# Scor Se (SCR.PA)

Canonical: https://gigainvestors.com/s/SCR.PA

Analysis as of: 2026-10-16T07:36:48.570Z. 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 33.40 per share; close as of 2026-10-15.

Estimated value: low EUR 16.24 per share, central EUR 17.86 per share, high EUR 19.85 per share. Buy at or below the central value EUR 17.86 per share. Valuation as of 2026-10-16T07:36:48.570Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 1.04×

Chart: Net income; fiscal year observations.

- FY2016: EUR 603M

- FY2017: EUR 286M

- FY2018: EUR 322M

- FY2019: EUR 422M

- FY2020: EUR 234M

- FY2021: EUR 456M

- FY2022: EUR -301M

- FY2023: EUR 812M

- FY2024: EUR 4.0M

- FY2025: EUR 851M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.1%

- Years with reported combined ratio: 0

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

- FY2016: 22.3%

- FY2017: 7.9%

- FY2018: 10.3%

- FY2019: 10.1%

- FY2020: 6.3%

- FY2021: 11.1%

- FY2022: -9.8%

- FY2023: 24.6%

- FY2024: 0.1%

- FY2025: 27.2%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

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

- Book value per share + reinvested dividends, annualized return: 2.2%

- Book return interval: 10 years

- Starting book value per share: EUR 34.18

- Ending book value per share: EUR 24.90

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

- FY2016: 9.5%

- FY2017: -3.6%

- FY2018: 23.5%

- FY2019: -10.9%

- FY2020: 1.0%

- FY2021: 12.9%

- FY2022: -11.2%

- FY2023: -3.6%

- FY2024: 1.9%

- FY2025: 7.4%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -1.6%

- Share growth excluding flagged crisis recapitalisations: -0.4%

- Five-year share growth excluding flagged crisis recapitalisations: -1.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -9.28

- Earnings retained per share after dividends and buybacks: EUR -1.44

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 4.7% a year forever · net income +21175%

Story as of 2026-10-16T10:00:08.099Z; price observation 2026-10-15.

The price assumes profits grow 4.7% a year forever

### Net income · FY2025

net income +21175%; source https://filings.xbrl.org/96950056ULJ4JI7V3752/2024-12-31/ESEF/FR/0/96950056ULJ4JI7V3752-2024-12-31-0-FR/reports/96950056ULJ4JI7V3752-2024-12-31-0-FR.xhtml; observed 2025-04-15.

- FY2016: EUR 603M 

- FY2017: EUR 286M 

- FY2018: EUR 322M 

- FY2019: EUR 422M 

- FY2020: EUR 234M 

- FY2021: EUR 456M 

- FY2022: EUR -301M 

- FY2023: EUR 812M 

- FY2024: EUR 4.0M 

- FY2025: EUR 851M 

## Owner memo

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

### How it makes money

Operates in insurance reinsurance; annual sales are EUR 16.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 16251000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCR.PA: SCOR SE, together with its subsidiaries, provides life and non-life reinsurance products in Europe, the Middle East, Africa, the Americas, Latin America, and the Asia Pacific. It operates in two segments, SCOR P&C and SCOR L&H. The SCOR P&C segment offers reinsurance products in the areas of property, motors, casualty treaties, credit and surety, decennial insurance, aviation, marine and energy, engineering, cyber agricultural risks, and binders and facilities; It also provides business solutions including corporate risk insurance, as well as specialist lines, such as Political and Credit risk and Environmental Liability; and binders and facilities. The SCOR L&H segment provides life reinsurance products, such as protection for mortality, morbidity, behavioral risks, disability, long-term care, critical illness, medical, and personal accident. This segment also provides financial solutions that combine traditional life reinsurance with financial components and provide liquidity, balance sheet, solvency, and income improvements to clients; and longevity solutions that include products covering the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of insurance covers provided by insurers or pension funds. The company is involved in the asset management business. SCOR SE was incorporated in 1956 and is headquartered in Paris, France.

