# NN Group NV (NN.AS)

Canonical: https://gigainvestors.com/s/NN.AS

Analysis as of: 2026-10-16T07:34:39.533Z. 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 75.76 per share; close as of 2026-10-15.

Estimated value: low EUR 22.57 per share, central EUR 26.78 per share, high EUR 32.91 per share. Buy at or below the central value EUR 26.78 per share. Valuation as of 2026-10-16T07:34:39.533Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 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): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: EUR 1.2B

- FY2017: EUR 2.1B

- FY2018: EUR 1.1B

- FY2019: EUR 1.9B

- FY2020: EUR 1.8B

- FY2021: EUR 3.2B

- FY2022: EUR 427M

- FY2023: EUR 1.2B

- FY2024: EUR 1.6B

- FY2025: EUR 1.2B

### 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: 5.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 4.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 4.9%

- FY2017: 8.4%

- FY2018: 4.3%

- FY2019: 5.8%

- FY2020: 4.8%

- FY2021: 9.3%

- FY2022: 2.4%

- FY2023: 6.0%

- FY2024: 7.3%

- FY2025: 6.2%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 3.3%

- Book return interval: 10 years

- Starting book value per share: EUR 64.31

- Ending book value per share: EUR 71.94

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

- FY2016: 14.4%

- FY2017: 1.6%

- FY2018: 2.3%

- FY2019: 38.4%

- FY2020: 23.7%

- FY2021: -7.3%

- FY2022: -44.9%

- FY2023: 20.2%

- FY2024: 16.1%

- FY2025: -4.8%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -3.3%

- Share growth excluding flagged crisis recapitalisations: -2.3%

- Five-year share growth excluding flagged crisis recapitalisations: -3.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.52×

- Book value created per share: EUR 7.62

- Earnings retained per share after dividends and buybacks: EUR 14.79

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 101

- FY2018: 101

- FY2019: 97

- FY2020: 94

- FY2021: 93

- FY2022: 89

- FY2023: 83

- FY2024: 82

- FY2025: 79

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.1% a year forever · net income -24.9%

Story as of 2026-10-16T10:00:01.757Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

### Net income · FY2025

net income -24.9%; source https://filings.xbrl.org/724500OHYNDT9OY6Q215/2025-12-31/ESEF/NL/0/724500OHYNDT9OY6Q215-2025-12-31-1-en/reports/724500OHYNDT9OY6Q215-2025-12-31-1-en.html; observed 2026-03-10.

- FY2016: EUR 1.2B 

- FY2017: EUR 2.1B 

- FY2018: EUR 1.1B 

- FY2019: EUR 1.9B 

- FY2020: EUR 1.8B 

- FY2021: EUR 3.2B 

- FY2022: EUR 427M 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.6B 

- FY2025: EUR 1.2B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 3 billion.

- Source: https://filings.xbrl.org/724500OHYNDT9OY6Q215/2025-12-31/ESEF/NL/0/724500OHYNDT9OY6Q215-2025-12-31-1-en/reports/724500OHYNDT9OY6Q215-2025-12-31-1-en.html (filed 2026-03-10); FY2025: revenue 3002000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NN.AS: NN Group N.V., a financial services company, provides life and non-life insurance products in the Netherlands and internationally. It operates through the Netherlands Life, the Netherlands Non-Life, Insurance Europe, Japan Life, and NN Bank segments. The company provides insured defined benefit, defined contribution, pensions under the Nationale-Nederlanden brand name; premium pension institution services under the BeFrank brand name; and general pension fund administration and advisory services under AZL brand name, as well as non-life insurance products, including motor, fire, liability, transport, travel, health, and disability and accident insurance products. It also provides long-term protection to cover a variety of risks including disability, critical illness and health; and protection, savings and retirement solutions. In addition, the company offers financial services, such as savings, investments, bancassurance and mortgages under the Woonnu brand name. The company offers its products to individuals, small and medium-sized enterprises, and corporate customers directly through tied agents, advisors, brokers, and direct channels. The company was formerly known as ING Insurance Topholding N.V. and changed its name to NN Group N.V. in March 2014. NN Group N.V. was founded in 1845 and is headquartered in The Hague, the Netherlands.

