# The Navigator Company (NVG.LS)

Canonical: https://gigainvestors.com/s/NVG.LS

Analysis as of: 2026-10-16T07:40:02.921Z. Financial observations: FY2015–FY2026.

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 3.06 per share; close as of 2026-10-15.

Estimated value: low EUR 3.33 per share, central EUR 3.76 per share, high EUR 4.33 per share. Buy at or below the central value EUR 3.76 per share. Valuation as of 2026-10-16T07:40:02.921Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 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: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.17×

- FY2019: 0.14×

- FY2020: 0.10×

- FY2021: 0.14×

- FY2022: 0.23×

- FY2023: 0.19×

- FY2024: 0.18×

- FY2025: 0.10×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 9.2%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 56.3%

- Recent gross margin (lower of latest and 3-year median): 55.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.4%

- FY2017: 14.1%

- FY2018: 15.3%

- FY2019: 13.2%

- FY2020: 8.8%

- FY2021: 14.1%

- FY2022: 32.9%

- FY2023: 19.4%

- FY2024: 18.5%

- FY2025: 9.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -2.3 pp

- Working capital / revenue, change between three-year averages: -16.2 pp

- Working capital / revenue, final three-year average: 6.9%

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

- FY2021: 1.04×

- FY2022: 1.06×

- FY2023: 0.72×

- FY2024: 0.92×

- FY2025: 0.38×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.3% vs 18.5%

- Per-share earnings: 0.29 to 0.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR -816M

- Cumulative retained earnings: EUR 110M

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.9%

- Per-share value change: EUR 0.10

- Per-share value, starting three-year median: EUR 0.29

- Per-share value, ending three-year median: EUR 0.39

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 228M

- Cumulative net income, 10 years: EUR 2.2B

- ROIC, first three-year median: 15.3%

- ROIC, last three-year median: 18.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.29

- FY2018: EUR 0.31

- FY2019: EUR 0.24

- FY2020: EUR 0.15

- FY2021: EUR 0.24

- FY2022: EUR 0.55

- FY2023: EUR 0.39

- FY2024: EUR 0.40

- FY2025: EUR 0.20

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.62×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -4.0%

- FY2018: -5.3%

- FY2019: -8.3%

- FY2020: -9.7%

- FY2021: -7.2%

- FY2022: -8.0%

- FY2023: -3.4%

- FY2024: -3.7%

- FY2025: -5.9%

## Holders

## Price story

Down 27% since May 2022 · sales -7.6%

Story as of 2026-10-16T10:00:11.144Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales -7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.6B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.7B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.6B 

