# Reply (REY.MI)

Canonical: https://gigainvestors.com/s/REY.MI

Analysis as of: 2026-10-16T07:37:33.978Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 126.90 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 63.7%

- ROIC, second-lowest year: 38.1%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 47.3%

- Recent gross margin (lower of latest and 3-year median): 45.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 20.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.9%

- FY2017: 38.1%

- FY2018: 55.8%

- FY2019: 44.8%

- FY2020: 69.2%

- FY2021: 72.4%

- FY2022: 68.2%

- FY2023: 64.3%

- FY2024: 74.3%

- FY2025: 63.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: EUR 999M

- Return on incremental invested capital: 131.3%

- Working capital / revenue, annual change: -2.1 pp

- Working capital / revenue, change between three-year averages: -15.8 pp

- Working capital / revenue, final three-year average: 28.2%

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

- FY2021: 0.90×

- FY2022: 0.96×

- FY2023: 1.11×

- FY2024: 1.06×

- FY2025: 1.07×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 38.1% vs 64.3%

- Per-share earnings: 2.67 to 5.80 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: EUR 2.5B

- Cumulative retained earnings: EUR -88M

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: EUR 3.13

- Per-share value, starting three-year median: EUR 2.67

- Per-share value, ending three-year median: EUR 5.80

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 38.1%

- ROIC, last three-year median: 64.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.08

- FY2018: EUR 2.67

- FY2019: EUR 3.04

- FY2020: EUR 3.30

- FY2021: EUR 4.04

- FY2022: EUR 5.13

- FY2023: EUR 5.01

- FY2024: EUR 5.80

- FY2025: EUR 6.82

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: 0.5%

- FY2018: -1.9%

- FY2019: -6.8%

- FY2020: -7.0%

- FY2021: -3.1%

- FY2022: 0.3%

- FY2023: -2.7%

- FY2024: -5.2%

- FY2025: -2.6%

## Holders

## Price story

Down 29% since Dec 2021 · sales +6.7%

Story as of 2026-10-16T10:00:09.233Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +6.7%; source https://filings.xbrl.org/815600DAEFB0388F3521/2025-12-31/ESEF/IT/0/815600DAEFB0388F3521-2025-12-31-1-it/reports/815600DAEFB0388F3521-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: EUR 781M 

- FY2017: EUR 884M 

- FY2018: EUR 1.0B 

- FY2019: EUR 1.2B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.5B 

- FY2022: EUR 1.9B 

- FY2023: EUR 2.1B 

- FY2024: EUR 2.3B 

- FY2025: EUR 2.4B 

### Gross margin · FY2025

gross margin 45.3%; source https://filings.xbrl.org/815600DAEFB0388F3521/2025-12-31/ESEF/IT/0/815600DAEFB0388F3521-2025-12-31-1-it/reports/815600DAEFB0388F3521-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: 49.2% 

- FY2017: 49.5% 

- FY2018: 49.3% 

- FY2019: 49.3% 

- FY2020: 16.6% 

- FY2021: 17.4% 

- FY2022: 15.3% 

- FY2023: 48.2% 

- FY2024: 46.4% 

- FY2025: 45.3% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are EUR 2.4 billion.

- Source: https://filings.xbrl.org/815600DAEFB0388F3521/2025-12-31/ESEF/IT/0/815600DAEFB0388F3521-2025-12-31-1-it.json (filed 2026-04-07); FY2025: revenue 2449991000; grossProfit 1109518000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 45.3% to 48.2% during 2023–25; it earns 63.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 46.4%.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 45.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.34904025579287745],[2017,0.38083901064284154],[2018,0.5576151301103659],[2019,0.44780101061941574],[2020,0.6921247568295011],[2021,0.724211058308062],[2022,0.681949208397092],[2023,0.6426638382392591],[2024,0.7427569702231879],[2025,0.6322160746344956]]; median 0.6374399564368773. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 25.3% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 19344000; owner earnings 59869000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 14729000; owner earnings 58473000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 30050000; owner earnings 89785000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 16600000; owner earnings 116064200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 16366000; owner earnings 121023200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 37122000; owner earnings 136213600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2022-12-31 (filed 2026-04-07); FY2022: growth capex 0; upkeep 41771000; cash acquisitions 190018000; owner earnings 182766400. Growth capex plus acquisitions / owner earnings = 1.0396768771502858.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 29265000; cash acquisitions 10942000; owner earnings 207284800. Growth capex plus acquisitions / owner earnings = 0.052787276249874567.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 48378000; cash acquisitions 89014000; owner earnings 228981400. Growth capex plus acquisitions / owner earnings = 0.3887389980146859.

- Source: https://eodhd.com/api/fundamentals/REJA.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 45882000; cash acquisitions 68786000; owner earnings 272040600. Growth capex plus acquisitions / owner earnings = 0.25285196400831345.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Incremental return on capital 1.3128478363942293, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,10169000],[2017,10729000],[2018,13751000],[2019,16833000],[2020,20891000],[2021,21621000],[2022,30635000],[2023,38398000],[2024,39254000],[2025,44963000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 126.9000015258789 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 65.72175249923306; price multiple 1.930867584934832. FY2025 cash earnings/share 7.297571698403326. Closing-price date 2026-10-14.

