# Sacyr (SCYR.MC)

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

Analysis as of: 2026-10-16T07:38:40.990Z. Financial observations: FY2001–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 4.00 per share; close as of 2026-10-15.

Estimated value: low EUR 1.34 per share, central EUR 1.40 per share, high EUR 1.47 per share. Buy at or below the central value EUR 1.40 per share. Valuation as of 2026-10-16T07:38:40.990Z; scenarios are not confidence intervals.

Expected annual return: 4.0% at the stated quote. About 4.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.19×

- FY2018: 0.17×

- FY2019: 0.06×

- FY2020: 0.10×

- FY2021: 0.16×

- FY2022: 0.26×

- FY2023: 0.27×

- FY2024: 0.27×

- FY2025: 0.23×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 45.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.6%

- ROIC, second-lowest year: 3.7%

- Typical minus recent gross margin: 45.6 pp

- Typical gross margin (annual median): 61.9%

- Recent gross margin (lower of latest and 3-year median): 16.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.3%

- FY2017: 11.3%

- FY2018: 11.8%

- FY2019: 3.7%

- FY2020: 5.1%

- FY2021: 7.6%

- FY2022: 10.1%

- FY2023: 10.6%

- FY2024: 9.9%

- FY2025: 9.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -150M

- Net income, five-year total: EUR 274M

- Return on incremental invested capital: 218.3%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 16.5%

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

- FY2021: 1.33×

- FY2022: -0.33×

- FY2023: 0.36×

- FY2024: 0.24×

- FY2025: 0.64×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.3% vs 9.9%

- Per-share earnings: 0.24 to 0.15 (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: 4.2%

- Ordinary dilution, 5-year annual growth: 5.9%

- Market cap gain: EUR 2.0B

- Cumulative retained earnings: EUR -664M

- Diluted shares, 10-year annual growth: 4.2%

- Diluted shares, 5-year annual growth: 5.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.1%

- Per-share value change: EUR -0.10

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

- Per-share value, ending three-year median: EUR 0.15

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 1.3%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 96M

- Cumulative net income, 10 years: EUR 496M

- ROIC, first three-year median: 11.3%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.23

- FY2017: EUR 0.24

- FY2018: EUR 0.37

- FY2019: EUR -0.47

- FY2020: EUR 0.06

- FY2021: EUR -0.30

- FY2022: EUR 0.16

- FY2023: EUR 0.23

- FY2024: EUR 0.15

- FY2025: EUR 0.11

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.3%

- FY2017: -1.2%

- FY2018: -1.5%

- FY2019: -5.6%

- FY2020: -3.5%

- FY2021: -5.5%

- FY2022: -3.6%

- FY2023: -4.0%

- FY2024: -6.6%

- FY2025: -7.2%

## Holders

## Price story

Price needs cash profits to grow 25.4% a year for ten years · sales +1.9%

Story as of 2026-10-16T10:00:10.136Z; price observation 2026-10-15.

Price needs cash profits to grow 25.4% a year for ten years

### Sales · FY2024–2025

sales +1.9%; source https://filings.xbrl.org/959800XKAB9VNAVN9425/2024-12-31/ESEF/ES/0/959800XKAB9VNAVN9425-20241231-es/reports/959800XKAB9VNAVN9425-20241231-es.xhtml; observed 2025-05-08.

- FY2016: EUR 2.9B 

- FY2017: EUR 3.1B 

- FY2018: EUR 3.8B 

- FY2019: EUR 4.2B 

- FY2020: EUR 4.5B 

- FY2021: EUR 4.7B 

- FY2022: EUR 5.0B 

- FY2023: EUR 4.6B 

- FY2024: EUR 4.6B 

- FY2025: EUR 4.7B 

### Gross margin · FY2025

gross margin 16.3%; source https://filings.xbrl.org/959800XKAB9VNAVN9425/2024-12-31/ESEF/ES/0/959800XKAB9VNAVN9425-20241231-es/reports/959800XKAB9VNAVN9425-20241231-es.xhtml; observed 2025-05-08.

