# Mincon Group (MIO.IR)

Canonical: https://gigainvestors.com/s/MIO.IR

Analysis as of: 2026-10-16T07:50:22.600Z. Financial observations: FY2010–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 0.99 per share; close as of 2026-10-14.

Estimated value: low EUR 0.50 per share, central EUR 0.56 per share, high EUR 0.64 per share. Buy at or below the central value EUR 0.56 per share. Valuation as of 2026-10-16T07:50:22.600Z; 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; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.15×

- FY2019: 0.11×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.12×

- FY2023: 0.08×

- FY2024: 0.05×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.8%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 33.5%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 16.8%

- FY2018: 16.6%

- FY2019: 12.0%

- FY2020: 14.5%

- FY2021: 11.7%

- FY2022: 10.5%

- FY2023: 7.3%

- FY2024: 3.4%

- FY2025: 5.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 45M

- Net income, five-year total: EUR 44M

- Return on incremental invested capital: -0.7%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 55.5%

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

- FY2021: 0.85×

- FY2022: 0.90×

- FY2023: 0.78×

- FY2024: 2.74×

- FY2025: 1.61×

### management: fail

- 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: 16.6% vs 5.8%

- Per-share earnings: 0.04 to 0.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: EUR -34M

- Cumulative retained earnings: EUR 54M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.7%

- Per-share value change: EUR -0.02

- Per-share value, starting three-year median: EUR 0.04

- Per-share value, ending three-year median: EUR 0.03

- Average buyback yield: 0.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 29M

- Cumulative net income, 10 years: EUR 104M

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.04

- FY2017: EUR 0.05

- FY2018: EUR 0.06

- FY2019: EUR 0.06

- FY2020: EUR 0.07

- FY2021: EUR 0.07

- FY2022: EUR 0.07

- FY2023: EUR 0.04

- FY2024: EUR 0.01

- FY2025: EUR 0.03

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.6%

- FY2017: 0.9%

- FY2018: 6.9%

- FY2019: -0.1%

- FY2020: -2.9%

- FY2021: 1.6%

- FY2022: 3.0%

- FY2023: -6.8%

- FY2024: -3.4%

- FY2025: -1.6%

## Holders

## Price story

Down 29% since Feb 2022 · sales +3%

Story as of 2026-10-16T10:00:13.845Z; price observation 2026-10-14.

Price needs cash profits to grow 8.5% a year for ten years

### Sales · FY2024–2025

sales +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 76M 

- FY2017: EUR 97M 

- FY2018: EUR 118M 

- FY2019: EUR 124M 

- FY2020: EUR 130M 

- FY2021: EUR 144M 

- FY2022: EUR 170M 

- FY2023: EUR 157M 

- FY2024: EUR 144M 

- FY2025: EUR 149M 

### Gross margin · FY2025

gross margin 29.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.1% 

- FY2017: 36.5% 

- FY2018: 38.6% 

- FY2019: 33.2% 

- FY2020: 35.2% 

- FY2021: 33.8% 

- FY2022: 31.8% 

- FY2023: 29.0% 

- FY2024: 27.9% 

- FY2025: 29.9% 

## Owner memo

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

### How it makes money

Operates in tools & accessories; annual sales are EUR 148.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2025: revenue 148715000; grossProfit 44432000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIO.IR: Mincon Group plc engages in designing, manufacturing, selling, and servicing of c and associated products in Ireland, the Americas, Europe, Australasia, the Middle East, and Africa. The company offers drill bits and mast attachments for excavators; down the hole (DTH) hammers; DTH drill bits for various rock-drilling applications; XP+ rotary drill bits; and construction and geotechnical solutions, including solitary, integrated, large ID, retrievable, drill through, m-wall solitary, and m-wall integrated ring bit systems, as well as spiral flush products. It also provides reverse circulation drilling products; drill pipes; horizontal directional drilling products; and shock absorbers. The company offers its products for mining, construction, geothermal and water-well drilling, and renewable energy applications. It also sells third party products. The company was formerly known as Manrock plc and changed its name to Mincon Group plc in September 2013. The company was founded in 1977 and is headquartered in Shannon, Ireland. Mincon Group plc operates as a subsidiary of Kingbell Company.

