# Snam (SRG.MI)

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

Analysis as of: 2026-10-16T07:34:41.414Z. 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 5.71 per share; close as of 2026-10-14.

Estimated value: low EUR 4.34 per share, central EUR 5.44 per share, high EUR 6.26 per share. Buy at or below the central value EUR 5.44 per share. Valuation as of 2026-10-16T07:34:41.414Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IT 10-year bond 4.5% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.53×

- FY2017: 0.54×

- FY2018: 0.54×

- FY2019: 0.56×

- FY2020: 0.50×

- FY2021: 0.43×

- FY2022: 0.38×

- FY2023: 0.30×

- FY2024: 0.47×

- FY2025: 0.50×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.4%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: -14.7 pp

- Typical gross margin (annual median): 86.9%

- Recent gross margin (lower of latest and 3-year median): 101.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 40.1%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.0%

- FY2017: 5.5%

- FY2018: 5.9%

- FY2019: 6.8%

- FY2020: 5.4%

- FY2021: 6.2%

- FY2022: 4.5%

- FY2023: 4.2%

- FY2024: 4.9%

- FY2025: 5.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.7B

- Net income, five-year total: EUR 5.8B

- Return on incremental invested capital: 5.4%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -9.8 pp

- Working capital / revenue, final three-year average: 35.9%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: -0.59×

- FY2025: 0.93×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.5% vs 4.9%

- Per-share earnings: 0.29 to 0.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR 5.0B

- Cumulative retained earnings: EUR 1.7B

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: EUR 0.08

- Per-share value, starting three-year median: EUR 0.29

- Per-share value, ending three-year median: EUR 0.38

- Buybacks concentrated in cheaper years (correlation): -0.30

- Average buyback yield: 1.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.8B

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 5.5%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.26

- FY2018: EUR 0.29

- FY2019: EUR 0.33

- FY2020: EUR 0.34

- FY2021: EUR 0.46

- FY2022: EUR 0.20

- FY2023: EUR 0.34

- FY2024: EUR 0.38

- FY2025: EUR 0.38

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 0.67×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -4.4%

- FY2018: -3.8%

- FY2019: -1.6%

- FY2020: -1.9%

- FY2021: 0.6%

- FY2022: -10.6%

- FY2023: 3.8%

- FY2024: -1.6%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to grow 4.7% a year for ten years · sales +8.6%

Story as of 2026-10-16T10:00:01.954Z; price observation 2026-10-14.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +8.6%; source https://filings.xbrl.org/8156002278562044AF79/2024-12-31/ESEF/IT/0/snam-2024-12-31-en/reports/snam-2024-12-31-en.xhtml; observed 2025-09-24.

- FY2016: EUR 2.5B 

- FY2017: EUR 2.5B 

- FY2018: EUR 2.6B 

- FY2019: EUR 2.7B 

- FY2020: EUR 2.8B 

- FY2021: EUR 3.3B 

- FY2022: EUR 3.5B 

- FY2023: EUR 4.2B 

- FY2024: EUR 3.5B 

- FY2025: EUR 3.9B 

### Gross margin · FY2023

gross margin 81.5%; source https://filings.xbrl.org/8156002278562044AF79/2024-12-31/ESEF/IT/0/snam-2024-12-31-en/reports/snam-2024-12-31-en.xhtml; observed 2025-09-24.

- FY2016: 84.4% 

- FY2017: 85.9% 

- FY2018: 88.0% 

- FY2019: 89.5% 

- FY2020: 89.1% 

- FY2021: 77.3% 

- FY2022: 74.2% 

- FY2023: 81.5% 

## Owner memo

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

### How it makes money

Operates in utilities regulated gas; annual sales are EUR 3.9 billion.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2025-12-31 (filed 2025-09-24); FY2025: revenue 3852000000; grossProfit 3916000000; margin = grossProfit / revenue.