### Why customers stay

It earns 5.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on tangible equity observations [[2016,0.04875063312510552],[2017,0.08406175966015848],[2018,0.04302429511660031],[2019,0.05849624984630518],[2020,0.04792830237693207],[2021,0.09289507099157336],[2022,0.02403061511621363],[2023,0.059722788422339995],[2024,0.07339917466499744],[2025,0.062323094664010904]]; median 0.05910951913432259. 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 298 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,298000000],[2017,370000000],[2018,421000000],[2019,387000000],[2020,394000000],[2021,412000000],[2022,535000000],[2023,428000000],[2024,764000000],[2025,939000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/724500OHYNDT9OY6Q215/2025-12-31/ESEF/NL/0/724500OHYNDT9OY6Q215-2025-12-31-1-en/reports/724500OHYNDT9OY6Q215-2025-12-31-1-en.html (filed 2026-03-10); FY2025: cash repurchases 298000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NN.AS SharesStats.PercentInsiders = 0.01 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Price 75.76; FX 1; original perpetual distributable cash 1.437318542895011; discount 0.1; growth 0.08102800233771106. 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 27.45 per share

- 2016-11: EUR 30.33 per share

- 2016-12: EUR 32.20 per share

- 2017-01: EUR 32.73 per share

- 2017-02: EUR 29.33 per share

- 2017-03: EUR 30.49 per share

- 2017-04: EUR 30.44 per share

- 2017-05: EUR 32.00 per share

- 2017-06: EUR 31.12 per share

- 2017-07: EUR 34.29 per share

- 2017-08: EUR 33.34 per share

- 2017-09: EUR 35.41 per share

- 2017-10: EUR 35.96 per share

- 2017-11: EUR 36.91 per share

- 2017-12: EUR 36.12 per share

- 2018-01: EUR 38.00 per share

- 2018-02: EUR 36.76 per share

- 2018-03: EUR 36.04 per share

- 2018-04: EUR 39.69 per share

- 2018-05: EUR 36.76 per share

- 2018-06: EUR 34.84 per share

- 2018-07: EUR 37.82 per share

- 2018-08: EUR 36.93 per share

- 2018-09: EUR 38.43 per share

- 2018-10: EUR 38.00 per share

- 2018-11: EUR 37.57 per share

- 2018-12: EUR 34.80 per share

- 2019-01: EUR 36.92 per share

- 2019-02: EUR 38.30 per share

- 2019-03: EUR 37.03 per share

- 2019-04: EUR 38.82 per share

- 2019-05: EUR 34.02 per share

- 2019-06: EUR 35.40 per share

- 2019-07: EUR 34.03 per share

- 2019-08: EUR 30.46 per share

- 2019-09: EUR 32.54 per share

- 2019-10: EUR 34.17 per share

- 2019-11: EUR 34.84 per share

- 2019-12: EUR 33.82 per share

- 2020-01: EUR 31.40 per share

- 2020-02: EUR 30.84 per share

- 2020-03: EUR 24.60 per share

- 2020-04: EUR 26.41 per share

- 2020-05: EUR 27.77 per share

- 2020-06: EUR 29.90 per share

- 2020-07: EUR 31.00 per share

- 2020-08: EUR 31.55 per share

- 2020-09: EUR 32.05 per share

- 2020-10: EUR 29.94 per share

- 2020-11: EUR 34.05 per share

- 2020-12: EUR 35.53 per share

- 2021-01: EUR 34.30 per share

- 2021-02: EUR 38.20 per share

- 2021-03: EUR 41.69 per share

- 2021-04: EUR 41.57 per share

- 2021-05: EUR 41.53 per share

- 2021-06: EUR 39.78 per share

- 2021-07: EUR 41.93 per share

- 2021-08: EUR 43.97 per share

- 2021-09: EUR 45.27 per share

- 2021-10: EUR 46.32 per share

- 2021-11: EUR 43.94 per share

- 2021-12: EUR 47.61 per share

- 2022-01: EUR 49.58 per share

- 2022-02: EUR 42.78 per share

- 2022-03: EUR 45.86 per share

