# Talanx AG (TLX.XETRA)

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

Analysis as of: 2026-10-16T07:34:09.759Z. 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 124.40 per share; close as of 2026-10-15.

Estimated value: low EUR 49.00 per share, central EUR 55.41 per share, high EUR 63.76 per share. Buy at or below the central value EUR 55.41 per share. Valuation as of 2026-10-16T07:34:09.759Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.35×

Chart: Net income; fiscal year observations.

- FY2016: EUR 903M

- FY2017: EUR 671M

- FY2018: EUR 703M

- FY2019: EUR 923M

- FY2020: EUR 673M

- FY2021: EUR 1.0B

- FY2022: EUR 1.2B

- FY2023: EUR 1.6B

- FY2024: EUR 2.0B

- FY2025: EUR 2.5B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 7.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.9%

- FY2017: 7.6%

- FY2018: 8.1%

- FY2019: 9.1%

- FY2020: 6.5%

- FY2021: 9.4%

- FY2022: 13.6%

- FY2023: 15.1%

- FY2024: 17.0%

- FY2025: 18.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.5%

- Book return interval: 10 years

- Starting book value per share: EUR 32.87

- Ending book value per share: EUR 52.16

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

- FY2016: 17.8%

- FY2017: 5.1%

- FY2018: 6.9%

- FY2019: 25.3%

- FY2020: 9.9%

- FY2021: 10.3%

- FY2022: -12.4%

- FY2023: 26.0%

- FY2024: 20.8%

- FY2025: 21.5%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

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

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

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.08×

- Book value created per share: EUR 19.28

- Earnings retained per share after dividends and buybacks: EUR 17.85

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 101

- FY2024: 102

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · net income +25.4%

Story as of 2026-10-16T09:59:59.385Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income +25.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 903M 

- FY2017: EUR 671M 

- FY2018: EUR 703M 

- FY2019: EUR 923M 

- FY2020: EUR 673M 

- FY2021: EUR 1.0B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.6B 

- FY2024: EUR 2.0B 

- FY2025: EUR 2.5B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 57.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.759Z); FY2025: revenue 57271000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TLX.XETRA: Talanx AG provides insurance and reinsurance products and services worldwide. The company offers life, casualty, third-party liability, space insurance, legal protection, fire, burglary and theft, tap water, plate glass, storm damage, comprehensive householders, comprehensive homeowners, hail, livestock, engineering, omnium, marine, business interruption, travel assistance, aviation and space liability, credit and surety, extended coverage, fire and fire business interruption insurance products, other property, and other non-life products. It also provides bancassurance activities; motor, life and property, fire, casualty, health, personal accident, and specialty insurance products, unit-linked life, annuity, term life, occupation disability; aviation and agricultural business; coverage for cyber and digital risks; parametric solutions; and structured reinsurance, as well as facultative and nat cat business; and asset management businesses. In addition, the company offers insurance cover, as well as customized products; and financial services. It has operations in Germany, the United Kingdom, Türkiye, Central and Eastern Europe, Rest of Europe, the United States, Rest of North America, Latin America, Asia, Australia, and Africa. The company was founded in 1903 and is based in Hanover, Germany. Talanx AG is a subsidiary of HDI Haftpflichtverband der Deutschen Industrie V.a.G.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.759Z); 10-year return on tangible equity observations [[2016,0.09947124917382684],[2017,0.07594793435200906],[2018,0.0806840353494778],[2019,0.09094492068184057],[2020,0.06476135488837567],[2021,0.0938195991091314],[2022,0.13564814814814816],[2023,0.1513353115727003],[2024,0.16953949060972473],[2025,0.18414018414018413]]; median 0.09664542414147911. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.759Z); Dividend observations: [[2016,679000000],[2017,705000000],[2018,734000000],[2019,769000000],[2020,758000000],[2021,725000000],[2022,807000000],[2023,507000000],[2024,1137000000],[2025,697000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 76.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TLX.XETRA SharesStats.PercentInsiders = 76.7 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.759Z); Price 124.4; FX 1; original perpetual distributable cash 4.23449109717583; discount 0.1; growth 0.06596068249858658. 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 28.28 per share