### Why customers stay

It earns 10.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on tangible equity observations [[2016,0.22250922509225093],[2017,0.07929026892154145],[2018,0.10300703774792067],[2019,0.1010536398467433],[2020,0.06295399515738499],[2021,0.1111111111111111],[2022,-0.09791802212101497],[2023,0.24553976413667977],[2024,0.0012539184952978057],[2025,0.27205882352941174]]; median 0.10203033879733198. 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 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,280000000],[2017,310000000],[2018,314000000],[2019,327000000],[2020,220000000],[2021,336000000],[2022,321000000],[2023,254000000],[2024,324000000],[2025,322000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: cash repurchases 50000000 EUR.

### Are managers owners

Insiders own 3.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCR.PA SharesStats.PercentInsiders = 3.3300000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Price 33.4; FX 1; original perpetual distributable cash 1.7863250498051344; discount 0.1; growth 0.04651721407769059. 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 29.49 per share

- 2016-11: EUR 29.97 per share

- 2016-12: EUR 32.83 per share

- 2017-01: EUR 31.36 per share

- 2017-02: EUR 34.09 per share

- 2017-03: EUR 35.43 per share

- 2017-04: EUR 36.32 per share

- 2017-05: EUR 35.05 per share

- 2017-06: EUR 34.71 per share

- 2017-07: EUR 35.62 per share

- 2017-08: EUR 35.20 per share

- 2017-09: EUR 35.48 per share

- 2017-10: EUR 35.65 per share

- 2017-11: EUR 34.26 per share

- 2017-12: EUR 33.55 per share

- 2018-01: EUR 36.05 per share

- 2018-02: EUR 34.99 per share

- 2018-03: EUR 33.26 per share

- 2018-04: EUR 33.65 per share

- 2018-05: EUR 31.58 per share

- 2018-06: EUR 31.82 per share

- 2018-07: EUR 33.25 per share

- 2018-08: EUR 34.91 per share

- 2018-09: EUR 40.00 per share

- 2018-10: EUR 40.87 per share

- 2018-11: EUR 42.44 per share

- 2018-12: EUR 39.40 per share

- 2019-01: EUR 36.72 per share

- 2019-02: EUR 39.59 per share

- 2019-03: EUR 37.96 per share

- 2019-04: EUR 36.36 per share

- 2019-05: EUR 36.83 per share

- 2019-06: EUR 38.56 per share

- 2019-07: EUR 37.20 per share

- 2019-08: EUR 36.29 per share

- 2019-09: EUR 37.89 per share

- 2019-10: EUR 37.78 per share

- 2019-11: EUR 38.99 per share

- 2019-12: EUR 37.42 per share

- 2020-01: EUR 38.43 per share

- 2020-02: EUR 32.50 per share

- 2020-03: EUR 20.08 per share

- 2020-04: EUR 25.70 per share

- 2020-05: EUR 22.18 per share

- 2020-06: EUR 24.40 per share

- 2020-07: EUR 21.80 per share

- 2020-08: EUR 22.42 per share

- 2020-09: EUR 23.66 per share

- 2020-10: EUR 20.86 per share

- 2020-11: EUR 28.64 per share

- 2020-12: EUR 26.42 per share

- 2021-01: EUR 25.10 per share

- 2021-02: EUR 27.48 per share

- 2021-03: EUR 29.10 per share

- 2021-04: EUR 26.91 per share

- 2021-05: EUR 26.60 per share

- 2021-06: EUR 26.82 per share

- 2021-07: EUR 23.59 per share

- 2021-08: EUR 25.99 per share

- 2021-09: EUR 25.07 per share

- 2021-10: EUR 29.10 per share

- 2021-11: EUR 27.79 per share

- 2021-12: EUR 27.44 per share

- 2022-01: EUR 30.12 per share

- 2022-02: EUR 29.13 per share

- 2022-03: EUR 29.19 per share

- 2022-04: EUR 27.00 per share

- 2022-05: EUR 24.43 per share

- 2022-06: EUR 20.50 per share

- 2022-07: EUR 17.15 per share

- 2022-08: EUR 16.51 per share