- FY2016: 61.8% 

- FY2017: 62.0% 

- FY2018: 59.3% 

- FY2019: 60.8% 

- FY2020: 61.4% 

- FY2021: 65.6% 

- FY2022: 81.9% 

- FY2023: 70.1% 

- FY2024: 68.3% 

- FY2025: 16.3% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 4.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 4659539000; grossProfit 758335000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 16.3% to 70.1% during 2023–25; it earns 9.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 70.1%.

- Source: https://filings.xbrl.org/959800XKAB9VNAVN9425/2024-12-31/ESEF/ES/0/959800XKAB9VNAVN9425-20241231-es/reports/959800XKAB9VNAVN9425-20241231-es.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 68.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.03258277230552038],[2017,0.11257100530111784],[2018,0.1182222456730405],[2019,0.03665629489162701],[2020,0.050859316570170864],[2021,0.0755098234892819],[2022,0.10095535445673882],[2023,0.10550286422961082],[2024,0.09886741445322887],[2025,0.09358799942433893]]; median 0.09622770693878391. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 17.3% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 88574000; owner earnings 144741000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 13784000; upkeep 118398000; owner earnings 130644000. Growth capex / owner earnings = 0.10550809834359022.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 32959000; upkeep 137486000; owner earnings 208428000. Growth capex / owner earnings = 0.15813134511677893.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 135013000; owner earnings 55396600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 223275000; owner earnings 55450200. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/959800XKAB9VNAVN9425/2024-12-31/ESEF/ES/0/959800XKAB9VNAVN9425-20241231-es/reports/959800XKAB9VNAVN9425-20241231-es.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 332546000; owner earnings 27734690.456402555. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 9530095.069350302; upkeep 245522904.9306497; owner earnings 54974139.26345812. Growth capex / owner earnings = 0.1733559669516291.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Incremental return on capital 2.1831894866384074, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,52429000],[2017,52429000],[2018,52429000],[2019,21892000],[2020,33811000],[2021,20014000],[2022,39446000],[2023,37268000],[2024,8041000],[2025,43570000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 196000 EUR.

### Are managers owners

Insiders own 28.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCYR.MC SharesStats.PercentInsiders = 28.388 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 25.4% yearly over ten years; actual decline was 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.35794851163496644. Price 4.004; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7507581948004359 → FY2025 0.06890449138158096. Closing-price date 2026-10-15.

