# Mapfre (MAP.MC)

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

Analysis as of: 2026-10-16T07:35:10.169Z. Financial observations: FY2015–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 4.33 per share; close as of 2026-10-15.

Estimated value: low EUR 3.29 per share, central EUR 3.62 per share, high EUR 4.03 per share. Buy at or below the central value EUR 3.62 per share. Valuation as of 2026-10-16T07:35:10.169Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.21×

Chart: Net income; fiscal year observations.

- FY2016: EUR 775M

- FY2017: EUR 701M

- FY2018: EUR 529M

- FY2019: EUR 609M

- FY2020: EUR 527M

- FY2021: EUR 765M

- FY2022: EUR 642M

- FY2023: EUR 677M

- FY2024: EUR 968M

- FY2025: EUR 1.1B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 8.5%

- FY2017: 8.1%

- FY2018: 6.6%

- FY2019: 6.9%

- FY2020: 6.2%

- FY2021: 9.0%

- FY2022: 8.8%

- FY2023: 8.0%

- FY2024: 10.9%

- FY2025: 12.0%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.5%

- Book return interval: 10 years

- Starting book value per share: EUR 2.79

- Ending book value per share: EUR 3.07

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 20.8%

- FY2017: -0.3%

- FY2018: 2.3%

- FY2019: 20.0%

- FY2020: 14.0%

- FY2021: -0.6%

- FY2022: -2.4%

- FY2023: 29.0%

- FY2024: 17.8%

- FY2025: 19.3%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

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

- Diluted shares, 5-year annual growth: 1.2%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 1.2%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR 0.29

- Earnings retained per share after dividends and buybacks: EUR -0.62

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 1.6% a year forever · net income +17.1%

Story as of 2026-10-16T10:00:03.865Z; price observation 2026-10-15.

The price assumes profits grow 1.6% a year forever

### Net income · FY2025

net income +17.1%; source https://filings.xbrl.org/95980020140005693107/2024-12-31/ESEF/ES/0/95980020140005693107-20241231-0-es/reports/95980020140005693107-20241231-0-es.xhtml; observed 2025-05-08.

- FY2016: EUR 775M 

- FY2017: EUR 701M 

- FY2018: EUR 529M 

- FY2019: EUR 609M 

- FY2020: EUR 527M 

- FY2021: EUR 765M 

- FY2022: EUR 642M 

- FY2023: EUR 677M 

- FY2024: EUR 968M 

- FY2025: EUR 1.1B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 26.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 26355100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAP.MC: Mapfre, S.A., together with its subsidiaries, engages in insurance, reinsurance, and financial activities in Spain. The company offers life; health; accident; property and casualty protection that include automobile insurance, homeowner and commercial risk, and family third-party liability insurance; savings and investment; retirement; burial; travel and leisure insurance; and agriculture and livestock insurance products. It also provides investment and pension funds; reinsurance services; insurance for businesses; and business multirisk insurance. The company serves its products to companies, small, medium, and large corporations, as well as to professionals, entrepreneurs, the self-employed, and small businesses. The company was formerly known as Corporacion Mapfre and changed its name to Mapfre, S.A. in December 2006. Mapfre, S.A. was founded in 1933 and is based in Majadahonda, Spain. Mapfre, S.A. operates as a subsidiary of Cartera Mapfre, S.L.

### Why customers stay

It earns 8.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on tangible equity observations [[2016,0.08496685476360051],[2017,0.08134795291756858],[2018,0.06615869028660927],[2019,0.06880226238824715],[2020,0.06167994376757263],[2021,0.09041069993856042],[2022,0.0880880194257336],[2023,0.0799848817707226],[2024,0.1088460629788383],[2025,0.12036259683949882]]; median 0.08315740384058454. 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 40.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,786670000],[2017,1019470000],[2018,863090000],[2019,844050000],[2020,658400000],[2021,614300000],[2022,876400000],[2023,964400000],[2024,1098900000],[2025,1183400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 40400000 EUR.

