376],[2017,0.17520179397773966],[2018,0.13572716956845743],[2019,0.03827145503479087],[2020,-0.44808689235310395],[2021,-0.18132837080807307],[2022,0.039673561905824925],[2023,0.08430526778493222],[2024,0.03838182580955921],[2025,0.03301162921664696]]; median 0.03902769385769207. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2016: growth capex 0; upkeep 2424000000; owner earnings 938000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2017: growth capex 1176000000; upkeep 2039000000; owner earnings 2340000000. Growth capex / owner earnings = 0.5025641025641026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2018: growth capex 0; upkeep 4097000000; owner earnings 244000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2019: growth capex 526499614.25461197; upkeep 3190500385.745388; owner earnings 285099614.25461197. Growth capex / owner earnings = 1.8467215945947038.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2022: growth capex 64000000; upkeep 2444000000; owner earnings 302200000. Growth capex / owner earnings = 0.21178027796161483.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2023: growth capex 1822000000; upkeep 2228000000; owner earnings 1159400000. Growth capex / owner earnings = 1.5715025012937727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2024: growth capex 1561000000; upkeep 2337000000; owner earnings 802600000. Growth capex / owner earnings = 1.9449289808123598.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); FY2025: growth capex 1544747397.372614; upkeep 2930252602.627386; owner earnings 85947397.3726139. Growth capex / owner earnings = 17.973172482181862.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); Dividend observations: [[2016,233000000],[2017,232000000],[2018,349000000],[2019,414000000],[2020,21000000],[2021,19000000],[2022,8000000],[2023,25000000],[2024,372000000],[2025,359000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LHA.XETRA SharesStats.PercentInsiders = 20.037 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 16.4% yearly over ten years; actual decline was 27%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.869Z); Ten-year compound average after fade. Initial solved rate -0.2390174855292248. Price 7.202; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6682008491511968 → FY2025 0.0717088578703367. Closing-price date 2026-10-15.