### Why customers stay

It earns 5.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2023-12-31 (filed 2025-09-24); FY2023: grossProfit / revenue = 81.5%.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2024-12-31 (filed 2025-09-24); FY2024: grossProfit / revenue = 108.5%.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2025-12-31 (filed 2025-09-24); FY2025: grossProfit / revenue = 101.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); 10-year return on capital observations [[2016,0.049736418805224065],[2017,0.055093338299886926],[2018,0.05872439239752202],[2019,0.06837705966537408],[2020,0.053578648771994634],[2021,0.06244905625710579],[2022,0.04473697849183726],[2023,0.04156376602772355],[2024,0.0493919863112167],[2025,0.05496862219053693]]; median 0.05427363548126578. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 5.4% on new investment; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2016-12-31 (filed 2025-09-24); FY2016: growth capex 0; upkeep 1145000000; owner earnings 575000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2017-12-31 (filed 2025-09-24); FY2017: growth capex 0; upkeep 950000000; owner earnings 914000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2018-12-31 (filed 2025-09-24); FY2018: growth capex 0; upkeep 772000000; owner earnings 1054000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2019-12-31 (filed 2025-09-24); FY2019: growth capex 130000000; upkeep 722000000; owner earnings 1085800000. Growth capex / owner earnings = 0.11972738994289925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2020: growth capex 404000000; upkeep 762000000; owner earnings 1099800000. Growth capex / owner earnings = 0.3673395162756865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2021: growth capex 435000000; upkeep 809000000; owner earnings 1492000000. Growth capex / owner earnings = 0.2915549597855228.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2022-12-31 (filed 2025-09-24); FY2022: growth capex 455000000; upkeep 867000000; cash acquisitions 315000000; owner earnings 664400000. Growth capex plus acquisitions / owner earnings = 1.1589403973509933.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2023-12-31 (filed 2025-09-24); FY2023: growth capex 871000000; upkeep 925000000; cash acquisitions 583000000; owner earnings 1126400000. Growth capex plus acquisitions / owner earnings = 1.2908380681818181.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2025-12-31 (filed 2025-09-24); FY2025: growth capex 1612369801.552297; upkeep 1096630198.447703; cash acquisitions 564000000; owner earnings 1179969801.552297. Growth capex plus acquisitions / owner earnings = 1.844428390192017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Incremental return on capital 0.05366201742807367, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Dividend observations: [[2016,875000000],[2017,718000000],[2018,731000000],[2019,746000000],[2020,779000000],[2021,811000000],[2022,866000000],[2023,933000000],[2024,946000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SNM.F.json#2025-12-31 (filed 2025-09-24); FY2025: cash repurchases 977000000 EUR.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Ten-year compound average after fade. Initial solved rate 0.05395860707972988. Price 5.708000183105469; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-11: EUR 3.65 per share

