# Métropole Télévision (MMT.PA)

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

Analysis as of: 2026-10-16T07:42:25.647Z. Financial observations: FY2004–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 10.30 per share; close as of 2026-10-15.

Estimated value: low EUR 17.03 per share, central EUR 19.37 per share, high EUR 22.49 per share. Buy at or below the central value EUR 19.37 per share. Valuation as of 2026-10-16T07:42:25.647Z; scenarios are not confidence intervals.

Expected annual return: 16.5% at the stated quote. About 16.5% 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: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.18×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.20×

- FY2021: 0.22×

- FY2022: 0.23×

- FY2023: 0.23×

- FY2024: 0.18×

- FY2025: 0.13×

### moat: fail

- Recent gross margin fell 12.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 29.4%

- ROIC, second-lowest year: 21.4%

- Typical minus recent gross margin: 12.7 pp

- Typical gross margin (annual median): 38.7%

- Recent gross margin (lower of latest and 3-year median): 26.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 24.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 41.4%

- FY2017: 30.8%

- FY2018: 35.9%

- FY2019: 27.9%

- FY2020: 26.5%

- FY2021: 36.1%

- FY2022: 32.0%

- FY2023: 27.6%

- FY2024: 21.4%

- FY2025: 12.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 976M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, change between three-year averages: 20.2 pp

- Working capital / revenue, final three-year average: 15.1%

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

- FY2021: 0.98×

- FY2022: 0.81×

- FY2023: 0.75×

- FY2024: 1.43×

- FY2025: 1.59×

### management: pass

- 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: 35.9% vs 21.4%

- Per-share earnings: 1.21 to 1.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -695M

- Cumulative retained earnings: EUR -29M

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

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.5%

- Per-share value change: EUR 0.16

- Per-share value, starting three-year median: EUR 1.21

- Per-share value, ending three-year median: EUR 1.36

- Buybacks concentrated in cheaper years (correlation): -0.27

- Average buyback yield: 0.4%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 909M

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 35.9%

- ROIC, last three-year median: 21.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.21

- FY2017: EUR 1.25

- FY2018: EUR 1.44

- FY2019: EUR 1.36

- FY2020: EUR 2.19

- FY2021: EUR 2.22

- FY2022: EUR 1.27

- FY2023: EUR 1.88

- FY2024: EUR 1.36

- FY2025: EUR 0.97

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.2%

- FY2017: -4.7%

- FY2018: -5.8%

- FY2019: -5.9%

- FY2020: 1.5%

- FY2021: -8.2%

- FY2022: -6.7%

- FY2023: -3.4%

- FY2024: -1.3%

- FY2025: -0.8%

## Holders

## Price story

Down 46% since Oct 2021 · sales -4.2%

Story as of 2026-10-16T10:00:12.348Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.1% a year for ten years

### Sales · FY2024–2025

sales -4.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.3B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.5B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.4B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.3B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 26%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.9% 