- 2022-09: EUR 14.87 per share

- 2022-10: EUR 15.23 per share

- 2022-11: EUR 18.25 per share

- 2022-12: EUR 21.49 per share

- 2023-01: EUR 22.64 per share

- 2023-02: EUR 23.25 per share

- 2023-03: EUR 20.94 per share

- 2023-04: EUR 23.42 per share

- 2023-05: EUR 23.91 per share

- 2023-06: EUR 26.89 per share

- 2023-07: EUR 27.17 per share

- 2023-08: EUR 28.74 per share

- 2023-09: EUR 29.47 per share

- 2023-10: EUR 28.15 per share

- 2023-11: EUR 28.93 per share

- 2023-12: EUR 26.46 per share

- 2024-01: EUR 27.66 per share

- 2024-02: EUR 28.18 per share

- 2024-03: EUR 32.07 per share

- 2024-04: EUR 30.64 per share

- 2024-05: EUR 26.48 per share

- 2024-06: EUR 23.66 per share

- 2024-07: EUR 19.81 per share

- 2024-08: EUR 18.87 per share

- 2024-09: EUR 20.06 per share

- 2024-10: EUR 19.75 per share

- 2024-11: EUR 23.56 per share

- 2024-12: EUR 23.64 per share

- 2025-01: EUR 24.66 per share

- 2025-02: EUR 25.98 per share

- 2025-03: EUR 26.62 per share

- 2025-04: EUR 27.58 per share

- 2025-05: EUR 28.96 per share

- 2025-06: EUR 28.02 per share

- 2025-07: EUR 28.68 per share

- 2025-08: EUR 28.00 per share

- 2025-09: EUR 30.00 per share

- 2025-10: EUR 26.28 per share

- 2025-11: EUR 27.78 per share

- 2025-12: EUR 28.74 per share

- 2026-01: EUR 27.50 per share

- 2026-02: EUR 30.90 per share

- 2026-03: EUR 30.56 per share

- 2026-04: EUR 31.72 per share

- 2026-05: EUR 30.78 per share

- 2026-06: EUR 31.74 per share

- 2026-07: EUR 34.30 per share

- 2026-08: EUR 33.78 per share

- 2026-09: EUR 31.82 per share

- 2026-10: EUR 33.22 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 26.15 per share, central EUR 32.69 per share, high EUR 43.59 per share

- FY2017: low EUR 33.71 per share, central EUR 42.14 per share, high EUR 56.18 per share

- FY2018: low EUR 36.57 per share, central EUR 45.71 per share, high EUR 60.95 per share

- FY2019: low EUR 36.24 per share, central EUR 45.30 per share, high EUR 60.39 per share

- FY2020: low EUR 31.17 per share, central EUR 38.96 per share, high EUR 51.95 per share

- FY2021: low EUR 28.82 per share, central EUR 34.59 per share, high EUR 43.23 per share

- FY2022: low EUR 16.62 per share, central EUR 18.94 per share, high EUR 22.00 per share

- FY2023: low EUR 17.77 per share, central EUR 20.24 per share, high EUR 23.52 per share

- FY2024: low EUR 16.26 per share, central EUR 17.89 per share, high EUR 19.88 per share

- FY2025: low EUR 16.32 per share, central EUR 17.95 per share, high EUR 19.95 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 2026-10-15T06:42:33.110Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/96950056ULJ4JI7V3752/2024-12-31/ESEF/FR/0/96950056ULJ4JI7V3752-2024-12-31-0-FR/reports/96950056ULJ4JI7V3752-2024-12-31-0-FR.xhtml); period 2024-12-31, filed 2025-04-15.

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.

Scor Se

SCR · PA

STOXX Europe 600 · SBF 120

Not a wonderful business

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

Share price: EUR 33.40
Buy up to: EUR 17.86
Expected / yr: 5.3% 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 8 needed).

Net income

10y median: EUR 372M
Worst year: EUR -301M
Latest · 2025: EUR 851M

Earned a median 10.2% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.2%
Worst year: -9.8%
Latest · 2025: 27.2%

Book value plus dividends grew 2.2% a year (minimum 7%).