- 2016-12: EUR 3.91 per share

- 2017-01: EUR 3.52 per share

- 2017-02: EUR 3.76 per share

- 2017-03: EUR 3.93 per share

- 2017-04: EUR 4.06 per share

- 2017-05: EUR 4.08 per share

- 2017-06: EUR 3.82 per share

- 2017-07: EUR 4.00 per share

- 2017-08: EUR 4.09 per share

- 2017-09: EUR 4.08 per share

- 2017-10: EUR 4.39 per share

- 2017-11: EUR 4.24 per share

- 2017-12: EUR 4.08 per share

- 2018-01: EUR 3.92 per share

- 2018-02: EUR 3.68 per share

- 2018-03: EUR 3.73 per share

- 2018-04: EUR 3.98 per share

- 2018-05: EUR 3.51 per share

- 2018-06: EUR 3.58 per share

- 2018-07: EUR 3.67 per share

- 2018-08: EUR 3.54 per share

- 2018-09: EUR 3.59 per share

- 2018-10: EUR 3.65 per share

- 2018-11: EUR 3.87 per share

- 2018-12: EUR 3.82 per share

- 2019-01: EUR 4.17 per share

- 2019-02: EUR 4.34 per share

- 2019-03: EUR 4.58 per share

- 2019-04: EUR 4.54 per share

- 2019-05: EUR 4.50 per share

- 2019-06: EUR 4.37 per share

- 2019-07: EUR 4.44 per share

- 2019-08: EUR 4.60 per share

- 2019-09: EUR 4.63 per share

- 2019-10: EUR 4.60 per share

- 2019-11: EUR 4.51 per share

- 2019-12: EUR 4.69 per share

- 2020-01: EUR 4.84 per share

- 2020-02: EUR 4.47 per share

- 2020-03: EUR 4.20 per share

- 2020-04: EUR 4.09 per share

- 2020-05: EUR 4.18 per share

- 2020-06: EUR 4.33 per share

- 2020-07: EUR 4.50 per share

- 2020-08: EUR 4.29 per share

- 2020-09: EUR 4.39 per share

- 2020-10: EUR 4.19 per share

- 2020-11: EUR 4.70 per share

- 2020-12: EUR 4.60 per share

- 2021-01: EUR 4.33 per share

- 2021-02: EUR 4.30 per share

- 2021-03: EUR 4.73 per share

- 2021-04: EUR 4.68 per share

- 2021-05: EUR 4.81 per share

- 2021-06: EUR 4.88 per share

- 2021-07: EUR 5.10 per share

- 2021-08: EUR 5.00 per share

- 2021-09: EUR 4.80 per share

- 2021-10: EUR 4.90 per share

- 2021-11: EUR 4.97 per share

- 2021-12: EUR 5.30 per share

- 2022-01: EUR 4.96 per share

- 2022-02: EUR 4.97 per share

- 2022-03: EUR 5.23 per share

- 2022-04: EUR 5.22 per share

- 2022-05: EUR 5.41 per share

- 2022-06: EUR 5.00 per share

- 2022-07: EUR 4.90 per share

- 2022-08: EUR 4.74 per share

- 2022-09: EUR 4.15 per share

- 2022-10: EUR 4.50 per share

- 2022-11: EUR 4.87 per share

- 2022-12: EUR 4.53 per share

- 2023-01: EUR 4.67 per share

- 2023-02: EUR 4.65 per share

- 2023-03: EUR 4.89 per share

- 2023-04: EUR 5.04 per share

- 2023-05: EUR 4.89 per share

- 2023-06: EUR 4.79 per share

- 2023-07: EUR 4.78 per share

- 2023-08: EUR 4.76 per share

- 2023-09: EUR 4.45 per share

- 2023-10: EUR 4.33 per share

- 2023-11: EUR 4.62 per share

- 2023-12: EUR 4.66 per share

- 2024-01: EUR 4.53 per share

- 2024-02: EUR 4.32 per share

- 2024-03: EUR 4.38 per share

- 2024-04: EUR 4.30 per share

- 2024-05: EUR 4.35 per share

- 2024-06: EUR 4.13 per share

- 2024-07: EUR 4.42 per share

- 2024-08: EUR 4.48 per share

- 2024-09: EUR 4.57 per share

- 2024-10: EUR 4.42 per share

- 2024-11: EUR 4.41 per share

- 2024-12: EUR 4.28 per share

- 2025-01: EUR 4.47 per share

- 2025-02: EUR 4.65 per share

- 2025-03: EUR 4.80 per share

- 2025-04: EUR 5.06 per share

- 2025-05: EUR 5.27 per share

- 2025-06: EUR 5.14 per share

- 2025-07: EUR 5.07 per share

- 2025-08: EUR 5.20 per share

- 2025-09: EUR 5.12 per share

- 2025-10: EUR 5.35 per share

- 2025-11: EUR 5.73 per share

- 2025-12: EUR 5.66 per share

- 2026-01: EUR 5.80 per share

- 2026-02: EUR 6.59 per share

- 2026-03: EUR 6.55 per share

- 2026-04: EUR 6.73 per share

- 2026-05: EUR 6.27 per share

- 2026-06: EUR 6.32 per share

- 2026-07: EUR 5.89 per share

- 2026-08: EUR 5.80 per share

- 2026-09: EUR 5.59 per share

- 2026-10: EUR 5.78 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 4.38 per share, central EUR 4.87 per share, high EUR 5.52 per share

- FY2020: low EUR 4.59 per share, central EUR 5.10 per share, high EUR 5.77 per share

