# Klepierre (LI.PA)

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

Analysis as of: 2026-10-16T07:35:40.362Z. Financial observations: FY2001–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 35.60 per share; close as of 2026-10-15.

Estimated value: low EUR 17.11 per share, central EUR 19.80 per share, high EUR 22.87 per share. Buy at or below the central value EUR 19.80 per share. Valuation as of 2026-10-16T07:35:40.362Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.75×

- FY2017: 0.76×

- FY2018: 0.63×

- FY2019: 0.64×

- FY2020: 0.56×

- FY2021: 0.60×

- FY2022: 0.62×

- FY2023: 0.63×

- FY2024: 1.02×

- FY2025: 0.62×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 73.7%

- Recent gross margin (lower of latest and 3-year median): 72.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.5%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.9%

- FY2017: 5.0%

- FY2018: 5.0%

- FY2019: 5.2%

- FY2020: 3.6%

- FY2021: 4.8%

- FY2022: 5.1%

- FY2023: 4.1%

- FY2024: 8.5%

- FY2025: 5.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.6B

- Net income, five-year total: EUR 3.5B

- Return on incremental invested capital: 12.7%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.3 pp

- Working capital / revenue, final three-year average: 11.5%

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

- FY2021: 0.61×

- FY2022: 0.87×

- FY2023: -0.23×

- FY2024: 0.81×

- 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: 5.0% vs 5.5%

- Per-share earnings: 3.82 to 3.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: EUR -726M

- Cumulative retained earnings: EUR 64M

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.0%

- Per-share value change: EUR 0.01

- Per-share value, starting three-year median: EUR 3.82

- Per-share value, ending three-year median: EUR 3.83

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 2.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 639M

- Cumulative net income, 10 years: EUR 6.3B

- ROIC, first three-year median: 5.0%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.82

- FY2017: EUR 4.06

- FY2018: EUR 2.81

- FY2019: EUR 1.11

- FY2020: EUR -2.75

- FY2021: EUR 1.90

- FY2022: EUR 1.44

- FY2023: EUR 0.67

- FY2024: EUR 3.83

- FY2025: EUR 4.02

### accounting: pass

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: 0.8%

- FY2018: -0.7%

- FY2019: -2.9%

- FY2020: -6.9%

- FY2021: -1.1%

- FY2022: -2.0%

- FY2023: -3.7%

- FY2024: 0.6%

- FY2025: 1.7%

## Holders

## Price story

Price needs cash profits to grow 9.2% a year for ten years · sales +10.2%

Story as of 2026-10-16T10:00:05.789Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

### Sales · FY2024–2025

sales +10.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.4B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.3B 