- 2016-11: EUR 29.97 per share

- 2016-12: EUR 31.77 per share

- 2017-01: EUR 31.78 per share

- 2017-02: EUR 33.73 per share

- 2017-03: EUR 33.06 per share

- 2017-04: EUR 33.09 per share

- 2017-05: EUR 32.96 per share

- 2017-06: EUR 32.70 per share

- 2017-07: EUR 34.87 per share

- 2017-08: EUR 34.77 per share

- 2017-09: EUR 34.21 per share

- 2017-10: EUR 33.72 per share

- 2017-11: EUR 34.55 per share

- 2017-12: EUR 34.07 per share

- 2018-01: EUR 35.64 per share

- 2018-02: EUR 36.38 per share

- 2018-03: EUR 35.34 per share

- 2018-04: EUR 37.38 per share

- 2018-05: EUR 32.98 per share

- 2018-06: EUR 31.28 per share

- 2018-07: EUR 32.70 per share

- 2018-08: EUR 32.52 per share

- 2018-09: EUR 32.74 per share

- 2018-10: EUR 31.62 per share

- 2018-11: EUR 31.52 per share

- 2018-12: EUR 29.80 per share

- 2019-01: EUR 32.42 per share

- 2019-02: EUR 33.96 per share

- 2019-03: EUR 34.36 per share

- 2019-04: EUR 35.62 per share

- 2019-05: EUR 35.56 per share

- 2019-06: EUR 38.10 per share

- 2019-07: EUR 38.08 per share

- 2019-08: EUR 37.68 per share

- 2019-09: EUR 39.64 per share

- 2019-10: EUR 41.30 per share

- 2019-11: EUR 43.26 per share

- 2019-12: EUR 44.18 per share

- 2020-01: EUR 45.08 per share

- 2020-02: EUR 40.22 per share

- 2020-03: EUR 30.96 per share

- 2020-04: EUR 32.58 per share

- 2020-05: EUR 31.64 per share

- 2020-06: EUR 33.08 per share

- 2020-07: EUR 30.94 per share

- 2020-08: EUR 31.14 per share

- 2020-09: EUR 27.52 per share

- 2020-10: EUR 25.28 per share

- 2020-11: EUR 30.94 per share

- 2020-12: EUR 31.76 per share

- 2021-01: EUR 30.80 per share

- 2021-02: EUR 34.46 per share

- 2021-03: EUR 36.16 per share

- 2021-04: EUR 35.08 per share

- 2021-05: EUR 34.36 per share

- 2021-06: EUR 34.48 per share

- 2021-07: EUR 35.86 per share

- 2021-08: EUR 38.48 per share

- 2021-09: EUR 36.88 per share

- 2021-10: EUR 41.60 per share

- 2021-11: EUR 39.48 per share

- 2021-12: EUR 42.54 per share

- 2022-01: EUR 42.24 per share

- 2022-02: EUR 39.16 per share

- 2022-03: EUR 40.02 per share

- 2022-04: EUR 39.80 per share

- 2022-05: EUR 38.14 per share

- 2022-06: EUR 36.32 per share

- 2022-07: EUR 35.58 per share

- 2022-08: EUR 35.30 per share

- 2022-09: EUR 36.40 per share

- 2022-10: EUR 38.02 per share

- 2022-11: EUR 42.56 per share

- 2022-12: EUR 44.32 per share

- 2023-01: EUR 45.36 per share

- 2023-02: EUR 45.16 per share

- 2023-03: EUR 42.70 per share

- 2023-04: EUR 45.56 per share

- 2023-05: EUR 52.15 per share

- 2023-06: EUR 52.55 per share

- 2023-07: EUR 55.70 per share

- 2023-08: EUR 62.05 per share

- 2023-09: EUR 60.00 per share

- 2023-10: EUR 59.45 per share

- 2023-11: EUR 66.60 per share

