# Outokumpu Oyj (OUT1V.HE)

Canonical: https://gigainvestors.com/s/OUT1V.HE

Analysis as of: 2026-10-16T07:39:50.946Z. Financial observations: FY1997–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 4.88 per share; close as of 2026-10-15.

Estimated value: low EUR 4.74 per share, central EUR 5.32 per share, high EUR 6.09 per share. Buy at or below the central value EUR 5.32 per share. Valuation as of 2026-10-16T07:39:50.946Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 5

- Operating margin variation: 1.62×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.07×

- FY2018: 0.04×

- FY2019: -0.00×

- FY2020: -0.01×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: -0.01×

- FY2024: -0.01×

- FY2025: -0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.2%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 3.4 pp

- Typical gross margin (annual median): 6.9%

- Recent gross margin (lower of latest and 3-year median): 3.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.6%

- FY2017: 13.4%

- FY2018: 5.9%

- FY2019: -0.2%

- FY2020: -1.6%

- FY2021: 19.9%

- FY2022: 26.1%

- FY2023: -1.8%

- FY2024: -2.0%

- FY2025: -2.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 1.4B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 6.4 pp

- Working capital / revenue, final three-year average: 17.7%

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

- FY2021: 1.20×

- FY2022: 1.09×

- FY2023: -2.16×

- FY2024: 0.85×

- FY2025: 0.53×

### 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: 5.9% vs -2.0%

- Per-share earnings: 0.35 to -0.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: EUR -1.4B

- Cumulative retained earnings: EUR 973M

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -0.59

- Per-share value, starting three-year median: EUR 0.35

- Per-share value, ending three-year median: EUR -0.24

- Buybacks concentrated in cheaper years (correlation): -0.49

- Average buyback yield: 1.7%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 147M

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: -2.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.35

- FY2017: EUR 0.89

- FY2018: EUR 0.34

- FY2019: EUR -0.20

- FY2020: EUR -0.28

- FY2021: EUR 1.15

- FY2022: EUR 2.32

- FY2023: EUR -0.24

- FY2024: EUR -0.09

- FY2025: EUR -0.29

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: 1.1%

- FY2018: -1.4%

- FY2019: -7.4%

- FY2020: -7.6%

- FY2021: -0.7%

- FY2022: 5.2%

- FY2023: -7.3%

- FY2024: -3.1%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to shrink 0.3% a year for ten years · sales -8%

Story as of 2026-10-16T10:00:11.025Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.3% a year for ten years

- 2025-09-22: One-third of firms paused or delayed stainless steel orders due to tariffs, Outokumpu says ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/one-third-firms-paused-delayed-060511445.html))

