# Tubize-Fin (TUB.BR)

Canonical: https://gigainvestors.com/s/TUB.BR

Analysis as of: 2026-10-16T07:36:13.044Z. Financial observations: FY2000–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 174.10 per share; close as of 2026-10-15.

Estimated value: low EUR 23.28 per share, central EUR 26.33 per share, high EUR 30.40 per share. Buy at or below the central value EUR 26.33 per share. Valuation as of 2026-10-16T07:36:13.044Z; 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; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 2.25×

Chart: Operating margin; fiscal year observations.

- FY2016: -2.24×

- FY2017: -0.00×

- FY2018: -0.00×

- FY2019: 94,960.00×

- FY2022: -223.63×

- FY2024: -168.66×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -0.0%

- ROIC, second-lowest year: -0.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.0%

- FY2017: -0.0%

- FY2018: -0.0%

- FY2019: 10.3%

- FY2020: 9.2%

- FY2021: 11.7%

- FY2022: -0.1%

- FY2023: -0.1%

- FY2024: -0.1%

- FY2025: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 261M

- Net income, five-year total: EUR 737M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -479.2 pp

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

- FY2021: -0.00×

- FY2022: 2.05×

- FY2023: -0.02×

- FY2024: -0.02×

- FY2025: 0.99×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -0.0% vs -0.1%

- Per-share earnings: 4.77 to 2.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 6.7B

- Cumulative retained earnings: EUR -1.7B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -10.2%

- Per-share value change: EUR -2.75

- Per-share value, starting three-year median: EUR 4.77

- Per-share value, ending three-year median: EUR 2.02

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 0

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: -0.0%

- ROIC, last three-year median: -0.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.06

- FY2017: EUR 6.42

- FY2018: EUR 6.40

- FY2019: EUR 6.36

- FY2020: EUR 5.85

- FY2021: EUR 8.54

- FY2022: EUR 1.91

- FY2023: EUR 1.98

- FY2024: EUR 2.02

- FY2025: EUR 2.09

### accounting: pass

- Sloan accruals: 0.1%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.1%

- FY2017: 9.2%

- FY2018: 8.4%

- FY2019: 10.4%

- FY2020: 9.3%

- FY2021: 11.7%

- FY2022: -4.8%

- FY2023: 4.7%

- FY2024: 4.8%

- FY2025: 0.1%

## Holders

## Price story

Down 25% since Jun 2026 · sales -100%

Story as of 2026-10-16T10:00:07.080Z; price observation 2026-10-15.

Price needs cash profits to grow 25.7% a year for ten years

### Sales · FY2024–2025

sales -100%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 302K 

- FY2017: EUR 272M 

- FY2018: EUR 288M 

- FY2019: EUR 3K 

- FY2020: EUR 0 

- FY2021: EUR 0 

- FY2022: EUR 8K 

- FY2023: EUR 0 

- FY2024: EUR 13K 

- FY2025: EUR 0 

### Gross margin · FY2018

gross margin 99.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 98.1% 

- FY2018: 99.3% 

## Owner memo

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

### Why customers stay

It lost 0% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); 10-year return on capital observations [[2016,-0.000308022694493355],[2017,-0.0004075672225767961],[2018,-0.0003833677262423876],[2019,0.10315064013423397],[2020,0.09220471124456335],[2021,0.11687937773591672],[2022,-0.0010135854434996704],[2023,-0.0011433189810682947],[2024,-0.0011891735539952997],[2025,-0.0015754348119525528]]; median -0.00039546747440959184. 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 2026-10-16T07:36:13.044Z); FY2016: growth capex 0; upkeep 0; owner earnings 67699000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); FY2017: growth capex 0; upkeep 0; owner earnings 72962000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); FY2018: growth capex 0; upkeep 0; owner earnings 75757000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); FY2022: growth capex 0; upkeep 0; owner earnings 174225312. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); FY2025: growth capex 0; upkeep 0; owner earnings 91843000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); Dividend observations: [[2016,22279000],[2017,23171000],[2018,24056000],[2019,24927000],[2020,27598000],[2021,30269000],[2022,33380000],[2023,38281000],[2024,43176000],[2025,46315000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 53.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TUB.BR SharesStats.PercentInsiders = 53.48500000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 25.7% yearly over ten years; actual growth was 3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.044Z); Ten-year compound average after fade. Initial solved rate 0.363631813562039. Price 174.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4252949474800298 → FY2025 2.0633035169054836. Closing-price date 2026-10-15.

