# Banco Santander (SAN.MC)

Canonical: https://gigainvestors.com/s/SAN.MC

Analysis as of: 2026-10-16T07:33:33.648Z. 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 12.00 per share; close as of 2026-10-15.

Estimated value: low EUR 6.55 per share, central EUR 7.20 per share, high EUR 8.00 per share. Buy at or below the central value EUR 7.20 per share. Valuation as of 2026-10-16T07:33:33.648Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.93×

Chart: Net income; fiscal year observations.

- FY2016: EUR 5.9B

- FY2017: EUR 6.2B

- FY2018: EUR 7.3B

- FY2019: EUR 5.9B

- FY2020: EUR -9.3B

- FY2021: EUR 7.6B

- FY2022: EUR 9.6B

- FY2023: EUR 11B

- FY2024: EUR 13B

- FY2025: EUR 14B

### moat: fail

- Tangible 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: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.5%

- FY2017: 9.5%

- FY2018: 10.7%

- FY2019: 8.2%

- FY2020: -14.2%

- FY2021: 10.7%

- FY2022: 13.6%

- FY2023: 14.7%

- FY2024: 15.8%

- FY2025: 16.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.1%

- Book return interval: 10 years

- Starting book value per share: EUR 3.85

- Ending book value per share: EUR 5.73

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

- FY2016: 7.2%

- FY2017: -6.9%

- FY2018: 16.8%

- FY2019: 10.6%

- FY2020: -3.7%

- FY2021: 9.3%

- FY2022: 5.3%

- FY2023: 14.9%

- FY2024: 13.8%

- FY2025: 16.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -2.9%

- Share growth excluding flagged crisis recapitalisations: -0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -2.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.34×

- Book value created per share: EUR 1.89

- Earnings retained per share after dividends and buybacks: EUR 1.40

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

- FY2015: 100

- FY2016: 102

- FY2017: 121

- FY2018: 112

- FY2019: 114

- FY2020: 114

- FY2021: 114

- FY2022: 111

- FY2023: 107

- FY2024: 102

- FY2025: 98

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 4% a year forever · "The bank’s shift to a digital and integrated model helped reduce operating expenses." (finance.yahoo.com, Nov 2025) · net income +12.1%

Story as of 2026-10-16T09:59:56.679Z; price observation 2026-10-15.

The price assumes profits grow 4% a year forever

### Net income · FY2025

net income +12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.9B 

- FY2017: EUR 6.2B 

- FY2018: EUR 7.3B 

- FY2019: EUR 5.9B 

- FY2020: EUR -9.3B 

- FY2021: EUR 7.6B 

- FY2022: EUR 9.6B 

- FY2023: EUR 11B 

- FY2024: EUR 13B 

- FY2025: EUR 14B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are EUR 119.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.648Z); FY2025: revenue 119385000000.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.648Z); 10-year return on tangible equity observations [[2016,0.09542077799632621],[2017,0.09458104124243989],[2018,0.10675580162563317],[2019,0.08178603006189213],[2020,-0.1421882625671059],[2021,0.10744036618997527],[2022,0.13632041328999844],[2023,0.1466010165184244],[2024,0.1584784855435961],[2025,0.1642286459667839]]; median 0.10709808390780422. 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 4.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.648Z); Dividend observations: [[2016,2309000000],[2017,2665000000],[2018,3118000000],[2019,3773000000],[2020,4095000000],[2021,1313000000],[2022,1848000000],[2023,2261000000],[2024,3017000000],[2025,3341000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.648Z); FY2025: cash repurchases 4081000000 EUR.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAN.MC SharesStats.PercentInsiders = 1.582 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.648Z); Price 11.998; FX 1; original perpetual distributable cash 0.720048398150474; discount 0.1; growth 0.039985964481540764. 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)