### Why customers stay

Margins ranged from 27.9% to 29.9% during 2023–25; it earns 11.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2023: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2024: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2025: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); 10-year return on capital observations [[2016,0.14464721854436358],[2017,0.16751571553436634],[2018,0.16620406564837376],[2019,0.11952134973440924],[2020,0.1446054141664656],[2021,0.117140128825899],[2022,0.105115563543053],[2023,0.07269694631633362],[2024,0.033847169073489565],[2025,0.057634428421808506]]; median 0.11833073928015411. 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 2026-10-16T07:50:22.600Z); FY2016: growth capex 1539379.4641678352; upkeep 3706620.535832165; owner earnings 7859379.464167835. Growth capex / owner earnings = 0.19586526788611133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2017: growth capex 2625000; upkeep 3014000; owner earnings 10092000. Growth capex / owner earnings = 0.26010701545778836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2018: growth capex 5442095.75070334; upkeep 8824904.24929666; owner earnings 8644095.75070334. Growth capex / owner earnings = 0.6295737469428813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2019: growth capex 1660223.4643399343; upkeep 7674776.535660066; owner earnings 9896223.464339934. Growth capex / owner earnings = 0.16776333621834488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2020: growth capex 1805000; upkeep 6482000; owner earnings 12116800. Growth capex / owner earnings = 0.14896672388749505.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2021: growth capex 1771000; upkeep 7210000; owner earnings 12384200. Growth capex / owner earnings = 0.1430047964341661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2022: growth capex 0; upkeep 7309000; owner earnings 13226000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2023: growth capex 0; upkeep 10359000; owner earnings 5809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2024: growth capex 0; upkeep 4003000; owner earnings 4830200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); FY2025: growth capex 0; upkeep 3487000; owner earnings 8873000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); Dividend observations: [[2016,4210000],[2017,4210000],[2018,4421000],[2019,4426000],[2020,2222000],[2021,6693000],[2022,4462000],[2023,4461000],[2024,4462000],[2025,4462000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 56.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIO.IR SharesStats.PercentInsiders = 56.495 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years; actual decline was 0.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:22.600Z); Ten-year compound average after fade. Initial solved rate 0.10866668156557194. Price 0.99; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.04064764513296791 → FY2025 0.040408518325151487. Closing-price date 2026-10-14.