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

- 2016-10: EUR 58.10 per share

- 2016-11: EUR 57.80 per share

- 2016-12: EUR 59.32 per share

- 2017-01: EUR 62.30 per share

- 2017-02: EUR 61.84 per share

- 2017-03: EUR 65.95 per share

- 2017-04: EUR 66.46 per share

- 2017-05: EUR 61.88 per share

- 2017-06: EUR 58.72 per share

- 2017-07: EUR 62.30 per share

- 2017-08: EUR 56.00 per share

- 2017-09: EUR 59.35 per share

- 2017-10: EUR 60.33 per share

- 2017-11: EUR 61.10 per share

- 2017-12: EUR 63.88 per share

- 2018-01: EUR 67.70 per share

- 2018-02: EUR 64.50 per share

- 2018-03: EUR 61.10 per share

- 2018-04: EUR 60.50 per share

- 2018-05: EUR 60.70 per share

- 2018-06: EUR 60.00 per share

- 2018-07: EUR 66.80 per share

- 2018-08: EUR 68.80 per share

- 2018-09: EUR 66.20 per share

- 2018-10: EUR 61.20 per share

- 2018-11: EUR 59.70 per share

- 2018-12: EUR 60.70 per share

- 2019-01: EUR 66.10 per share

- 2019-02: EUR 62.40 per share

- 2019-03: EUR 63.30 per share

- 2019-04: EUR 62.40 per share

- 2019-05: EUR 59.10 per share

- 2019-06: EUR 61.50 per share

- 2019-07: EUR 61.50 per share

- 2019-08: EUR 59.20 per share

- 2019-09: EUR 58.40 per share

- 2019-10: EUR 62.20 per share

- 2019-11: EUR 63.90 per share

- 2019-12: EUR 63.50 per share

- 2020-01: EUR 70.50 per share

- 2020-02: EUR 68.80 per share

- 2020-03: EUR 64.70 per share

- 2020-04: EUR 68.30 per share

- 2020-05: EUR 70.70 per share

- 2020-06: EUR 82.20 per share

- 2020-07: EUR 83.50 per share

- 2020-08: EUR 77.20 per share

- 2020-09: EUR 80.00 per share

- 2020-10: EUR 73.20 per share

- 2020-11: EUR 79.50 per share

- 2020-12: EUR 82.60 per share

- 2021-01: EUR 79.60 per share

- 2021-02: EUR 78.40 per share

- 2021-03: EUR 84.20 per share

- 2021-04: EUR 81.60 per share

- 2021-05: EUR 77.80 per share

- 2021-06: EUR 85.30 per share

- 2021-07: EUR 85.60 per share

- 2021-08: EUR 90.30 per share

- 2021-09: EUR 88.20 per share

- 2021-10: EUR 95.30 per share

- 2021-11: EUR 86.20 per share

- 2021-12: EUR 90.30 per share

- 2022-01: EUR 88.50 per share

- 2022-02: EUR 87.20 per share

- 2022-03: EUR 94.30 per share

- 2022-04: EUR 94.00 per share

- 2022-05: EUR 77.70 per share

- 2022-06: EUR 78.60 per share

- 2022-07: EUR 74.90 per share

- 2022-08: EUR 70.40 per share

- 2022-09: EUR 68.90 per share

- 2022-10: EUR 67.10 per share

- 2022-11: EUR 71.60 per share

- 2022-12: EUR 70.80 per share

- 2023-01: EUR 74.00 per share

- 2023-02: EUR 77.20 per share

- 2023-03: EUR 76.20 per share

- 2023-04: EUR 76.80 per share

- 2023-05: EUR 71.70 per share

- 2023-06: EUR 71.00 per share

- 2023-07: EUR 71.20 per share

- 2023-08: EUR 70.70 per share

- 2023-09: EUR 68.10 per share

- 2023-10: EUR 64.80 per share

- 2023-11: EUR 65.80 per share

- 2023-12: EUR 71.70 per share

- 2024-01: EUR 77.10 per share

- 2024-02: EUR 83.80 per share

- 2024-03: EUR 89.90 per share

- 2024-04: EUR 97.20 per share

- 2024-05: EUR 98.70 per share

- 2024-06: EUR 104.20 per share

- 2024-07: EUR 122.20 per share

- 2024-08: EUR 121.00 per share

- 2024-09: EUR 131.20 per share

- 2024-10: EUR 140.00 per share

- 2024-11: EUR 137.80 per share

- 2024-12: EUR 142.20 per share

- 2025-01: EUR 152.80 per share

- 2025-02: EUR 143.20 per share

- 2025-03: EUR 126.00 per share

- 2025-04: EUR 126.20 per share

- 2025-05: EUR 126.00 per share

- 2025-06: EUR 133.00 per share

- 2025-07: EUR 148.60 per share

- 2025-08: EUR 159.80 per share

- 2025-09: EUR 195.40 per share

- 2025-10: EUR 211.50 per share

- 2025-11: EUR 210.00 per share

- 2025-12: EUR 209.00 per share

- 2026-01: EUR 214.50 per share

- 2026-02: EUR 226.50 per share

- 2026-03: EUR 212.00 per share

- 2026-04: EUR 195.70 per share

- 2026-05: EUR 224.80 per share

- 2026-06: EUR 231.00 per share

- 2026-07: EUR 194.00 per share

- 2026-08: EUR 184.10 per share

- 2026-09: EUR 173.40 per share

- 2026-10: EUR 170.40 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 22.26 per share, central EUR 31.80 per share, high EUR 37.35 per share

- FY2018: low EUR 23.59 per share, central EUR 33.70 per share, high EUR 39.58 per share

- FY2019: low EUR 0.01 per share, central EUR 0.01 per share, high EUR 0.01 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

## 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.

Tubize-Fin

TUB · BR

STOXX Europe 600

Not a wonderful business

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

Share price: EUR 174.10
Buy up to: EUR 26.33
Expected / yr: 4.0% at today's price (10.0% at central value)

The business

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 224.7% around their average (limit 35%).

Operating margin

6y median: -112.3%
Worst year: -22362.7%
Latest · 2024: -16866.4%

Capital return excluding acquisitions: median 0% (minimum 15%), and the second-worst year -0.1% (minimum 10%).

ROIC excluding acquisitions

10y median: -0.0%
Worst year: -0.2%
Latest · 2025: -0.2%

Each $1 of profit left $0.35 for owners over five years (minimum $0.80), and new investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.35×
Annual median: -0.00×
Latest · 2025: 0.99×

Per-share value fell from 4.77 to 2.02, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 4.96
Worst year: EUR 1.91
Latest · 2025: EUR 2.09

Profits were backed by cash: accruals were 0.1% of assets (limit 10%).