- 2022-04: EUR 46.94 per share

- 2022-05: EUR 46.31 per share

- 2022-06: EUR 43.34 per share

- 2022-07: EUR 45.68 per share

- 2022-08: EUR 40.97 per share

- 2022-09: EUR 39.97 per share

- 2022-10: EUR 42.85 per share

- 2022-11: EUR 40.62 per share

- 2022-12: EUR 38.16 per share

- 2023-01: EUR 39.82 per share

- 2023-02: EUR 38.30 per share

- 2023-03: EUR 33.46 per share

- 2023-04: EUR 33.77 per share

- 2023-05: EUR 33.72 per share

- 2023-06: EUR 33.91 per share

- 2023-07: EUR 34.88 per share

- 2023-08: EUR 35.56 per share

- 2023-09: EUR 30.44 per share

- 2023-10: EUR 30.26 per share

- 2023-11: EUR 34.89 per share

- 2023-12: EUR 35.75 per share

- 2024-01: EUR 38.04 per share

- 2024-02: EUR 41.26 per share

- 2024-03: EUR 42.82 per share

- 2024-04: EUR 43.35 per share

- 2024-05: EUR 42.79 per share

- 2024-06: EUR 43.45 per share

- 2024-07: EUR 46.34 per share

- 2024-08: EUR 44.29 per share

- 2024-09: EUR 44.78 per share

- 2024-10: EUR 45.19 per share

- 2024-11: EUR 43.97 per share

- 2024-12: EUR 42.07 per share

- 2025-01: EUR 44.37 per share

- 2025-02: EUR 48.78 per share

- 2025-03: EUR 51.28 per share

- 2025-04: EUR 53.90 per share

- 2025-05: EUR 55.42 per share

- 2025-06: EUR 56.42 per share

- 2025-07: EUR 59.16 per share

- 2025-08: EUR 58.82 per share

- 2025-09: EUR 59.90 per share

- 2025-10: EUR 59.38 per share

- 2025-11: EUR 62.48 per share

- 2025-12: EUR 65.74 per share

- 2026-01: EUR 66.78 per share

- 2026-02: EUR 69.30 per share

- 2026-03: EUR 67.06 per share

- 2026-04: EUR 74.30 per share

- 2026-05: EUR 71.68 per share

- 2026-06: EUR 76.66 per share

- 2026-07: EUR 81.60 per share

- 2026-08: EUR 77.80 per share

- 2026-09: EUR 78.02 per share

- 2026-10: EUR 76.12 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 11.06 per share, central EUR 12.90 per share, high EUR 15.49 per share

- FY2017: low EUR 8.83 per share, central EUR 10.35 per share, high EUR 12.51 per share

- FY2018: low EUR 10.31 per share, central EUR 11.98 per share, high EUR 14.31 per share

- FY2019: low EUR 14.10 per share, central EUR 16.48 per share, high EUR 19.84 per share

- FY2020: low EUR 17.67 per share, central EUR 20.65 per share, high EUR 24.83 per share

- FY2021: low EUR 50.26 per share, central EUR 55.28 per share, high EUR 61.42 per share

- FY2022: low EUR 28.08 per share, central EUR 30.89 per share, high EUR 34.32 per share

- FY2023: low EUR 37.90 per share, central EUR 41.69 per share, high EUR 46.32 per share

- FY2024: low EUR 46.92 per share, central EUR 51.62 per share, high EUR 57.35 per share

- FY2025: low EUR 39.96 per share, central EUR 43.95 per share, high EUR 48.84 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 2026-10-15T06:40:24.625Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500OHYNDT9OY6Q215/2025-12-31/ESEF/NL/0/724500OHYNDT9OY6Q215-2025-12-31-1-en/reports/724500OHYNDT9OY6Q215-2025-12-31-1-en.html); period 2025-12-31, filed 2026-03-10.

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.

NN Group NV

NN · AS

STOXX Europe 600 · AEX

Not a wonderful business

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

Share price: EUR 75.76
Buy up to: EUR 26.78
Expected / yr: 6.5% 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 1.4B
Worst year: EUR 427M
Latest · 2025: EUR 1.2B

Earned a median 5.9% on equity (minimum 10%).