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

- 2016-11: EUR 0.73 per share

- 2016-12: EUR 0.73 per share

- 2017-01: EUR 0.77 per share

- 2017-02: EUR 0.81 per share

- 2017-03: EUR 1.08 per share

- 2017-04: EUR 1.04 per share

- 2017-05: EUR 1.04 per share

- 2017-06: EUR 1.00 per share

- 2017-07: EUR 1.00 per share

- 2017-08: EUR 1.00 per share

- 2017-09: EUR 1.00 per share

- 2017-10: EUR 1.00 per share

- 2017-11: EUR 1.00 per share

- 2017-12: EUR 1.00 per share

- 2018-01: EUR 1.00 per share

- 2018-02: EUR 1.00 per share

- 2018-03: EUR 1.00 per share

- 2018-04: EUR 1.00 per share

- 2018-05: EUR 1.00 per share

- 2018-06: EUR 1.00 per share

- 2018-07: EUR 1.00 per share

- 2018-08: EUR 1.00 per share

- 2018-09: EUR 1.00 per share

- 2018-10: EUR 1.20 per share

- 2018-11: EUR 1.23 per share

- 2018-12: EUR 1.28 per share

- 2019-01: EUR 1.25 per share

- 2019-02: EUR 1.30 per share

- 2019-03: EUR 1.22 per share

- 2019-04: EUR 1.22 per share

- 2019-05: EUR 1.19 per share

- 2019-06: EUR 1.20 per share

- 2019-07: EUR 1.17 per share

- 2019-08: EUR 1.03 per share

- 2019-09: EUR 1.13 per share

- 2019-10: EUR 1.04 per share

- 2019-11: EUR 1.14 per share

- 2019-12: EUR 1.14 per share

- 2020-01: EUR 1.05 per share

- 2020-02: EUR 0.75 per share

- 2020-03: EUR 0.87 per share

- 2020-04: EUR 0.81 per share

- 2020-05: EUR 0.83 per share

- 2020-06: EUR 0.81 per share

- 2020-07: EUR 0.83 per share

- 2020-08: EUR 0.88 per share

- 2020-09: EUR 0.90 per share

- 2020-10: EUR 0.88 per share

- 2020-11: EUR 1.05 per share

- 2020-12: EUR 1.16 per share

- 2021-01: EUR 1.12 per share

- 2021-02: EUR 1.26 per share

- 2021-03: EUR 1.32 per share

- 2021-04: EUR 1.30 per share

- 2021-05: EUR 1.33 per share

- 2021-06: EUR 1.27 per share

- 2021-07: EUR 1.27 per share

- 2021-08: EUR 1.30 per share

- 2021-09: EUR 1.26 per share

- 2021-10: EUR 1.35 per share

- 2021-11: EUR 1.35 per share

- 2021-12: EUR 1.31 per share

- 2022-01: EUR 1.24 per share

- 2022-02: EUR 1.40 per share

- 2022-03: EUR 1.26 per share

- 2022-04: EUR 1.25 per share

- 2022-05: EUR 1.30 per share

- 2022-06: EUR 1.16 per share

- 2022-07: EUR 1.10 per share

- 2022-08: EUR 1.03 per share

- 2022-09: EUR 1.03 per share

- 2022-10: EUR 1.00 per share

- 2022-11: EUR 0.99 per share

- 2022-12: EUR 1.00 per share

- 2023-01: EUR 1.14 per share

- 2023-02: EUR 1.10 per share

- 2023-03: EUR 1.01 per share

- 2023-04: EUR 0.97 per share

- 2023-05: EUR 1.14 per share

- 2023-06: EUR 1.02 per share

- 2023-07: EUR 0.94 per share

- 2023-08: EUR 0.87 per share

- 2023-09: EUR 0.80 per share

- 2023-10: EUR 0.58 per share

- 2023-11: EUR 0.65 per share

- 2023-12: EUR 0.64 per share

- 2024-01: EUR 0.65 per share

- 2024-02: EUR 0.55 per share

- 2024-03: EUR 0.55 per share

- 2024-04: EUR 0.47 per share

- 2024-05: EUR 0.53 per share

- 2024-06: EUR 0.48 per share

- 2024-07: EUR 0.40 per share

- 2024-08: EUR 0.40 per share

- 2024-09: EUR 0.44 per share

- 2024-10: EUR 0.44 per share

- 2024-11: EUR 0.43 per share

- 2024-12: EUR 0.38 per share

- 2025-01: EUR 0.44 per share

- 2025-02: EUR 0.38 per share

- 2025-03: EUR 0.43 per share

- 2025-04: EUR 0.37 per share

- 2025-05: EUR 0.48 per share

- 2025-06: EUR 0.37 per share

- 2025-07: EUR 0.37 per share

- 2025-08: EUR 0.45 per share

- 2025-09: EUR 0.43 per share

- 2025-10: EUR 0.45 per share

- 2025-11: EUR 0.53 per share

- 2025-12: EUR 0.55 per share

- 2026-01: EUR 0.50 per share

- 2026-02: EUR 0.61 per share

- 2026-03: EUR 0.72 per share

- 2026-04: EUR 0.72 per share

- 2026-05: EUR 0.68 per share

- 2026-06: EUR 0.67 per share

- 2026-07: EUR 0.64 per share

- 2026-08: EUR 0.73 per share

- 2026-09: EUR 0.84 per share

- 2026-10: EUR 1.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 0.79 per share, central EUR 0.88 per share, high EUR 0.99 per share

- FY2017: low EUR 0.73 per share, central EUR 0.82 per share, high EUR 0.93 per share

- FY2018: low EUR 0.65 per share, central EUR 0.74 per share, high EUR 0.85 per share