### Sales · FY2024–2025

sales -8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.7B 

- FY2017: EUR 6.4B 

- FY2018: EUR 6.9B 

- FY2019: EUR 6.4B 

- FY2020: EUR 5.6B 

- FY2021: EUR 7.7B 

- FY2022: EUR 9.5B 

- FY2023: EUR 7.0B 

- FY2024: EUR 5.9B 

- FY2025: EUR 5.5B 

### Gross margin · FY2025

gross margin 3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 6.9% 

- FY2017: 11.6% 

- FY2018: 6.9% 

- FY2019: 4.6% 

- FY2020: 4.2% 

- FY2021: 12.7% 

- FY2022: 14.2% 

- FY2023: 7.0% 

- FY2024: 3.9% 

- FY2025: 3.5% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are EUR 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2025: revenue 5468000000; grossProfit 189000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 3.5% to 7% during 2023–25; it earns 1.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2023: grossProfit / revenue = 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2024: grossProfit / revenue = 3.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2025: grossProfit / revenue = 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); 10-year return on capital observations [[2016,0.025628346456692912],[2017,0.13371394230769232],[2018,0.05924238108800912],[2019,-0.0016089613034623218],[2020,-0.015754261820521066],[2021,0.19922389657444006],[2022,0.2608115323011212],[2023,-0.018135220125786163],[2024,-0.019915966386554622],[2025,-0.020332705586942876]]; median 0.012009692576615296. 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 2026-10-16T07:39:50.946Z); FY2016: growth capex 0; upkeep 141000000; owner earnings 229000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2017: growth capex 0; upkeep 171000000; owner earnings 437000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2018: growth capex 26000000; upkeep 204000000; owner earnings 130000000. Growth capex / owner earnings = 0.2.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2021: growth capex 0; upkeep 156000000; owner earnings 663200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2022: growth capex 0; upkeep 155000000; owner earnings 1246000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); FY2023: growth capex 0; upkeep 146000000; owner earnings 229000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); Dividend observations: [[2016,41000000],[2017,41000000],[2018,103000000],[2019,62000000],[2020,68000000],[2021,68000000],[2022,68000000],[2023,152000000],[2024,110000000],[2025,116000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OUT1V.HE SharesStats.PercentInsiders = 21.959999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:50.946Z); Ten-year compound average after fade. Initial solved rate -0.017370176674730675. Price 4.876; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6494594770124184 → FY2025 -0.15449652807252848. Closing-price date 2026-10-15.