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

- 2016-11: EUR 1.86 per share

- 2016-12: EUR 2.10 per share

- 2017-01: EUR 2.27 per share

- 2017-02: EUR 2.20 per share

- 2017-03: EUR 2.20 per share

- 2017-04: EUR 2.18 per share

- 2017-05: EUR 2.52 per share

- 2017-06: EUR 2.26 per share

- 2017-07: EUR 2.20 per share

- 2017-08: EUR 2.31 per share

- 2017-09: EUR 2.16 per share

- 2017-10: EUR 2.15 per share

- 2017-11: EUR 1.97 per share

- 2017-12: EUR 2.30 per share

- 2018-01: EUR 2.56 per share

- 2018-02: EUR 2.43 per share

- 2018-03: EUR 2.12 per share

- 2018-04: EUR 2.32 per share

- 2018-05: EUR 2.34 per share

- 2018-06: EUR 2.29 per share

- 2018-07: EUR 2.66 per share

- 2018-08: EUR 2.46 per share

- 2018-09: EUR 2.46 per share

- 2018-10: EUR 2.08 per share

- 2018-11: EUR 2.00 per share

- 2018-12: EUR 1.70 per share

- 2019-01: EUR 2.05 per share

- 2019-02: EUR 2.06 per share

- 2019-03: EUR 2.20 per share

- 2019-04: EUR 2.13 per share

- 2019-05: EUR 1.99 per share

- 2019-06: EUR 2.08 per share

- 2019-07: EUR 2.27 per share

- 2019-08: EUR 2.20 per share

- 2019-09: EUR 2.29 per share

- 2019-10: EUR 2.48 per share

- 2019-11: EUR 2.40 per share

- 2019-12: EUR 2.53 per share

- 2020-01: EUR 2.52 per share

- 2020-02: EUR 2.33 per share

- 2020-03: EUR 1.36 per share

- 2020-04: EUR 1.66 per share

- 2020-05: EUR 1.71 per share

- 2020-06: EUR 1.80 per share

- 2020-07: EUR 1.86 per share

- 2020-08: EUR 1.86 per share

- 2020-09: EUR 1.48 per share

- 2020-10: EUR 1.42 per share

- 2020-11: EUR 1.91 per share

- 2020-12: EUR 1.97 per share

- 2021-01: EUR 1.76 per share

- 2021-02: EUR 2.04 per share

- 2021-03: EUR 2.13 per share

- 2021-04: EUR 2.25 per share

- 2021-05: EUR 2.15 per share

- 2021-06: EUR 2.09 per share

- 2021-07: EUR 2.00 per share

- 2021-08: EUR 2.04 per share

- 2021-09: EUR 2.07 per share

- 2021-10: EUR 2.40 per share

- 2021-11: EUR 2.04 per share

- 2021-12: EUR 2.23 per share

- 2022-01: EUR 2.15 per share

- 2022-02: EUR 2.04 per share

- 2022-03: EUR 2.14 per share

- 2022-04: EUR 2.52 per share

- 2022-05: EUR 2.58 per share

- 2022-06: EUR 2.24 per share

- 2022-07: EUR 2.17 per share

- 2022-08: EUR 2.17 per share

- 2022-09: EUR 2.18 per share

- 2022-10: EUR 2.42 per share

- 2022-11: EUR 2.59 per share

- 2022-12: EUR 2.53 per share

- 2023-01: EUR 2.75 per share

- 2023-02: EUR 3.00 per share

- 2023-03: EUR 2.88 per share

- 2023-04: EUR 2.93 per share

- 2023-05: EUR 2.73 per share

- 2023-06: EUR 3.13 per share

- 2023-07: EUR 3.11 per share

- 2023-08: EUR 2.94 per share

- 2023-09: EUR 2.78 per share

- 2023-10: EUR 2.73 per share

- 2023-11: EUR 3.08 per share

- 2023-12: EUR 3.13 per share

- 2024-01: EUR 3.06 per share

- 2024-02: EUR 3.03 per share

- 2024-03: EUR 3.42 per share

- 2024-04: EUR 3.27 per share

- 2024-05: EUR 3.45 per share

- 2024-06: EUR 3.29 per share

- 2024-07: EUR 3.26 per share

- 2024-08: EUR 3.25 per share

- 2024-09: EUR 3.25 per share

- 2024-10: EUR 3.06 per share

- 2024-11: EUR 3.09 per share

- 2024-12: EUR 3.18 per share

- 2025-01: EUR 3.16 per share

- 2025-02: EUR 3.37 per share

- 2025-03: EUR 3.21 per share

- 2025-04: EUR 3.22 per share

- 2025-05: EUR 3.56 per share

- 2025-06: EUR 3.47 per share

- 2025-07: EUR 3.59 per share

- 2025-08: EUR 3.61 per share

- 2025-09: EUR 3.56 per share

- 2025-10: EUR 3.82 per share

- 2025-11: EUR 3.85 per share

- 2025-12: EUR 3.87 per share

- 2026-01: EUR 3.97 per share

- 2026-02: EUR 4.54 per share

- 2026-03: EUR 4.20 per share

- 2026-04: EUR 4.68 per share

- 2026-05: EUR 4.65 per share

- 2026-06: EUR 4.68 per share

- 2026-07: EUR 4.70 per share

- 2026-08: EUR 4.24 per share

- 2026-09: EUR 3.97 per share

- 2026-10: EUR 3.89 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.58 per share, central EUR 1.65 per share, high EUR 1.73 per share

- FY2017: low EUR 6.55 per share, central EUR 6.91 per share, high EUR 7.40 per share

- FY2018: low EUR 7.22 per share, central EUR 7.73 per share, high EUR 8.42 per share

- FY2019: low EUR 6.69 per share, central EUR 7.24 per share, high EUR 7.98 per share

- FY2020: low EUR 5.62 per share, central EUR 6.10 per share, high EUR 6.74 per share

- FY2021: low EUR 3.97 per share, central EUR 4.11 per share, high EUR 4.29 per share

- FY2024: low EUR 1.31 per share, central EUR 1.36 per share, high EUR 1.43 per share

- FY2025: low EUR 1.29 per share, central EUR 1.34 per share, high EUR 1.42 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/959800XKAB9VNAVN9425/2024-12-31/ESEF/ES/0/959800XKAB9VNAVN9425-20241231-es/reports/959800XKAB9VNAVN9425-20241231-es.xhtml); period 2024-12-31, filed 2025-05-08.