Annual book + dividend return

10y median: 1.4%
Worst year: -11.2%
Latest · 2025: 7.4%

Book value gained -9.28 per share against 0 kept (must cover the amount kept).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ EUR 0

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 3.11 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 29.49 · Value 32.69 · Buy at or below 32.69; 2016-11 · Price EUR 29.96 · Value 32.69 · Buy at or below 32.69; 2016-12 · Price EUR 32.83 · Value 32.69 · Buy at or below 32.69; 2017-01 · Price EUR 31.36 · Value 32.69 · Buy at or below 32.69; 2017-02 · Price EUR 34.09 · Value 42.14 · Buy at or below 42.14; 2017-03 · Price EUR 35.43 · Value 42.14 · Buy at or below 42.14; 2017-04 · Price EUR 36.32 · Value 42.14 · Buy at or below 42.14; 2017-05 · Price EUR 35.05 · Value 42.14 · Buy at or below 42.14; 2017-06 · Price EUR 34.71 · Value 42.14 · Buy at or below 42.14; 2017-07 · Price EUR 35.62 · Value 42.14 · Buy at or below 42.14; 2017-08 · Price EUR 35.20 · Value 42.14 · Buy at or below 42.14; 2017-09 · Price EUR 35.48 · Value 42.14 · Buy at or below 42.14; 2017-10 · Price EUR 35.65 · Value 42.14 · Buy at or below 42.14; 2017-11 · Price EUR 34.26 · Value 42.14 · Buy at or below 42.14; 2017-12 · Price EUR 33.55 · Value 42.14 · Buy at or below 42.14; 2018-01 · Price EUR 36.05 · Value 42.14 · Buy at or below 42.14; 2018-02 · Price EUR 34.99 · Value 45.71 · Buy at or below 45.71; 2018-03 · Price EUR 33.26 · Value 45.71 · Buy at or below 45.71; 2018-04 · Price EUR 33.65 · Value 45.71 · Buy at or below 45.71; 2018-05 · Price EUR 31.58 · Value 45.71 · Buy at or below 45.71; 2018-06 · Price EUR 31.82 · Value 45.71 · Buy at or below 45.71; 2018-07 · Price EUR 33.25 · Value 45.71 · Buy at or below 45.71; 2018-08 · Price EUR 34.91 · Value 45.71 · Buy at or below 45.71; 2018-09 · Price EUR 40.00 · Value 45.71 · Buy at or below 45.71; 2018-10 · Price EUR 40.87 · Value 45.71 · Buy at or below 45.71; 2018-11 · Price EUR 42.44 · Value 45.71 · Buy at or below 45.71; 2018-12 · Price EUR 39.40 · Value 45.71 · Buy at or below 45.71; 2019-01 · Price EUR 36.72 · Value 45.71 · Buy at or below 45.71; 2019-02 · Price EUR 39.59 · Value 45.30 · Buy at or below 45.30; 2019-03 · Price EUR 37.96 · Value 45.30 · Buy at or below 45.30; 2019-04 · Price EUR 36.36 · Value 45.30 · Buy at or below 45.30; 2019-05 · Price EUR 36.83 · Value 45.30 · Buy at or below 45.30; 2019-06 · Price EUR 38.56 · Value 45.30 · Buy at or below 45.30; 2019-07 · Price EUR 37.20 · Value 45.30 · Buy at or below 45.30; 2019-08 · Price EUR 36.29 · Value 45.30 · Buy at or below 45.30; 2019-09 · Price EUR 37.89 · Value 45.30 · Buy at or below 45.30; 2019-10 · Price EUR 37.78 · Value 45.30 · Buy at or below 45.30; 2019-11 · Price EUR 38.99 · Value 45.30 · Buy at or below 45.30; 2019-12 · Price EUR 37.42 · Value 45.30 · Buy at or below 45.30; 2020-01 · Price EUR 38.43 · Value 45.30 · Buy at or below 45.30; 2020-02 · Price EUR 