- 2023-12: EUR 64.65 per share

- 2024-01: EUR 65.05 per share

- 2024-02: EUR 66.00 per share

- 2024-03: EUR 73.40 per share

- 2024-04: EUR 70.70 per share

- 2024-05: EUR 73.15 per share

- 2024-06: EUR 74.55 per share

- 2024-07: EUR 70.25 per share

- 2024-08: EUR 77.85 per share

- 2024-09: EUR 75.60 per share

- 2024-10: EUR 70.95 per share

- 2024-11: EUR 80.20 per share

- 2024-12: EUR 82.15 per share

- 2025-01: EUR 82.10 per share

- 2025-02: EUR 87.65 per share

- 2025-03: EUR 96.70 per share

- 2025-04: EUR 100.90 per share

- 2025-05: EUR 114.30 per share

- 2025-06: EUR 109.90 per share

- 2025-07: EUR 116.60 per share

- 2025-08: EUR 117.80 per share

- 2025-09: EUR 113.20 per share

- 2025-10: EUR 105.50 per share

- 2025-11: EUR 112.00 per share

- 2025-12: EUR 113.80 per share

- 2026-01: EUR 106.50 per share

- 2026-02: EUR 107.00 per share

- 2026-03: EUR 105.60 per share

- 2026-04: EUR 110.90 per share

- 2026-05: EUR 103.00 per share

- 2026-06: EUR 110.60 per share

- 2026-07: EUR 115.30 per share

- 2026-08: EUR 125.20 per share

- 2026-09: EUR 117.50 per share

- 2026-10: EUR 122.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 37.71 per share, central EUR 43.81 per share, high EUR 52.27 per share

- FY2017: low EUR 35.17 per share, central EUR 40.60 per share, high EUR 48.04 per share

- FY2018: low EUR 33.37 per share, central EUR 38.45 per share, high EUR 45.37 per share

- FY2019: low EUR 37.06 per share, central EUR 42.37 per share, high EUR 49.47 per share

- FY2020: low EUR 38.41 per share, central EUR 43.55 per share, high EUR 50.27 per share

- FY2021: low EUR 37.24 per share, central EUR 42.13 per share, high EUR 48.51 per share

- FY2022: low EUR 27.45 per share, central EUR 30.19 per share, high EUR 33.55 per share

- FY2023: low EUR 32.68 per share, central EUR 35.95 per share, high EUR 39.95 per share

- FY2024: low EUR 37.53 per share, central EUR 41.28 per share, high EUR 45.86 per share

- FY2025: low EUR 45.31 per share, central EUR 51.24 per share, high EUR 58.96 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:56.689Z 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.

Talanx AG

TLX · XETRA

STOXX Europe 600 · MDAX

Not a wonderful business

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

Share price: EUR 124.40
Buy up to: EUR 55.41
Expected / yr: 5.8% 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 10 years (at least 8 needed).

Net income

10y median: EUR 967M
Worst year: EUR 671M
Latest · 2025: EUR 2.5B

Earned a median 9.7% on equity (minimum 10%).

Return on common equity

10y median: 9.7%
Worst year: 6.5%
Latest · 2025: 18.4%

Book value plus dividends grew 12.5% a year (minimum 7%).