- FY2019: low EUR 0.73 per share, central EUR 0.82 per share, high EUR 0.94 per share

- FY2020: low EUR 0.85 per share, central EUR 1.18 per share, high EUR 1.37 per share

- FY2021: low EUR 0.77 per share, central EUR 0.94 per share, high EUR 1.08 per share

- FY2022: low EUR 0.80 per share, central EUR 0.97 per share, high EUR 1.12 per share

- FY2023: low EUR 0.72 per share, central EUR 0.81 per share, high EUR 0.93 per share

- FY2024: low EUR 0.62 per share, central EUR 0.70 per share, high EUR 0.81 per share

- FY2025: low EUR 0.48 per share, central EUR 0.54 per share, high EUR 0.62 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 2026-10-15T06:56:18.014Z 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.

Mincon Group

MIO · IR

ISEQ 20

Not a wonderful business

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

Share price: EUR 0.99
Buy up to: EUR 0.56
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 27.3% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.9%
Worst year: 5.2%
Latest · 2025: 7.4%

Capital return excluding acquisitions: median 11.8% (minimum 15%), and the second-worst year 5.8% (minimum 10%), and gross margin fell 4.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 11.8%
Worst year: 3.4%
Latest · 2025: 5.8%

New investment earned -0.7% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 0.90×
Latest · 2025: 1.61×

Per-share value fell from 0.04 to 0.03, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 0.05
Worst year: EUR 0.01
Latest · 2025: EUR 0.03

Profits were backed by cash: accruals were -1.6% of assets (limit 10%).