- FY2021: low EUR 4.86 per share, central EUR 5.48 per share, high EUR 6.30 per share

- FY2022: low EUR 5.17 per share, central EUR 5.81 per share, high EUR 6.67 per share

- FY2023: low EUR 5.91 per share, central EUR 6.67 per share, high EUR 7.69 per share

- FY2024: low EUR 3.59 per share, central EUR 4.01 per share, high EUR 4.57 per share

- FY2025: low EUR 4.34 per share, central EUR 5.44 per share, high EUR 6.26 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/8156002278562044AF79/2024-12-31/ESEF/IT/0/snam-2024-12-31-en/reports/snam-2024-12-31-en.xhtml); period 2024-12-31, filed 2025-09-24.

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.

Snam

SRG · MI

STOXX Europe 600 · FTSE MIB

Not a wonderful business

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

Share price: EUR 5.71
Buy up to: EUR 5.44
Expected / yr: 9.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 16.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 50.0%
Worst year: 29.9%
Latest · 2025: 49.9%

Capital return excluding acquisitions: median 5.4% (minimum 15%), and the second-worst year 4.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.4%
Worst year: 4.2%
Latest · 2025: 5.5%

Each $1 of profit left $0.64 for owners over five years (minimum $0.80), and new investment earned 5.4% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.64×
Annual median: 0.99×
Latest · 2025: 0.93×

Per-share value rose from 0.29 to 0.38, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: EUR 0.34
Worst year: EUR 0.20
Latest · 2025: EUR 0.38