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.

Sacyr

SCYR · MC

STOXX Europe 600 · IBEX 35

Not a wonderful business

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

Share price: EUR 4.00
Buy up to: EUR 1.40
Expected / yr: 4.0% 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

Margins varied 42.5% around their average (limit 35%).

Operating margin

10y median: 18.0%
Worst year: 6.0%
Latest · 2025: 23.4%

Capital return excluding acquisitions: median 9.6% (minimum 15%), and the second-worst year 3.7% (minimum 10%), and gross margin fell 45.6 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 9.6%
Worst year: 3.3%
Latest · 2025: 9.4%

Each $1 of profit left $-0.55 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: -0.55×
Annual median: 0.36×
Latest · 2025: 0.64×

Per-share value fell from 0.24 to 0.15, comparing three-year medians at each end (must rise and stay positive), and share growth was 4.2% over ten years and 5.9% over five (either must be at most 1% a year).

Earnings per share

10y median: EUR 0.15
Worst year: EUR -0.47
Latest · 2025: EUR 0.11

Profits were backed by cash: accruals were -7.2% of assets (limit 10%).

Sloan accruals

10y median: -3.8%
Worst year: -0.3%
Latest · 2025: -7.2%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 17.8%, three-year average owner earnings per share 0.06 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 1.86 · Value 1.65 · Buy at or below 1.65; 2016-12 · Price EUR 2.10 · Value 1.65 · Buy at or below 1.65; 2017-01 · Price EUR 2.27 · Value 1.65 · Buy at or below 1.65; 2017-02 · Price EUR 2.20 · Value 6.91 · Buy at or below 6.91; 2017-03 · Price EUR 2.20 · Value 6.91 · Buy at or below 6.91; 2017-04 · Price EUR 2.18 · Value 6.91 · Buy at or below 6.91; 2017-05 · Price EUR 2.52 · Value 6.91 · Buy at or below 6.91; 2017-06 · Price EUR 2.26 · Value 6.91 · Buy at or below 6.91; 2017-07 · Price EUR 2.20 · Value 6.91 · Buy at or below 6.91; 2017-08 · Price EUR 2.31 · Value 6.91 · Buy at or below 6.91; 2017-09 · Price EUR 2.16 · Value 6.91 · Buy at or below 6.91; 2017-10 · Price EUR 2.15 · Value 6.91 · Buy at or below 6.91; 2017-11 · Price EUR 1.97 · Value 6.91 · Buy at or below 6.91; 2017-12 · Price EUR 2.30 · Value 6.91 · Buy at or below 6.91; 2018-01 · Price EUR 2.56 · Value 6.91 · Buy at or below 6.91; 2018-02 · Price EUR 2.43 · Value 7.73 · Buy at or below 7.73; 2018-03 · Price EUR 2.12 · Value 7.73 · Buy at or below 7.73; 2018-04 · Price EUR 2.32 · Value 7.73 · Buy at or below 7.73; 2018-05 · Price EUR 2.34 · Value 7.73 · Buy at or below 7.73; 2018-06 · Price EUR 2.29 · Value 7.73 · Buy at or below 7.73; 2018-07 · Price EUR 2.66 · Value 7.73 · Buy at or below 7.73; 2018-08 · Price EUR 2.46 · Value 7.73 · Buy at or below 7.73; 2018-09 · Price EUR 2.46 · Value 7.73 · Buy at or below 7.73; 2018-10 · Price EUR 2.08 · Value 7.73 · Buy at or below 7.73; 