- FY2022: EUR 2.5B 

- FY2023: EUR 2.0B 

- FY2024: EUR 2.1B 

- FY2025: EUR 2.0B 

- FY2026: EUR 1.8B 

### Gross margin · FY2025

gross margin 55%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.6% 

- FY2017: 34.5% 

- FY2018: 36.2% 

- FY2019: 58.2% 

- FY2020: 57.6% 

- FY2021: 60.4% 

- FY2022: 62.8% 

- FY2023: 54.9% 

- FY2024: 57.8% 

- FY2025: 55.0% 

## Owner memo

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

### How it makes money

Operates in paper & paper products; annual sales are EUR 2 billion.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2025-12-31 (filed 2026-10-16T07:40:02.921Z); FY2025: revenue 1969765842; grossProfit 1083522132; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 54.9% to 57.8% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2023-12-31 (filed 2026-10-16T07:40:02.921Z); FY2023: grossProfit / revenue = 54.9%.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2024-12-31 (filed 2026-10-16T07:40:02.921Z); FY2024: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2025-12-31 (filed 2026-10-16T07:40:02.921Z); FY2025: grossProfit / revenue = 55%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:02.921Z); 10-year return on capital observations [[2016,0.18407225410848324],[2017,0.14069060546667145],[2018,0.15300135842292598],[2019,0.1321613657697919],[2020,0.08827819194572245],[2021,0.1412439045338397],[2022,0.32871129074715627],[2023,0.19432970829915683],[2024,0.18529177449937143],[2025,0.09206187918323211]]; median 0.14712263147838284. 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/api/fundamentals/NVG.LS.json#2016-12-31 (filed 2026-10-16T07:40:02.921Z); FY2016: growth capex 0; upkeep 81185277; owner earnings 263528793. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2017-12-31 (filed 2026-10-16T07:40:02.921Z); FY2017: growth capex 0; upkeep 98863395; owner earnings 207038534. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2018-12-31 (filed 2026-10-16T07:40:02.921Z); FY2018: growth capex 0; upkeep 209311719; owner earnings 150843671. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2019-12-31 (filed 2026-10-16T07:40:02.921Z); FY2019: growth capex 0; upkeep 176585023; owner earnings 120870140.6. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:02.921Z); FY2020: growth capex 0; upkeep 98807287; owner earnings 142561479.2. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:02.921Z); FY2021: growth capex 0; upkeep 104258178; owner earnings 178502790. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/NVG.LS (filed 2026-10-16T07:40:02.921Z); FY2022: growth capex 0; upkeep 124072233; cash acquisitions 0; owner earnings 417412559.2. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/NVG.LS (filed 2026-10-16T07:40:02.921Z); FY2023: growth capex 0; upkeep 201590142; cash acquisitions 55210602; owner earnings 199246829.8. Growth capex plus acquisitions / owner earnings = 0.2770965141850402.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2024-12-31 (filed 2026-10-16T07:40:02.921Z); FY2024: growth capex 59351480; upkeep 164749474; cash acquisitions 150779060; owner earnings 264600815. Growth capex plus acquisitions / owner earnings = 0.7941416960488198.

- Source: https://eodhd.com/api/fundamentals/NVG.LS.json#2025-12-31 (filed 2026-10-16T07:40:02.921Z); FY2025: growth capex 0; upkeep 236955466; cash acquisitions 0; owner earnings 55162246.400000006. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:02.921Z); Dividend observations: [[2016,170004583],[2017,250007056],[2018,200002777],[2019,200003439],[2020,99138920],[2021,149561800],[2022,131632875],[2023,199984679],[2024,149995621],[2025,174993706]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 70% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NVG.LS SharesStats.PercentInsiders = 70.03 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:02.921Z); Ten-year compound average after fade. Initial solved rate -0.039102750156590094. Price 3.056; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 2.67 per share