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

Sloan accruals

10y median: -2.9%
Worst year: 3.8%
Latest · 2025: -3.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 47.5%, three-year average owner earnings per share 0.16 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 3.65; 2016-12 · Price EUR 3.91; 2017-01 · Price EUR 3.52; 2017-02 · Price EUR 3.76; 2017-03 · Price EUR 3.93; 2017-04 · Price EUR 4.06; 2017-05 · Price EUR 4.08; 2017-06 · Price EUR 3.82; 2017-07 · Price EUR 4.00; 2017-08 · Price EUR 4.09; 2017-09 · Price EUR 4.08; 2017-10 · Price EUR 4.39; 2017-11 · Price EUR 4.24; 2017-12 · Price EUR 4.08; 2018-01 · Price EUR 3.92; 2018-02 · Price EUR 3.68; 2018-03 · Price EUR 3.73; 2018-04 · Price EUR 3.98; 2018-05 · Price EUR 3.51; 2018-06 · Price EUR 3.58; 2018-07 · Price EUR 3.67; 2018-08 · Price EUR 3.54; 2018-09 · Price EUR 3.59; 2018-10 · Price EUR 3.65; 2018-11 · Price EUR 3.87; 2018-12 · Price EUR 3.82; 2019-01 · Price EUR 4.17 · Value 4.87 · Buy at or below 4.87; 2019-02 · Price EUR 4.34 · Value 4.87 · Buy at or below 4.87; 2019-03 · Price EUR 4.58 · Value 4.87 · Buy at or below 4.87; 2019-04 · Price EUR 4.54 · Value 4.87 · Buy at or below 4.87; 2019-05 · Price EUR 4.50 · Value 4.87 · Buy at or below 4.87; 2019-06 · Price EUR 4.37 · Value 4.87 · Buy at or below 4.87; 2019-07 · Price EUR 4.44 · Value 4.87 · Buy at or below 4.87; 2019-08 · Price EUR 4.60 · Value 4.87 · Buy at or below 4.87; 2019-09 · Price EUR 4.63 · Value 4.87 · Buy at or below 4.87; 2019-10 · Price EUR 4.60 · Value 4.87 · Buy at or below 4.87; 2019-11 · Price EUR 4.51 · Value 4.87 · Buy at or below 4.87; 2019-12 · Price EUR 4.69 · Value 4.87 · Buy at or below 4.87; 2020-01 · Price EUR 4.84 · Value 4.87 · Buy at or below 4.87; 2020-02 · Price EUR 4.47 · Value 5.10 · Buy at or below 5.10; 2020-03 · Price EUR 4.20 · Value 5.10 · Buy at or below 5.10; 2020-04 · Price EUR 4.09 · Value 5.10 · Buy at or below 5.10; 2020-05 · Price EUR 4.18 · Value 5.10 · Buy at or below 5.10; 2020-06 · Price EUR 4.33 · Value 5.10 · Buy at or below 5.10; 2020-07 · Price EUR 4.50 · Value 5.10 · Buy at or below 5.10; 2020-08 · Price EUR 4.29 · Value 5.10 · Buy at or below 5.10; 2020-09 · Price EUR 4.39 · Value 5.10 · Buy at or below 5.10; 2020-10 · Price EUR 4.19 · Value 5.10 · Buy at or below 5.10; 2020-11 · Price EUR 4.70 · Value 5.10 · Buy at or below 5.10; 2020-12 · Price EUR 4.60 · Value 5.10 · Buy at or below 5.10; 2021-01 · Price EUR 4.33 · Value 5.10 · Buy at or below 5.10; 2021-02 · Price EUR 4.30 · Value 5.48 · Buy at or below 5.48; 2021-03 · Price EUR 4.73 · Value 5.48 · Buy at or below 5.48; 2021-04 · Price EUR 4.68 · Value 5.48 · Buy at or below 5.48; 2021-05 · Price EUR 4.81 · Value 5.48 · Buy at or below 5.48; 2021-06 · Price EUR 4.88 · Value 5.48 · Buy at or below 5.48; 2021-07 · Price EUR 5.10 · Value 5.48 · Buy at or below 5.48; 2021-08 · Price EUR 5.00 · Value 5.48 · Buy at or below 5.48; 2021-09 · Price EUR 4.80 · Value 5.48 · Buy at or below 5.48; 2021-10 · Price EUR 4.90 · Value 5.48 · Buy at or below 5.48; 2021-11 · Price EUR 4.97 · Value 5.48 · Buy at or below 5.48; 2021-12 · Price EUR 5.30 · Value 5.48 · Buy at or below 5.48; 2022-01 · Price EUR 4.96 · Value 5.48 · Buy at or below 5.48; 2022-02 · Price EUR 4.97 · Value 5.81 · Buy at or below 5.81; 2022-03 · Price EUR 5.23 · Value 5.81 · Buy at or below 5.81; 2022-04 · Price EUR 5.22 · Value 5.81 · Buy at or below 5.81; 2022-05 · Price EUR 5.41 · Value 5.81 · Buy at or below 5.81; 2022-06 · Price EUR 5.00 · Value 5.81 · Buy at or below 5.81; 2022-07 · Price EUR 4.90 · Value 5.81 · Buy at or below 5.81; 2022-08 · Price EUR 4.74 · Value 5.81 · Buy at or below 5.81; 2022-09 · Price EUR 4.15 · Value 5.81 · Buy