Sloan accruals

10y median: 0.4%
Worst year: 6.9%
Latest · 2025: -1.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 0.03 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 0.73 · Value 0.88 · Buy at or below 0.88; 2016-12 · Price EUR 0.73 · Value 0.88 · Buy at or below 0.88; 2017-01 · Price EUR 0.77 · Value 0.88 · Buy at or below 0.88; 2017-02 · Price EUR 0.81 · Value 0.82 · Buy at or below 0.82; 2017-03 · Price EUR 1.08 · Value 0.82 · Buy at or below 0.82; 2017-04 · Price EUR 1.04 · Value 0.82 · Buy at or below 0.82; 2017-05 · Price EUR 1.04 · Value 0.82 · Buy at or below 0.82; 2017-06 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-07 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-08 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-09 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-10 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-11 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2017-12 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2018-01 · Price EUR 1.00 · Value 0.82 · Buy at or below 0.82; 2018-02 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-03 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-04 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-05 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-06 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-07 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-08 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-09 · Price EUR 1.00 · Value 0.74 · Buy at or below 0.74; 2018-10 · Price EUR 1.20 · Value 0.74 · Buy at or below 0.74; 2018-11 · Price EUR 1.23 · Value 0.74 · Buy at or below 0.74; 2018-12 · Price EUR 1.28 · Value 0.74 · Buy at or below 0.74; 2019-01 · Price EUR 1.25 · Value 0.74 · Buy at or below 0.74; 2019-02 · Price EUR 1.30 · Value 0.82 · Buy at or below 0.82; 2019-03 · Price EUR 1.22 · Value 0.82 · Buy at or below 0.82; 2019-04 · Price EUR 1.22 · Value 0.82 · Buy at or below 0.82; 2019-05 · Price EUR 1.19 · Value 0.82 · Buy at or below 0.82; 2019-06 · Price EUR 1.20 · Value 0.82 · Buy at or below 0.82; 2019-07 · Price EUR 1.17 · Value 0.82 · Buy at or below 0.82; 2019-08 · Price EUR 1.03 · Value 0.82 · Buy at or below 0.82; 2019-09 · Price EUR 1.13 · Value 0.82 · Buy at or below 0.82; 2019-10 · Price EUR 1.04 · Value 0.82 · Buy at or below 0.82; 2019-11 · Price EUR 1.14 · Value 0.82 · Buy at or below 0.82; 2019-12 · Price EUR 1.14 · Value 0.82 · Buy at or below 0.82; 2020-01 · Price EUR 1.05 · Value 0.82 · Buy at or below 0.82; 2020-02 · Price EUR 0.75 · Value 1.18 · Buy at or below 1.18; 2020-03 · Price EUR 0.87 · Value 1.18 · Buy at or below 1.18; 2020-04 · Price EUR 0.81 · Value 1.18 · Buy at or below 1.18; 2020-05 · Price EUR 0.83 · Value 1.18 · Buy at or below 1.18; 2020-06 · Price EUR 0.81 · Value 1.18 · Buy at or below 1.18; 2020-07 · Price EUR 0.83 · Value 1.18 · Buy at or below 1.18; 2020-08 · Price EUR 0.88 · Value 1.18 · Buy at or below 1.18; 2020-09 · Price EUR 0.90 · Value 1.18 · Buy at or below 1.18; 2020-10 · Price EUR 0.88 · Value 1.18 · Buy at or below 1.18; 2020-11 · Price EUR 1.05 · Value 1.18 · Buy at or below 1.18; 2020-12 · Price EUR 1.16 · Value 1.18 · Buy at or below 1.18; 2021-01 · Price EUR 1.12 · Value 1.18 · Buy at or below 1.18; 2021-02 · Price EUR 1.26 · Value 0.94 · Buy at or below 0.94; 2021-03 · Price EUR 1.32 · Value 0.94 · Buy at or below 0.94; 2021-04 · Price EUR 1.30 · Value 0.94 · Buy at or below 0.94; 2021-05 · Price EUR 1.33 · Value 0.94 · Buy at or below 0.94; 2021-06 · Price EUR 1.27 · Value 0.94 · Buy at or below 0.94; 2021-07 · Price EUR 1.27 · Value 0.94 · Buy at or below 0.94; 2021-08 · Price EUR 1.30 · Value 0.94 · Buy at or below 0.94; 2021-09 · Price EUR 1.26 · Value 0.94 · Buy at or below 0.94; 2021-10 · Price EUR 1.35 · Value 0.94 · Buy at or below 0.94; 2021-11 · Price EUR 1.35 · Value 0.94 · Buy at or below 0.94; 2021-12 · Price EUR 1.31 · Value 0.94 · Buy at or below 0.94; 2022-01 · Price EUR 1.24 · Value 0.94 · Buy at or below 0.94; 2022-02 · Price EUR 1.40 · Value 0.97 · Buy at or below 0.97; 2022-03 · Price