- 2016-11: EUR 2.93 per share

- 2016-12: EUR 3.27 per share

- 2017-01: EUR 3.37 per share

- 2017-02: EUR 3.57 per share

- 2017-03: EUR 3.77 per share

- 2017-04: EUR 3.89 per share

- 2017-05: EUR 4.03 per share

- 2017-06: EUR 3.78 per share

- 2017-07: EUR 3.64 per share

- 2017-08: EUR 3.59 per share

- 2017-09: EUR 4.12 per share

- 2017-10: EUR 4.38 per share

- 2017-11: EUR 4.18 per share

- 2017-12: EUR 4.25 per share

- 2018-01: EUR 4.52 per share

- 2018-02: EUR 4.45 per share

- 2018-03: EUR 4.79 per share

- 2018-04: EUR 4.84 per share

- 2018-05: EUR 5.34 per share

- 2018-06: EUR 5.10 per share

- 2018-07: EUR 4.88 per share

- 2018-08: EUR 4.30 per share

- 2018-09: EUR 4.22 per share

- 2018-10: EUR 4.40 per share

- 2018-11: EUR 3.70 per share

- 2018-12: EUR 3.60 per share

- 2019-01: EUR 4.27 per share

- 2019-02: EUR 4.31 per share

- 2019-03: EUR 4.08 per share

- 2019-04: EUR 3.94 per share

- 2019-05: EUR 3.20 per share

- 2019-06: EUR 3.36 per share

- 2019-07: EUR 3.05 per share

- 2019-08: EUR 3.07 per share

- 2019-09: EUR 3.28 per share

- 2019-10: EUR 3.23 per share

- 2019-11: EUR 3.49 per share

- 2019-12: EUR 3.59 per share

- 2020-01: EUR 3.24 per share

- 2020-02: EUR 2.78 per share

- 2020-03: EUR 2.16 per share

- 2020-04: EUR 2.37 per share

- 2020-05: EUR 2.23 per share

- 2020-06: EUR 2.16 per share

- 2020-07: EUR 2.11 per share

- 2020-08: EUR 2.20 per share

- 2020-09: EUR 2.12 per share

- 2020-10: EUR 1.89 per share

- 2020-11: EUR 2.50 per share

- 2020-12: EUR 2.50 per share

- 2021-01: EUR 2.47 per share

- 2021-02: EUR 2.81 per share

- 2021-03: EUR 2.79 per share

- 2021-04: EUR 2.81 per share

- 2021-05: EUR 2.82 per share

- 2021-06: EUR 2.88 per share

- 2021-07: EUR 3.04 per share

- 2021-08: EUR 3.16 per share

- 2021-09: EUR 3.04 per share

- 2021-10: EUR 3.38 per share

- 2021-11: EUR 3.11 per share

- 2021-12: EUR 3.35 per share

- 2022-01: EUR 3.34 per share

- 2022-02: EUR 3.19 per share

- 2022-03: EUR 3.38 per share

- 2022-04: EUR 3.92 per share

- 2022-05: EUR 4.16 per share

- 2022-06: EUR 3.84 per share

- 2022-07: EUR 4.03 per share

- 2022-08: EUR 3.96 per share

- 2022-09: EUR 3.49 per share

- 2022-10: EUR 3.86 per share

- 2022-11: EUR 3.87 per share

- 2022-12: EUR 3.45 per share

- 2023-01: EUR 3.21 per share

- 2023-02: EUR 3.33 per share

- 2023-03: EUR 3.30 per share

- 2023-04: EUR 3.33 per share

- 2023-05: EUR 3.08 per share

- 2023-06: EUR 3.10 per share

- 2023-07: EUR 3.19 per share

- 2023-08: EUR 3.37 per share

- 2023-09: EUR 3.57 per share

- 2023-10: EUR 3.76 per share

- 2023-11: EUR 3.77 per share

- 2023-12: EUR 3.55 per share

- 2024-01: EUR 3.82 per share

- 2024-02: EUR 3.76 per share

- 2024-03: EUR 4.05 per share

- 2024-04: EUR 4.15 per share

- 2024-05: EUR 4.01 per share

- 2024-06: EUR 3.89 per share

- 2024-07: EUR 3.75 per share

- 2024-08: EUR 3.69 per share

- 2024-09: EUR 3.69 per share

- 2024-10: EUR 3.54 per share

- 2024-11: EUR 3.43 per share

- 2024-12: EUR 3.59 per share

- 2025-01: EUR 3.53 per share

- 2025-02: EUR 3.26 per share

- 2025-03: EUR 3.27 per share

- 2025-04: EUR 3.35 per share

- 2025-05: EUR 3.44 per share

- 2025-06: EUR 3.19 per share

- 2025-07: EUR 3.10 per share

- 2025-08: EUR 3.32 per share

- 2025-09: EUR 3.27 per share

- 2025-10: EUR 3.00 per share

- 2025-11: EUR 3.04 per share

- 2025-12: EUR 3.14 per share

- 2026-01: EUR 3.19 per share

- 2026-02: EUR 3.44 per share

- 2026-03: EUR 3.36 per share

- 2026-04: EUR 3.35 per share

- 2026-05: EUR 3.40 per share

- 2026-06: EUR 3.23 per share

- 2026-07: EUR 3.26 per share

- 2026-08: EUR 3.25 per share

- 2026-09: EUR 3.21 per share

- 2026-10: EUR 3.07 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 2.87 per share, central EUR 3.24 per share, high EUR 3.73 per share

- FY2020: low EUR 2.58 per share, central EUR 2.88 per share, high EUR 3.28 per share