at or below 5.81; 2022-10 · Price EUR 4.50 · Value 5.81 · Buy at or below 5.81; 2022-11 · Price EUR 4.87 · Value 5.81 · Buy at or below 5.81; 2022-12 · Price EUR 4.53 · Value 5.81 · Buy at or below 5.81; 2023-01 · Price EUR 4.67 · Value 5.81 · Buy at or below 5.81; 2023-02 · Price EUR 4.65 · Value 6.67 · Buy at or below 6.67; 2023-03 · Price EUR 4.89 · Value 6.67 · Buy at or below 6.67; 2023-04 · Price EUR 5.04 · Value 6.67 · Buy at or below 6.67; 2023-05 · Price EUR 4.89 · Value 6.67 · Buy at or below 6.67; 2023-06 · Price EUR 4.79 · Value 6.67 · Buy at or below 6.67; 2023-07 · Price EUR 4.78 · Value 6.67 · Buy at or below 6.67; 2023-08 · Price EUR 4.76 · Value 6.67 · Buy at or below 6.67; 2023-09 · Price EUR 4.45 · Value 6.67 · Buy at or below 6.67; 2023-10 · Price EUR 4.33 · Value 6.67 · Buy at or below 6.67; 2023-11 · Price EUR 4.62 · Value 6.67 · Buy at or below 6.67; 2023-12 · Price EUR 4.66 · Value 6.67 · Buy at or below 6.67; 2024-01 · Price EUR 4.53 · Value 6.67 · Buy at or below 6.67; 2024-02 · Price EUR 4.32 · Value 4.01 · Buy at or below 4.01; 2024-03 · Price EUR 4.38 · Value 4.01 · Buy at or below 4.01; 2024-04 · Price EUR 4.30 · Value 4.01 · Buy at or below 4.01; 2024-05 · Price EUR 4.35 · Value 4.01 · Buy at or below 4.01; 2024-06 · Price EUR 4.13 · Value 4.01 · Buy at or below 4.01; 2024-07 · Price EUR 4.42 · Value 4.01 · Buy at or below 4.01; 2024-08 · Price EUR 4.48 · Value 4.01 · Buy at or below 4.01; 2024-09 · Price EUR 4.57 · Value 4.01 · Buy at or below 4.01; 2024-10 · Price EUR 4.42 · Value 4.01 · Buy at or below 4.01; 2024-11 · Price EUR 4.41 · Value 4.01 · Buy at or below 4.01; 2024-12 · Price EUR 4.28 · Value 4.01 · Buy at or below 4.01; 2025-01 · Price EUR 4.47 · Value 4.01 · Buy at or below 4.01; 2025-02 · Price EUR 4.65 · Value 5.44 · Buy at or below 5.44; 2025-03 · Price EUR 4.80 · Value 5.44 · Buy at or below 5.44; 2025-04 · Price EUR 5.06 · Value 5.44 · Buy at or below 5.44; 2025-05 · Price EUR 5.27 · Value 5.44 · Buy at or below 5.44; 2025-06 · Price EUR 5.14 · Value 5.44 · Buy at or below 5.44; 2025-07 · Price EUR 5.07 · Value 5.44 · Buy at or below 5.44; 2025-08 · Price EUR 5.20 · Value 5.44 · Buy at or below 5.44; 2025-09 · Price EUR 5.12 · Value 5.44 · Buy at or below 5.44; 2025-10 · Price EUR 5.35 · Value 5.44 · Buy at or below 5.44; 2025-11 · Price EUR 5.73 · Value 5.44 · Buy at or below 5.44; 2025-12 · Price EUR 5.66 · Value 5.44 · Buy at or below 5.44; 2026-01 · Price EUR 5.80 · Value 5.44 · Buy at or below 5.44; 2026-02 · Price EUR 6.59 · Value 5.44 · Buy at or below 5.44; 2026-03 · Price EUR 6.55 · Value 5.44 · Buy at or below 5.44; 2026-04 · Price EUR 6.73 · Value 5.44 · Buy at or below 5.44; 2026-05 · Price EUR 6.27 · Value 5.44 · Buy at or below 5.44; 2026-06 · Price EUR 6.32 · Value 5.44 · Buy at or below 5.44; 2026-07 · Price EUR 5.89 · Value 5.44 · Buy at or below 5.44; 2026-08 · Price EUR 5.80 · Value 5.44 · Buy at or below 5.44; 2026-09 · Price EUR 5.59 · Value 5.44 · Buy at or below 5.44; 2026-10 · Price EUR 5.78 · Value 5.44 · Buy at or below 5.44; 2026-10 · Price EUR 5.71 · Value 5.44 · Buy at or below 5.44

EUR per share · annual estimates

Price & return math
Value range	EUR 4.34 – EUR 6.26
Buy at or below	Central value EUR 5.44
Discount to value	1 − 5.71 / 5.44 = -5.0%
Return / year	About 9.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.30/share; 4.4% growth for 5 years, then fades to 3.0%; excess cash EUR 0.59/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 3.9B

Revenue

Owner earningsEUR 1.2B

Owner earnings

Operating margin49.9%

Operating margin

Net cash / debtEUR -17B

Net cash / debt

Diluted shares3.4B

Diluted shares

Prices 14 Oct 2026 · FY2025Original filing ↗ ·