- FY2022: EUR 1.5B 

- FY2023: EUR 1.5B 

- FY2024: EUR 1.5B 

- FY2025: EUR 1.7B 

### Gross margin · FY2025

gross margin 72.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 90.7% 

- FY2017: 90.7% 

- FY2018: 75.1% 

- FY2019: 74.5% 

- FY2020: 65.7% 

- FY2021: 70.6% 

- FY2022: 72.9% 

- FY2023: 73.0% 

- FY2024: 75.4% 

- FY2025: 72.2% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 1.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2025: revenue 1656300000; grossProfit 1195600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 72.2% to 75.4% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2023: grossProfit / revenue = 73%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2024: grossProfit / revenue = 75.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2025: grossProfit / revenue = 72.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); 10-year return on capital observations [[2016,0.0588629371196977],[2017,0.049697896838868064],[2018,0.05036666127093501],[2019,0.05249989258461004],[2020,0.03597977643943477],[2021,0.04831577658010779],[2022,0.050788970083530394],[2023,0.04064897518019721],[2024,0.08506124382904061],[2025,0.05503229588218605]]; median 0.0505778156772327. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.3% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2016: growth capex 0; upkeep 10500000; owner earnings 1200900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2017: growth capex 0; upkeep 8900000; owner earnings 1235600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2018: growth capex 0; upkeep 5900000; owner earnings 848400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2021: growth capex 0; upkeep 168300000; owner earnings 330020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2022: growth capex 170600000; upkeep 16600000; owner earnings 361256845.0442066. Growth capex / owner earnings = 0.4722401868374947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2024: growth capex 127432.35262137651; upkeep 190172567.64737862; owner earnings 890605112.8778434. Growth capex / owner earnings = 0.00014308513479065926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); FY2025: growth capex 3063708.8793850243; upkeep 202636291.12061498; owner earnings 1071754410.6114582. Growth capex / owner earnings = 0.002858592275479524.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); Dividend observations: [[2016,530000000],[2017,562000000],[2018,589400000],[2019,619500000],[2020,628100000],[2021,262100000],[2022,462000000],[2023,258500000],[2024,485200000],[2025,529200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LI.PA SharesStats.PercentInsiders = 23.503 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years; actual growth was 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:40.362Z); Ten-year compound average after fade. Initial solved rate 0.11893719851372464. Price 35.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9198355904557466 → FY2025 3.3126177550371616. Closing-price date 2026-10-15.