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

- 2016-11: EUR 8.72 per share

- 2016-12: EUR 8.76 per share

- 2017-01: EUR 8.80 per share

- 2017-02: EUR 9.87 per share

- 2017-03: EUR 10.85 per share

- 2017-04: EUR 11.30 per share

- 2017-05: EUR 12.34 per share

- 2017-06: EUR 14.22 per share

- 2017-07: EUR 12.97 per share

- 2017-08: EUR 15.04 per share

- 2017-09: EUR 16.78 per share

- 2017-10: EUR 19.55 per share

- 2017-11: EUR 20.60 per share

- 2017-12: EUR 21.92 per share

- 2018-01: EUR 20.51 per share

- 2018-02: EUR 19.71 per share

- 2018-03: EUR 18.51 per share

- 2018-04: EUR 17.25 per share

- 2018-05: EUR 16.59 per share

- 2018-06: EUR 14.70 per share

- 2018-07: EUR 17.13 per share

- 2018-08: EUR 16.05 per share

- 2018-09: EUR 15.10 per share

- 2018-10: EUR 12.67 per share

- 2018-11: EUR 15.34 per share

- 2018-12: EUR 14.06 per share

- 2019-01: EUR 15.74 per share

- 2019-02: EUR 16.02 per share

- 2019-03: EUR 13.96 per share

- 2019-04: EUR 15.36 per share

- 2019-05: EUR 12.17 per share

- 2019-06: EUR 10.76 per share

- 2019-07: EUR 10.26 per share

- 2019-08: EUR 9.98 per share

- 2019-09: EUR 10.41 per share

- 2019-10: EUR 11.09 per share

- 2019-11: EUR 12.29 per share

- 2019-12: EUR 11.71 per share

- 2020-01: EUR 9.87 per share

- 2020-02: EUR 8.34 per share

- 2020-03: EUR 6.11 per share

- 2020-04: EUR 5.82 per share

- 2020-05: EUR 6.52 per share

- 2020-06: EUR 6.38 per share

- 2020-07: EUR 5.34 per share

- 2020-08: EUR 6.23 per share

- 2020-09: EUR 5.25 per share

- 2020-10: EUR 5.26 per share

- 2020-11: EUR 6.88 per share

- 2020-12: EUR 7.72 per share

- 2021-01: EUR 7.60 per share

- 2021-02: EUR 8.77 per share

- 2021-03: EUR 8.07 per share

- 2021-04: EUR 7.66 per share

- 2021-05: EUR 7.62 per share

- 2021-06: EUR 6.77 per share

- 2021-07: EUR 6.81 per share

- 2021-08: EUR 6.06 per share

- 2021-09: EUR 5.94 per share

- 2021-10: EUR 5.71 per share

- 2021-11: EUR 5.36 per share

- 2021-12: EUR 6.18 per share

- 2022-01: EUR 6.81 per share

- 2022-02: EUR 6.87 per share

- 2022-03: EUR 7.36 per share

- 2022-04: EUR 7.15 per share

- 2022-05: EUR 6.83 per share

- 2022-06: EUR 5.56 per share

- 2022-07: EUR 5.99 per share

- 2022-08: EUR 5.93 per share

- 2022-09: EUR 5.92 per share

- 2022-10: EUR 6.94 per share

- 2022-11: EUR 7.66 per share

- 2022-12: EUR 7.76 per share

- 2023-01: EUR 9.71 per share

- 2023-02: EUR 9.82 per share

- 2023-03: EUR 10.26 per share

- 2023-04: EUR 9.73 per share

- 2023-05: EUR 9.16 per share

- 2023-06: EUR 9.38 per share

- 2023-07: EUR 9.18 per share

- 2023-08: EUR 8.25 per share

- 2023-09: EUR 7.51 per share

- 2023-10: EUR 6.60 per share

- 2023-11: EUR 7.98 per share

- 2023-12: EUR 8.05 per share

- 2024-01: EUR 7.75 per share

- 2024-02: EUR 7.19 per share

- 2024-03: EUR 7.28 per share

- 2024-04: EUR 6.71 per share

- 2024-05: EUR 6.42 per share

- 2024-06: EUR 5.71 per share

- 2024-07: EUR 5.80 per share

- 2024-08: EUR 5.89 per share

- 2024-09: EUR 6.58 per share

- 2024-10: EUR 6.36 per share

- 2024-11: EUR 6.34 per share

- 2024-12: EUR 6.18 per share

- 2025-01: EUR 6.27 per share

- 2025-02: EUR 6.91 per share

- 2025-03: EUR 6.70 per share

- 2025-04: EUR 6.32 per share

- 2025-05: EUR 7.05 per share

- 2025-06: EUR 7.18 per share

- 2025-07: EUR 7.54 per share

- 2025-08: EUR 7.96 per share

- 2025-09: EUR 7.21 per share

- 2025-10: EUR 7.59 per share

- 2025-11: EUR 8.27 per share

- 2025-12: EUR 8.41 per share

- 2026-01: EUR 8.70 per share

- 2026-02: EUR 9.09 per share

- 2026-03: EUR 7.20 per share

- 2026-04: EUR 7.33 per share

- 2026-05: EUR 8.58 per share

- 2026-06: EUR 10.01 per share

- 2026-07: EUR 9.04 per share

- 2026-08: EUR 7.86 per share

- 2026-09: EUR 7.67 per share

- 2026-10: EUR 7.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 15.17 per share, central EUR 17.30 per share, high EUR 19.55 per share

- FY2017: low EUR 17.68 per share, central EUR 21.64 per share, high EUR 24.68 per share

- FY2018: low EUR 15.18 per share, central EUR 16.90 per share, high EUR 19.18 per share

- FY2019: low EUR 17.09 per share, central EUR 21.19 per share, high EUR 24.28 per share

- FY2020: low EUR 6.17 per share, central EUR 6.33 per share, high EUR 6.54 per share

- FY2021: low EUR 7.13 per share, central EUR 7.27 per share, high EUR 7.47 per share

- FY2022: low EUR 8.37 per share, central EUR 8.63 per share, high EUR 8.99 per share

- FY2023: low EUR 8.85 per share, central EUR 9.20 per share, high EUR 9.66 per share

- FY2024: low EUR 9.82 per share, central EUR 10.28 per share, high EUR 10.90 per share

- FY2025: low EUR 9.67 per share, central EUR 10.16 per share, high EUR 10.80 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.

Deutsche Lufthansa AG

LHA · XETRA

STOXX Europe 600 · MDAX

Not a wonderful business

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

Share price: EUR 7.20
Buy up to: EUR 10.28
Expected / yr: 31.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Average operating margin was negative (must be zero or higher), and margins varied 579.2% around their average (limit 35%).