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

- 2016-10: EUR 6.35 per share

- 2016-11: EUR 7.29 per share

- 2016-12: EUR 8.51 per share

- 2017-01: EUR 8.28 per share

- 2017-02: EUR 9.35 per share

- 2017-03: EUR 9.14 per share

- 2017-04: EUR 8.82 per share

- 2017-05: EUR 7.08 per share

- 2017-06: EUR 6.99 per share

- 2017-07: EUR 7.11 per share

- 2017-08: EUR 8.68 per share

- 2017-09: EUR 8.79 per share

- 2017-10: EUR 8.12 per share

- 2017-11: EUR 7.26 per share

- 2017-12: EUR 7.74 per share

- 2018-01: EUR 6.90 per share

- 2018-02: EUR 6.66 per share

- 2018-03: EUR 5.54 per share

- 2018-04: EUR 5.38 per share

- 2018-05: EUR 5.40 per share

- 2018-06: EUR 5.33 per share

- 2018-07: EUR 5.80 per share

- 2018-08: EUR 5.06 per share

- 2018-09: EUR 5.06 per share

- 2018-10: EUR 3.71 per share

- 2018-11: EUR 3.67 per share

- 2018-12: EUR 3.20 per share

- 2019-01: EUR 3.75 per share

- 2019-02: EUR 3.50 per share

- 2019-03: EUR 3.24 per share

- 2019-04: EUR 3.40 per share

- 2019-05: EUR 2.63 per share

- 2019-06: EUR 3.00 per share

- 2019-07: EUR 2.61 per share

- 2019-08: EUR 2.63 per share

- 2019-09: EUR 2.42 per share

- 2019-10: EUR 2.54 per share

- 2019-11: EUR 2.60 per share

- 2019-12: EUR 2.81 per share

- 2020-01: EUR 3.11 per share

- 2020-02: EUR 3.42 per share

- 2020-03: EUR 2.27 per share

- 2020-04: EUR 2.46 per share

- 2020-05: EUR 2.69 per share

- 2020-06: EUR 2.54 per share

- 2020-07: EUR 2.28 per share

- 2020-08: EUR 2.26 per share

- 2020-09: EUR 2.29 per share

- 2020-10: EUR 2.14 per share

- 2020-11: EUR 2.57 per share

- 2020-12: EUR 3.22 per share

- 2021-01: EUR 3.85 per share

- 2021-02: EUR 4.04 per share

- 2021-03: EUR 4.94 per share

- 2021-04: EUR 5.41 per share

- 2021-05: EUR 4.57 per share

- 2021-06: EUR 5.05 per share

- 2021-07: EUR 6.01 per share

- 2021-08: EUR 5.87 per share

- 2021-09: EUR 5.28 per share

- 2021-10: EUR 5.40 per share

- 2021-11: EUR 5.14 per share

- 2021-12: EUR 5.50 per share

- 2022-01: EUR 5.69 per share

- 2022-02: EUR 5.29 per share

- 2022-03: EUR 4.86 per share

- 2022-04: EUR 4.74 per share

- 2022-05: EUR 5.36 per share

- 2022-06: EUR 3.95 per share

- 2022-07: EUR 4.28 per share

- 2022-08: EUR 4.01 per share

- 2022-09: EUR 3.54 per share

- 2022-10: EUR 4.06 per share

- 2022-11: EUR 4.78 per share

- 2022-12: EUR 4.73 per share

- 2023-01: EUR 5.25 per share

- 2023-02: EUR 5.68 per share

- 2023-03: EUR 5.02 per share

- 2023-04: EUR 4.94 per share

- 2023-05: EUR 5.10 per share

- 2023-06: EUR 4.90 per share

- 2023-07: EUR 4.71 per share

- 2023-08: EUR 4.30 per share

- 2023-09: EUR 3.97 per share

- 2023-10: EUR 3.87 per share

- 2023-11: EUR 4.32 per share

- 2023-12: EUR 4.48 per share

- 2024-01: EUR 3.96 per share

- 2024-02: EUR 4.09 per share

- 2024-03: EUR 4.03 per share

- 2024-04: EUR 3.81 per share

- 2024-05: EUR 3.81 per share

- 2024-06: EUR 3.37 per share

- 2024-07: EUR 3.33 per share

- 2024-08: EUR 3.37 per share

- 2024-09: EUR 3.63 per share

- 2024-10: EUR 3.29 per share

- 2024-11: EUR 3.18 per share

- 2024-12: EUR 2.91 per share

- 2025-01: EUR 3.09 per share

- 2025-02: EUR 3.57 per share

- 2025-03: EUR 3.47 per share

- 2025-04: EUR 3.37 per share

- 2025-05: EUR 3.41 per share

- 2025-06: EUR 3.50 per share

- 2025-07: EUR 3.31 per share

- 2025-08: EUR 3.51 per share

- 2025-09: EUR 3.87 per share

- 2025-10: EUR 3.73 per share

- 2025-11: EUR 4.05 per share

- 2025-12: EUR 4.48 per share

- 2026-01: EUR 4.76 per share

- 2026-02: EUR 5.73 per share

- 2026-03: EUR 4.64 per share

- 2026-04: EUR 5.72 per share

- 2026-05: EUR 5.96 per share

- 2026-06: EUR 5.04 per share

- 2026-07: EUR 5.19 per share

- 2026-08: EUR 5.64 per share

- 2026-09: EUR 5.30 per share

- 2026-10: EUR 5.02 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 6.34 per share, central EUR 7.22 per share, high EUR 8.38 per share

- FY2018: low EUR 7.84 per share, central EUR 8.92 per share, high EUR 10.36 per share

- FY2019: low EUR 8.07 per share, central EUR 9.11 per share, high EUR 10.49 per share

- FY2020: low EUR 3.52 per share, central EUR 3.90 per share, high EUR 4.42 per share

- FY2021: low EUR 3.67 per share, central EUR 4.13 per share, high EUR 4.73 per share

- FY2022: low EUR 4.72 per share, central EUR 5.27 per share, high EUR 6.00 per share

- FY2023: low EUR 6.67 per share, central EUR 7.47 per share, high EUR 8.53 per share

- FY2024: low EUR 5.57 per share, central EUR 6.26 per share, high EUR 7.19 per share

- FY2025: low EUR 4.77 per share, central EUR 5.34 per share, high EUR 6.11 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

## 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.

Outokumpu Oyj

OUT1V · HE

OMXH25

Not a wonderful business

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

Share price: EUR 4.88
Buy up to: EUR 5.32
Expected / yr: 10.7% 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

Sales fell in 6 years (limit 5), and 5 loss years were recorded (limit 2), and margins varied 161.6% around their average (limit 35%).

Operating margin

10y median: 0.9%
Worst year: -1.5%
Latest · 2025: -1.5%

Capital return excluding acquisitions: median 1.2% (minimum 15%), and the second-worst year -2% (minimum 10%).

ROIC excluding acquisitions

10y median: 1.2%
Worst year: -2.0%
Latest · 2025: -2.0%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.44×
Annual median: 0.85×
Latest · 2025: 0.53×

Per-share value fell from 0.35 to -0.24, comparing three-year medians at each end (must rise and stay positive), and share growth was 1.4% over ten years and 2.6% over five (either must be at most 1% a year).