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

- 2016-10: EUR 37.27 per share

- 2016-11: EUR 35.19 per share

- 2016-12: EUR 37.35 per share

- 2017-01: EUR 35.15 per share

- 2017-02: EUR 35.07 per share

- 2017-03: EUR 36.46 per share

- 2017-04: EUR 36.04 per share

- 2017-05: EUR 37.18 per share

- 2017-06: EUR 35.89 per share

- 2017-07: EUR 34.38 per share

- 2017-08: EUR 33.85 per share

- 2017-09: EUR 33.21 per share

- 2017-10: EUR 34.15 per share

- 2017-11: EUR 34.70 per share

- 2017-12: EUR 36.67 per share

- 2018-01: EUR 36.79 per share

- 2018-02: EUR 33.93 per share

- 2018-03: EUR 32.75 per share

- 2018-04: EUR 33.92 per share

- 2018-05: EUR 33.32 per share

- 2018-06: EUR 32.25 per share

- 2018-07: EUR 32.27 per share

- 2018-08: EUR 30.90 per share

- 2018-09: EUR 30.53 per share

- 2018-10: EUR 30.00 per share

- 2018-11: EUR 28.92 per share

- 2018-12: EUR 26.96 per share

- 2019-01: EUR 29.96 per share

- 2019-02: EUR 30.69 per share

- 2019-03: EUR 31.18 per share

- 2019-04: EUR 31.67 per share

- 2019-05: EUR 30.47 per share

- 2019-06: EUR 29.48 per share

- 2019-07: EUR 27.84 per share

- 2019-08: EUR 27.76 per share

- 2019-09: EUR 31.16 per share

- 2019-10: EUR 33.39 per share

- 2019-11: EUR 32.57 per share

- 2019-12: EUR 33.85 per share

- 2020-01: EUR 30.73 per share

- 2020-02: EUR 27.02 per share

- 2020-03: EUR 17.57 per share

- 2020-04: EUR 18.46 per share

- 2020-05: EUR 17.04 per share

- 2020-06: EUR 17.74 per share

- 2020-07: EUR 14.59 per share

- 2020-08: EUR 13.79 per share

- 2020-09: EUR 11.99 per share

- 2020-10: EUR 10.88 per share

- 2020-11: EUR 18.50 per share

- 2020-12: EUR 18.39 per share

- 2021-01: EUR 19.87 per share

- 2021-02: EUR 19.55 per share

- 2021-03: EUR 19.89 per share

- 2021-04: EUR 22.06 per share

- 2021-05: EUR 23.64 per share

- 2021-06: EUR 21.73 per share

- 2021-07: EUR 20.45 per share

- 2021-08: EUR 20.70 per share

- 2021-09: EUR 19.44 per share

- 2021-10: EUR 20.56 per share

- 2021-11: EUR 18.69 per share

- 2021-12: EUR 20.85 per share

- 2022-01: EUR 23.46 per share

- 2022-02: EUR 25.66 per share

- 2022-03: EUR 24.18 per share

- 2022-04: EUR 22.86 per share

- 2022-05: EUR 21.22 per share

- 2022-06: EUR 18.36 per share

- 2022-07: EUR 21.65 per share

- 2022-08: EUR 20.50 per share

- 2022-09: EUR 17.90 per share

- 2022-10: EUR 20.35 per share

- 2022-11: EUR 21.98 per share

- 2022-12: EUR 21.53 per share

- 2023-01: EUR 23.26 per share

- 2023-02: EUR 23.67 per share

- 2023-03: EUR 20.85 per share

- 2023-04: EUR 22.96 per share

- 2023-05: EUR 21.18 per share

- 2023-06: EUR 22.72 per share

- 2023-07: EUR 24.15 per share

- 2023-08: EUR 24.40 per share

- 2023-09: EUR 23.23 per share

- 2023-10: EUR 22.90 per share

- 2023-11: EUR 23.10 per share

- 2023-12: EUR 24.68 per share

- 2024-01: EUR 24.09 per share

- 2024-02: EUR 23.48 per share

- 2024-03: EUR 24.00 per share

- 2024-04: EUR 25.26 per share

- 2024-05: EUR 26.60 per share

- 2024-06: EUR 24.98 per share

- 2024-07: EUR 26.48 per share

- 2024-08: EUR 27.06 per share

- 2024-09: EUR 29.44 per share

- 2024-10: EUR 29.36 per share

- 2024-11: EUR 28.62 per share

- 2024-12: EUR 27.80 per share

- 2025-01: EUR 28.70 per share

- 2025-02: EUR 30.70 per share

- 2025-03: EUR 30.92 per share

- 2025-04: EUR 32.24 per share

- 2025-05: EUR 34.46 per share

- 2025-06: EUR 33.44 per share

- 2025-07: EUR 33.56 per share

- 2025-08: EUR 33.34 per share

- 2025-09: EUR 33.16 per share

- 2025-10: EUR 33.14 per share

- 2025-11: EUR 33.56 per share

- 2025-12: EUR 33.74 per share

- 2026-01: EUR 32.44 per share

- 2026-02: EUR 35.62 per share

- 2026-03: EUR 32.42 per share

- 2026-04: EUR 34.46 per share

- 2026-05: EUR 35.02 per share

- 2026-06: EUR 36.58 per share

- 2026-07: EUR 39.34 per share

- 2026-08: EUR 37.46 per share

- 2026-09: EUR 35.48 per share

- 2026-10: EUR 35.28 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 21.06 per share, central EUR 23.72 per share, high EUR 27.27 per share

- FY2017: low EUR 45.08 per share, central EUR 51.05 per share, high EUR 59.00 per share

- FY2018: low EUR 52.60 per share, central EUR 59.72 per share, high EUR 69.21 per share

- FY2019: low EUR 32.50 per share, central EUR 36.77 per share, high EUR 42.45 per share

- FY2020: low EUR 28.86 per share, central EUR 32.63 per share, high EUR 37.65 per share

- FY2021: low EUR 14.76 per share, central EUR 16.50 per share, high EUR 18.82 per share

- FY2022: low EUR 14.57 per share, central EUR 16.46 per share, high EUR 18.98 per share

- FY2024: low EUR 14.84 per share, central EUR 16.73 per share, high EUR 19.24 per share

- FY2025: low EUR 16.47 per share, central EUR 18.86 per share, high EUR 21.57 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.

Klepierre

LI · PA

STOXX Europe 600 · SBF 120

Not a wonderful business

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

Share price: EUR 35.60
Buy up to: EUR 19.80
Expected / yr: 6.8% 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 18.8% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 62.9%
Worst year: 55.8%
Latest · 2025: 62.0%

Capital return excluding acquisitions: median 5.1% (minimum 15%), and the second-worst year 4.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.1%
Worst year: 3.6%
Latest · 2025: 5.5%

Each $1 of profit left $0.74 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.74×
Annual median: 0.81×
Latest · 2025: 0.82×

Per-share value rose from 3.82 to 3.83, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 2.36
Worst year: EUR -2.75
Latest · 2025: EUR 4.02

Profits were backed by cash: accruals were 1.7% of assets (limit 10%).

