# TAG Immobilien AG (TEG.XETRA)

Canonical: https://gigainvestors.com/s/TEG.XETRA

Analysis as of: 2026-10-16T07:40:24.459Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 10.55 per share; close as of 2026-10-15.

Estimated value: low EUR 8.68 per share, central EUR 9.49 per share, high EUR 10.57 per share. Buy at or below the central value EUR 9.49 per share. Valuation as of 2026-10-16T07:40:24.459Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 1.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.53×

- FY2017: 0.44×

- FY2018: 0.40×

- FY2019: 1.27×

- FY2020: 0.86×

- FY2021: 1.26×

- FY2022: 0.21×

- FY2023: -1.27×

- FY2024: 0.26×

- FY2025: 0.30×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 12.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: 12.9 pp

- Typical gross margin (annual median): 50.4%

- Recent gross margin (lower of latest and 3-year median): 37.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.0%

- FY2017: 3.8%

- FY2018: 4.4%

- FY2019: 11.1%

- FY2020: 9.3%

- FY2021: 10.5%

- FY2022: 2.5%

- FY2023: -23.0%

- FY2024: 4.8%

- FY2025: 3.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 463M

- Net income, five-year total: EUR 501M

- Return on incremental invested capital: 7.0%

- Working capital / revenue, annual change: 5.8 pp

- Working capital / revenue, change between three-year averages: 39.0 pp

- Working capital / revenue, final three-year average: 56.5%

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

- FY2021: 0.99×

- FY2022: 0.94×

- FY2023: 1.01×

- FY2024: 0.93×

- FY2025: 0.88×

### 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: 4.0% vs 3.1%

- Per-share earnings: 1.43 to 0.49 (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: 4.3%

- Ordinary dilution, 5-year annual growth: 6.0%

- Market cap gain: EUR 806M

- Cumulative retained earnings: EUR 1.6B

- Diluted shares, 10-year annual growth: 4.3%

- Diluted shares, 5-year annual growth: 6.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -12.4%

- Per-share value change: EUR -0.93

- Per-share value, starting three-year median: EUR 1.43

- Per-share value, ending three-year median: EUR 0.49

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 348M

- Cumulative net income, 10 years: EUR 2.3B

- ROIC, first three-year median: 4.0%

- ROIC, last three-year median: 3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.43

- FY2017: EUR 2.12

- FY2018: EUR 3.25

- FY2019: EUR 3.09

- FY2020: EUR 2.79

- FY2021: EUR 3.87

- FY2022: EUR 0.64

- FY2023: EUR -2.26

- FY2024: EUR 0.62

- FY2025: EUR 0.49

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.5%

- FY2017: 4.0%

- FY2018: 6.4%

- FY2019: 5.2%

- FY2020: 2.2%

- FY2021: 5.7%

- FY2022: -0.2%

- FY2023: -9.4%

- FY2024: -0.3%

- FY2025: -1.5%

## Holders

## Price story

Down 58% since Oct 2021 · sales -10.1%

Story as of 2026-10-16T10:00:11.457Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2024–2025