### Are managers owners

Insiders own 69.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MAP.MC SharesStats.PercentInsiders = 69.728 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 1.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Price 4.33; FX 1; original perpetual distributable cash 0.3623852615784943; discount 0.1; growth 0.0163082536770221. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: EUR 2.71 per share

- 2016-11: EUR 2.83 per share

- 2016-12: EUR 2.90 per share

- 2017-01: EUR 2.80 per share

- 2017-02: EUR 2.92 per share

- 2017-03: EUR 3.22 per share

- 2017-04: EUR 3.20 per share

- 2017-05: EUR 3.17 per share

- 2017-06: EUR 3.06 per share

- 2017-07: EUR 3.15 per share

- 2017-08: EUR 2.97 per share

- 2017-09: EUR 2.75 per share

- 2017-10: EUR 2.81 per share

- 2017-11: EUR 2.83 per share

- 2017-12: EUR 2.68 per share

- 2018-01: EUR 2.86 per share

- 2018-02: EUR 2.77 per share

- 2018-03: EUR 2.70 per share

- 2018-04: EUR 2.88 per share

- 2018-05: EUR 2.59 per share

- 2018-06: EUR 2.59 per share

- 2018-07: EUR 2.69 per share

- 2018-08: EUR 2.54 per share

- 2018-09: EUR 2.70 per share

- 2018-10: EUR 2.64 per share

- 2018-11: EUR 2.53 per share

- 2018-12: EUR 2.32 per share

- 2019-01: EUR 2.43 per share

- 2019-02: EUR 2.48 per share

- 2019-03: EUR 2.46 per share

- 2019-04: EUR 2.68 per share

- 2019-05: EUR 2.63 per share

- 2019-06: EUR 2.57 per share

- 2019-07: EUR 2.49 per share

- 2019-08: EUR 2.37 per share

- 2019-09: EUR 2.47 per share

- 2019-10: EUR 2.50 per share

- 2019-11: EUR 2.56 per share

- 2019-12: EUR 2.36 per share

- 2020-01: EUR 2.31 per share

- 2020-02: EUR 2.03 per share

- 2020-03: EUR 1.56 per share

- 2020-04: EUR 1.67 per share

- 2020-05: EUR 1.58 per share

- 2020-06: EUR 1.58 per share

- 2020-07: EUR 1.53 per share

- 2020-08: EUR 1.59 per share

- 2020-09: EUR 1.34 per share

- 2020-10: EUR 1.29 per share

- 2020-11: EUR 1.61 per share

- 2020-12: EUR 1.59 per share

- 2021-01: EUR 1.51 per share

- 2021-02: EUR 1.57 per share

- 2021-03: EUR 1.78 per share

- 2021-04: EUR 1.79 per share

- 2021-05: EUR 1.86 per share

- 2021-06: EUR 1.78 per share

- 2021-07: EUR 1.74 per share

- 2021-08: EUR 1.83 per share

- 2021-09: EUR 1.89 per share

- 2021-10: EUR 1.83 per share

- 2021-11: EUR 1.81 per share

- 2021-12: EUR 1.81 per share

- 2022-01: EUR 1.92 per share

- 2022-02: EUR 1.76 per share

- 2022-03: EUR 1.90 per share

- 2022-04: EUR 1.75 per share

- 2022-05: EUR 1.73 per share

- 2022-06: EUR 1.68 per share

- 2022-07: EUR 1.58 per share

- 2022-08: EUR 1.65 per share

- 2022-09: EUR 1.59 per share

- 2022-10: EUR 1.74 per share

- 2022-11: EUR 1.82 per share

- 2022-12: EUR 1.81 per share

- 2023-01: EUR 1.85 per share

- 2023-02: EUR 2.03 per share

- 2023-03: EUR 1.86 per share

- 2023-04: EUR 1.82 per share

- 2023-05: EUR 1.84 per share

- 2023-06: EUR 1.82 per share

- 2023-07: EUR 1.89 per share