Operating margin

10y median: 2.4%
Worst year: -45.2%
Latest · 2025: 2.1%

Capital return excluding acquisitions: median 3.9% (minimum 15%), and the second-worst year -18.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 3.9%
Worst year: -44.8%
Latest · 2025: 3.3%

Each $1 of profit left $0.21 for owners over five years (minimum $0.80), and new investment earned -9.3% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.21×
Annual median: 0.58×
Latest · 2025: 0.06×

Per-share value fell from 1.93 to 1.15, comparing three-year medians at each end (must rise and stay positive), and share growth was 2.8% over ten years and 3.4% over five (either must be at most 1% a year).

Earnings per share

10y median: EUR 1.23
Worst year: EUR -6.62
Latest · 2025: EUR 1.12

Profits were backed by cash: accruals were -4.9% of assets (limit 10%).

Sloan accruals

10y median: -6.6%
Worst year: -4.2%
Latest · 2025: -4.9%

Profit record · fail 2 loss years in 10 (at most 2), mean operating margin -2.7%, three-year average owner earnings per share 0.57 EUR. Mean operating margin over the last ten years is negative.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 8.72 · Value 17.30 · Buy at or below 17.30; 2016-12 · Price EUR 8.76 · Value 17.30 · Buy at or below 17.30; 2017-01 · Price EUR 8.80 · Value 17.30 · Buy at or below 17.30; 2017-02 · Price EUR 9.87 · Value 21.64 · Buy at or below 21.64; 2017-03 · Price EUR 10.85 · Value 21.64 · Buy at or below 21.64; 2017-04 · Price EUR 11.30 · Value 21.64 · Buy at or below 21.64; 2017-05 · Price EUR 12.34 · Value 21.64 · Buy at or below 21.64; 2017-06 · Price EUR 14.22 · Value 21.64 · Buy at or below 21.64; 2017-07 · Price EUR 12.97 · Value 21.64 · Buy at or below 21.64; 2017-08 · Price EUR 15.04 · Value 21.64 · Buy at or below 21.64; 2017-09 · Price EUR 16.78 · Value 21.64 · Buy at or below 21.64; 2017-10 · Price EUR 19.55 · Value 21.64 · Buy at or below 21.64; 2017-11 · Price EUR 20.60 · Value 21.64 · Buy at or below 21.64; 2017-12 · Price EUR 21.92 · Value 21.64 · Buy at or below 21.64; 2018-01 · Price EUR 20.51 · Value 21.64 · Buy at or below 21.64; 2018-02 · Price EUR 19.71 · Value 16.90 · Buy at or below 16.90; 2018-03 · Price EUR 18.51 · Value 16.90 · Buy at or below 16.90; 2018-04 · Price EUR 17.25 · Value 16.90 · Buy at or below 16.90; 2018-05 · Price EUR 16.59 · Value 16.90 · Buy at or below 16.90; 2018-06 · Price EUR 14.70 · Value 16.90 · Buy at or below 16.90; 2018-07 · Price EUR 17.13 · Value 16.90 · Buy at or below 16.90; 2018-08 · Price EUR 16.05 · Value 16.90 · Buy at or below 16.90; 2018-09 · Price EUR 15.10 · Value 16.90 · Buy at or below 16.90; 2018-10 · Price EUR 12.67 · Value 16.90 · Buy at or below 16.90; 2018-11 · Price EUR 15.34 · Value 16.90 · Buy at or below 16.90; 2018-12 · Price EUR 14.06 · Value 16.90 · Buy at or below 16.90; 2019-01 · Price EUR 15.74 · Value 16.90 · Buy at or below 16.90; 2019-02 · Price EUR 16.02 · Value 21.19 · Buy at or below 21.19; 2019-03 · Price EUR 13.96 · Value 21.19 · Buy at or below 21.19; 2019-04 · Price EUR 15.36 · Value 21.19 · Buy at or below 21.19; 2019-05 · Price EUR 12.17 · Value 