Earnings per share

10y median: EUR 0.12
Worst year: EUR -0.29
Latest · 2025: EUR -0.29

Profits were backed by cash: accruals were -3.8% of assets (limit 10%).

Sloan accruals

10y median: -3.5%
Worst year: 5.2%
Latest · 2025: -3.8%

Profit record · fail 5 loss years in 10 (at most 2), mean operating margin 2.7%, three-year average owner earnings per share 0.1 EUR. 5 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 6.35; 2016-11 · Price EUR 7.29; 2016-12 · Price EUR 8.51; 2017-01 · Price EUR 8.28 · Value 7.22 · Buy at or below 7.22; 2017-02 · Price EUR 9.35 · Value 7.22 · Buy at or below 7.22; 2017-03 · Price EUR 9.14 · Value 7.22 · Buy at or below 7.22; 2017-04 · Price EUR 8.81 · Value 7.22 · Buy at or below 7.22; 2017-05 · Price EUR 7.08 · Value 7.22 · Buy at or below 7.22; 2017-06 · Price EUR 6.99 · Value 7.22 · Buy at or below 7.22; 2017-07 · Price EUR 7.11 · Value 7.22 · Buy at or below 7.22; 2017-08 · Price EUR 8.68 · Value 7.22 · Buy at or below 7.22; 2017-09 · Price EUR 8.79 · Value 7.22 · Buy at or below 7.22; 2017-10 · Price EUR 8.12 · Value 7.22 · Buy at or below 7.22; 2017-11 · Price EUR 7.26 · Value 7.22 · Buy at or below 7.22; 2017-12 · Price EUR 7.74 · Value 7.22 · Buy at or below 7.22; 2018-01 · Price EUR 6.90 · Value 7.22 · Buy at or below 7.22; 2018-02 · Price EUR 6.66 · Value 8.92 · Buy at or below 8.92; 2018-03 · Price EUR 5.54 · Value 8.92 · Buy at or below 8.92; 2018-04 · Price EUR 5.38 · Value 8.92 · Buy at or below 8.92; 2018-05 · Price EUR 5.40 · Value 8.92 · Buy at or below 8.92; 2018-06 · Price EUR 5.33 · Value 8.92 · Buy at or below 8.92; 2018-07 · Price EUR 5.80 · Value 8.92 · Buy at or below 8.92; 2018-08 · Price EUR 5.06 · Value 8.92 · Buy at or below 8.92; 2018-09 · Price EUR 5.06 · Value 8.92 · Buy at or below 8.92; 2018-10 · Price EUR 3.71 · Value 8.92 · Buy at or below 8.92; 2018-11 · Price EUR 3.67 · Value 8.92 · Buy at or below 8.92; 2018-12 · Price EUR 3.19 · Value 8.92 · Buy at or below 8.92; 2019-01 · Price EUR 3.75 · Value 8.92 · Buy at or below 8.92; 2019-02 · Price EUR 3.50 · Value 9.11 · Buy at or below 9.11; 2019-03 · Price EUR 3.24 · Value 9.11 · Buy at or below 9.11; 2019-04 · Price EUR 3.40 · Value 9.11 · Buy at or below 9.11; 2019-05 · Price EUR 2.63 · Value 9.11 · Buy at or below 9.11; 2019-06 · Price EUR 3.00 · Value 9.11 · Buy at or below 9.11; 2019-07 · Price EUR 2.61 · Value 9.11 · Buy at or below 9.11; 2019-08 · Price EUR 2.63 · Value 9.11 · Buy at or below 9.11; 2019-09 · Price EUR 2.42 · Value 9.11 · Buy at or below 9.11; 2019-10 · Price EUR 2.54 · Value 9.11 · Buy at or below 9.11; 2019-11 · Price EUR 2.60 · Value 9.11 · Buy at or below 9.11; 2019-12 · Price EUR 2.81 · Value 9.11 · Buy at or below 9.11; 2020-01 · Price EUR 3.11 · Value 9.11 · Buy at or below 9.11; 2020-02 · Price EUR 3.42 · Value 