2018-11 · Price EUR 2.00 · Value 7.73 · Buy at or below 7.73; 2018-12 · Price EUR 1.70 · Value 7.73 · Buy at or below 7.73; 2019-01 · Price EUR 2.05 · Value 7.73 · Buy at or below 7.73; 2019-02 · Price EUR 2.06 · Value 7.24 · Buy at or below 7.24; 2019-03 · Price EUR 2.20 · Value 7.24 · Buy at or below 7.24; 2019-04 · Price EUR 2.13 · Value 7.24 · Buy at or below 7.24; 2019-05 · Price EUR 1.99 · Value 7.24 · Buy at or below 7.24; 2019-06 · Price EUR 2.08 · Value 7.24 · Buy at or below 7.24; 2019-07 · Price EUR 2.27 · Value 7.24 · Buy at or below 7.24; 2019-08 · Price EUR 2.20 · Value 7.24 · Buy at or below 7.24; 2019-09 · Price EUR 2.29 · Value 7.24 · Buy at or below 7.24; 2019-10 · Price EUR 2.48 · Value 7.24 · Buy at or below 7.24; 2019-11 · Price EUR 2.40 · Value 7.24 · Buy at or below 7.24; 2019-12 · Price EUR 2.53 · Value 7.24 · Buy at or below 7.24; 2020-01 · Price EUR 2.52 · Value 7.24 · Buy at or below 7.24; 2020-02 · Price EUR 2.33 · Value 6.10 · Buy at or below 6.10; 2020-03 · Price EUR 1.36 · Value 6.10 · Buy at or below 6.10; 2020-04 · Price EUR 1.66 · Value 6.10 · Buy at or below 6.10; 2020-05 · Price EUR 1.71 · Value 6.10 · Buy at or below 6.10; 2020-06 · Price EUR 1.80 · Value 6.10 · Buy at or below 6.10; 2020-07 · Price EUR 1.86 · Value 6.10 · Buy at or below 6.10; 2020-08 · Price EUR 1.86 · Value 6.10 · Buy at or below 6.10; 2020-09 · Price EUR 1.48 · Value 6.10 · Buy at or below 6.10; 2020-10 · Price EUR 1.42 · Value 6.10 · Buy at or below 6.10; 2020-11 · Price EUR 1.91 · Value 6.10 · Buy at or below 6.10; 2020-12 · Price EUR 1.97 · Value 6.10 · Buy at or below 6.10; 2021-01 · Price EUR 1.76 · Value 6.10 · Buy at or below 6.10; 2021-02 · Price EUR 2.04 · Value 4.11 · Buy at or below 4.11; 2021-03 · Price EUR 2.13 · Value 4.11 · Buy at or below 4.11; 2021-04 · Price EUR 2.25 · Value 4.11 · Buy at or below 4.11; 2021-05 · Price EUR 2.15 · Value 4.11 · Buy at or below 4.11; 2021-06 · Price EUR 2.09 · Value 4.11 · Buy at or below 4.11; 2021-07 · Price EUR 2.00 · Value 4.11 · Buy at or below 4.11; 2021-08 · Price EUR 2.04 · Value 4.11 · Buy at or below 4.11; 2021-09 · Price EUR 2.07 · Value 4.11 · Buy at or below 4.11; 2021-10 · Price EUR 2.40 · Value 4.11 · Buy at or below 4.11; 2021-11 · Price EUR 2.04 · Value 4.11 · Buy at or below 4.11; 2021-12 · Price EUR 2.23 · Value 4.11 · Buy at or below 4.11; 2022-01 · Price EUR 2.15 · Value 4.11 · Buy at or below 4.11; 2022-02 · Price EUR 2.04; 2022-03 · Price EUR 2.14; 2022-04 · Price EUR 2.52; 2022-05 · Price EUR 2.58; 2022-06 · Price EUR 2.24; 2022-07 · Price EUR 2.17; 2022-08 · Price EUR 2.17; 2022-09 · Price EUR 2.18; 2022-10 · Price EUR 2.42; 2022-11 · Price EUR 2.59; 2022-12 · Price EUR 2.53; 2023-01 · Price EUR 2.75; 2023-02 · Price EUR 3.00; 2023-03 · Price EUR 2.88; 2023-04 · Price EUR 2.93; 2023-05 · Price EUR 2.73; 2023-06 · Price EUR 3.13; 2023-07 · Price EUR 