- 2023-08: EUR 1.95 per share

- 2023-09: EUR 1.93 per share

- 2023-10: EUR 1.96 per share

- 2023-11: EUR 2.02 per share

- 2023-12: EUR 1.94 per share

- 2024-01: EUR 2.04 per share

- 2024-02: EUR 1.96 per share

- 2024-03: EUR 2.34 per share

- 2024-04: EUR 2.26 per share

- 2024-05: EUR 2.21 per share

- 2024-06: EUR 2.15 per share

- 2024-07: EUR 2.24 per share

- 2024-08: EUR 2.28 per share

- 2024-09: EUR 2.39 per share

- 2024-10: EUR 2.63 per share

- 2024-11: EUR 2.46 per share

- 2024-12: EUR 2.45 per share

- 2025-01: EUR 2.69 per share

- 2025-02: EUR 2.71 per share

- 2025-03: EUR 2.84 per share

- 2025-04: EUR 3.13 per share

- 2025-05: EUR 3.34 per share

- 2025-06: EUR 3.47 per share

- 2025-07: EUR 3.57 per share

- 2025-08: EUR 3.74 per share

- 2025-09: EUR 4.03 per share

- 2025-10: EUR 3.83 per share

- 2025-11: EUR 3.99 per share

- 2025-12: EUR 4.28 per share

- 2026-01: EUR 3.86 per share

- 2026-02: EUR 3.95 per share

- 2026-03: EUR 3.81 per share

- 2026-04: EUR 4.17 per share

- 2026-05: EUR 4.02 per share

- 2026-06: EUR 4.33 per share

- 2026-07: EUR 4.43 per share

- 2026-08: EUR 4.47 per share

- 2026-09: EUR 4.22 per share

- 2026-10: EUR 4.31 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.53 per share, central EUR 5.18 per share, high EUR 6.05 per share

- FY2017: low EUR 3.13 per share, central EUR 3.47 per share, high EUR 3.90 per share

- FY2018: low EUR 2.61 per share, central EUR 2.87 per share, high EUR 3.19 per share

- FY2019: low EUR 2.75 per share, central EUR 3.04 per share, high EUR 3.39 per share

- FY2020: low EUR 2.86 per share, central EUR 3.14 per share, high EUR 3.49 per share

- FY2021: low EUR 2.58 per share, central EUR 2.84 per share, high EUR 3.15 per share

- FY2022: low EUR 1.82 per share, central EUR 2.00 per share, high EUR 2.22 per share

- FY2023: low EUR 2.48 per share, central EUR 2.73 per share, high EUR 3.04 per share

- FY2024: low EUR 2.72 per share, central EUR 2.99 per share, high EUR 3.33 per share

- FY2025: low EUR 3.05 per share, central EUR 3.35 per share, high EUR 3.72 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 2026-10-15T06:40:54.749Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/95980020140005693107/2024-12-31/ESEF/ES/0/95980020140005693107-20241231-0-es/reports/95980020140005693107-20241231-0-es.xhtml); period 2024-12-31, filed 2025-05-08.

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.

Mapfre

MAP · MC

STOXX Europe 600 · IBEX 35

Not a wonderful business

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

Share price: EUR 4.33
Buy up to: EUR 3.62
Expected / yr: 8.4% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: EUR 689M
Worst year: EUR 527M
Latest · 2025: EUR 1.1B

Earned a median 8.3% on equity (minimum 10%).

Return on common equity

10y median: 8.3%
Worst year: 6.2%
Latest · 2025: 12.0%

Book value plus dividends grew 11.5% a year (minimum 7%).