Annual book + dividend return

10y median: 14.1%
Worst year: -12.4%
Latest · 2025: 21.5%

Ordinary share growth was 0.2% over the full period and 0.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 102
Latest · 2025: 102

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 7.82 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 28.27 · Value 43.81 · Buy at or below 43.81; 2016-11 · Price EUR 29.96 · Value 43.81 · Buy at or below 43.81; 2016-12 · Price EUR 31.77 · Value 43.81 · Buy at or below 43.81; 2017-01 · Price EUR 31.77 · Value 43.81 · Buy at or below 43.81; 2017-02 · Price EUR 33.73 · Value 40.60 · Buy at or below 40.60; 2017-03 · Price EUR 33.05 · Value 40.60 · Buy at or below 40.60; 2017-04 · Price EUR 33.09 · Value 40.60 · Buy at or below 40.60; 2017-05 · Price EUR 32.96 · Value 40.60 · Buy at or below 40.60; 2017-06 · Price EUR 32.70 · Value 40.60 · Buy at or below 40.60; 2017-07 · Price EUR 34.87 · Value 40.60 · Buy at or below 40.60; 2017-08 · Price EUR 34.77 · Value 40.60 · Buy at or below 40.60; 2017-09 · Price EUR 34.20 · Value 40.60 · Buy at or below 40.60; 2017-10 · Price EUR 33.72 · Value 40.60 · Buy at or below 40.60; 2017-11 · Price EUR 34.55 · Value 40.60 · Buy at or below 40.60; 2017-12 · Price EUR 34.07 · Value 40.60 · Buy at or below 40.60; 2018-01 · Price EUR 35.64 · Value 40.60 · Buy at or below 40.60; 2018-02 · Price EUR 36.38 · Value 38.45 · Buy at or below 38.45; 2018-03 · Price EUR 35.34 · Value 38.45 · Buy at or below 38.45; 2018-04 · Price EUR 37.38 · Value 38.45 · Buy at or below 38.45; 2018-05 · Price EUR 32.98 · Value 38.45 · Buy at or below 38.45; 2018-06 · Price EUR 31.28 · Value 38.45 · Buy at or below 38.45; 2018-07 · Price EUR 32.70 · Value 38.45 · Buy at or below 38.45; 2018-08 · Price EUR 32.52 · Value 38.45 · Buy at or below 38.45; 2018-09 · Price EUR 32.74 · Value 38.45 · Buy at or below 38.45; 2018-10 · Price EUR 31.62 · Value 38.45 · Buy at or below 38.45; 2018-11 · Price EUR 31.52 · Value 38.45 · Buy at or below 38.45; 2018-12 · Price EUR 29.80 · Value 38.45 · Buy at or below 38.45; 2019-01 · Price EUR 32.42 · Value 38.45 · Buy at or below 38.45; 2019-02 · Price EUR 33.96 · Value 42.37 · Buy at or below 42.37; 2019-03 · Price EUR 34.36 · Value 42.37 · Buy at or below 42.37; 2019-04 · Price EUR 35.62 · Value 42.37 · Buy at or below 42.37; 2019-05 · Price EUR 35.56 · Value 42.37 · Buy at or below 42.37; 2019-06 · Price EUR 38.10 · Value 42.37 · Buy at or below 42.37; 2019-07 · Price EUR 38.08 · Value 42.37 · Buy at or below 42.37; 2019-08 · Price EUR 37.68 · Value 42.37 · Buy at or below 42.37; 2019-09 · Price EUR 39.64 · Value 42.37 · Buy at or below 42.37; 2019-10 · Price EUR 41.30 · Value 42.37 · Buy at or below 42.37; 2019-11 · Price EUR 43.26 · Value 42.37 · Buy at or below 42.37; 2019-12 · Price EUR 44.18 · Value 42.37 · Buy at or below 42.37; 2020-01 · Price EUR 45.08 · Value 42.37 · Buy at or below 42.37; 2020-02 · Price EUR 40.22 · Value 43.55 · Buy at or below 43.55; 2020-03 · Price EUR 30.96 · Value 43.55 · Buy at or below 43.55; 2020-04 · Price EUR 32.58 · Value 43.55 · Buy at or below 43.55; 2020-05 · Price EUR 31.64 · Value 43.55 · Buy at or below 43.55; 2020-06 · Price EUR 33.08 · Value 43.55 · Buy at or below 43.55; 2020-07 · Price EUR 30.94 · Value 43.55 · Buy at or below 43.55; 2020-08 · Price EUR 31.14 · Value 43.55 · Buy at or below 43.55; 2020-09 · Price EUR 27.52 · Value 43.55 · Buy at or below 43.55; 2020-10 · Price EUR 25.28 · Value 43.55 · Buy at or below 43.55; 2020-11 · Price EUR 30.94 · Value 43.55 · Buy at or below 43.55; 2020-12 · Price EUR 31.76 · Value 43.55 · Buy at or below 43.55; 2021-01 · Price EUR 30.80 · Value 43.55 · Buy at or below 43.55; 2021-02 · Price EUR 34.46 · Value 42.13 · Buy at or below 42.13; 2021-03 · Price EUR 36.16 · Value 42.13 · Buy at or below 42.13; 2021-04 · Price EUR 35.08 · Value 42.13 · Buy at or below 42.13; 2021-05 · Price EUR 34.36 · Value 42.13 · Buy at or below 42.13; 2021-06 · Price EUR 34.48 · Value 42.13 · Buy at or below 42.13; 2021-07 · Price EUR 35.86 · Value 42.13 · Buy at or below 42.13; 2021-08 · Price EUR 38.48 · Value 42.13 · Buy at or below 42.13; 2021-09 · Price EUR 36.88 · Value 42.13 · Buy at or below 42.13; 2021-10 · Price EUR 41.60 · Value 42.13 · Buy at or below 42.13; 2021-11 · Price EUR 39.48 · Value 42.13 · Buy at or below 42.13; 2021-12 · Price EUR 42.54 · Value 42.13 · Buy at or below 42.13; 2022-01 · Price EUR 42.24 · Value 42.13 · Buy at or below 42.13; 2022-02 · Price EUR 39.16 · Value 30.19 · Buy at or below 30.19; 2022-03 · Price EUR 40.02 · Value 30.19 · Buy at or below 30.19; 2022-04 · Price EUR 39.80 · Value 30.19 · Buy at or below 30.19; 2022-05 · Price EUR 38.14 · Value 30.19 · Buy at or below 30.19; 2022-06 · Price EUR 36.32 · Value 30.19 · Buy at or below 30.19; 2022-07 · Price EUR 35.58 · Value 30.19 · Buy at or below 30.19; 2022-08 · Price EUR 35.30 · Value 30.19 · Buy at or below 30.19; 2022-09 · Price EUR 36.40 · Value 30.19 · Buy at or below 30.19; 2022-10 · Price EUR 38.02 · Value 30.19 · Buy at or below 30.19; 2022-11 · Price EUR 42.56 · Value 30.19 · Buy at or below 30.19; 2022-12 · Price EUR 44.32 · Value 30.19 · Buy at or below 30.19; 2023-01 · Price EUR 45.36 · Value 30.19 · Buy at or below 30.19; 2023-02 · Price EUR 45.16 · Value 35.95 · Buy at or below 35.95; 2023-03 · Price EUR 42.70 · Value 35.95 · Buy at or below 35.95; 2023-04 · Price EUR 45.56 · Value 35.95 · Buy at or below 35.95; 2023-05 · Price EUR 52.15 · Value 35.95 · Buy at or below 35.95; 2023-06 · Price EUR 52.55 · Value 35.95 · Buy at or below 35.95; 2023-07 · Price EUR 55.70 · Value 35.95 · Buy at or below 35.95; 2023-08 · Price EUR 62.05 · Value 35.95 · Buy at or below 35.95; 2023-09 · Price EUR 60.00 · Value 35.95 · Buy at or below 35.95; 2023-10 · Price EUR 59.45 · Value 35.95 · Buy at or below 35.95; 2023-11 · Price EUR 66.60 · Value 35.95 · Buy at or