- FY2021: low EUR 2.82 per share, central EUR 3.16 per share, high EUR 3.63 per share

- FY2022: low EUR 4.31 per share, central EUR 4.85 per share, high EUR 5.56 per share

- FY2023: low EUR 3.27 per share, central EUR 3.70 per share, high EUR 4.27 per share

- FY2024: low EUR 3.93 per share, central EUR 4.43 per share, high EUR 5.09 per share

- FY2025: low EUR 3.51 per share, central EUR 3.98 per share, high EUR 4.60 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 2026-10-15T06:45:44.312Z 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.

The Navigator Company

NVG · LS

PSI

Not a wonderful business

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

Share price: EUR 3.06
Buy up to: EUR 3.76
Expected / yr: 11.8% 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 30.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 14.9%
Worst year: 7.4%
Latest · LTM: 7.4%

Capital return excluding acquisitions: median 14.7% (minimum 15%), and the second-worst year 9.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 14.7%
Worst year: 8.8%
Latest · 2025: 9.2%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.92×
Latest · 2025: 0.38×

Per-share value rose from 0.29 to 0.39, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: EUR 0.29
Worst year: EUR 0.15
Latest · 2025: EUR 0.20

Profits were backed by cash: accruals were -5.9% of assets (limit 10%).

Sloan accruals

10y median: -5.6%
Worst year: -2.7%
Latest · 2025: -5.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 15.9%, three-year average owner earnings per share 0.24 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 2.67; 2016-11 · Price EUR 2.93; 2016-12 · Price EUR 3.27; 2017-01 · Price EUR 3.37; 2017-02 · Price EUR 3.57; 2017-03 · Price EUR 3.77; 2017-04 · Price EUR 3.89; 2017-05 · Price EUR 4.03; 2017-06 · Price EUR 3.78; 2017-07 · Price EUR 3.64; 2017-08 · Price EUR 3.58; 2017-09 · Price EUR 4.12; 2017-10 · Price EUR 4.38; 2017-11 · Price EUR 4.18; 2017-12 · Price EUR 4.25; 2018-01 · Price EUR 4.52; 2018-02 · Price EUR 4.45; 2018-03 · Price EUR 4.79; 2018-04 · Price EUR 4.84; 2018-05 · Price EUR 5.34; 2018-06 · Price EUR 5.10; 2018-07 · Price EUR 4.88; 2018-08 · Price EUR 4.30; 2018-09 · Price EUR 4.22; 2018-10 · Price EUR 4.40; 2018-11 · Price EUR 3.70; 2018-12 · Price EUR 3.60; 2019-01 · Price EUR 4.27 · Value 3.24 · Buy at or below 3.24; 2019-02 · Price EUR 4.31 · Value 3.24 · Buy at or below 3.24; 2019-03 · Price EUR 4.08 · Value 3.24 · Buy at or below 3.24; 2019-04 · Price EUR 3.94 · Value 3.24 · Buy at or below 3.24; 2019-05 · Price EUR 3.20 · Value 3.24 · Buy at or below 3.24; 2019-06 · Price EUR 3.36 · Value 3.24 · Buy at or below 3.24; 2019-07 · Price EUR 3.05 · Value 3.24 · Buy at or below 3.24; 2019-08 · Price EUR 3.07 · Value 3.24 · Buy at or below 3.24; 2019-09 · Price EUR 3.28 · Value 3.24 · Buy at or below 3.24; 2019-10 · Price EUR 3.23 · Value 3.24 · Buy at or below 