- FY2017: 29.6% 

- FY2018: 30.3% 

- FY2019: 31.6% 

- FY2020: 50.5% 

- FY2021: 49.7% 

- FY2022: 51.6% 

- FY2023: 51.5% 

- FY2024: 45.9% 

- FY2025: 26.0% 

## Owner memo

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

### How it makes money

Operates in broadcasting; annual sales are EUR 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2025: revenue 1256200000; grossProfit 326700000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26% to 51.5% during 2023–25; it earns 29.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2023: grossProfit / revenue = 51.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2024: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2025: grossProfit / revenue = 26%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); 10-year return on capital observations [[2016,0.41363636363636364],[2017,0.30839598997493733],[2018,0.3594409812990147],[2019,0.2787878787878788],[2020,0.2646118414137857],[2021,0.36106525406817486],[2022,0.3202462541790377],[2023,0.276019782860674],[2024,0.21390320582793107],[2025,0.12101756155335652]]; median 0.29359193438140807. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 52% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); Gross margin observations: [[2021,0.4969073647871116],[2022,0.5161409198113207],[2023,0.5152021891152326]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 6.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2016: growth capex 0; upkeep 10200000; owner earnings 281100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2017: growth capex 0; upkeep 15700000; owner earnings 268500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2018: growth capex 0; upkeep 17500000; owner earnings 257900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2019: growth capex 0; upkeep 104100000; owner earnings 183080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2020: growth capex 0; upkeep 76500000; owner earnings 288740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2021: growth capex 800000; upkeep 100900000; owner earnings 276440000. Growth capex / owner earnings = 0.0028939372015627262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2022: growth capex 0; upkeep 76200000; owner earnings 131300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2023: growth capex 0; upkeep 84500000; owner earnings 177600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2024: growth capex 0; upkeep 11600000; owner earnings 247760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2025: growth capex 0; upkeep 13000000; owner earnings 195660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); Dividend observations: [[2016,107700000],[2017,108600000],[2018,120300000],[2019,125800000],[2020,189400000],[2021,189400000],[2022,132100000],[2023,132500000],[2024,161600000],[2025,157100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); FY2025: cash repurchases 6100000 EUR.

### Are managers owners

Insiders own 62.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MMT.PA SharesStats.PercentInsiders = 62.519000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.1% yearly over ten years; actual decline was 1.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:25.647Z); Ten-year compound average after fade. Initial solved rate -0.11231467101989862. Price 10.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7320408568577819 → FY2025 1.5450094756790904. Closing-price date 2026-10-15.