sales -10.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 329M 

- FY2017: EUR 426M 

- FY2018: EUR 529M 

- FY2019: EUR 498M 

- FY2020: EUR 681M 

- FY2021: EUR 612M 

- FY2022: EUR 955M 

- FY2023: EUR 1.3B 

- FY2024: EUR 1.1B 

- FY2025: EUR 974M 

### Gross margin · FY2025

gross margin 43%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 69.6% 

- FY2017: 58.9% 

- FY2018: 50.6% 

- FY2019: 57.1% 

- FY2020: 50.1% 

- FY2021: 51.4% 

- FY2022: 36.4% 

- FY2023: 29.8% 

- FY2024: 37.5% 

- FY2025: 43.0% 

## Owner memo

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

### How it makes money

Operates in real estate diversified; annual sales are EUR 973.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2025: revenue 973905000; grossProfit 419101000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.8% to 43% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2023: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2024: grossProfit / revenue = 37.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2025: grossProfit / revenue = 43%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); 10-year return on capital observations [[2016,0.03954824259342384],[2017,0.037741810356733636],[2018,0.04435663438438504],[2019,0.11056729857416445],[2020,0.0932407746599923],[2021,0.1045397709913253],[2022,0.025242804132477207],[2023,-0.22999353534628758],[2024,0.04830839363555922],[2025,0.030969743529036916]]; median 0.04195243848890444. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2016: growth capex 0; upkeep 4679000; owner earnings 199720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2017: growth capex 3938831.0978572527; upkeep 6495168.902142747; owner earnings 309389831.09785724. Growth capex / owner earnings = 0.012730964957317669.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2018: growth capex 1699000; upkeep 4274000; owner earnings 480967000. Growth capex / owner earnings = 0.003532466884422424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2019: growth capex 0; upkeep 10893000; owner earnings 441684200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2020: growth capex 5626000; upkeep 7218000; owner earnings 389872000. Growth capex / owner earnings = 0.0144303771494234.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2021: growth capex 0; upkeep 11674000; owner earnings 562988200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2022: growth capex 0; upkeep 8640000; owner earnings 106653000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2024: growth capex 0; upkeep 11540000; owner earnings 113055200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); FY2025: growth capex 0; upkeep 15605000; owner earnings 81891400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); Dividend observations: [[2016,72876000],[2017,83470000],[2018,95109000],[2019,109752000],[2020,119941000],[2021,128814000],[2022,136153000],[2023,0],[2024,0],[2025,54797000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEG.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years; actual decline was 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:24.459Z); Ten-year compound average after fade. Initial solved rate 0.02630335303267517. Price 10.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.1720174312796057 → FY2025 0.43340134056274. Closing-price date 2026-10-15.