3.90 · Buy at or below 3.90; 2020-03 · Price EUR 2.27 · Value 3.90 · Buy at or below 3.90; 2020-04 · Price EUR 2.46 · Value 3.90 · Buy at or below 3.90; 2020-05 · Price EUR 2.69 · Value 3.90 · Buy at or below 3.90; 2020-06 · Price EUR 2.54 · Value 3.90 · Buy at or below 3.90; 2020-07 · Price EUR 2.28 · Value 3.90 · Buy at or below 3.90; 2020-08 · Price EUR 2.26 · Value 3.90 · Buy at or below 3.90; 2020-09 · Price EUR 2.29 · Value 3.90 · Buy at or below 3.90; 2020-10 · Price EUR 2.14 · Value 3.90 · Buy at or below 3.90; 2020-11 · Price EUR 2.57 · Value 3.90 · Buy at or below 3.90; 2020-12 · Price EUR 3.22 · Value 3.90 · Buy at or below 3.90; 2021-01 · Price EUR 3.85 · Value 3.90 · Buy at or below 3.90; 2021-02 · Price EUR 4.04 · Value 4.13 · Buy at or below 4.13; 2021-03 · Price EUR 4.94 · Value 4.13 · Buy at or below 4.13; 2021-04 · Price EUR 5.41 · Value 4.13 · Buy at or below 4.13; 2021-05 · Price EUR 4.57 · Value 4.13 · Buy at or below 4.13; 2021-06 · Price EUR 5.05 · Value 4.13 · Buy at or below 4.13; 2021-07 · Price EUR 6.01 · Value 4.13 · Buy at or below 4.13; 2021-08 · Price EUR 5.87 · Value 4.13 · Buy at or below 4.13; 2021-09 · Price EUR 5.28 · Value 4.13 · Buy at or below 4.13; 2021-10 · Price EUR 5.40 · Value 4.13 · Buy at or below 4.13; 2021-11 · Price EUR 5.14 · Value 4.13 · Buy at or below 4.13; 2021-12 · Price EUR 5.50 · Value 4.13 · Buy at or below 4.13; 2022-01 · Price EUR 5.69 · Value 4.13 · Buy at or below 4.13; 2022-02 · Price EUR 5.29 · Value 5.27 · Buy at or below 5.27; 2022-03 · Price EUR 4.86 · Value 5.27 · Buy at or below 5.27; 2022-04 · Price EUR 4.74 · Value 5.27 · Buy at or below 5.27; 2022-05 · Price EUR 5.36 · Value 5.27 · Buy at or below 5.27; 2022-06 · Price EUR 3.95 · Value 5.27 · Buy at or below 5.27; 2022-07 · Price EUR 4.28 · Value 5.27 · Buy at or below 5.27; 2022-08 · Price EUR 4.01 · Value 5.27 · Buy at or below 5.27; 2022-09 · Price EUR 3.54 · Value 5.27 · Buy at or below 5.27; 2022-10 · Price EUR 4.06 · Value 5.27 · Buy at or below 5.27; 2022-11 · Price EUR 4.78 · Value 5.27 · Buy at or below 5.27; 2022-12 · Price EUR 4.73 · Value 5.27 · Buy at or below 5.27; 2023-01 · Price EUR 5.25 · Value 5.27 · Buy at or below 5.27; 2023-02 · Price EUR 5.68 · Value 7.47 · Buy at or below 7.47; 2023-03 · Price EUR 5.02 · Value 7.47 · Buy at or below 7.47; 2023-04 · Price EUR 4.94 · Value 7.47 · Buy at or below 7.47; 2023-05 · Price EUR 5.10 · Value 7.47 · Buy at or below 7.47; 2023-06 · Price EUR 4.90 · Value 7.47 · Buy at or below 7.47; 2023-07 · Price EUR 4.71 · Value 7.47 · Buy at or below 7.47; 2023-08 · Price EUR 4.30 · Value 7.47 · Buy at or below 7.47; 2023-09 · Price EUR 3.97 · Value 7.47 · Buy at or below 7.47; 2023-10 · Price EUR 3.87 · Value 7.47 · Buy at or below 7.47; 2023-11 · Price EUR 4.32 · Value 7.47 · Buy at