Return on common equity

10y median: 5.9%
Worst year: 2.4%
Latest · 2025: 6.2%

Book value plus dividends grew 3.3% a year (minimum 7%).

Annual book + dividend return

10y median: 8.4%
Worst year: -44.9%
Latest · 2025: -4.8%

Book value gained 7.62 per share against 14.79 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 94
Worst year: 101
Latest · 2025: 79

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 4.84 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 27.45 · Value 12.90 · Buy at or below 12.90; 2016-11 · Price EUR 30.33 · Value 12.90 · Buy at or below 12.90; 2016-12 · Price EUR 32.20 · Value 12.90 · Buy at or below 12.90; 2017-01 · Price EUR 32.73 · Value 12.90 · Buy at or below 12.90; 2017-02 · Price EUR 29.32 · Value 10.35 · Buy at or below 10.35; 2017-03 · Price EUR 30.48 · Value 10.35 · Buy at or below 10.35; 2017-04 · Price EUR 30.44 · Value 10.35 · Buy at or below 10.35; 2017-05 · Price EUR 32.00 · Value 10.35 · Buy at or below 10.35; 2017-06 · Price EUR 31.12 · Value 10.35 · Buy at or below 10.35; 2017-07 · Price EUR 34.29 · Value 10.35 · Buy at or below 10.35; 2017-08 · Price EUR 33.34 · Value 10.35 · Buy at or below 10.35; 2017-09 · Price EUR 35.41 · Value 10.35 · Buy at or below 10.35; 2017-10 · Price EUR 35.96 · Value 10.35 · Buy at or below 10.35; 2017-11 · Price EUR 36.91 · Value 10.35 · Buy at or below 10.35; 2017-12 · Price EUR 36.12 · Value 10.35 · Buy at or below 10.35; 2018-01 · Price EUR 38.00 · Value 10.35 · Buy at or below 10.35; 2018-02 · Price EUR 36.76 · Value 11.98 · Buy at or below 11.98; 2018-03 · Price EUR 36.04 · Value 11.98 · Buy at or below 11.98; 2018-04 · Price EUR 39.69 · Value 11.98 · Buy at or below 11.98; 2018-05 · Price EUR 36.76 · Value 11.98 · Buy at or below 11.98; 2018-06 · Price EUR 34.84 · Value 11.98 · Buy at or below 11.98; 2018-07 · Price EUR 37.82 · Value 11.98 · Buy at or below 11.98; 2018-08 · Price EUR 36.93 · Value 11.98 · Buy at or below 11.98; 2018-09 · Price EUR 38.43 · Value 11.98 · Buy at or below 11.98; 2018-10 · Price EUR 38.00 · Value 11.98 · Buy at or below 11.98; 2018-11 · Price EUR 37.57 · Value 11.98 · Buy at or below 11.98; 2018-12 · Price EUR 34.80 · Value 11.98 · Buy at or below 11.98; 2019-01 · Price EUR 36.92 · Value 11.98 · Buy at or below 11.98; 2019-02 · Price EUR 38.30 · Value 16.48 · Buy at or below 16.48; 2019-03 · Price EUR 37.03 · Value 16.48 · Buy at or below 16.48; 2019-04 · Price EUR 38.82 · Value 16.48 · Buy at or below 16.48; 2019-05 · Price EUR 34.02 · Value 16.48 · Buy at or below 16.48; 2019-06 · Price EUR 35.40 · Value 16.48 · Buy at or below 16.48; 2019-07 · Price EUR 34.03 · Value 16.48 · Buy at or below 16.48; 2019-08 · Price EUR 30.46 · Value 16.48 · Buy at or below 16.48; 2019-09 · Price EUR 32.54 · Value 16.48 · Buy at or below 16.48; 2019-10 · Price EUR 34.17 · Value 16.48 · Buy at or below 16.48; 2019-11 · Price EUR 34.84 · Value 16.48 · Buy at or below 16.48; 2019-12 · Price EUR 33.82 · Value 16.48 · Buy at or below 