Sloan accruals

10y median: -0.9%
Worst year: 1.7%
Latest · 2025: 1.7%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 68.3%, three-year average owner earnings per share 2.09 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 37.27 · Value 23.72 · Buy at or below 23.72; 2016-11 · Price EUR 35.19 · Value 23.72 · Buy at or below 23.72; 2016-12 · Price EUR 37.34 · Value 23.72 · Buy at or below 23.72; 2017-01 · Price EUR 35.15 · Value 23.72 · Buy at or below 23.72; 2017-02 · Price EUR 35.06 · Value 51.05 · Buy at or below 51.05; 2017-03 · Price EUR 36.46 · Value 51.05 · Buy at or below 51.05; 2017-04 · Price EUR 36.04 · Value 51.05 · Buy at or below 51.05; 2017-05 · Price EUR 37.18 · Value 51.05 · Buy at or below 51.05; 2017-06 · Price EUR 35.88 · Value 51.05 · Buy at or below 51.05; 2017-07 · Price EUR 34.38 · Value 51.05 · Buy at or below 51.05; 2017-08 · Price EUR 33.85 · Value 51.05 · Buy at or below 51.05; 2017-09 · Price EUR 33.21 · Value 51.05 · Buy at or below 51.05; 2017-10 · Price EUR 34.15 · Value 51.05 · Buy at or below 51.05; 2017-11 · Price EUR 34.70 · Value 51.05 · Buy at or below 51.05; 2017-12 · Price EUR 36.66 · Value 51.05 · Buy at or below 51.05; 2018-01 · Price EUR 36.79 · Value 51.05 · Buy at or below 51.05; 2018-02 · Price EUR 33.93 · Value 59.72 · Buy at or below 59.72; 2018-03 · Price EUR 32.75 · Value 59.72 · Buy at or below 59.72; 2018-04 · Price EUR 33.92 · Value 59.72 · Buy at or below 59.72; 2018-05 · Price EUR 33.32 · Value 59.72 · Buy at or below 59.72; 2018-06 · Price EUR 32.25 · Value 59.72 · Buy at or below 59.72; 2018-07 · Price EUR 32.27 · Value 59.72 · Buy at or below 59.72; 2018-08 · Price EUR 30.90 · Value 59.72 · Buy at or below 59.72; 2018-09 · Price EUR 30.53 · Value 59.72 · Buy at or below 59.72; 2018-10 · Price EUR 30.00 · Value 59.72 · Buy at or below 59.72; 2018-11 · Price EUR 28.92 · Value 59.72 · Buy at or below 59.72; 2018-12 · Price EUR 26.96 · Value 59.72 · Buy at or below 59.72; 2019-01 · Price EUR 29.96 · Value 59.72 · Buy at or below 59.72; 2019-02 · Price EUR 30.69 · Value 36.77 · Buy at or below 36.77; 2019-03 · Price EUR 31.18 · Value 36.77 · Buy at or below 36.77; 2019-04 · Price EUR 31.67 · Value 36.77 · Buy at or below 36.77; 2019-05 · Price EUR 30.47 · Value 36.77 · Buy at or below 36.77; 2019-06 · Price EUR 29.48 · Value 36.77 · Buy at or below 36.77; 2019-07 · Price EUR 27.84 · Value 36.77 · Buy at or below 36.77; 2019-08 · Price EUR 27.76 · Value 36.77 · Buy at or below 36.77; 2019-09 · Price EUR 31.16 · Value 36.77 · Buy at or below 36.77; 2019-10 · Price EUR 33.39 · Value 36.77 · Buy at or below 36.77; 2019-11 · Price EUR 32.57 · Value 36.77 · Buy at or below 36.77; 2019-12 · Price EUR 33.85 · Value 36.77 · Buy at or below 36.77; 2020-01 · Price EUR 