3.11; 2023-08 · Price EUR 2.94; 2023-09 · Price EUR 2.78; 2023-10 · Price EUR 2.73; 2023-11 · Price EUR 3.08; 2023-12 · Price EUR 3.13; 2024-01 · Price EUR 3.06 · Value 1.36 · Buy at or below 1.36; 2024-02 · Price EUR 3.03 · Value 1.36 · Buy at or below 1.36; 2024-03 · Price EUR 3.42 · Value 1.36 · Buy at or below 1.36; 2024-04 · Price EUR 3.27 · Value 1.36 · Buy at or below 1.36; 2024-05 · Price EUR 3.45 · Value 1.36 · Buy at or below 1.36; 2024-06 · Price EUR 3.29 · Value 1.36 · Buy at or below 1.36; 2024-07 · Price EUR 3.26 · Value 1.36 · Buy at or below 1.36; 2024-08 · Price EUR 3.25 · Value 1.36 · Buy at or below 1.36; 2024-09 · Price EUR 3.25 · Value 1.36 · Buy at or below 1.36; 2024-10 · Price EUR 3.06 · Value 1.36 · Buy at or below 1.36; 2024-11 · Price EUR 3.09 · Value 1.36 · Buy at or below 1.36; 2024-12 · Price EUR 3.18 · Value 1.36 · Buy at or below 1.36; 2025-01 · Price EUR 3.16 · Value 1.36 · Buy at or below 1.36; 2025-02 · Price EUR 3.37 · Value 1.34 · Buy at or below 1.34; 2025-03 · Price EUR 3.21 · Value 1.34 · Buy at or below 1.34; 2025-04 · Price EUR 3.22 · Value 1.34 · Buy at or below 1.34; 2025-05 · Price EUR 3.56 · Value 1.34 · Buy at or below 1.34; 2025-06 · Price EUR 3.47 · Value 1.34 · Buy at or below 1.34; 2025-07 · Price EUR 3.59 · Value 1.34 · Buy at or below 1.34; 2025-08 · Price EUR 3.61 · Value 1.34 · Buy at or below 1.34; 2025-09 · Price EUR 3.56 · Value 1.34 · Buy at or below 1.34; 2025-10 · Price EUR 3.82 · Value 1.34 · Buy at or below 1.34; 2025-11 · Price EUR 3.85 · Value 1.34 · Buy at or below 1.34; 2025-12 · Price EUR 3.87 · Value 1.34 · Buy at or below 1.34; 2026-01 · Price EUR 3.97 · Value 1.34 · Buy at or below 1.34; 2026-02 · Price EUR 4.54 · Value 1.40 · Buy at or below 1.40; 2026-03 · Price EUR 4.20 · Value 1.40 · Buy at or below 1.40; 2026-04 · Price EUR 4.68 · Value 1.40 · Buy at or below 1.40; 2026-05 · Price EUR 4.65 · Value 1.40 · Buy at or below 1.40; 2026-06 · Price EUR 4.68 · Value 1.40 · Buy at or below 1.40; 2026-07 · Price EUR 4.70 · Value 1.40 · Buy at or below 1.40; 2026-08 · Price EUR 4.24 · Value 1.40 · Buy at or below 1.40; 2026-09 · Price EUR 3.97 · Value 1.40 · Buy at or below 1.40; 2026-10 · Price EUR 3.89 · Value 1.40 · Buy at or below 1.40; 2026-10 · Price EUR 4.00 · Value 1.40 · Buy at or below 1.40

EUR per share · annual estimates

Price & return math
Value range	EUR 1.34 – EUR 1.47
Buy at or below	Central value EUR 1.40
Discount to value	1 − 4.00 / 1.40 = -186.7%
Return / year	About 4.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.04/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 0.94/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 4.7B

Revenue

Owner earningsEUR 55M

Owner earnings

Operating margin23.4%

Operating margin

Net cash / debtEUR -6.5B

Net cash / debt

Diluted shares798M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·