EUR 1.26 · Value 0.97 · Buy at or below 0.97; 2022-04 · Price EUR 1.25 · Value 0.97 · Buy at or below 0.97; 2022-05 · Price EUR 1.30 · Value 0.97 · Buy at or below 0.97; 2022-06 · Price EUR 1.16 · Value 0.97 · Buy at or below 0.97; 2022-07 · Price EUR 1.10 · Value 0.97 · Buy at or below 0.97; 2022-08 · Price EUR 1.03 · Value 0.97 · Buy at or below 0.97; 2022-09 · Price EUR 1.03 · Value 0.97 · Buy at or below 0.97; 2022-10 · Price EUR 1.00 · Value 0.97 · Buy at or below 0.97; 2022-11 · Price EUR 0.99 · Value 0.97 · Buy at or below 0.97; 2022-12 · Price EUR 1.00 · Value 0.97 · Buy at or below 0.97; 2023-01 · Price EUR 1.14 · Value 0.97 · Buy at or below 0.97; 2023-02 · Price EUR 1.10 · Value 0.81 · Buy at or below 0.81; 2023-03 · Price EUR 1.01 · Value 0.81 · Buy at or below 0.81; 2023-04 · Price EUR 0.97 · Value 0.81 · Buy at or below 0.81; 2023-05 · Price EUR 1.14 · Value 0.81 · Buy at or below 0.81; 2023-06 · Price EUR 1.02 · Value 0.81 · Buy at or below 0.81; 2023-07 · Price EUR 0.94 · Value 0.81 · Buy at or below 0.81; 2023-08 · Price EUR 0.87 · Value 0.81 · Buy at or below 0.81; 2023-09 · Price EUR 0.80 · Value 0.81 · Buy at or below 0.81; 2023-10 · Price EUR 0.58 · Value 0.81 · Buy at or below 0.81; 2023-11 · Price EUR 0.65 · Value 0.81 · Buy at or below 0.81; 2023-12 · Price EUR 0.64 · Value 0.81 · Buy at or below 0.81; 2024-01 · Price EUR 0.65 · Value 0.81 · Buy at or below 0.81; 2024-02 · Price EUR 0.55 · Value 0.70 · Buy at or below 0.70; 2024-03 · Price EUR 0.55 · Value 0.70 · Buy at or below 0.70; 2024-04 · Price EUR 0.47 · Value 0.70 · Buy at or below 0.70; 2024-05 · Price EUR 0.53 · Value 0.70 · Buy at or below 0.70; 2024-06 · Price EUR 0.48 · Value 0.70 · Buy at or below 0.70; 2024-07 · Price EUR 0.40 · Value 0.70 · Buy at or below 0.70; 2024-08 · Price EUR 0.40 · Value 0.70 · Buy at or below 0.70; 2024-09 · Price EUR 0.44 · Value 0.70 · Buy at or below 0.70; 2024-10 · Price EUR 0.44 · Value 0.70 · Buy at or below 0.70; 2024-11 · Price EUR 0.43 · Value 0.70 · Buy at or below 0.70; 2024-12 · Price EUR 0.38 · Value 0.70 · Buy at or below 0.70; 2025-01 · Price EUR 0.44 · Value 0.70 · Buy at or below 0.70; 2025-02 · Price EUR 0.38 · Value 0.54 · Buy at or below 0.54; 2025-03 · Price EUR 0.43 · Value 0.54 · Buy at or below 0.54; 2025-04 · Price EUR 0.37 · Value 0.54 · Buy at or below 0.54; 2025-05 · Price EUR 0.48 · Value 0.54 · Buy at or below 0.54; 2025-06 · Price EUR 0.37 · Value 0.54 · Buy at or below 0.54; 2025-07 · Price EUR 0.37 · Value 0.54 · Buy at or below 0.54; 2025-08 · Price EUR 0.45 · Value 0.54 · Buy at or below 0.54; 2025-09 · Price EUR 0.43 · Value 0.54 · Buy at or below 0.54; 2025-10 · Price EUR 0.45 · Value 0.54 · Buy at or below 0.54; 2025-11 · Price EUR 0.53 · Value 0.54 · Buy at or below 0.54; 2025-12 · Price EUR 0.55 · Value 0.54 · Buy at or below 0.54; 2026-01 · Price EUR 0.50 · Value 0.54 · Buy at or below 0.54; 2026-02 · Price EUR 0.61 · Value 0.56 · Buy at or below 0.56; 2026-03 · Price EUR 0.72 · Value 0.56 · Buy at or below 0.56; 2026-04 · Price EUR 0.72 · Value 0.56 · Buy at or below 0.56; 2026-05 · Price EUR 0.68 · Value 0.56 · Buy at or below 0.56; 2026-06 · Price EUR 0.67 · Value 0.56 · Buy at or below 0.56; 2026-07 · Price EUR 0.64 · Value 0.56 · Buy at or below 0.56; 2026-08 · Price EUR 0.73 · Value 0.56 · Buy at or below 0.56; 2026-09 · Price EUR 0.84 · Value 0.56 · Buy at or below 0.56; 2026-10 · Price EUR 1.00 · Value 0.56 · Buy at or below 0.56; 2026-10 · Price EUR 0.99 · Value 0.56 · Buy at or below 0.56

EUR per share · annual estimates

Price & return math
Value range	EUR 0.50 – EUR 0.64
Buy at or below	Central value EUR 0.56
Discount to value	1 − 0.99 / 0.56 = -76.7%
Return / year	About 6.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.04/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.04/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 149M

Revenue

Owner earningsEUR 8.9M

Owner earnings

Operating margin7.4%

Operating margin

Net cash / debtEUR -14M

Net cash / debt

Diluted shares220M

Diluted shares

Prices 14 Oct 2026 · FY2025