- 2016-11: EUR 4.07 per share

- 2016-12: EUR 4.67 per share

- 2017-01: EUR 4.85 per share

- 2017-02: EUR 4.86 per share

- 2017-03: EUR 5.42 per share

- 2017-04: EUR 5.64 per share

- 2017-05: EUR 5.45 per share

- 2017-06: EUR 5.46 per share

- 2017-07: EUR 5.53 per share

- 2017-08: EUR 5.23 per share

- 2017-09: EUR 5.66 per share

- 2017-10: EUR 5.58 per share

- 2017-11: EUR 5.41 per share

- 2017-12: EUR 5.25 per share

- 2018-01: EUR 5.73 per share

- 2018-02: EUR 5.43 per share

- 2018-03: EUR 5.07 per share

- 2018-04: EUR 5.15 per share

- 2018-05: EUR 4.41 per share

- 2018-06: EUR 4.40 per share

- 2018-07: EUR 4.62 per share

- 2018-08: EUR 4.11 per share

- 2018-09: EUR 4.15 per share

- 2018-10: EUR 4.02 per share

- 2018-11: EUR 4.01 per share

- 2018-12: EUR 3.81 per share

- 2019-01: EUR 3.96 per share

- 2019-02: EUR 4.12 per share

- 2019-03: EUR 3.97 per share

- 2019-04: EUR 4.32 per share

- 2019-05: EUR 3.79 per share

- 2019-06: EUR 3.91 per share

- 2019-07: EUR 3.70 per share

- 2019-08: EUR 3.30 per share

- 2019-09: EUR 3.58 per share

- 2019-10: EUR 3.44 per share

- 2019-11: EUR 3.39 per share

- 2019-12: EUR 3.57 per share

- 2020-01: EUR 3.41 per share

- 2020-02: EUR 3.19 per share

- 2020-03: EUR 2.13 per share

- 2020-04: EUR 1.95 per share

- 2020-05: EUR 1.95 per share

- 2020-06: EUR 2.08 per share

- 2020-07: EUR 1.73 per share

- 2020-08: EUR 1.79 per share

- 2020-09: EUR 1.53 per share

- 2020-10: EUR 1.64 per share

- 2020-11: EUR 2.42 per share

- 2020-12: EUR 2.54 per share

- 2021-01: EUR 2.41 per share

- 2021-02: EUR 2.90 per share

- 2021-03: EUR 2.90 per share

- 2021-04: EUR 3.21 per share

- 2021-05: EUR 3.42 per share

- 2021-06: EUR 3.22 per share

- 2021-07: EUR 3.09 per share

- 2021-08: EUR 3.13 per share

- 2021-09: EUR 3.14 per share

- 2021-10: EUR 3.28 per share

- 2021-11: EUR 2.75 per share

- 2021-12: EUR 2.94 per share

- 2022-01: EUR 3.09 per share

- 2022-02: EUR 2.98 per share

- 2022-03: EUR 3.10 per share

- 2022-04: EUR 2.82 per share

- 2022-05: EUR 3.01 per share

- 2022-06: EUR 2.69 per share

- 2022-07: EUR 2.44 per share

- 2022-08: EUR 2.42 per share

- 2022-09: EUR 2.40 per share

- 2022-10: EUR 2.62 per share

- 2022-11: EUR 2.85 per share

- 2022-12: EUR 2.80 per share

- 2023-01: EUR 3.20 per share

- 2023-02: EUR 3.72 per share

- 2023-03: EUR 3.43 per share

- 2023-04: EUR 3.19 per share

- 2023-05: EUR 3.05 per share

- 2023-06: EUR 3.38 per share

- 2023-07: EUR 3.68 per share

- 2023-08: EUR 3.60 per share

- 2023-09: EUR 3.62 per share

- 2023-10: EUR 3.47 per share

- 2023-11: EUR 3.80 per share

- 2023-12: EUR 3.78 per share

- 2024-01: EUR 3.74 per share

- 2024-02: EUR 3.85 per share

- 2024-03: EUR 4.52 per share

- 2024-04: EUR 4.57 per share

- 2024-05: EUR 4.83 per share

- 2024-06: EUR 4.33 per share

- 2024-07: EUR 4.45 per share

- 2024-08: EUR 4.50 per share

- 2024-09: EUR 4.60 per share

- 2024-10: EUR 4.49 per share

- 2024-11: EUR 4.38 per share

- 2024-12: EUR 4.46 per share

- 2025-01: EUR 4.96 per share

- 2025-02: EUR 6.22 per share

- 2025-03: EUR 6.20 per share

- 2025-04: EUR 6.18 per share

- 2025-05: EUR 7.03 per share

- 2025-06: EUR 7.03 per share

- 2025-07: EUR 7.54 per share

- 2025-08: EUR 8.16 per share

- 2025-09: EUR 8.87 per share

- 2025-10: EUR 8.83 per share

- 2025-11: EUR 9.24 per share

- 2025-12: EUR 10.07 per share

- 2026-01: EUR 10.78 per share

- 2026-02: EUR 10.79 per share

- 2026-03: EUR 9.49 per share

- 2026-04: EUR 10.38 per share

- 2026-05: EUR 10.73 per share

- 2026-06: EUR 12.08 per share

- 2026-07: EUR 12.32 per share

- 2026-08: EUR 12.66 per share

- 2026-09: EUR 12.33 per share

- 2026-10: EUR 12.18 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 5.59 per share, central EUR 6.99 per share, high EUR 9.32 per share