Annual book + dividend return

10y median: 15.9%
Worst year: -2.4%
Latest · 2025: 19.3%

Ordinary share growth was 0% over the full period and 1.2% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ EUR 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 0.3 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 2.71 · Value 5.18 · Buy at or below 5.18; 2016-11 · Price EUR 2.83 · Value 5.18 · Buy at or below 5.18; 2016-12 · Price EUR 2.90 · Value 5.18 · Buy at or below 5.18; 2017-01 · Price EUR 2.80 · Value 5.18 · Buy at or below 5.18; 2017-02 · Price EUR 2.92 · Value 3.47 · Buy at or below 3.47; 2017-03 · Price EUR 3.21 · Value 3.47 · Buy at or below 3.47; 2017-04 · Price EUR 3.20 · Value 3.47 · Buy at or below 3.47; 2017-05 · Price EUR 3.17 · Value 3.47 · Buy at or below 3.47; 2017-06 · Price EUR 3.06 · Value 3.47 · Buy at or below 3.47; 2017-07 · Price EUR 3.15 · Value 3.47 · Buy at or below 3.47; 2017-08 · Price EUR 2.97 · Value 3.47 · Buy at or below 3.47; 2017-09 · Price EUR 2.75 · Value 3.47 · Buy at or below 3.47; 2017-10 · Price EUR 2.81 · Value 3.47 · Buy at or below 3.47; 2017-11 · Price EUR 2.83 · Value 3.47 · Buy at or below 3.47; 2017-12 · Price EUR 2.68 · Value 3.47 · Buy at or below 3.47; 2018-01 · Price EUR 2.86 · Value 3.47 · Buy at or below 3.47; 2018-02 · Price EUR 2.77 · Value 2.87 · Buy at or below 2.87; 2018-03 · Price EUR 2.70 · Value 2.87 · Buy at or below 2.87; 2018-04 · Price EUR 2.88 · Value 2.87 · Buy at or below 2.87; 2018-05 · Price EUR 2.59 · Value 2.87 · Buy at or below 2.87; 2018-06 · Price EUR 2.58 · Value 2.87 · Buy at or below 2.87; 2018-07 · Price EUR 2.69 · Value 2.87 · Buy at or below 2.87; 2018-08 · Price EUR 2.54 · Value 2.87 · Buy at or below 2.87; 2018-09 · Price EUR 2.70 · Value 2.87 · Buy at or below 2.87; 2018-10 · Price EUR 2.64 · Value 2.87 · Buy at or below 2.87; 2018-11 · Price EUR 2.52 · Value 2.87 · Buy at or below 2.87; 2018-12 · Price EUR 2.32 · Value 2.87 · Buy at or below 2.87; 2019-01 · Price EUR 2.43 · Value 2.87 · Buy at or below 2.87; 2019-02 · Price EUR 2.48 · Value 3.04 · Buy at or below 3.04; 2019-03 · Price EUR 2.46 · Value 3.04 · Buy at or below 3.04; 2019-04 · Price EUR 2.67 · Value 3.04 · Buy at or below 3.04; 2019-05 · Price EUR 2.63 · Value 3.04 · Buy at or below 3.04; 2019-06 · Price EUR 2.57 · Value 3.04 · Buy at or below 3.04; 2019-07 · Price EUR 2.49 · Value 3.04 · Buy at or below 3.04; 2019-08 · Price EUR 2.37 · Value 3.04 · Buy at or below 3.04; 2019-09 · Price EUR 2.47 · Value 3.04 · Buy at or below 3.04; 2019-10 · Price EUR 2.50 · Value 3.04 · Buy at or below 3.04; 2019-11 · Price EUR 2.56 · Value 3.04 · Buy at or below 3.04; 2019-12 · Price EUR 2.36 · Value 3.04 · Buy at or below 3.04; 2020-01 · Price EUR 2.31 · Value 3.04 · Buy at or below 3.04; 2020-02 · Price EUR 2.02 · Value 3.14 · Buy at or below 3.14; 2020-03 · Price EUR 1.56 · Value 3.14 · Buy at or below 3.14; 2020-04 · Price EUR 1.67 · Value 3.14 · Buy at or below 3.14; 2020-05 · Price EUR 1.58 · Value 3.14 · Buy at or below 3.14; 2020-06 · Price EUR 1.58 · Value 3.14 · Buy at or below 3.14; 2020-07 · Price EUR 1.53 · Value 3.14 · Buy at or below 3.14; 2020-08 · Price EUR 1.59 · Value 3.14 · Buy at or below 3.14; 2020-09 · Price EUR 1.34 · Value 3.14 · Buy at or below 3.14; 2020-10 · Price EUR 1.29 · Value 3.14 · Buy at or below 3.14; 2020-11 · Price EUR 1.61 · Value 3.14 · Buy at or below 3.14; 2020-12 · Price EUR 1.59 · Value 3.14 · Buy at or below 3.14; 2021-01 · Price EUR 1.51 · Value 3.14 · Buy at or below 3.14; 2021-02 · Price EUR 1.57 · Value 2.84 · Buy at or below 2.84; 2021-03 · Price EUR 1.78 · Value 2.84 · Buy at or below 2.84; 2021-04 · Price EUR 1.79 · Value 2.84 · Buy at or below 2.84; 2021-05 · Price EUR 1.86 · Value 2.84 · Buy at or below 2.84; 2021-06 · Price EUR 1.78 · Value 2.84 · Buy at or below 2.84; 2021-07 · Price EUR 1.74 · Value 2.84 · Buy at or below 2.84; 2021-08 · Price EUR 1.83 · Value 2.84 · Buy at or below 2.84; 2021-09 · Price EUR 1.89 · Value 2.84 · Buy at or below 2.84; 2021-10 · Price EUR 1.83 · Value 2.84 · Buy at or below 2.84; 2021-11 · Price EUR 1.81 · Value 2.84 · Buy at or below 2.84; 2021-12 · Price EUR 1.81 · Value 2.84 · Buy at or below 2.84; 2022-01 · Price EUR 1.92 · Value 2.84 · Buy at or below 2.84; 2022-02 · Price EUR 1.76 · Value 2.00 · Buy at or below 2.00; 2022-03 · Price EUR 1.90 · Value 2.00 · Buy at or below 2.00; 2022-04 · Price EUR 1.75 · Value 2.00 · Buy at or below 2.00; 2022-05 · Price EUR 1.73 · Value 2.00 · Buy at or below 2.00; 2022-06 · Price EUR 1.68 · Value 2.00 · Buy at or below 2.00; 2022-07 · Price EUR 1.57 · Value 2.00 · Buy at or below 2.00; 2022-08 · Price EUR 1.65 · Value 2.00 · Buy at or below 2.00; 2022-09 · Price EUR 1.59 · Value 2.00 · Buy at or below 2.00; 2022-10 · Price EUR 1.74 · Value 2.00 · Buy at or below 2.00; 2022-11 · Price EUR 1.82 · Value 2.00 · Buy at or below 2.00; 2022-12 · Price EUR 1.81 · Value 2.00 · Buy at or below 2.00; 2023-01 · Price EUR 1.84 · Value 2.00 · Buy at or below 2.00; 2023-02 · Price EUR 2.03 · Value 2.73 · Buy at or below 2.73; 2023-03 · Price EUR 1.86 · Value 2.73 · Buy at or below 2.73; 2023-04 · Price EUR 1.82 · Value 2.73 · Buy at or below 2.73; 2023-05 · Price EUR 1.84 · Value 2.73 · Buy at or below 2.73; 2023-06 · Price EUR 1.82 · Value 2.73 · Buy at or below 2.73; 2023-07 · Price EUR 1.89 · Value 2.73 · Buy at or below 2.73; 2023-08 · Price EUR 1.95 · Value 2.73 · Buy at or below 2.73; 2023-09 · Price EUR 1.93 · Value 2.73 · Buy at or below 2.73; 2023-10 · Price EUR 1.96 · Value 2.73 · Buy at or below 2.73; 2023-11 · Price EUR 2.02 · Value 2.73 · Buy