Sloan accruals

10y median: 6.8%
Worst year: 11.7%
Latest · 2025: 0.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 1576091.0%, three-year average owner earnings per share 0.66 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 58.10; 2016-11 · Price EUR 57.80; 2016-12 · Price EUR 59.32; 2017-01 · Price EUR 62.30 · Value 31.80 · Buy at or below 31.80; 2017-02 · Price EUR 61.84 · Value 31.80 · Buy at or below 31.80; 2017-03 · Price EUR 65.95 · Value 31.80 · Buy at or below 31.80; 2017-04 · Price EUR 66.46 · Value 31.80 · Buy at or below 31.80; 2017-05 · Price EUR 61.88 · Value 31.80 · Buy at or below 31.80; 2017-06 · Price EUR 58.72 · Value 31.80 · Buy at or below 31.80; 2017-07 · Price EUR 62.30 · Value 31.80 · Buy at or below 31.80; 2017-08 · Price EUR 56.00 · Value 31.80 · Buy at or below 31.80; 2017-09 · Price EUR 59.35 · Value 31.80 · Buy at or below 31.80; 2017-10 · Price EUR 60.33 · Value 31.80 · Buy at or below 31.80; 2017-11 · Price EUR 61.10 · Value 31.80 · Buy at or below 31.80; 2017-12 · Price EUR 63.88 · Value 31.80 · Buy at or below 31.80; 2018-01 · Price EUR 67.70 · Value 31.80 · Buy at or below 31.80; 2018-02 · Price EUR 64.50 · Value 33.70 · Buy at or below 33.70; 2018-03 · Price EUR 61.10 · Value 33.70 · Buy at or below 33.70; 2018-04 · Price EUR 60.50 · Value 33.70 · Buy at or below 33.70; 2018-05 · Price EUR 60.70 · Value 33.70 · Buy at or below 33.70; 2018-06 · Price EUR 60.00 · Value 33.70 · Buy at or below 33.70; 2018-07 · Price EUR 66.80 · Value 33.70 · Buy at or below 33.70; 2018-08 · Price EUR 68.80 · Value 33.70 · Buy at or below 33.70; 2018-09 · Price EUR 66.20 · Value 33.70 · Buy at or below 33.70; 2018-10 · Price EUR 61.20 · Value 33.70 · Buy at or below 33.70; 2018-11 · Price EUR 59.70 · Value 33.70 · Buy at or below 33.70; 2018-12 · Price EUR 60.70 · Value 33.70 · Buy at or below 33.70; 2019-01 · Price EUR 66.10 · Value 33.70 · Buy at or below 33.70; 2019-02 · Price EUR 62.40 · Value 0.01 · Buy at or below 0.01; 2019-03 · Price EUR 63.30 · Value 0.01 · Buy at or below 0.01; 2019-04 · Price EUR 62.40 · Value 0.01 · Buy at or below 0.01; 2019-05 · Price EUR 59.10 · Value 0.01 · Buy at or below 0.01; 2019-06 · Price EUR 61.50 · Value 0.01 · Buy at or below 0.01; 2019-07 · Price EUR 61.50 · Value 0.01 · Buy at or below 0.01; 2019-08 · Price EUR 59.20 · Value 0.01 · Buy at or below 0.01; 2019-09 · Price EUR 58.40 · Value 0.01 · Buy at or below 0.01; 2019-10 · Price EUR 62.20 · Value 0.01 · Buy at or below 0.01; 2019-11 · Price EUR 63.90 · Value 0.01 · Buy at or below 0.01; 2019-12 · Price EUR 63.50 · Value 0.01 · Buy at or below 0.01; 2020-01 · Price EUR 70.50 · Value 0.01 · Buy at or below 0.01; 2020-02 · Price EUR 68.80 · Value 26.33 · Buy at or below 26.33; 2020-03 · Price EUR 64.70 · Value 26.33 · Buy at or below 26.33; 2020-04 · Price EUR 68.30 · Value 26.33 · Buy at or below 