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

- 2016-11: EUR 11.29 per share

- 2016-12: EUR 11.99 per share

- 2017-01: EUR 11.93 per share

- 2017-02: EUR 12.31 per share

- 2017-03: EUR 12.05 per share

- 2017-04: EUR 12.48 per share

- 2017-05: EUR 12.68 per share

- 2017-06: EUR 13.14 per share

- 2017-07: EUR 13.25 per share

- 2017-08: EUR 13.39 per share

- 2017-09: EUR 13.58 per share

- 2017-10: EUR 14.10 per share

- 2017-11: EUR 14.69 per share

- 2017-12: EUR 15.13 per share

- 2018-01: EUR 15.17 per share

- 2018-02: EUR 14.86 per share

- 2018-03: EUR 16.10 per share

- 2018-04: EUR 16.70 per share

- 2018-05: EUR 17.22 per share

- 2018-06: EUR 17.98 per share

- 2018-07: EUR 18.48 per share

- 2018-08: EUR 20.24 per share

- 2018-09: EUR 19.58 per share

- 2018-10: EUR 19.27 per share

- 2018-11: EUR 20.19 per share

- 2018-12: EUR 19.01 per share

- 2019-01: EUR 21.05 per share

- 2019-02: EUR 19.58 per share

- 2019-03: EUR 21.01 per share

- 2019-04: EUR 19.14 per share

- 2019-05: EUR 20.05 per share

- 2019-06: EUR 19.40 per share

- 2019-07: EUR 20.40 per share

- 2019-08: EUR 20.28 per share

- 2019-09: EUR 20.00 per share

- 2019-10: EUR 20.80 per share

- 2019-11: EUR 20.86 per share

- 2019-12: EUR 21.16 per share

- 2020-01: EUR 22.73 per share

- 2020-02: EUR 20.95 per share

- 2020-03: EUR 17.23 per share

- 2020-04: EUR 19.05 per share

- 2020-05: EUR 19.94 per share

- 2020-06: EUR 20.26 per share

- 2020-07: EUR 21.22 per share

- 2020-08: EUR 23.91 per share

- 2020-09: EUR 24.58 per share

- 2020-10: EUR 24.16 per share

- 2020-11: EUR 23.93 per share

- 2020-12: EUR 24.73 per share

- 2021-01: EUR 24.24 per share

- 2021-02: EUR 22.50 per share

- 2021-03: EUR 23.24 per share

- 2021-04: EUR 24.55 per share

- 2021-05: EUR 24.68 per share

- 2021-06: EUR 25.55 per share

- 2021-07: EUR 26.72 per share

- 2021-08: EUR 27.38 per share

- 2021-09: EUR 24.18 per share

- 2021-10: EUR 25.10 per share

- 2021-11: EUR 23.40 per share

- 2021-12: EUR 23.50 per share

- 2022-01: EUR 22.28 per share

- 2022-02: EUR 21.94 per share

- 2022-03: EUR 19.62 per share

- 2022-04: EUR 18.20 per share

- 2022-05: EUR 16.09 per share

- 2022-06: EUR 10.40 per share

- 2022-07: EUR 10.80 per share

- 2022-08: EUR 9.19 per share

- 2022-09: EUR 8.21 per share

- 2022-10: EUR 6.34 per share

- 2022-11: EUR 5.70 per share

- 2022-12: EUR 6.04 per share

- 2023-01: EUR 7.85 per share

- 2023-02: EUR 7.53 per share

- 2023-03: EUR 6.37 per share

- 2023-04: EUR 7.75 per share

- 2023-05: EUR 7.49 per share

- 2023-06: EUR 8.66 per share

- 2023-07: EUR 10.22 per share

- 2023-08: EUR 10.48 per share

- 2023-09: EUR 9.93 per share

- 2023-10: EUR 10.28 per share

- 2023-11: EUR 12.56 per share

- 2023-12: EUR 13.19 per share

- 2024-01: EUR 13.08 per share

- 2024-02: EUR 11.29 per share

- 2024-03: EUR 12.67 per share

- 2024-04: EUR 13.39 per share

- 2024-05: EUR 14.26 per share

- 2024-06: EUR 13.67 per share

- 2024-07: EUR 13.95 per share

- 2024-08: EUR 14.83 per share

- 2024-09: EUR 16.61 per share

- 2024-10: EUR 15.27 per share

- 2024-11: EUR 15.72 per share

- 2024-12: EUR 14.36 per share

- 2025-01: EUR 14.42 per share

- 2025-02: EUR 14.12 per share

- 2025-03: EUR 12.58 per share

- 2025-04: EUR 14.30 per share

- 2025-05: EUR 14.88 per share

- 2025-06: EUR 15.09 per share

- 2025-07: EUR 14.13 per share

- 2025-08: EUR 15.30 per share

- 2025-09: EUR 14.70 per share

- 2025-10: EUR 14.39 per share

- 2025-11: EUR 14.70 per share

- 2025-12: EUR 13.23 per share

- 2026-01: EUR 14.29 per share

- 2026-02: EUR 16.54 per share

- 2026-03: EUR 13.44 per share

- 2026-04: EUR 14.83 per share

- 2026-05: EUR 14.21 per share

- 2026-06: EUR 14.11 per share

- 2026-07: EUR 13.81 per share

- 2026-08: EUR 12.65 per share

- 2026-09: EUR 11.08 per share

- 2026-10: EUR 10.26 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.48 per share, central EUR 9.59 per share, high EUR 11.07 per share

- FY2017: low EUR 11.71 per share, central EUR 13.10 per share, high EUR 14.95 per share

- FY2018: low EUR 25.91 per share, central EUR 31.57 per share, high EUR 36.71 per share

- FY2019: low EUR 28.68 per share, central EUR 33.54 per share, high EUR 38.93 per share

- FY2020: low EUR 49.79 per share, central EUR 70.20 per share, high EUR 82.08 per share

- FY2021: low EUR 41.34 per share, central EUR 47.64 per share, high EUR 55.27 per share

- FY2022: low EUR 53.98 per share, central EUR 61.25 per share, high EUR 70.92 per share

- FY2023: low EUR 48.00 per share, central EUR 54.53 per share, high EUR 63.24 per share

- FY2024: low EUR 10.34 per share, central EUR 12.15 per share, high EUR 13.68 per share

- FY2025: low EUR 12.12 per share, central EUR 12.93 per share, high EUR 14.01 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 2026-10-15T06:46:14.089Z 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.

TAG Immobilien AG

TEG · XETRA

STOXX Europe 600 · MDAX

Not a wonderful business

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

Share price: EUR 10.55
Buy up to: EUR 9.49
Expected / yr: 9.0% 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 158.8% around their average (limit 35%).