at or below 2.73; 2023-12 · Price EUR 1.94 · Value 2.73 · Buy at or below 2.73; 2024-01 · Price EUR 2.04 · Value 2.73 · Buy at or below 2.73; 2024-02 · Price EUR 1.96 · Value 2.99 · Buy at or below 2.99; 2024-03 · Price EUR 2.34 · Value 2.99 · Buy at or below 2.99; 2024-04 · Price EUR 2.26 · Value 2.99 · Buy at or below 2.99; 2024-05 · Price EUR 2.21 · Value 2.99 · Buy at or below 2.99; 2024-06 · Price EUR 2.15 · Value 2.99 · Buy at or below 2.99; 2024-07 · Price EUR 2.24 · Value 2.99 · Buy at or below 2.99; 2024-08 · Price EUR 2.28 · Value 2.99 · Buy at or below 2.99; 2024-09 · Price EUR 2.39 · Value 2.99 · Buy at or below 2.99; 2024-10 · Price EUR 2.63 · Value 2.99 · Buy at or below 2.99; 2024-11 · Price EUR 2.46 · Value 2.99 · Buy at or below 2.99; 2024-12 · Price EUR 2.45 · Value 2.99 · Buy at or below 2.99; 2025-01 · Price EUR 2.69 · Value 2.99 · Buy at or below 2.99; 2025-02 · Price EUR 2.71 · Value 3.35 · Buy at or below 3.35; 2025-03 · Price EUR 2.84 · Value 3.35 · Buy at or below 3.35; 2025-04 · Price EUR 3.13 · Value 3.35 · Buy at or below 3.35; 2025-05 · Price EUR 3.34 · Value 3.35 · Buy at or below 3.35; 2025-06 · Price EUR 3.47 · Value 3.35 · Buy at or below 3.35; 2025-07 · Price EUR 3.57 · Value 3.35 · Buy at or below 3.35; 2025-08 · Price EUR 3.74 · Value 3.35 · Buy at or below 3.35; 2025-09 · Price EUR 4.03 · Value 3.35 · Buy at or below 3.35; 2025-10 · Price EUR 3.83 · Value 3.35 · Buy at or below 3.35; 2025-11 · Price EUR 3.99 · Value 3.35 · Buy at or below 3.35; 2025-12 · Price EUR 4.28 · Value 3.35 · Buy at or below 3.35; 2026-01 · Price EUR 3.86 · Value 3.35 · Buy at or below 3.35; 2026-02 · Price EUR 3.95 · Value 3.62 · Buy at or below 3.62; 2026-03 · Price EUR 3.81 · Value 3.62 · Buy at or below 3.62; 2026-04 · Price EUR 4.17 · Value 3.62 · Buy at or below 3.62; 2026-05 · Price EUR 4.02 · Value 3.62 · Buy at or below 3.62; 2026-06 · Price EUR 4.33 · Value 3.62 · Buy at or below 3.62; 2026-07 · Price EUR 4.43 · Value 3.62 · Buy at or below 3.62; 2026-08 · Price EUR 4.47 · Value 3.62 · Buy at or below 3.62; 2026-09 · Price EUR 4.22 · Value 3.62 · Buy at or below 3.62; 2026-10 · Price EUR 4.31 · Value 3.62 · Buy at or below 3.62; 2026-10 · Price EUR 4.33 · Value 3.62 · Buy at or below 3.62

EUR per share · annual estimates

Price & return math
Value range	EUR 3.29 – EUR 4.03
Buy at or below	Central value EUR 3.62
Discount to value	1 − 4.33 / 3.62 = -19.5%
Return / year	About 8.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 2.50/share; ROE 14.5%; first payout EUR 0.36/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 1.1B

Net income

Book / shareEUR 3.07

Book / share

Dividend / shareEUR 0.39

Dividend / share

Return on equity12.0%

Return on equity

Diluted shares3.1B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·