16.48; 2020-01 · Price EUR 31.40 · Value 16.48 · Buy at or below 16.48; 2020-02 · Price EUR 30.84 · Value 20.65 · Buy at or below 20.65; 2020-03 · Price EUR 24.60 · Value 20.65 · Buy at or below 20.65; 2020-04 · Price EUR 26.41 · Value 20.65 · Buy at or below 20.65; 2020-05 · Price EUR 27.77 · Value 20.65 · Buy at or below 20.65; 2020-06 · Price EUR 29.90 · Value 20.65 · Buy at or below 20.65; 2020-07 · Price EUR 31.00 · Value 20.65 · Buy at or below 20.65; 2020-08 · Price EUR 31.55 · Value 20.65 · Buy at or below 20.65; 2020-09 · Price EUR 32.05 · Value 20.65 · Buy at or below 20.65; 2020-10 · Price EUR 29.94 · Value 20.65 · Buy at or below 20.65; 2020-11 · Price EUR 34.05 · Value 20.65 · Buy at or below 20.65; 2020-12 · Price EUR 35.53 · Value 20.65 · Buy at or below 20.65; 2021-01 · Price EUR 34.30 · Value 20.65 · Buy at or below 20.65; 2021-02 · Price EUR 38.20 · Value 55.28 · Buy at or below 55.28; 2021-03 · Price EUR 41.69 · Value 55.28 · Buy at or below 55.28; 2021-04 · Price EUR 41.57 · Value 55.28 · Buy at or below 55.28; 2021-05 · Price EUR 41.53 · Value 55.28 · Buy at or below 55.28; 2021-06 · Price EUR 39.78 · Value 55.28 · Buy at or below 55.28; 2021-07 · Price EUR 41.93 · Value 55.28 · Buy at or below 55.28; 2021-08 · Price EUR 43.97 · Value 55.28 · Buy at or below 55.28; 2021-09 · Price EUR 45.27 · Value 55.28 · Buy at or below 55.28; 2021-10 · Price EUR 46.32 · Value 55.28 · Buy at or below 55.28; 2021-11 · Price EUR 43.94 · Value 55.28 · Buy at or below 55.28; 2021-12 · Price EUR 47.61 · Value 55.28 · Buy at or below 55.28; 2022-01 · Price EUR 49.58 · Value 55.28 · Buy at or below 55.28; 2022-02 · Price EUR 42.78 · Value 30.89 · Buy at or below 30.89; 2022-03 · Price EUR 45.86 · Value 30.89 · Buy at or below 30.89; 2022-04 · Price EUR 46.94 · Value 30.89 · Buy at or below 30.89; 2022-05 · Price EUR 46.31 · Value 30.89 · Buy at or below 30.89; 2022-06 · Price EUR 43.34 · Value 30.89 · Buy at or below 30.89; 2022-07 · Price EUR 45.68 · Value 30.89 · Buy at or below 30.89; 2022-08 · Price EUR 40.97 · Value 30.89 · Buy at or below 30.89; 2022-09 · Price EUR 39.97 · Value 30.89 · Buy at or below 30.89; 2022-10 · Price EUR 42.85 · Value 30.89 · Buy at or below 30.89; 2022-11 · Price EUR 40.62 · Value 30.89 · Buy at or below 30.89; 2022-12 · Price EUR 38.16 · Value 30.89 · Buy at or below 30.89; 2023-01 · Price EUR 39.82 · Value 30.89 · Buy at or below 30.89; 2023-02 · Price EUR 38.30 · Value 41.69 · Buy at or below 41.69; 2023-03 · Price EUR 33.46 · Value 41.69 · Buy at or below 41.69; 2023-04 · Price EUR 33.77 · Value 41.69 · Buy at or below 41.69; 2023-05 · Price EUR 33.72 · Value 41.69 · Buy at or below 41.69; 2023-06 · Price EUR 33.91 · Value 41.69 · Buy at or below 41.69; 2023-07 · Price EUR 34.88 · Value 41.69 · Buy at or below 41.69; 2023-08 · Price EUR 35.56 · Value 41.69 · Buy at or below 41.69; 2023-09 · Price EUR 30.44 · Value 41.69 · Buy at or below 41.69; 2023-10 · Price EUR 30.26 · Value 41.69 · Buy at or below 