Operating margin

10y median: 41.8%
Worst year: -126.9%
Latest · 2025: 29.9%

Capital return excluding acquisitions: median 4.2% (minimum 15%), and the second-worst year 2.5% (minimum 10%), and gross margin fell 12.9 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 4.2%
Worst year: -23.0%
Latest · 2025: 3.1%

New investment earned 7% (minimum 12%), and working capital rose 39% of sales (limit 10%) to 56.5% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 0.94×
Latest · 2025: 0.88×

Per-share value fell from 1.43 to 0.49, comparing three-year medians at each end (must rise and stay positive), and share growth was 4.3% over ten years and 6% over five (either must be at most 1% a year).

Earnings per share

10y median: EUR 1.78
Worst year: EUR -2.26
Latest · 2025: EUR 0.49

Profits were backed by cash: accruals were -1.5% of assets (limit 10%).

Sloan accruals

10y median: 2.3%
Worst year: 6.4%
Latest · 2025: -1.5%

Profit record · fail 1 loss year in 10 (at most 2), mean operating margin 42.5%, three-year average owner earnings per share -0.43 EUR. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price EUR 11.29 · Value 9.59 · Buy at or below 9.59; 2016-12 · Price EUR 11.99 · Value 9.59 · Buy at or below 9.59; 2017-01 · Price EUR 11.93 · Value 9.59 · Buy at or below 9.59; 2017-02 · Price EUR 12.31 · Value 13.10 · Buy at or below 13.10; 2017-03 · Price EUR 12.05 · Value 13.10 · Buy at or below 13.10; 2017-04 · Price EUR 12.48 · Value 13.10 · Buy at or below 13.10; 2017-05 · Price EUR 12.68 · Value 13.10 · Buy at or below 13.10; 2017-06 · Price EUR 13.14 · Value 13.10 · Buy at or below 13.10; 2017-07 · Price EUR 13.25 · Value 13.10 · Buy at or below 13.10; 2017-08 · Price EUR 13.39 · Value 13.10 · Buy at or below 13.10; 2017-09 · Price EUR 13.58 · Value 13.10 · Buy at or below 13.10; 2017-10 · Price EUR 14.10 · Value 13.10 · Buy at or below 13.10; 2017-11 · Price EUR 14.69 · Value 13.10 · Buy at or below 13.10; 2017-12 · Price EUR 15.13 · Value 13.10 · Buy at or below 13.10; 2018-01 · Price EUR 15.17 · Value 13.10 · Buy at or below 13.10; 2018-02 · Price EUR 14.86 · Value 31.57 · Buy at or below 31.57; 2018-03 · Price EUR 16.10 · Value 31.57 · Buy at or below 31.57; 2018-04 · Price EUR 16.70 · Value 31.57 · Buy at or below 31.57; 2018-05 · Price EUR 17.22 · Value 31.57 · Buy at or below 31.57; 2018-06 · Price EUR 17.98 · Value 31.57 · Buy at or below 31.57; 2018-07 · Price EUR 18.48 · Value 31.57 · Buy at or below 31.57; 2018-08 · Price EUR 20.24 · Value 31.57 · Buy at or below 31.57; 2018-09 · Price EUR 19.58 · Value 31.57 · Buy at or below 31.57; 2018-10 · Price EUR 19.27 · Value 31.57 · Buy at or below 31.57; 2018-11 · Price EUR 20.19 · Value 31.57 · Buy at or below 31.57; 2018-12 · Price EUR 19.01 · Value 31.57 · Buy at or below 31.57; 2019-01 · Price EUR 21.05 · Value 31.57 · Buy at or below 31.57; 2019-02 · Price EUR 19.58 · Value 33.54 · Buy at or below 33.54; 2019-03 · Price EUR 21.01 · Value 33.54 · Buy at or below 33.54; 2019-04 · Price EUR 19.14 · Value 33.54 · Buy at or below 33.54; 2019-05 · Price EUR 20.05 · Value 33.54 · Buy at or below 33.54; 2019-06 · Price EUR 19.40 · Value 33.54 · Buy at or below 33.54; 2019-07 · Price EUR 20.40 · Value 33.54 · Buy at or below 33.54; 2019-08 · Price EUR 20.28 · Value 33.54 · Buy at or below 33.54; 2019-09 · Price EUR 20.00 · Value 33.54 · Buy at or below 33.54; 2019-10 · Price EUR 20.80 · Value 33.54 · Buy at or below 33.54; 2019-11 · Price EUR 20.86 · Value 33.54 · Buy at or below 33.54; 2019-12 · Price EUR 21.16 · Value 33.54 · Buy at or below 33.54; 2020-01 · Price EUR 22.73 · Value 33.54 · Buy at or below 33.54; 2020-02 · Price EUR 20.95 · Value 70.20 · Buy at or below 70.20; 2020-03 · Price EUR 17.23 · Value 70.20 · Buy at or below 70.20; 2020-04 · Price EUR 19.05 · Value 70.20 · Buy at or below 70.20; 2020-05 · Price EUR 19.94 · Value 70.20 · Buy at or below 70.20; 2020-06 · Price EUR 20.26 · Value 70.20 · Buy at or below 70.20; 2020-07 · Price EUR 21.22 · Value 70.20 · Buy at or below 70.20; 2020-08 · Price EUR 23.91 · Value 70.20 · Buy at or below 70.20; 2020-09 · Price EUR 24.58 · Value 70.20 · Buy at or below 70.20; 2020-10 · Price EUR 24.16 · Value 70.20 · Buy at or below 70.20; 2020-11 · Price EUR 23.93 · Value 70.20 · Buy at or below 70.20; 2020-12 · Price EUR 24.73 · Value 70.20 · Buy at or below 70.20; 2021-01 · Price EUR 24.24 · Value 70.20 · Buy at or below 70.20; 2021-02 · Price EUR 22.50 · Value 47.64 · Buy at or below 47.64; 2021-03 · Price EUR 23.24 · Value 47.64 · Buy at or below 47.64; 2021-04 · Price EUR 24.55 · Value 47.64 · Buy at or below 47.64; 2021-05 · Price EUR 24.68 · Value 47.64 · Buy at or below 47.64; 2021-06 · Price EUR 25.55 · Value 47.64 · Buy at or below 47.64; 2021-07 · Price EUR 26.72 · Value 47.64 · Buy at or below 47.64; 2021-08 · Price EUR 27.38 · Value 47.64 · Buy at or below 47.64; 2021-09 · Price EUR 24.18 · Value 47.64 · Buy at or below 47.64; 2021-10 · Price EUR 25.10 · Value 47.64 · Buy at or below 47.64; 2021-11 · Price EUR 23.40 · Value 47.64 · Buy at or below 47.64; 2021-12 · Price EUR 23.50 · Value 47.64 · Buy at or below 47.64; 2022-01 · Price EUR 22.28 · Value 47.64 · Buy at or below 47.64; 2022-02 · Price EUR 21.94 · Value 61.25 · Buy at or below 61.25; 2022-03 · Price EUR 19.62 · Value 61.25 · Buy at or below 61.25; 2022-04 · Price EUR 18.20 · Value 61.25 · Buy at or below 61.25; 2022-05 · Price EUR 16.09 · Value 61.25 · Buy at or below 61.25; 2022-06 · Price EUR 10.40 · Value 61.25 · Buy at or below 61.25; 2022-07 · Price EUR 10.80 · Value 61.25 · Buy at or below 61.25; 2022-08 · Price EUR 9.19 · Value 61.25 · Buy at or below 61.25; 2022-09 · Price EUR 8.21 · Value 61.25 · Buy at or below 61.25; 2022-10 · Price EUR 6.34 · Value 61.25 · Buy at or below 61.25; 2022-11 · Price EUR 5.70 · Value 61.25 · Buy at or below 61.25; 2022-12 · Price EUR 6.04 · Value 61.25 · Buy at or below 61.25; 2023-01 · Price EUR 7.85 · Value 61.25 · Buy at or below 61.25; 2023-02 · Price EUR 7.53 · Value 54.53 · Buy at or below 54.53; 2023-03 · Price EUR 6.37 · Value 54.53 · Buy at or below 54.53; 2023-04 · Price EUR 7.75 · Value 54.53 · Buy at or below 54.53; 2023-05 · Price EUR 7.49 · Value 54.53 · Buy at or below 54.53; 2023-06 · Price EUR 8.66 · Value 54.53 · Buy at or below 54.53; 2023-07 · Price EUR 10.22 · Value 54.53 · Buy at or below 54.53; 2023-08 · Price EUR 10.48 · Value 54.53 · Buy at or below 54.53; 2023-09 · Price EUR 9.93 · Value 54.53 · Buy at or below 54.53; 2023-10 · Price EUR 10.28 · Value 54.53 · Buy at or below 54.53; 2023-11 · Price EUR 12.56 · Value 54.53 · Buy at or below 54.53; 2023-12 · Price EUR 13.19 · Value 54.53 · Buy at or below 54.53; 2024-01 · Price EUR 13.08 · Value 54.53 · Buy at or below 54.53; 2024-02 · Price EUR 11.29 · Value 12.15 · Buy at or below 12.15; 2024-03 · Price EUR 12.67 · Value 12.15 · Buy at or below 12.15; 2024-04 · Price EUR 13.39 · Value 12.15 · Buy at or below 12.15; 2024-05 · Price EUR 14.26 · Value 12.15 · Buy at or below 12.15; 2024-06 · Price EUR 13.67 · Value 12.15 · Buy at or below 12.15; 2024-07 · Price EUR 13.95 · Value 12.15 · Buy at or below 12.15; 2024-08 · Price EUR 14.83 · Value 12.15 · Buy at or below 12.15; 2024-09 · Price EUR 16.61 · Value 12.15 · Buy at or below 12.15; 2024-10 · Price EUR 15.27 · Value 12.15 · Buy at or below 12.15; 2024-11 · Price EUR 15.72 · Value 12.15 · Buy at or below 12.15; 2024-12 · Price EUR 14.36 · Value 12.15 · Buy at or below 12.15; 2025-01 · Price EUR 14.42 · Value 12.15 · Buy at or below 12.15; 2025-02 · Price EUR 14.12 · Value 12.93 · Buy at or below 12.93; 2025-03 · Price EUR 12.58 · Value 12.93 · Buy at or below 12.93; 2025-04 · Price EUR 14.30 · Value 12.93 · Buy at or below 12.93; 2025-05 · Price EUR 14.88 · Value 12.93 · Buy at or below 12.93; 2025-06 · Price EUR 15.09 · Value 12.93 · Buy at or below 12.93; 2025-07 · Price EUR 14.13 · Value 12.93 · Buy at or below 12.93; 2025-08 · Price EUR 15.30 · Value 12.93 · Buy at or below 12.93; 2025-09 · Price EUR 14.70 · Value 12.93 · Buy at or below 12.93; 2025-10 · Price EUR 14.39 · Value 12.93 · Buy at or below 12.93; 2025-11 · Price EUR 14.70 · Value 12.93 · Buy at or below 12.93; 2025-12 · Price EUR 13.23 · Value 12.93 · Buy at or below 12.93; 2026-01 · Price EUR 14.29 · Value 12.93 · Buy at or below 12.93; 2026-02 · Price EUR 16.54 · Value 9.49 · Buy at or below 9.49; 2026-03 · Price EUR 13.44 · Value 9.49 · Buy at or below 9.49; 2026-04 · Price EUR 14.83 · Value 9.49 · Buy at or below 9.49; 2026-05 · Price EUR 14.21 · Value 9.49 · Buy at or below 9.49; 2026-06 · Price EUR 14.11 · Value 9.49 · Buy at or below 9.49; 2026-07 · Price EUR 13.81 · Value 9.49 · Buy at or below 9.49; 2026-08 · Price EUR 12.65 · Value 9.49 · Buy at or below 9.49; 2026-09 · Price EUR 11.08 · Value 9.49 · Buy at or below 9.49; 2026-10 · Price EUR 10.26 · Value 9.49 · Buy at or below 9.49; 2026-10 · Price EUR 10.55 · Value 9.49 · Buy at or below 9.49

EUR per share · annual estimates

Price & return math
Value range	EUR 8.68 – EUR 10.57
Buy at or below	Central value EUR 9.49
Discount to value	1 − 10.55 / 9.49 = -11.2%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 0.54/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 2.82/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 974M

Revenue

Owner earningsEUR 82M

Owner earnings

Operating margin29.9%

Operating margin

Net cash / debtEUR -3.1B

Net cash / debt

Diluted shares189M

Diluted shares

Prices 15 Oct 2026 · FY2025