30.73 · Value 36.77 · Buy at or below 36.77; 2020-02 · Price EUR 27.02 · Value 32.63 · Buy at or below 32.63; 2020-03 · Price EUR 17.57 · Value 32.63 · Buy at or below 32.63; 2020-04 · Price EUR 18.45 · Value 32.63 · Buy at or below 32.63; 2020-05 · Price EUR 17.04 · Value 32.63 · Buy at or below 32.63; 2020-06 · Price EUR 17.73 · Value 32.63 · Buy at or below 32.63; 2020-07 · Price EUR 14.59 · Value 32.63 · Buy at or below 32.63; 2020-08 · Price EUR 13.79 · Value 32.63 · Buy at or below 32.63; 2020-09 · Price EUR 11.98 · Value 32.63 · Buy at or below 32.63; 2020-10 · Price EUR 10.88 · Value 32.63 · Buy at or below 32.63; 2020-11 · Price EUR 18.50 · Value 32.63 · Buy at or below 32.63; 2020-12 · Price EUR 18.39 · Value 32.63 · Buy at or below 32.63; 2021-01 · Price EUR 19.87 · Value 32.63 · Buy at or below 32.63; 2021-02 · Price EUR 19.55 · Value 16.50 · Buy at or below 16.50; 2021-03 · Price EUR 19.89 · Value 16.50 · Buy at or below 16.50; 2021-04 · Price EUR 22.06 · Value 16.50 · Buy at or below 16.50; 2021-05 · Price EUR 23.64 · Value 16.50 · Buy at or below 16.50; 2021-06 · Price EUR 21.73 · Value 16.50 · Buy at or below 16.50; 2021-07 · Price EUR 20.45 · Value 16.50 · Buy at or below 16.50; 2021-08 · Price EUR 20.70 · Value 16.50 · Buy at or below 16.50; 2021-09 · Price EUR 19.44 · Value 16.50 · Buy at or below 16.50; 2021-10 · Price EUR 20.56 · Value 16.50 · Buy at or below 16.50; 2021-11 · Price EUR 18.68 · Value 16.50 · Buy at or below 16.50; 2021-12 · Price EUR 20.85 · Value 16.50 · Buy at or below 16.50; 2022-01 · Price EUR 23.46 · Value 16.50 · Buy at or below 16.50; 2022-02 · Price EUR 25.66 · Value 16.46 · Buy at or below 16.46; 2022-03 · Price EUR 24.18 · Value 16.46 · Buy at or below 16.46; 2022-04 · Price EUR 22.86 · Value 16.46 · Buy at or below 16.46; 2022-05 · Price EUR 21.22 · Value 16.46 · Buy at or below 16.46; 2022-06 · Price EUR 18.36 · Value 16.46 · Buy at or below 16.46; 2022-07 · Price EUR 21.65 · Value 16.46 · Buy at or below 16.46; 2022-08 · Price EUR 20.50 · Value 16.46 · Buy at or below 16.46; 2022-09 · Price EUR 17.90 · Value 16.46 · Buy at or below 16.46; 2022-10 · Price EUR 20.35 · Value 16.46 · Buy at or below 16.46; 2022-11 · Price EUR 21.98 · Value 16.46 · Buy at or below 16.46; 2022-12 · Price EUR 21.53 · Value 16.46 · Buy at or below 16.46; 2023-01 · Price EUR 23.26 · Value 16.46 · Buy at or below 16.46; 2023-02 · Price EUR 23.67; 2023-03 · Price EUR 20.85; 2023-04 · Price EUR 22.96; 2023-05 · Price EUR 21.18; 2023-06 · Price EUR 22.72; 2023-07 · Price EUR 24.15; 2023-08 · Price EUR 24.40; 2023-09 · Price EUR 23.23; 2023-10 · Price EUR 22.90; 2023-11 · Price EUR 23.10; 2023-12 · Price EUR 24.68; 2024-01 · Price EUR 24.09 · Value 16.73 · Buy at or below 16.73; 2024-02 · Price EUR 23.48 · Value 16.73 · Buy at or below 16.73; 2024-03 · Price EUR 24.00 · Value 16.73 · Buy at or below 16.73; 2024-04 · Price EUR 25.26 · Value 16.73 · Buy at or below 16.73; 2024-05 · Price EUR 26.60 · Value 16.73 · Buy at or below 16.73; 2024-06 · Price EUR 24.98 · Value 16.73 · Buy at or below 16.73; 2024-07 · Price EUR 26.48 · Value 16.73 · Buy at or below 16.73; 2024-08 · Price EUR 27.06 · Value 16.73 · Buy at or below 16.73; 2024-09 · Price EUR 29.44 · Value 16.73 · Buy at or below 16.73; 2024-10 · Price EUR 29.36 · Value 16.73 · Buy at or below 16.73; 2024-11 · Price EUR 28.62 · Value 16.73 · Buy at or below 16.73; 2024-12 · Price EUR 27.80 · Value 16.73 · Buy at or below 16.73; 2025-01 · Price EUR 28.70 · Value 16.73 · Buy at or below 16.73; 2025-02 · Price EUR 30.70 · Value 18.86 · Buy at or below 18.86; 2025-03 · Price EUR 30.92 · Value 18.86 · Buy at or below 18.86; 2025-04 · Price EUR 32.24 · Value 18.86 · Buy at or below 18.86; 2025-05 · Price EUR 34.46 · Value 18.86 · Buy at or below 18.86; 2025-06 · Price EUR 33.44 · Value 18.86 · Buy at or below 18.86; 2025-07 · Price EUR 33.56 · Value 18.86 · Buy at or below 18.86; 2025-08 · Price EUR 33.34 · Value 18.86 · Buy at or below 18.86; 2025-09 · Price EUR 33.16 · Value 18.86 · Buy at or below 18.86; 2025-10 · Price EUR 33.14 · Value 18.86 · Buy at or below 18.86; 2025-11 · Price EUR 33.56 · Value 18.86 · Buy at or below 18.86; 2025-12 · Price EUR 33.74 · Value 18.86 · Buy at or below 18.86; 2026-01 · Price EUR 32.44 · Value 18.86 · Buy at or below 18.86; 2026-02 · Price EUR 35.62 · Value 19.80 · Buy at or below 19.80; 2026-03 · Price EUR 32.42 · Value 19.80 · Buy at or below 19.80; 2026-04 · Price EUR 34.46 · Value 19.80 · Buy at or below 19.80; 2026-05 · Price EUR 35.02 · Value 19.80 · Buy at or below 19.80; 2026-06 · Price EUR 36.58 · Value 19.80 · Buy at or below 19.80; 2026-07 · Price EUR 39.34 · Value 19.80 · Buy at or below 19.80; 2026-08 · Price EUR 37.46 · Value 19.80 · Buy at or below 19.80; 2026-09 · Price EUR 35.48 · Value 19.80 · Buy at or below 19.80; 2026-10 · Price EUR 35.28 · Value 19.80 · Buy at or below 19.80; 2026-10 · Price EUR 35.60 · Value 19.80 · Buy at or below 19.80

EUR per share · annual estimates

Price & return math
Value range	EUR 17.11 – EUR 22.87
Buy at or below	Central value EUR 19.80
Discount to value	1 − 35.60 / 19.80 = -79.8%
Return / year	About 6.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 1.44/share; 0.9% growth for 5 years, then fades to 3.0%; excess cash EUR 1.00/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 1.7B

Revenue

Owner earningsEUR 1.1B

Owner earnings

Operating margin62.0%

Operating margin

Net cash / debtEUR -8.0B

Net cash / debt

Diluted shares324M

Diluted shares

Prices 15 Oct 2026 · FY2025