- FY2017: low EUR 3.82 per share, central EUR 4.78 per share, high EUR 6.37 per share

- FY2018: low EUR 4.25 per share, central EUR 5.32 per share, high EUR 7.09 per share

- FY2019: low EUR 3.88 per share, central EUR 4.85 per share, high EUR 6.47 per share

- FY2020: low EUR 3.08 per share, central EUR 3.86 per share, high EUR 5.14 per share

- FY2021: low EUR 3.72 per share, central EUR 4.09 per share, high EUR 4.55 per share

- FY2022: low EUR 3.87 per share, central EUR 4.84 per share, high EUR 6.45 per share

- FY2023: low EUR 4.98 per share, central EUR 6.22 per share, high EUR 8.30 per share

- FY2024: low EUR 5.45 per share, central EUR 6.82 per share, high EUR 9.09 per share

- FY2025: low EUR 6.33 per share, central EUR 7.92 per share, high EUR 10.56 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 2026-10-15T06:39:19.337Z 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.

Banco Santander

SAN · MC

Euro Stoxx 50 · STOXX Europe 600 · IBEX 35

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: EUR 12.00
Buy up to: EUR 7.20
Expected / yr: 6.0% 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 9 years (at least 9 needed).

Net income

10y median: EUR 7.4B
Worst year: EUR -9.3B
Latest · 2025: EUR 14B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: -14.2%
Latest · 2025: 16.4%

Book value plus dividends grew 8.1% a year (minimum 7%).

Annual book + dividend return

10y median: 9.9%
Worst year: -6.9%
Latest · 2025: 16.9%

Ordinary share growth was -0.2% over the full period and -2.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 111
Worst year: 121
Latest · 2025: 98