41.69; 2023-11 · Price EUR 34.89 · Value 41.69 · Buy at or below 41.69; 2023-12 · Price EUR 35.75 · Value 41.69 · Buy at or below 41.69; 2024-01 · Price EUR 38.04 · Value 41.69 · Buy at or below 41.69; 2024-02 · Price EUR 41.26 · Value 51.62 · Buy at or below 51.62; 2024-03 · Price EUR 42.82 · Value 51.62 · Buy at or below 51.62; 2024-04 · Price EUR 43.35 · Value 51.62 · Buy at or below 51.62; 2024-05 · Price EUR 42.79 · Value 51.62 · Buy at or below 51.62; 2024-06 · Price EUR 43.45 · Value 51.62 · Buy at or below 51.62; 2024-07 · Price EUR 46.34 · Value 51.62 · Buy at or below 51.62; 2024-08 · Price EUR 44.29 · Value 51.62 · Buy at or below 51.62; 2024-09 · Price EUR 44.78 · Value 51.62 · Buy at or below 51.62; 2024-10 · Price EUR 45.19 · Value 51.62 · Buy at or below 51.62; 2024-11 · Price EUR 43.97 · Value 51.62 · Buy at or below 51.62; 2024-12 · Price EUR 42.07 · Value 51.62 · Buy at or below 51.62; 2025-01 · Price EUR 44.37 · Value 51.62 · Buy at or below 51.62; 2025-02 · Price EUR 48.78 · Value 43.95 · Buy at or below 43.95; 2025-03 · Price EUR 51.28 · Value 43.95 · Buy at or below 43.95; 2025-04 · Price EUR 53.90 · Value 43.95 · Buy at or below 43.95; 2025-05 · Price EUR 55.42 · Value 43.95 · Buy at or below 43.95; 2025-06 · Price EUR 56.42 · Value 43.95 · Buy at or below 43.95; 2025-07 · Price EUR 59.16 · Value 43.95 · Buy at or below 43.95; 2025-08 · Price EUR 58.82 · Value 43.95 · Buy at or below 43.95; 2025-09 · Price EUR 59.90 · Value 43.95 · Buy at or below 43.95; 2025-10 · Price EUR 59.38 · Value 43.95 · Buy at or below 43.95; 2025-11 · Price EUR 62.48 · Value 43.95 · Buy at or below 43.95; 2025-12 · Price EUR 65.74 · Value 43.95 · Buy at or below 43.95; 2026-01 · Price EUR 66.78 · Value 43.95 · Buy at or below 43.95; 2026-02 · Price EUR 69.30 · Value 26.78 · Buy at or below 26.78; 2026-03 · Price EUR 67.06 · Value 26.78 · Buy at or below 26.78; 2026-04 · Price EUR 74.30 · Value 26.78 · Buy at or below 26.78; 2026-05 · Price EUR 71.68 · Value 26.78 · Buy at or below 26.78; 2026-06 · Price EUR 76.66 · Value 26.78 · Buy at or below 26.78; 2026-07 · Price EUR 81.60 · Value 26.78 · Buy at or below 26.78; 2026-08 · Price EUR 77.80 · Value 26.78 · Buy at or below 26.78; 2026-09 · Price EUR 78.02 · Value 26.78 · Buy at or below 26.78; 2026-10 · Price EUR 76.12 · Value 26.78 · Buy at or below 26.78; 2026-10 · Price EUR 75.76 · Value 26.78 · Buy at or below 26.78

EUR per share · annual estimates

Price & return math
Value range	EUR 22.57 – EUR 32.91
Buy at or below	Central value EUR 26.78
Discount to value	1 − 75.76 / 26.78 = -182.9%
Return / year	About 6.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 76.32/share; ROE 6.5%; first payout EUR 1.44/share, growing 4.6% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 1.2B

Net income

Book / shareEUR 71.94

Book / share

Dividend / shareEUR 3.54

Dividend / share

Return on equity6.2%

Return on equity

Diluted shares265M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·