3.24; 2019-11 · Price EUR 3.49 · Value 3.24 · Buy at or below 3.24; 2019-12 · Price EUR 3.59 · Value 3.24 · Buy at or below 3.24; 2020-01 · Price EUR 3.24 · Value 3.24 · Buy at or below 3.24; 2020-02 · Price EUR 2.78 · Value 2.88 · Buy at or below 2.88; 2020-03 · Price EUR 2.16 · Value 2.88 · Buy at or below 2.88; 2020-04 · Price EUR 2.37 · Value 2.88 · Buy at or below 2.88; 2020-05 · Price EUR 2.23 · Value 2.88 · Buy at or below 2.88; 2020-06 · Price EUR 2.16 · Value 2.88 · Buy at or below 2.88; 2020-07 · Price EUR 2.11 · Value 2.88 · Buy at or below 2.88; 2020-08 · Price EUR 2.20 · Value 2.88 · Buy at or below 2.88; 2020-09 · Price EUR 2.12 · Value 2.88 · Buy at or below 2.88; 2020-10 · Price EUR 1.89 · Value 2.88 · Buy at or below 2.88; 2020-11 · Price EUR 2.50 · Value 2.88 · Buy at or below 2.88; 2020-12 · Price EUR 2.50 · Value 2.88 · Buy at or below 2.88; 2021-01 · Price EUR 2.47 · Value 2.88 · Buy at or below 2.88; 2021-02 · Price EUR 2.81 · Value 3.16 · Buy at or below 3.16; 2021-03 · Price EUR 2.79 · Value 3.16 · Buy at or below 3.16; 2021-04 · Price EUR 2.81 · Value 3.16 · Buy at or below 3.16; 2021-05 · Price EUR 2.82 · Value 3.16 · Buy at or below 3.16; 2021-06 · Price EUR 2.88 · Value 3.16 · Buy at or below 3.16; 2021-07 · Price EUR 3.04 · Value 3.16 · Buy at or below 3.16; 2021-08 · Price EUR 3.16 · Value 3.16 · Buy at or below 3.16; 2021-09 · Price EUR 3.04 · Value 3.16 · Buy at or below 3.16; 2021-10 · Price EUR 3.38 · Value 3.16 · Buy at or below 3.16; 2021-11 · Price EUR 3.11 · Value 3.16 · Buy at or below 3.16; 2021-12 · Price EUR 3.35 · Value 3.16 · Buy at or below 3.16; 2022-01 · Price EUR 3.34 · Value 3.16 · Buy at or below 3.16; 2022-02 · Price EUR 3.19 · Value 4.85 · Buy at or below 4.85; 2022-03 · Price EUR 3.38 · Value 4.85 · Buy at or below 4.85; 2022-04 · Price EUR 3.92 · Value 4.85 · Buy at or below 4.85; 2022-05 · Price EUR 4.16 · Value 4.85 · Buy at or below 4.85; 2022-06 · Price EUR 3.84 · Value 4.85 · Buy at or below 4.85; 2022-07 · Price EUR 4.03 · Value 4.85 · Buy at or below 4.85; 2022-08 · Price EUR 3.96 · Value 4.85 · Buy at or below 4.85; 2022-09 · Price EUR 3.49 · Value 4.85 · Buy at or below 4.85; 2022-10 · Price EUR 3.86 · Value 4.85 · Buy at or below 4.85; 2022-11 · Price EUR 3.87 · Value 4.85 · Buy at or below 4.85; 2022-12 · Price EUR 3.45 · Value 4.85 · Buy at or below 4.85; 2023-01 · Price EUR 3.21 · Value 4.85 · Buy at or below 4.85; 2023-02 · Price EUR 3.33 · Value 3.70 · Buy at or below 3.70; 2023-03 · Price EUR 3.30 · Value 3.70 · Buy at or below 3.70; 2023-04 · Price EUR 3.33 · Value 3.70 · Buy at or below 3.70; 2023-05 · Price EUR 3.08 · Value 3.70 · Buy at or below 3.70; 2023-06 · Price EUR 3.10 · Value 3.70 · Buy at or below 3.70; 2023-07 · Price EUR 3.19 · Value 3.70 · Buy at or below 3.70; 2023-08 · Price EUR 3.37 · Value 3.70 · Buy at or below 3.70; 2023-09 · Price EUR 3.57 · Value 3.70 · Buy at or below 