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 0.81 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 4.07 · Value 6.99 · Buy at or below 6.99; 2016-12 · Price EUR 4.67 · Value 6.99 · Buy at or below 6.99; 2017-01 · Price EUR 4.85 · Value 6.99 · Buy at or below 6.99; 2017-02 · Price EUR 4.86 · Value 4.78 · Buy at or below 4.78; 2017-03 · Price EUR 5.42 · Value 4.78 · Buy at or below 4.78; 2017-04 · Price EUR 5.64 · Value 4.78 · Buy at or below 4.78; 2017-05 · Price EUR 5.45 · Value 4.78 · Buy at or below 4.78; 2017-06 · Price EUR 5.46 · Value 4.78 · Buy at or below 4.78; 2017-07 · Price EUR 5.53 · Value 4.78 · Buy at or below 4.78; 2017-08 · Price EUR 5.23 · Value 4.78 · Buy at or below 4.78; 2017-09 · Price EUR 5.66 · Value 4.78 · Buy at or below 4.78; 2017-10 · Price EUR 5.58 · Value 4.78 · Buy at or below 4.78; 2017-11 · Price EUR 5.41 · Value 4.78 · Buy at or below 4.78; 2017-12 · Price EUR 5.25 · Value 4.78 · Buy at or below 4.78; 2018-01 · Price EUR 5.73 · Value 4.78 · Buy at or below 4.78; 2018-02 · Price EUR 5.43 · Value 5.32 · Buy at or below 5.32; 2018-03 · Price EUR 5.07 · Value 5.32 · Buy at or below 5.32; 2018-04 · Price EUR 5.15 · Value 5.32 · Buy at or below 5.32; 2018-05 · Price EUR 4.41 · Value 5.32 · Buy at or below 5.32; 2018-06 · Price EUR 4.40 · Value 5.32 · Buy at or below 5.32; 2018-07 · Price EUR 4.62 · Value 5.32 · Buy at or below 5.32; 2018-08 · Price EUR 4.11 · Value 5.32 · Buy at or below 5.32; 2018-09 · Price EUR 4.15 · Value 5.32 · Buy at or below 5.32; 2018-10 · Price EUR 4.02 · Value 5.32 · Buy at or below 5.32; 2018-11 · Price EUR 4.01 · Value 5.32 · Buy at or below 5.32; 2018-12 · Price EUR 3.81 · Value 5.32 · Buy at or below 5.32; 2019-01 · Price EUR 3.96 · Value 5.32 · Buy at or below 5.32; 2019-02 · Price EUR 4.12 · Value 4.85 · Buy at or below 4.85; 2019-03 · Price EUR 3.97 · Value 4.85 · Buy at or below 4.85; 2019-04 · Price EUR 4.32 · Value 4.85 · Buy at or below 4.85; 2019-05 · Price EUR 3.79 · Value 4.85 · Buy at or below 4.85; 2019-06 · Price EUR 3.91 · Value 4.85 · Buy at or below 4.85; 2019-07 · Price EUR 3.70 · Value 4.85 · Buy at or below 4.85; 2019-08 · Price EUR 3.30 · Value 4.85 · Buy at or below 4.85; 2019-09 · Price EUR 3.58 · Value 4.85 · Buy at or below 4.85; 2019-10 · Price EUR 3.44 · Value 4.85 · Buy at or below 4.85; 2019-11 · Price EUR 3.39 · Value 4.85 · Buy at or below 4.85; 2019-12 · Price EUR 3.57 · Value 4.85 · Buy at or below 4.85; 2020-01 · Price EUR 3.41 · Value 4.85 · Buy at or below 4.85; 2020-02 · Price EUR 3.19 · Value 3.86 · Buy at or below 3.86; 2020-03 · Price EUR 2.13 · Value 3.86 · Buy at or below 3.86; 2020-04 · Price EUR 1.95 · Value 3.86 · Buy at or below 3.86; 2020-05 · Price EUR 1.95 · Value 3.86 · Buy at or below 3.86; 2020-06 · Price EUR 2.08 · Value 3.86 · Buy at or below 3.86; 2020-07 · Price EUR 1.73 · Value 3.86 · Buy at or below 3.86; 2020-08 · Price EUR 1.79 · Value 3.86 · Buy at or below 3.86; 2020-09 · Price EUR 1.53 · Value 3.86 · Buy at or below 3.86; 2020-10 · Price EUR 1.64 · Value 3.86 · Buy at or below 3.86; 2020-11 · Price EUR 2.42 · Value 3.86 · Buy at or below 3.86; 2020-12 · Price EUR 2.54 · Value 3.86 · Buy at or below 3.86; 2021-01 · Price EUR 2.41 · Value 3.86 · Buy at or below 3.86; 2021-02 · Price EUR 2.90 · Value 4.09 · Buy at or below 4.09; 2021-03 · Price EUR 2.90 · Value 4.09 · Buy at or below 4.09; 2021-04 · Price EUR 3.21 · Value 4.09 · Buy at or below 4.09; 2021-05 · Price EUR 3.42 · Value 4.09 · Buy at or below 4.09; 2021-06 · Price EUR 3.22 · Value 4.09 · Buy at or below 4.09; 2021-07 · Price EUR 3.09 · Value 4.09 · Buy at or below 4.09; 2021-08 · Price EUR 3.13 · Value 4.09 · Buy at or below 4.09; 2021-09 · Price EUR 3.14 · Value 4.09 · Buy at or below 4.09; 2021-10 · Price EUR 3.28 · Value 4.09 · Buy at or below 4.09; 2021-11 · Price EUR 2.75 · Value 4.09 · Buy at or below 4.09; 2021-12 · Price EUR 2.94 · Value 4.09 · Buy at or below 4.09; 2022-01 · Price EUR 3.09 · Value 4.09 · Buy at or below 4.09; 2022-02 · Price EUR 2.98 · Value 4.84 · Buy at or below 4.84; 2022-03 · Price EUR 3.10 · Value 4.84 · Buy at or below 4.84; 2022-04 · Price EUR 2.82 · Value 4.84 · Buy at or below 4.84; 2022-05 · Price EUR 3.01 · Value 4.84 · Buy at or below 4.84; 2022-06 · Price EUR 2.69 · Value 4.84 · Buy at or below 4.84; 2022-07 · Price EUR 2.44 · Value 4.84 · Buy at or below 4.84; 2022-08 · Price EUR 2.42 · Value 4.84 · Buy at or below 4.84; 2022-09 · Price EUR 2.40 · Value 4.84 · Buy at or below 4.84; 2022-10 · Price EUR 2.62 · Value 4.84 · Buy at or below 4.84; 2022-11 · Price EUR 2.85 · Value 4.84 · Buy at or below 4.84; 2022-12 · Price EUR 2.80 · Value 4.84 · Buy at or below 4.84; 2023-01 · Price EUR 3.20 · Value 4.84 · Buy at or below 4.84; 2023-02 · Price EUR 3.72 · Value 6.22 · Buy at or below 6.22; 2023-03 · Price EUR 3.43 · Value 6.22 · Buy at or below 6.22; 2023-04 · Price EUR 3.19 · Value 6.22 · Buy at or below 6.22; 2023-05 · Price EUR 3.05 · Value 6.22 · Buy at or below 6.22; 2023-06 · Price EUR 3.38 · Value 6.22 · Buy at or below 6.22; 2023-07 · Price EUR 3.68 · Value 6.22 · Buy at or below 6.22; 2023-08 · Price EUR 3.60 · Value 6.22 · Buy at or below 6.22; 2023-09 · Price EUR 3.62 · Value 6.22 · Buy at or below 6.22; 2023-10 · Price EUR 3.47 · Value 6.22 · Buy at or below 6.22; 2023-11 · Price EUR 3.80 · Value 6.22 · Buy at or below 6.22; 2023-12 · Price EUR 3.78 · Value 6.22 · Buy at or below 6.22; 2024-01 · Price EUR 3.74 · Value 6.22 · Buy at or below 6.22; 2024-02 · Price EUR 3.85 · Value 6.82 · Buy at or below 6.82; 2024-03 · Price EUR 4.52 · Value 6.82 · Buy at or below 6.82; 2024-04 · Price EUR 4.57 · Value 6.82 · Buy at or below 6.82; 2024-05 · Price EUR 4.83 · Value 6.82 · Buy at or below 6.82; 2024-06 · Price EUR 4.33 · Value 6.82 · Buy at or below 6.82; 2024-07 · Price EUR 4.45 · Value 6.82 · Buy at or below 6.82; 2024-08 · Price EUR 4.50 · Value 6.82 · Buy at or below 6.82; 2024-09 · Price EUR 4.60 · Value 6.82 · Buy at or below 6.82; 2024-10 · Price EUR 4.49 · Value 6.82 · Buy at or below 6.82; 2024-11 · Price EUR 4.38 · Value 6.82 · Buy at or below 6.82; 2024-12 · Price EUR 4.46 · Value 6.82 · Buy at or below 6.82; 2025-01 · Price EUR 4.96 · Value 6.82 · Buy at or below 6.82; 2025-02 · Price EUR 6.22 · Value 7.92 · Buy at or below 7.92; 2025-03 · Price EUR 6.20 · Value 7.92 · Buy at or below 7.92; 2025-04 · Price EUR 6.18 · Value 7.92 · Buy at or below 7.92; 2025-05 · Price EUR 7.03 · Value 7.92 · Buy at or below 7.92; 2025-06 · Price EUR 7.03 · Value 7.92 · Buy at or below 7.92; 2025-07 · Price EUR 7.54 · Value 7.92 · Buy at or below 7.92; 2025-08 · Price EUR 8.16 · Value 7.92 · Buy at or below 7.92; 2025-09 · Price EUR 8.87 · Value 7.92 · Buy at or below 7.92; 2025-10 · Price EUR 8.83 · Value 7.92 · Buy at or below 7.92; 2025-11 · Price EUR 9.24 · Value 7.92 · Buy at or below 7.92; 2025-12 · Price EUR 10.07 · Value 7.92 · Buy at or below 7.92; 2026-01 · Price EUR 10.78 · Value 7.92 · Buy at or below 7.92; 2026-02 · Price EUR 10.79 · Value 7.20 · Buy at or below 7.20; 2026-03 · Price EUR 9.49 · Value 7.20 · Buy at or below 7.20; 2026-04 · Price EUR 10.38 · Value 7.20 · Buy at or below 7.20; 2026-05 · Price EUR 10.73 · Value 7.20 · Buy at or below 7.20; 2026-06 · Price EUR 12.08 · Value 7.20 · Buy at or below 7.20; 2026-07 · Price EUR 12.32 · Value 7.20 · Buy at or below 7.20; 2026-08 · Price EUR 12.66 · Value 7.20 · Buy at or below 7.20; 2026-09 · Price EUR 12.33 · Value 7.20 · Buy at or below 7.20; 2026-10 · Price EUR 12.18 · Value 7.20 · Buy at or below 7.20; 2026-10 · Price EUR 12.00 · Value 7.20 · Buy at or below 7.20

EUR per share · annual estimates

Price & return math
Value range	EUR 6.55 – EUR 8.00
Buy at or below	Central value EUR 7.20
Discount to value	1 − 12.00 / 7.20 = -66.6%
Return / year	About 6.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 6.25/share; ROE 11.5%; first payout EUR 0.72/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 14B

Net income

Book / shareEUR 5.73

Book / share

Dividend / shareEUR 0.22

Dividend / share

Return on tangible equity16.4%

Return on tangible equity

Diluted shares15B

Diluted shares

Prices 15 Oct 2026 · FY2025