21.19 · Buy at or below 21.19; 2019-06 · Price EUR 10.76 · Value 21.19 · Buy at or below 21.19; 2019-07 · Price EUR 10.26 · Value 21.19 · Buy at or below 21.19; 2019-08 · Price EUR 9.98 · Value 21.19 · Buy at or below 21.19; 2019-09 · Price EUR 10.41 · Value 21.19 · Buy at or below 21.19; 2019-10 · Price EUR 11.09 · Value 21.19 · Buy at or below 21.19; 2019-11 · Price EUR 12.29 · Value 21.19 · Buy at or below 21.19; 2019-12 · Price EUR 11.71 · Value 21.19 · Buy at or below 21.19; 2020-01 · Price EUR 9.87 · Value 21.19 · Buy at or below 21.19; 2020-02 · Price EUR 8.34 · Value 6.33 · Buy at or below 6.33; 2020-03 · Price EUR 6.11 · Value 6.33 · Buy at or below 6.33; 2020-04 · Price EUR 5.82 · Value 6.33 · Buy at or below 6.33; 2020-05 · Price EUR 6.52 · Value 6.33 · Buy at or below 6.33; 2020-06 · Price EUR 6.38 · Value 6.33 · Buy at or below 6.33; 2020-07 · Price EUR 5.34 · Value 6.33 · Buy at or below 6.33; 2020-08 · Price EUR 6.23 · Value 6.33 · Buy at or below 6.33; 2020-09 · Price EUR 5.25 · Value 6.33 · Buy at or below 6.33; 2020-10 · Price EUR 5.26 · Value 6.33 · Buy at or below 6.33; 2020-11 · Price EUR 6.88 · Value 6.33 · Buy at or below 6.33; 2020-12 · Price EUR 7.72 · Value 6.33 · Buy at or below 6.33; 2021-01 · Price EUR 7.60 · Value 6.33 · Buy at or below 6.33; 2021-02 · Price EUR 8.77 · Value 7.27 · Buy at or below 7.27; 2021-03 · Price EUR 8.07 · Value 7.27 · Buy at or below 7.27; 2021-04 · Price EUR 7.66 · Value 7.27 · Buy at or below 7.27; 2021-05 · Price EUR 7.62 · Value 7.27 · Buy at or below 7.27; 2021-06 · Price EUR 6.77 · Value 7.27 · Buy at or below 7.27; 2021-07 · Price EUR 6.81 · Value 7.27 · Buy at or below 7.27; 2021-08 · Price EUR 6.06 · Value 7.27 · Buy at or below 7.27; 2021-09 · Price EUR 5.94 · Value 7.27 · Buy at or below 7.27; 2021-10 · Price EUR 5.71 · Value 7.27 · Buy at or below 7.27; 2021-11 · Price EUR 5.36 · Value 7.27 · Buy at or below 7.27; 2021-12 · Price EUR 6.18 · Value 7.27 · Buy at or below 7.27; 2022-01 · Price EUR 6.81 · Value 7.27 · Buy at or below 7.27; 2022-02 · Price EUR 6.87 · Value 8.63 · Buy at or below 8.63; 2022-03 · Price EUR 7.36 · Value 8.63 · Buy at or below 8.63; 2022-04 · Price EUR 7.15 · Value 8.63 · Buy at or below 8.63; 2022-05 · Price EUR 6.83 · Value 8.63 · Buy at or below 8.63; 2022-06 · Price EUR 5.56 · Value 8.63 · Buy at or below 8.63; 2022-07 · Price EUR 5.99 · Value 8.63 · Buy at or below 8.63; 2022-08 · Price EUR 5.93 · Value 8.63 · Buy at or below 8.63; 2022-09 · Price EUR 5.92 · Value 8.63 · Buy at or below 8.63; 2022-10 · Price EUR 6.94 · Value 8.63 · Buy at or below 8.63; 2022-11 · Price EUR 7.66 · Value 8.63 · Buy at or below 8.63; 2022-12 · Price EUR 7.76 · Value 8.63 · Buy at or below 8.63; 2023-01 · Price EUR 9.71 · Value 8.63 · Buy at or below 8.63; 2023-02 · Price EUR 9.82 · Value 9.20 · Buy at or below 9.20; 2023-03 · Price EUR 10.26 · Value 9.20 · Buy at or below 9.20; 2023-04 · Price EUR 9.73 · Value 9.20 · Buy at or below 9.20; 2023-05 · Price EUR 9.16 · Value 9.20 · Buy at or below 9.20; 2023-06 · Price EUR 9.38 · Value 9.20 · Buy at or below 9.20; 2023-07 · Price EUR 9.18 · Value 9.20 · Buy at or below 9.20; 2023-08 · Price EUR 8.25 · Value 9.20 · Buy at or below 9.20; 2023-09 · Price EUR 7.51 · Value 9.20 · Buy at or below 9.20; 2023-10 · Price EUR 6.60 · Value 9.20 · Buy at or below 9.20; 2023-11 · Price EUR 7.98 · Value 9.20 · Buy at or below 9.20; 2023-12 · Price EUR 8.05 · Value 9.20 · Buy at or below 9.20; 2024-01 · Price EUR 7.75 · Value 9.20 · Buy at or below 9.20; 2024-02 · Price EUR 7.19 · Value 10.28 · Buy at or below 10.28; 2024-03 · Price EUR 7.28 · Value 10.28 · Buy at or below 10.28; 2024-04 · Price EUR 6.71 · Value 10.28 · Buy at or below 10.28; 2024-05 · Price EUR 6.42 · Value 10.28 · Buy at or below 10.28; 2024-06 · Price EUR 5.71 · Value 10.28 · Buy at or below 10.28; 2024-07 · Price EUR 5.80 · Value 10.28 · Buy at or below 10.28; 2024-08 · Price EUR 5.89 · Value 10.28 · Buy at or below 10.28; 2024-09 · Price EUR 6.58 · Value 10.28 · Buy at or below 10.28; 2024-10 · Price EUR 6.36 · Value 10.28 · Buy at or below 10.28; 2024-11 · Price EUR 6.34 · Value 10.28 · Buy at or below 10.28; 2024-12 · Price EUR 6.18 · Value 10.28 · Buy at or below 10.28; 2025-01 · Price EUR 6.27 · Value 10.28 · Buy at or below 10.28; 2025-02 · Price EUR 6.91 · Value 10.16 · Buy at or below 10.16; 2025-03 · Price EUR 6.70 · Value 10.16 · Buy at or below 10.16; 2025-04 · Price EUR 6.32 · Value 10.16 · Buy at or below 10.16; 2025-05 · Price EUR 7.05 · Value 10.16 · Buy at or below 10.16; 2025-06 · Price EUR 7.18 · Value 10.16 · Buy at or below 10.16; 2025-07 · Price EUR 7.54 · Value 10.16 · Buy at or below 10.16; 2025-08 · Price EUR 7.96 · Value 10.16 · Buy at or below 10.16; 2025-09 · Price EUR 7.21 · Value 10.16 · Buy at or below 10.16; 2025-10 · Price EUR 7.59 · Value 10.16 · Buy at or below 10.16; 2025-11 · Price EUR 8.27 · Value 10.16 · Buy at or below 10.16; 2025-12 · Price EUR 8.41 · Value 10.16 · Buy at or below 10.16; 2026-01 · Price EUR 8.70 · Value 10.16 · Buy at or below 10.16; 2026-02 · Price EUR 9.09 · Value 10.28 · Buy at or below 10.28; 2026-03 · Price EUR 7.20 · Value 10.28 · Buy at or below 10.28; 2026-04 · Price EUR 7.33 · Value 10.28 · Buy at or below 10.28; 2026-05 · Price EUR 8.58 · Value 10.28 · Buy at or below 10.28; 2026-06 · Price EUR 10.01 · Value 10.28 · Buy at or below 10.28; 2026-07 · Price EUR 9.04 · Value 10.28 · Buy at or below 10.28; 2026-08 · Price EUR 7.86 · Value 10.28 · Buy at or below 10.28; 2026-09 · Price EUR 7.67 · Value 10.28 · Buy at or below 10.28; 2026-10 · Price EUR 7.20 · Value 10.28 · Buy at or below 10.28; 2026-10 · Price EUR 7.20 · Value 10.28 · Buy at or below 10.28

EUR per share · annual estimates

Price & return math
Value range	EUR 9.77 – EUR 10.95
Buy at or below	Central value EUR 10.28
Discount to value	1 − 7.20 / 10.28 = 29.9%
Return / year	About 31.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.33/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 6.11/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 40B

Revenue

Owner earningsEUR 86M

Owner earnings

Operating margin2.1%

Operating margin

Net cash / debtEUR -6.4B

Net cash / debt

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2025