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

- 2016-10: EUR 15.88 per share

- 2016-11: EUR 16.10 per share

- 2016-12: EUR 17.67 per share

- 2017-01: EUR 18.20 per share

- 2017-02: EUR 19.99 per share

- 2017-03: EUR 20.92 per share

- 2017-04: EUR 20.92 per share

- 2017-05: EUR 21.20 per share

- 2017-06: EUR 20.38 per share

- 2017-07: EUR 20.46 per share

- 2017-08: EUR 18.47 per share

- 2017-09: EUR 19.57 per share

- 2017-10: EUR 19.85 per share

- 2017-11: EUR 22.10 per share

- 2017-12: EUR 21.54 per share

- 2018-01: EUR 21.92 per share

- 2018-02: EUR 23.38 per share

- 2018-03: EUR 20.92 per share

- 2018-04: EUR 20.40 per share

- 2018-05: EUR 18.11 per share

- 2018-06: EUR 17.13 per share

- 2018-07: EUR 18.43 per share

- 2018-08: EUR 17.03 per share

- 2018-09: EUR 17.36 per share

- 2018-10: EUR 17.11 per share

- 2018-11: EUR 15.68 per share

- 2018-12: EUR 14.04 per share

- 2019-01: EUR 13.35 per share

- 2019-02: EUR 16.11 per share

- 2019-03: EUR 16.44 per share

- 2019-04: EUR 17.69 per share

- 2019-05: EUR 16.08 per share

- 2019-06: EUR 16.65 per share

- 2019-07: EUR 15.70 per share

- 2019-08: EUR 15.62 per share

- 2019-09: EUR 15.05 per share

- 2019-10: EUR 15.77 per share

- 2019-11: EUR 15.76 per share

- 2019-12: EUR 16.78 per share

- 2020-01: EUR 15.02 per share

- 2020-02: EUR 13.31 per share

- 2020-03: EUR 10.22 per share

- 2020-04: EUR 10.16 per share

- 2020-05: EUR 10.44 per share

- 2020-06: EUR 10.04 per share

- 2020-07: EUR 10.24 per share

- 2020-08: EUR 10.46 per share

- 2020-09: EUR 10.20 per share

- 2020-10: EUR 9.43 per share

- 2020-11: EUR 13.10 per share

- 2020-12: EUR 13.26 per share

- 2021-01: EUR 14.02 per share

- 2021-02: EUR 16.56 per share

- 2021-03: EUR 18.22 per share

- 2021-04: EUR 18.48 per share

- 2021-05: EUR 17.42 per share

- 2021-06: EUR 17.74 per share

- 2021-07: EUR 16.88 per share

- 2021-08: EUR 18.02 per share

- 2021-09: EUR 17.96 per share

- 2021-10: EUR 19.06 per share

- 2021-11: EUR 16.98 per share

- 2021-12: EUR 17.16 per share

- 2022-01: EUR 17.26 per share

- 2022-02: EUR 17.76 per share

- 2022-03: EUR 17.88 per share

- 2022-04: EUR 17.71 per share

- 2022-05: EUR 16.26 per share

- 2022-06: EUR 14.09 per share

- 2022-07: EUR 12.86 per share

- 2022-08: EUR 12.32 per share

- 2022-09: EUR 12.39 per share

- 2022-10: EUR 10.47 per share

- 2022-11: EUR 13.73 per share

- 2022-12: EUR 15.35 per share

- 2023-01: EUR 14.63 per share

- 2023-02: EUR 14.14 per share

- 2023-03: EUR 14.95 per share

- 2023-04: EUR 14.64 per share

- 2023-05: EUR 12.92 per share

- 2023-06: EUR 12.98 per share

- 2023-07: EUR 12.85 per share

- 2023-08: EUR 12.64 per share

- 2023-09: EUR 11.98 per share

- 2023-10: EUR 11.83 per share

- 2023-11: EUR 12.53 per share

- 2023-12: EUR 12.94 per share

- 2024-01: EUR 13.15 per share

- 2024-02: EUR 12.60 per share

- 2024-03: EUR 13.82 per share

- 2024-04: EUR 13.26 per share

- 2024-05: EUR 14.00 per share

- 2024-06: EUR 11.74 per share

- 2024-07: EUR 12.08 per share

- 2024-08: EUR 12.28 per share

- 2024-09: EUR 12.18 per share

- 2024-10: EUR 11.56 per share

- 2024-11: EUR 10.88 per share

- 2024-12: EUR 11.24 per share

- 2025-01: EUR 12.40 per share

- 2025-02: EUR 12.90 per share

- 2025-03: EUR 13.86 per share

- 2025-04: EUR 13.80 per share

- 2025-05: EUR 12.40 per share

- 2025-06: EUR 13.14 per share

- 2025-07: EUR 12.82 per share

- 2025-08: EUR 13.16 per share

- 2025-09: EUR 12.76 per share

- 2025-10: EUR 11.96 per share

- 2025-11: EUR 12.52 per share

- 2025-12: EUR 12.18 per share

- 2026-01: EUR 12.08 per share

- 2026-02: EUR 11.58 per share

- 2026-03: EUR 11.50 per share

- 2026-04: EUR 12.98 per share

- 2026-05: EUR 11.56 per share

- 2026-06: EUR 12.04 per share

- 2026-07: EUR 12.10 per share

- 2026-08: EUR 11.98 per share

- 2026-09: EUR 10.76 per share

- 2026-10: EUR 10.08 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 20.51 per share, central EUR 23.17 per share, high EUR 26.72 per share

- FY2017: low EUR 22.69 per share, central EUR 25.79 per share, high EUR 29.92 per share

- FY2018: low EUR 24.01 per share, central EUR 27.21 per share, high EUR 31.46 per share

- FY2019: low EUR 23.94 per share, central EUR 27.27 per share, high EUR 31.70 per share

- FY2020: low EUR 22.72 per share, central EUR 25.66 per share, high EUR 29.58 per share

- FY2021: low EUR 25.80 per share, central EUR 29.00 per share, high EUR 33.26 per share

- FY2022: low EUR 23.91 per share, central EUR 26.82 per share, high EUR 30.71 per share

- FY2023: low EUR 18.68 per share, central EUR 20.80 per share, high EUR 23.62 per share

- FY2024: low EUR 23.77 per share, central EUR 26.72 per share, high EUR 30.64 per share

- FY2025: low EUR 18.39 per share, central EUR 20.72 per share, high EUR 23.82 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 2026-10-15T06:48:19.628Z 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.

Métropole Télévision

MMT · PA

SBF 120

Not a wonderful business

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

Share price: EUR 10.30
Buy up to: EUR 19.37
Expected / yr: 16.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 14.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 19.2%
Worst year: 12.7%
Latest · 2025: 12.7%

Gross margin fell 12.7 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 29.4%
Worst year: 12.1%
Latest · 2025: 12.1%

New investment earned 0% (minimum 12%), and working capital rose 20.2% of sales (limit 10%) to 15.1% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 0.98×
Latest · 2025: 1.59×

Per-share value rose from 1.21 to 1.36, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 1.36
Worst year: EUR 0.97
Latest · 2025: EUR 0.97

Profits were backed by cash: accruals were -0.8% of assets (limit 10%).