32.50 · Value 38.96 · Buy at or below 38.96; 2020-03 · Price EUR 20.08 · Value 38.96 · Buy at or below 38.96; 2020-04 · Price EUR 25.70 · Value 38.96 · Buy at or below 38.96; 2020-05 · Price EUR 22.18 · Value 38.96 · Buy at or below 38.96; 2020-06 · Price EUR 24.40 · Value 38.96 · Buy at or below 38.96; 2020-07 · Price EUR 21.80 · Value 38.96 · Buy at or below 38.96; 2020-08 · Price EUR 22.42 · Value 38.96 · Buy at or below 38.96; 2020-09 · Price EUR 23.66 · Value 38.96 · Buy at or below 38.96; 2020-10 · Price EUR 20.86 · Value 38.96 · Buy at or below 38.96; 2020-11 · Price EUR 28.64 · Value 38.96 · Buy at or below 38.96; 2020-12 · Price EUR 26.42 · Value 38.96 · Buy at or below 38.96; 2021-01 · Price EUR 25.10 · Value 38.96 · Buy at or below 38.96; 2021-02 · Price EUR 27.48 · Value 34.59 · Buy at or below 34.59; 2021-03 · Price EUR 29.10 · Value 34.59 · Buy at or below 34.59; 2021-04 · Price EUR 26.91 · Value 34.59 · Buy at or below 34.59; 2021-05 · Price EUR 26.60 · Value 34.59 · Buy at or below 34.59; 2021-06 · Price EUR 26.82 · Value 34.59 · Buy at or below 34.59; 2021-07 · Price EUR 23.59 · Value 34.59 · Buy at or below 34.59; 2021-08 · Price EUR 25.99 · Value 34.59 · Buy at or below 34.59; 2021-09 · Price EUR 25.07 · Value 34.59 · Buy at or below 34.59; 2021-10 · Price EUR 29.10 · Value 34.59 · Buy at or below 34.59; 2021-11 · Price EUR 27.79 · Value 34.59 · Buy at or below 34.59; 2021-12 · Price EUR 27.44 · Value 34.59 · Buy at or below 34.59; 2022-01 · Price EUR 30.12 · Value 34.59 · Buy at or below 34.59; 2022-02 · Price EUR 29.13 · Value 18.94 · Buy at or below 18.94; 2022-03 · Price EUR 29.19 · Value 18.94 · Buy at or below 18.94; 2022-04 · Price EUR 27.00 · Value 18.94 · Buy at or below 18.94; 2022-05 · Price EUR 24.43 · Value 18.94 · Buy at or below 18.94; 2022-06 · Price EUR 20.50 · Value 18.94 · Buy at or below 18.94; 2022-07 · Price EUR 17.14 · Value 18.94 · Buy at or below 18.94; 2022-08 · Price EUR 16.51 · Value 18.94 · Buy at or below 18.94; 2022-09 · Price EUR 14.87 · Value 18.94 · Buy at or below 18.94; 2022-10 · Price EUR 15.22 · Value 18.94 · Buy at or below 18.94; 2022-11 · Price EUR 18.25 · Value 18.94 · Buy at or below 18.94; 2022-12 · Price EUR 21.49 · Value 18.94 · Buy at or below 18.94; 2023-01 · Price EUR 22.64 · Value 18.94 · Buy at or below 18.94; 2023-02 · Price EUR 23.25 · Value 20.24 · Buy at or below 20.24; 2023-03 · Price EUR 20.94 · Value 20.24 · Buy at or below 20.24; 2023-04 · Price EUR 23.42 · Value 20.24 · Buy at or below 20.24; 2023-05 · Price EUR 23.91 · Value 20.24 · Buy at or below 20.24; 2023-06 · Price EUR 26.89 · Value 20.24 · Buy at or below 20.24; 2023-07 · Price EUR 27.17 · Value 20.24 · Buy at or below 20.24; 2023-08 · Price EUR 28.74 · Value 20.24 · Buy at or below 20.24; 2023-09 · Price EUR 29.47 · Value 20.24 · Buy at or below 20.24; 2023-10 · Price EUR 28.15 · Value 20.24 · Buy at or below 20.24; 2023-11 · Price EUR 28.93 · Value 20.24 · Buy at or below 20.24; 2023-12 · Price EUR 26.46 · Value 20.24 · Buy at or below 20.24; 2024-01 · Price EUR 27.66 · Value 20.24 · Buy at or below 20.24; 2024-02 · Price EUR 28.18 · Value 17.89 · Buy at or below 17.89; 2024-03 · Price EUR 32.07 · Value 17.89 · Buy at or below 17.89; 2024-04 · Price EUR 30.64 · Value 17.89 · Buy at or below 17.89; 2024-05 · Price EUR 26.48 · Value 17.89 · Buy at or below 17.89; 2024-06 · Price EUR 23.66 · Value 17.89 · Buy at or below 17.89; 2024-07 · Price EUR 19.81 · Value 17.89 · Buy at or below 17.89; 2024-08 · Price EUR 18.87 · Value 17.89 · Buy at or below 17.89; 2024-09 · Price EUR 20.06 · Value 17.89 · Buy at or below 17.89; 2024-10 · Price EUR 19.75 · Value 17.89 · Buy at or below 17.89; 2024-11 · Price EUR 23.56 · Value 17.89 · Buy at or below 17.89; 2024-12 · Price EUR 23.64 · Value 17.89 · Buy at or below 17.89; 2025-01 · Price EUR 24.66 · Value 17.89 · Buy at or below 17.89; 2025-02 · Price EUR 25.98 · Value 17.95 · Buy at or below 17.95; 2025-03 · Price EUR 26.62 · Value 17.95 · Buy at or below 17.95; 2025-04 · Price EUR 27.58 · Value 17.95 · Buy at or below 17.95; 2025-05 · Price EUR 28.96 · Value 17.95 · Buy at or below 17.95; 2025-06 · Price EUR 28.02 · Value 17.95 · Buy at or below 17.95; 2025-07 · Price EUR 28.68 · Value 17.95 · Buy at or below 17.95; 2025-08 · Price EUR 28.00 · Value 17.95 · Buy at or below 17.95; 2025-09 · Price EUR 30.00 · Value 17.95 · Buy at or below 17.95; 2025-10 · Price EUR 26.28 · Value 17.95 · Buy at or below 17.95; 2025-11 · Price EUR 27.78 · Value 17.95 · Buy at or below 17.95; 2025-12 · Price EUR 28.74 · Value 17.95 · Buy at or below 17.95; 2026-01 · Price EUR 27.50 · Value 17.95 · Buy at or below 17.95; 2026-02 · Price EUR 30.90 · Value 17.86 · Buy at or below 17.86; 2026-03 · Price EUR 30.56 · Value 17.86 · Buy at or below 17.86; 2026-04 · Price EUR 31.72 · Value 17.86 · Buy at or below 17.86; 2026-05 · Price EUR 30.78 · Value 17.86 · Buy at or below 17.86; 2026-06 · Price EUR 31.74 · Value 17.86 · Buy at or below 17.86; 2026-07 · Price EUR 34.30 · Value 17.86 · Buy at or below 17.86; 2026-08 · Price EUR 33.78 · Value 17.86 · Buy at or below 17.86; 2026-09 · Price EUR 31.82 · Value 17.86 · Buy at or below 17.86; 2026-10 · Price EUR 33.22 · Value 17.86 · Buy at or below 17.86; 2026-10 · Price EUR 33.40 · Value 17.86 · Buy at or below 17.86

EUR per share · annual estimates

Price & return math
Value range	EUR 16.24 – EUR 19.85
Buy at or below	Central value EUR 17.86
Discount to value	1 − 33.40 / 17.86 = -87.0%
Return / year	About 5.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 17.51/share; ROE 10.2%; first payout EUR 1.79/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 851M

Net income

Book / shareEUR 24.90

Book / share

Dividend / shareEUR 1.81

Dividend / share

Return on tangible equity27.2%

Return on tangible equity

Diluted shares178M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·