or below 7.47; 2023-12 · Price EUR 4.48 · Value 7.47 · Buy at or below 7.47; 2024-01 · Price EUR 3.96 · Value 7.47 · Buy at or below 7.47; 2024-02 · Price EUR 4.09 · Value 6.26 · Buy at or below 6.26; 2024-03 · Price EUR 4.03 · Value 6.26 · Buy at or below 6.26; 2024-04 · Price EUR 3.81 · Value 6.26 · Buy at or below 6.26; 2024-05 · Price EUR 3.81 · Value 6.26 · Buy at or below 6.26; 2024-06 · Price EUR 3.37 · Value 6.26 · Buy at or below 6.26; 2024-07 · Price EUR 3.33 · Value 6.26 · Buy at or below 6.26; 2024-08 · Price EUR 3.37 · Value 6.26 · Buy at or below 6.26; 2024-09 · Price EUR 3.63 · Value 6.26 · Buy at or below 6.26; 2024-10 · Price EUR 3.29 · Value 6.26 · Buy at or below 6.26; 2024-11 · Price EUR 3.18 · Value 6.26 · Buy at or below 6.26; 2024-12 · Price EUR 2.90 · Value 6.26 · Buy at or below 6.26; 2025-01 · Price EUR 3.09 · Value 6.26 · Buy at or below 6.26; 2025-02 · Price EUR 3.57 · Value 5.34 · Buy at or below 5.34; 2025-03 · Price EUR 3.47 · Value 5.34 · Buy at or below 5.34; 2025-04 · Price EUR 3.37 · Value 5.34 · Buy at or below 5.34; 2025-05 · Price EUR 3.41 · Value 5.34 · Buy at or below 5.34; 2025-06 · Price EUR 3.50 · Value 5.34 · Buy at or below 5.34; 2025-07 · Price EUR 3.31 · Value 5.34 · Buy at or below 5.34; 2025-08 · Price EUR 3.51 · Value 5.34 · Buy at or below 5.34; 2025-09 · Price EUR 3.87 · Value 5.34 · Buy at or below 5.34; 2025-10 · Price EUR 3.73 · Value 5.34 · Buy at or below 5.34; 2025-11 · Price EUR 4.05 · Value 5.34 · Buy at or below 5.34; 2025-12 · Price EUR 4.48 · Value 5.34 · Buy at or below 5.34; 2026-01 · Price EUR 4.76 · Value 5.34 · Buy at or below 5.34; 2026-02 · Price EUR 5.72 · Value 5.32 · Buy at or below 5.32; 2026-03 · Price EUR 4.64 · Value 5.32 · Buy at or below 5.32; 2026-04 · Price EUR 5.71 · Value 5.32 · Buy at or below 5.32; 2026-05 · Price EUR 5.96 · Value 5.32 · Buy at or below 5.32; 2026-06 · Price EUR 5.04 · Value 5.32 · Buy at or below 5.32; 2026-07 · Price EUR 5.19 · Value 5.32 · Buy at or below 5.32; 2026-08 · Price EUR 5.64 · Value 5.32 · Buy at or below 5.32; 2026-09 · Price EUR 5.30 · Value 5.32 · Buy at or below 5.32; 2026-10 · Price EUR 5.01 · Value 5.32 · Buy at or below 5.32; 2026-10 · Price EUR 4.88 · Value 5.32 · Buy at or below 5.32

EUR per share · annual estimates

Price & return math
Value range	EUR 4.74 – EUR 6.09
Buy at or below	Central value EUR 5.32
Discount to value	1 − 4.88 / 5.32 = 8.3%
Return / year	About 10.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.38/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.55/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 5.5B

Revenue

Owner earningsEUR -73M

Owner earnings

Operating margin-1.5%

Operating margin

Net cash / debtEUR -238M

Net cash / debt

Diluted shares471M

Diluted shares

Prices 15 Oct 2026 · FY2025