Sloan accruals

10y median: -5.2%
Worst year: 1.5%
Latest · 2025: -0.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 19.4%, three-year average owner earnings per share 1.64 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 15.88 · Value 23.17 · Buy at or below 23.17; 2016-11 · Price EUR 16.10 · Value 23.17 · Buy at or below 23.17; 2016-12 · Price EUR 17.67 · Value 23.17 · Buy at or below 23.17; 2017-01 · Price EUR 18.20 · Value 23.17 · Buy at or below 23.17; 2017-02 · Price EUR 19.99 · Value 25.79 · Buy at or below 25.79; 2017-03 · Price EUR 20.92 · Value 25.79 · Buy at or below 25.79; 2017-04 · Price EUR 20.91 · Value 25.79 · Buy at or below 25.79; 2017-05 · Price EUR 21.20 · Value 25.79 · Buy at or below 25.79; 2017-06 · Price EUR 20.38 · Value 25.79 · Buy at or below 25.79; 2017-07 · Price EUR 20.45 · Value 25.79 · Buy at or below 25.79; 2017-08 · Price EUR 18.47 · Value 25.79 · Buy at or below 25.79; 2017-09 · Price EUR 19.57 · Value 25.79 · Buy at or below 25.79; 2017-10 · Price EUR 19.85 · Value 25.79 · Buy at or below 25.79; 2017-11 · Price EUR 22.10 · Value 25.79 · Buy at or below 25.79; 2017-12 · Price EUR 21.54 · Value 25.79 · Buy at or below 25.79; 2018-01 · Price EUR 21.92 · Value 25.79 · Buy at or below 25.79; 2018-02 · Price EUR 23.38 · Value 27.21 · Buy at or below 27.21; 2018-03 · Price EUR 20.92 · Value 27.21 · Buy at or below 27.21; 2018-04 · Price EUR 20.40 · Value 27.21 · Buy at or below 27.21; 2018-05 · Price EUR 18.11 · Value 27.21 · Buy at or below 27.21; 2018-06 · Price EUR 17.13 · Value 27.21 · Buy at or below 27.21; 2018-07 · Price EUR 18.43 · Value 27.21 · Buy at or below 27.21; 2018-08 · Price EUR 17.03 · Value 27.21 · Buy at or below 27.21; 2018-09 · Price EUR 17.36 · Value 27.21 · Buy at or below 27.21; 2018-10 · Price EUR 17.11 · Value 27.21 · Buy at or below 27.21; 2018-11 · Price EUR 15.68 · Value 27.21 · Buy at or below 27.21; 2018-12 · Price EUR 14.04 · Value 27.21 · Buy at or below 27.21; 2019-01 · Price EUR 13.35 · Value 27.21 · Buy at or below 27.21; 2019-02 · Price EUR 16.11 · Value 27.27 · Buy at or below 27.27; 2019-03 · Price EUR 16.44 · Value 27.27 · Buy at or below 27.27; 2019-04 · Price EUR 17.69 · Value 27.27 · Buy at or below 27.27; 2019-05 · Price EUR 16.08 · Value 27.27 · Buy at or below 27.27; 2019-06 · Price EUR 16.65 · Value 27.27 · Buy at or below 27.27; 2019-07 · Price EUR 15.70 · Value 27.27 · Buy at or below 27.27; 2019-08 · Price EUR 15.62 · Value 27.27 · Buy at or below 27.27; 2019-09 · Price EUR 15.05 · Value 27.27 · Buy at or below 27.27; 2019-10 · Price EUR 15.77 · Value 27.27 · Buy at or below 27.27; 2019-11 · Price EUR 15.76 · Value 27.27 · Buy at or below 27.27; 2019-12 · Price EUR 16.78 · Value 27.27 · Buy at or below 27.27; 2020-01 · Price EUR 15.02 · Value 27.27 · Buy at or below 27.27; 2020-02 · Price EUR 13.31 · Value 25.66 · Buy at or below 25.66; 2020-03 · Price EUR 10.22 · Value 25.66 · Buy at or below 25.66; 2020-04 · Price EUR 10.16 · Value 25.66 · Buy at or below 25.66; 2020-05 · Price EUR 10.44 · Value 25.66 · Buy at or below 25.66; 2020-06 · Price EUR 10.04 · Value 25.66 · Buy at or below 25.66; 2020-07 · Price EUR 10.24 · Value 25.66 · Buy at or below 25.66; 2020-08 · Price EUR 10.46 · Value 25.66 · Buy at or below 25.66; 2020-09 · Price EUR 10.20 · Value 25.66 · Buy at or below 25.66; 2020-10 · Price EUR 9.43 · Value 25.66 · Buy at or below 25.66; 2020-11 · Price EUR 13.10 · Value 25.66 · Buy at or below 25.66; 2020-12 · Price EUR 13.26 · Value 25.66 · Buy at or below 25.66; 2021-01 · Price EUR 14.02 · Value 25.66 · Buy at or below 25.66; 2021-02 · Price EUR 16.56 · Value 29.00 · Buy at or below 29.00; 2021-03 · Price EUR 18.22 · Value 29.00 · Buy at or below 29.00; 2021-04 · Price EUR 18.48 · Value 29.00 · Buy at or below 29.00; 2021-05 · Price EUR 17.42 · Value 29.00 · Buy at or below 29.00; 2021-06 · Price EUR 17.74 · Value 29.00 · Buy at or below 29.00; 2021-07 · Price EUR 16.88 · Value 29.00 · Buy at or below 29.00; 2021-08 · Price EUR 18.02 · Value 29.00 · Buy at or below 29.00; 2021-09 · Price EUR 17.96 · Value 29.00 · Buy at or below 29.00; 2021-10 · Price EUR 19.06 · Value 29.00 · Buy at or below 29.00; 2021-11 · Price EUR 16.98 · Value 29.00 · Buy at or below 29.00; 2021-12 · Price EUR 17.16 · Value 29.00 · Buy at or below 29.00; 2022-01 · Price EUR 17.26 · Value 29.00 · Buy at or below 29.00; 2022-02 · Price EUR 17.76 · Value 26.82 · Buy at or below 26.82; 2022-03 · Price EUR 17.88 · Value 26.82 · Buy at or below 26.82; 2022-04 · Price EUR 17.71 · Value 26.82 · Buy at or below 26.82; 2022-05 · Price EUR 16.26 · Value 26.82 · Buy at or below 26.82; 2022-06 · Price EUR 14.09 · Value 26.82 · Buy at or below 26.82; 2022-07 · Price EUR 12.86 · Value 26.82 · Buy at or below 26.82; 2022-08 · Price EUR 12.32 · Value 26.82 · Buy at or below 26.82; 2022-09 · Price EUR 12.39 · Value 26.82 · Buy at or below 26.82; 2022-10 · Price EUR 10.47 · Value 26.82 · Buy at or below 26.82; 2022-11 · Price EUR 13.73 · Value 26.82 · Buy at or below 26.82; 2022-12 · Price EUR 15.35 · Value 26.82 · Buy at or below 26.82; 2023-01 · Price EUR 14.63 · Value 26.82 · Buy at or below 26.82; 2023-02 · Price EUR 14.14 · Value 20.80 · Buy at or below 20.80; 2023-03 · Price EUR 14.95 · Value 20.80 · Buy at or below 20.80; 2023-04 · Price EUR 14.64 · Value 20.80 · Buy at or below 20.80; 2023-05 · Price EUR 12.92 · Value 20.80 · Buy at or below 20.80; 2023-06 · Price EUR 12.98 · Value 20.80 · Buy at or below 20.80; 2023-07 · Price EUR 12.85 · Value 20.80 · Buy at or below 20.80; 2023-08 · Price EUR 12.64 · Value 20.80 · Buy at or below 20.80; 2023-09 · Price EUR 11.98 · Value 20.80 · Buy at or below 20.80; 2023-10 · Price EUR 11.83 · Value 20.80 · Buy at or below 20.80; 2023-11 · Price EUR 12.53 · Value 20.80 · Buy at or below 20.80; 