below 35.95; 2023-12 · Price EUR 64.65 · Value 35.95 · Buy at or below 35.95; 2024-01 · Price EUR 65.05 · Value 35.95 · Buy at or below 35.95; 2024-02 · Price EUR 66.00 · Value 41.28 · Buy at or below 41.28; 2024-03 · Price EUR 73.40 · Value 41.28 · Buy at or below 41.28; 2024-04 · Price EUR 70.70 · Value 41.28 · Buy at or below 41.28; 2024-05 · Price EUR 73.15 · Value 41.28 · Buy at or below 41.28; 2024-06 · Price EUR 74.55 · Value 41.28 · Buy at or below 41.28; 2024-07 · Price EUR 70.25 · Value 41.28 · Buy at or below 41.28; 2024-08 · Price EUR 77.85 · Value 41.28 · Buy at or below 41.28; 2024-09 · Price EUR 75.60 · Value 41.28 · Buy at or below 41.28; 2024-10 · Price EUR 70.95 · Value 41.28 · Buy at or below 41.28; 2024-11 · Price EUR 80.20 · Value 41.28 · Buy at or below 41.28; 2024-12 · Price EUR 82.15 · Value 41.28 · Buy at or below 41.28; 2025-01 · Price EUR 82.10 · Value 41.28 · Buy at or below 41.28; 2025-02 · Price EUR 87.65 · Value 51.24 · Buy at or below 51.24; 2025-03 · Price EUR 96.70 · Value 51.24 · Buy at or below 51.24; 2025-04 · Price EUR 100.90 · Value 51.24 · Buy at or below 51.24; 2025-05 · Price EUR 114.30 · Value 51.24 · Buy at or below 51.24; 2025-06 · Price EUR 109.90 · Value 51.24 · Buy at or below 51.24; 2025-07 · Price EUR 116.60 · Value 51.24 · Buy at or below 51.24; 2025-08 · Price EUR 117.80 · Value 51.24 · Buy at or below 51.24; 2025-09 · Price EUR 113.20 · Value 51.24 · Buy at or below 51.24; 2025-10 · Price EUR 105.50 · Value 51.24 · Buy at or below 51.24; 2025-11 · Price EUR 112.00 · Value 51.24 · Buy at or below 51.24; 2025-12 · Price EUR 113.80 · Value 51.24 · Buy at or below 51.24; 2026-01 · Price EUR 106.50 · Value 51.24 · Buy at or below 51.24; 2026-02 · Price EUR 107.00 · Value 55.41 · Buy at or below 55.41; 2026-03 · Price EUR 105.60 · Value 55.41 · Buy at or below 55.41; 2026-04 · Price EUR 110.90 · Value 55.41 · Buy at or below 55.41; 2026-05 · Price EUR 103.00 · Value 55.41 · Buy at or below 55.41; 2026-06 · Price EUR 110.60 · Value 55.41 · Buy at or below 55.41; 2026-07 · Price EUR 115.30 · Value 55.41 · Buy at or below 55.41; 2026-08 · Price EUR 125.20 · Value 55.41 · Buy at or below 55.41; 2026-09 · Price EUR 117.50 · Value 55.41 · Buy at or below 55.41; 2026-10 · Price EUR 122.80 · Value 55.41 · Buy at or below 55.41; 2026-10 · Price EUR 124.40 · Value 55.41 · Buy at or below 55.41

EUR per share · annual estimates

Price & return math
Value range	EUR 49.00 – EUR 63.76
Buy at or below	Central value EUR 55.41
Discount to value	1 − 124.40 / 55.41 = -124.5%
Return / year	About 5.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 47.00/share; ROE 11.4%; first payout EUR 4.23/share, growing 2.4% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 2.5B

Net income

Book / shareEUR 52.16

Book / share

Dividend / shareEUR 2.70

Dividend / share

Return on equity18.4%

Return on equity

Diluted shares258M

Diluted shares

Prices 15 Oct 2026 · FY2025