3.70; 2023-10 · Price EUR 3.76 · Value 3.70 · Buy at or below 3.70; 2023-11 · Price EUR 3.77 · Value 3.70 · Buy at or below 3.70; 2023-12 · Price EUR 3.55 · Value 3.70 · Buy at or below 3.70; 2024-01 · Price EUR 3.82 · Value 3.70 · Buy at or below 3.70; 2024-02 · Price EUR 3.76 · Value 4.43 · Buy at or below 4.43; 2024-03 · Price EUR 4.05 · Value 4.43 · Buy at or below 4.43; 2024-04 · Price EUR 4.15 · Value 4.43 · Buy at or below 4.43; 2024-05 · Price EUR 4.01 · Value 4.43 · Buy at or below 4.43; 2024-06 · Price EUR 3.89 · Value 4.43 · Buy at or below 4.43; 2024-07 · Price EUR 3.75 · Value 4.43 · Buy at or below 4.43; 2024-08 · Price EUR 3.69 · Value 4.43 · Buy at or below 4.43; 2024-09 · Price EUR 3.69 · Value 4.43 · Buy at or below 4.43; 2024-10 · Price EUR 3.54 · Value 4.43 · Buy at or below 4.43; 2024-11 · Price EUR 3.43 · Value 4.43 · Buy at or below 4.43; 2024-12 · Price EUR 3.59 · Value 4.43 · Buy at or below 4.43; 2025-01 · Price EUR 3.53 · Value 4.43 · Buy at or below 4.43; 2025-02 · Price EUR 3.26 · Value 3.98 · Buy at or below 3.98; 2025-03 · Price EUR 3.27 · Value 3.98 · Buy at or below 3.98; 2025-04 · Price EUR 3.35 · Value 3.98 · Buy at or below 3.98; 2025-05 · Price EUR 3.44 · Value 3.98 · Buy at or below 3.98; 2025-06 · Price EUR 3.19 · Value 3.98 · Buy at or below 3.98; 2025-07 · Price EUR 3.10 · Value 3.98 · Buy at or below 3.98; 2025-08 · Price EUR 3.32 · Value 3.98 · Buy at or below 3.98; 2025-09 · Price EUR 3.27 · Value 3.98 · Buy at or below 3.98; 2025-10 · Price EUR 3.00 · Value 3.98 · Buy at or below 3.98; 2025-11 · Price EUR 3.04 · Value 3.98 · Buy at or below 3.98; 2025-12 · Price EUR 3.14 · Value 3.98 · Buy at or below 3.98; 2026-01 · Price EUR 3.19 · Value 3.98 · Buy at or below 3.98; 2026-02 · Price EUR 3.44 · Value 3.76 · Buy at or below 3.76; 2026-03 · Price EUR 3.36 · Value 3.76 · Buy at or below 3.76; 2026-04 · Price EUR 3.35 · Value 3.76 · Buy at or below 3.76; 2026-05 · Price EUR 3.40 · Value 3.76 · Buy at or below 3.76; 2026-06 · Price EUR 3.23 · Value 3.76 · Buy at or below 3.76; 2026-07 · Price EUR 3.26 · Value 3.76 · Buy at or below 3.76; 2026-08 · Price EUR 3.25 · Value 3.76 · Buy at or below 3.76; 2026-09 · Price EUR 3.21 · Value 3.76 · Buy at or below 3.76; 2026-10 · Price EUR 3.07 · Value 3.76 · Buy at or below 3.76; 2026-10 · Price EUR 3.06 · Value 3.76 · Buy at or below 3.76

EUR per share · annual estimates

Price & return math
Value range	EUR 3.33 – EUR 4.33
Buy at or below	Central value EUR 3.76
Discount to value	1 − 3.06 / 3.76 = 18.7%
Return / year	About 11.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.29/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.20/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 1.8B

Revenue

Owner earningsEUR 55M

Owner earnings

Operating margin7.4%

Operating margin

Net cash / debtEUR -704M

Net cash / debt

Diluted shares711M

Diluted shares

Prices 15 Oct 2026 · FY2025