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

- 2016-11: EUR 27.25 per share

- 2016-12: EUR 29.50 per share

- 2017-01: EUR 29.75 per share

- 2017-02: EUR 31.42 per share

- 2017-03: EUR 37.03 per share

- 2017-04: EUR 40.22 per share

- 2017-05: EUR 44.00 per share

- 2017-06: EUR 40.45 per share

- 2017-07: EUR 44.67 per share

- 2017-08: EUR 48.10 per share

- 2017-09: EUR 50.85 per share

- 2017-10: EUR 45.64 per share

- 2017-11: EUR 48.34 per share

- 2017-12: EUR 46.17 per share

- 2018-01: EUR 52.30 per share

- 2018-02: EUR 49.20 per share

- 2018-03: EUR 44.84 per share

- 2018-04: EUR 52.35 per share

- 2018-05: EUR 51.25 per share

- 2018-06: EUR 58.20 per share

- 2018-07: EUR 57.90 per share

- 2018-08: EUR 57.00 per share

- 2018-09: EUR 59.25 per share

- 2018-10: EUR 48.96 per share

- 2018-11: EUR 49.28 per share

- 2018-12: EUR 44.08 per share

- 2019-01: EUR 48.40 per share

- 2019-02: EUR 52.75 per share

- 2019-03: EUR 57.40 per share

- 2019-04: EUR 58.00 per share

- 2019-05: EUR 57.65 per share

- 2019-06: EUR 59.95 per share

- 2019-07: EUR 60.65 per share

- 2019-08: EUR 53.75 per share

- 2019-09: EUR 53.85 per share

- 2019-10: EUR 58.40 per share

- 2019-11: EUR 71.10 per share

- 2019-12: EUR 69.45 per share

- 2020-01: EUR 70.85 per share

- 2020-02: EUR 68.30 per share

- 2020-03: EUR 55.70 per share

- 2020-04: EUR 63.80 per share

- 2020-05: EUR 78.65 per share

- 2020-06: EUR 71.85 per share

- 2020-07: EUR 77.50 per share

- 2020-08: EUR 93.00 per share

- 2020-09: EUR 98.45 per share

- 2020-10: EUR 92.30 per share

- 2020-11: EUR 93.70 per share

- 2020-12: EUR 95.30 per share

- 2021-01: EUR 101.00 per share

- 2021-02: EUR 96.10 per share

- 2021-03: EUR 107.90 per share

- 2021-04: EUR 113.10 per share

- 2021-05: EUR 131.40 per share

- 2021-06: EUR 138.60 per share

- 2021-07: EUR 150.70 per share

- 2021-08: EUR 170.90 per share

- 2021-09: EUR 159.40 per share

- 2021-10: EUR 167.70 per share

- 2021-11: EUR 171.30 per share

- 2021-12: EUR 178.70 per share

- 2022-01: EUR 148.10 per share

- 2022-02: EUR 145.70 per share

- 2022-03: EUR 150.00 per share

- 2022-04: EUR 141.30 per share

- 2022-05: EUR 126.70 per share

- 2022-06: EUR 115.70 per share

- 2022-07: EUR 128.00 per share

- 2022-08: EUR 117.80 per share

- 2022-09: EUR 107.60 per share

- 2022-10: EUR 110.10 per share

- 2022-11: EUR 112.80 per share

- 2022-12: EUR 107.00 per share

- 2023-01: EUR 118.90 per share

- 2023-02: EUR 113.80 per share

- 2023-03: EUR 115.50 per share

- 2023-04: EUR 105.50 per share

- 2023-05: EUR 101.20 per share

- 2023-06: EUR 104.10 per share

- 2023-07: EUR 98.60 per share

- 2023-08: EUR 94.45 per share

- 2023-09: EUR 89.05 per share

- 2023-10: EUR 88.85 per share

- 2023-11: EUR 107.20 per share

- 2023-12: EUR 119.50 per share

- 2024-01: EUR 127.50 per share

- 2024-02: EUR 128.20 per share

- 2024-03: EUR 131.20 per share

- 2024-04: EUR 123.00 per share

- 2024-05: EUR 126.40 per share

- 2024-06: EUR 137.80 per share

- 2024-07: EUR 131.20 per share

- 2024-08: EUR 142.70 per share

- 2024-09: EUR 135.20 per share

- 2024-10: EUR 140.30 per share

- 2024-11: EUR 151.50 per share

- 2024-12: EUR 153.40 per share

- 2025-01: EUR 159.60 per share

- 2025-02: EUR 154.20 per share

- 2025-03: EUR 150.80 per share

- 2025-04: EUR 156.80 per share

- 2025-05: EUR 148.50 per share

- 2025-06: EUR 146.60 per share

- 2025-07: EUR 137.60 per share

- 2025-08: EUR 123.10 per share

- 2025-09: EUR 121.20 per share

- 2025-10: EUR 121.60 per share

- 2025-11: EUR 114.60 per share

- 2025-12: EUR 114.70 per share

- 2026-01: EUR 110.40 per share

- 2026-02: EUR 90.70 per share

- 2026-03: EUR 80.75 per share

- 2026-04: EUR 94.30 per share

- 2026-05: EUR 102.90 per share

- 2026-06: EUR 91.45 per share

- 2026-07: EUR 109.80 per share

- 2026-08: EUR 122.20 per share

- 2026-09: EUR 115.70 per share

- 2026-10: EUR 128.00 per share

## Annual estimated value (EUR 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

[Original ESEF filing](https://filings.xbrl.org/815600DAEFB0388F3521/2025-12-31/ESEF/IT/0/815600DAEFB0388F3521-2025-12-31-1-it/reports/815600DAEFB0388F3521-2025-12-31-1-it.html); period 2025-12-31, filed 2026-04-07.

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.

## Reported holder observations