2023-12 · Price EUR 12.94 · Value 20.80 · Buy at or below 20.80; 2024-01 · Price EUR 13.15 · Value 20.80 · Buy at or below 20.80; 2024-02 · Price EUR 12.60 · Value 26.72 · Buy at or below 26.72; 2024-03 · Price EUR 13.82 · Value 26.72 · Buy at or below 26.72; 2024-04 · Price EUR 13.26 · Value 26.72 · Buy at or below 26.72; 2024-05 · Price EUR 14.00 · Value 26.72 · Buy at or below 26.72; 2024-06 · Price EUR 11.74 · Value 26.72 · Buy at or below 26.72; 2024-07 · Price EUR 12.08 · Value 26.72 · Buy at or below 26.72; 2024-08 · Price EUR 12.28 · Value 26.72 · Buy at or below 26.72; 2024-09 · Price EUR 12.18 · Value 26.72 · Buy at or below 26.72; 2024-10 · Price EUR 11.56 · Value 26.72 · Buy at or below 26.72; 2024-11 · Price EUR 10.88 · Value 26.72 · Buy at or below 26.72; 2024-12 · Price EUR 11.24 · Value 26.72 · Buy at or below 26.72; 2025-01 · Price EUR 12.40 · Value 26.72 · Buy at or below 26.72; 2025-02 · Price EUR 12.90 · Value 20.72 · Buy at or below 20.72; 2025-03 · Price EUR 13.86 · Value 20.72 · Buy at or below 20.72; 2025-04 · Price EUR 13.80 · Value 20.72 · Buy at or below 20.72; 2025-05 · Price EUR 12.40 · Value 20.72 · Buy at or below 20.72; 2025-06 · Price EUR 13.14 · Value 20.72 · Buy at or below 20.72; 2025-07 · Price EUR 12.82 · Value 20.72 · Buy at or below 20.72; 2025-08 · Price EUR 13.16 · Value 20.72 · Buy at or below 20.72; 2025-09 · Price EUR 12.76 · Value 20.72 · Buy at or below 20.72; 2025-10 · Price EUR 11.96 · Value 20.72 · Buy at or below 20.72; 2025-11 · Price EUR 12.52 · Value 20.72 · Buy at or below 20.72; 2025-12 · Price EUR 12.18 · Value 20.72 · Buy at or below 20.72; 2026-01 · Price EUR 12.08 · Value 20.72 · Buy at or below 20.72; 2026-02 · Price EUR 11.58 · Value 19.37 · Buy at or below 19.37; 2026-03 · Price EUR 11.50 · Value 19.37 · Buy at or below 19.37; 2026-04 · Price EUR 12.98 · Value 19.37 · Buy at or below 19.37; 2026-05 · Price EUR 11.56 · Value 19.37 · Buy at or below 19.37; 2026-06 · Price EUR 12.04 · Value 19.37 · Buy at or below 19.37; 2026-07 · Price EUR 12.10 · Value 19.37 · Buy at or below 19.37; 2026-08 · Price EUR 11.98 · Value 19.37 · Buy at or below 19.37; 2026-09 · Price EUR 10.76 · Value 19.37 · Buy at or below 19.37; 2026-10 · Price EUR 10.08 · Value 19.37 · Buy at or below 19.37; 2026-10 · Price EUR 10.30 · Value 19.37 · Buy at or below 19.37

EUR per share · annual estimates

Price & return math
Value range	EUR 17.03 – EUR 22.49
Buy at or below	Central value EUR 19.37
Discount to value	1 − 10.30 / 19.37 = 46.8%
Return / year	About 16.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 1.55/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.06/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 1.3B

Revenue

Owner earningsEUR 196M

Owner earnings

Operating margin12.7%

Operating margin

Net cash / debtEUR 111M

Net cash / debt

Diluted shares127M

Diluted shares

Prices 15 Oct 2026 · FY2025