26.33; 2020-05 · Price EUR 70.70 · Value 26.33 · Buy at or below 26.33; 2020-06 · Price EUR 82.20 · Value 26.33 · Buy at or below 26.33; 2020-07 · Price EUR 83.50 · Value 26.33 · Buy at or below 26.33; 2020-08 · Price EUR 77.20 · Value 26.33 · Buy at or below 26.33; 2020-09 · Price EUR 80.00 · Value 26.33 · Buy at or below 26.33; 2020-10 · Price EUR 73.20 · Value 26.33 · Buy at or below 26.33; 2020-11 · Price EUR 79.50 · Value 26.33 · Buy at or below 26.33; 2020-12 · Price EUR 82.60 · Value 26.33 · Buy at or below 26.33; 2021-01 · Price EUR 79.60 · Value 26.33 · Buy at or below 26.33; 2021-02 · Price EUR 78.40 · Value 26.33 · Buy at or below 26.33; 2021-03 · Price EUR 84.20 · Value 26.33 · Buy at or below 26.33; 2021-04 · Price EUR 81.60 · Value 26.33 · Buy at or below 26.33; 2021-05 · Price EUR 77.80 · Value 26.33 · Buy at or below 26.33; 2021-06 · Price EUR 85.30 · Value 26.33 · Buy at or below 26.33; 2021-07 · Price EUR 85.60 · Value 26.33 · Buy at or below 26.33; 2021-08 · Price EUR 90.30 · Value 26.33 · Buy at or below 26.33; 2021-09 · Price EUR 88.20 · Value 26.33 · Buy at or below 26.33; 2021-10 · Price EUR 95.30 · Value 26.33 · Buy at or below 26.33; 2021-11 · Price EUR 86.20 · Value 26.33 · Buy at or below 26.33; 2021-12 · Price EUR 90.30 · Value 26.33 · Buy at or below 26.33; 2022-01 · Price EUR 88.50 · Value 26.33 · Buy at or below 26.33; 2022-02 · Price EUR 87.20 · Value 26.33 · Buy at or below 26.33; 2022-03 · Price EUR 94.30 · Value 26.33 · Buy at or below 26.33; 2022-04 · Price EUR 94.00 · Value 26.33 · Buy at or below 26.33; 2022-05 · Price EUR 77.70 · Value 26.33 · Buy at or below 26.33; 2022-06 · Price EUR 78.60 · Value 26.33 · Buy at or below 26.33; 2022-07 · Price EUR 74.90 · Value 26.33 · Buy at or below 26.33; 2022-08 · Price EUR 70.40 · Value 26.33 · Buy at or below 26.33; 2022-09 · Price EUR 68.90 · Value 26.33 · Buy at or below 26.33; 2022-10 · Price EUR 67.10 · Value 26.33 · Buy at or below 26.33; 2022-11 · Price EUR 71.60 · Value 26.33 · Buy at or below 26.33; 2022-12 · Price EUR 70.80 · Value 26.33 · Buy at or below 26.33; 2023-01 · Price EUR 74.00 · Value 26.33 · Buy at or below 26.33; 2023-02 · Price EUR 77.20 · Value 26.33 · Buy at or below 26.33; 2023-03 · Price EUR 76.20 · Value 26.33 · Buy at or below 26.33; 2023-04 · Price EUR 76.80 · Value 26.33 · Buy at or below 26.33; 2023-05 · Price EUR 71.70 · Value 26.33 · Buy at or below 26.33; 2023-06 · Price EUR 71.00 · Value 26.33 · Buy at or below 26.33; 2023-07 · Price EUR 71.20 · Value 26.33 · Buy at or below 26.33; 2023-08 · Price EUR 70.70 · Value 26.33 · Buy at or below 26.33; 2023-09 · Price EUR 68.10 · Value 26.33 · Buy at or below 26.33; 2023-10 · Price EUR 64.80 · Value 26.33 · Buy at or below 26.33; 2023-11 · Price EUR 65.80 · Value 26.33 · Buy at or below 26.33; 2023-12 · Price EUR 71.70 · Value 26.33 · Buy at or below 26.33; 2024-01 · Price EUR 77.10 · Value 26.33 · Buy at or below 26.33; 2024-02 · Price EUR 83.80 · Value 26.33 · Buy at or below 26.33; 2024-03 · Price EUR 89.90 · Value 26.33 · Buy at or below 26.33; 2024-04 · Price EUR 97.20 · Value 26.33 · Buy at or below 26.33; 2024-05 · Price EUR 98.70 · Value 26.33 · Buy at or below 26.33; 2024-06 · Price EUR 104.20 · Value 26.33 · Buy at or below 26.33; 2024-07 · Price EUR 122.20 · Value 26.33 · Buy at or below 26.33; 2024-08 · Price EUR 121.00 · Value 26.33 · Buy at or below 26.33; 2024-09 · Price EUR 131.20 · Value 26.33 · Buy at or below 26.33; 2024-10 · Price EUR 140.00 · Value 26.33 · Buy at or below 26.33; 2024-11 · Price EUR 137.80 · Value 26.33 · Buy at or below 26.33; 2024-12 · Price EUR 142.20 · Value 26.33 · Buy at or below 26.33; 2025-01 · Price EUR 152.80 · Value 26.33 · Buy at or below 26.33; 2025-02 · Price EUR 143.20 · Value 26.33 · Buy at or below 26.33; 2025-03 · Price EUR 126.00 · Value 26.33 · Buy at or below 26.33; 2025-04 · Price EUR 126.20 · Value 26.33 · Buy at or below 26.33; 2025-05 · Price EUR 126.00 · Value 26.33 · Buy at or below 26.33; 2025-06 · Price EUR 133.00 · Value 26.33 · Buy at or below 26.33; 2025-07 · Price EUR 148.60 · Value 26.33 · Buy at or below 26.33; 2025-08 · Price EUR 159.80 · Value 26.33 · Buy at or below 26.33; 2025-09 · Price EUR 195.40 · Value 26.33 · Buy at or below 26.33; 2025-10 · Price EUR 211.50 · Value 26.33 · Buy at or below 26.33; 2025-11 · Price EUR 210.00 · Value 26.33 · Buy at or below 26.33; 2025-12 · Price EUR 209.00 · Value 26.33 · Buy at or below 26.33; 2026-01 · Price EUR 214.50 · Value 26.33 · Buy at or below 26.33; 2026-02 · Price EUR 226.50 · Value 26.33 · Buy at or below 26.33; 2026-03 · Price EUR 212.00 · Value 26.33 · Buy at or below 26.33; 2026-04 · Price EUR 195.70 · Value 26.33 · Buy at or below 26.33; 2026-05 · Price EUR 224.80 · Value 26.33 · Buy at or below 26.33; 2026-06 · Price EUR 231.00 · Value 26.33 · Buy at or below 26.33; 2026-07 · Price EUR 194.00 · Value 26.33 · Buy at or below 26.33; 2026-08 · Price EUR 184.10 · Value 26.33 · Buy at or below 26.33; 2026-09 · Price EUR 173.40 · Value 26.33 · Buy at or below 26.33; 2026-10 · Price EUR 170.40 · Value 26.33 · Buy at or below 26.33; 2026-10 · Price EUR 174.10 · Value 26.33 · Buy at or below 26.33

EUR per share · annual estimates

Price & return math
Value range	EUR 23.28 – EUR 30.40
Buy at or below	Central value EUR 26.33
Discount to value	1 − 174.10 / 26.33 = -561.2%
Return / year	About 4.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 2.03/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 1.12/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 0

Revenue

Owner earningsEUR 92M

Owner earnings

Operating margin-16866.4%

Operating margin

Net cash / debtEUR 1.3M

Net cash / debt

Diluted shares45M

Diluted shares

Prices 15 Oct 2026 · FY2025