# Ucb (UCB.BR)

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

Analysis as of: 2026-10-16T07:34:00.544Z. 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 206.00 per share; close as of 2026-10-15.

Estimated value: low EUR 75.52 per share, central EUR 85.46 per share, high EUR 98.71 per share. Buy at or below the central value EUR 85.46 per share. Valuation as of 2026-10-16T07:34:00.544Z; 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; BE 10-year bond 4.3% + 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.24×

- FY2018: 0.24×

- FY2019: 0.22×

- FY2020: 0.18×

- FY2021: 0.20×

- FY2022: 0.07×

- FY2023: 0.12×

- FY2024: 0.22×

- FY2025: 0.15×

### moat: fail

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

- ROIC, median of available years: 23.9%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 71.2%

- Recent gross margin (lower of latest and 3-year median): 71.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 47.2%

- FY2017: 56.4%

- FY2018: 57.2%

- FY2019: 47.3%

- FY2020: 22.9%

- FY2021: 24.9%

- FY2022: 5.9%

- FY2023: 8.1%

- FY2024: 20.8%

- FY2025: 18.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.4B

- Net income, five-year total: EUR 4.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.6 pp

- Working capital / revenue, final three-year average: 31.1%

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

- FY2021: 0.89×

- FY2022: 1.44×

- FY2023: 2.00×

- FY2024: 1.26×

- FY2025: 1.20×

### management: pass

- 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: 56.4% vs 18.0%

- Per-share earnings: 2.76 to 5.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: EUR 34B

- Cumulative retained earnings: EUR 5.4B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.9%

- Per-share value change: EUR 2.72

- Per-share value, starting three-year median: EUR 2.76

- Per-share value, ending three-year median: EUR 5.48

- Buybacks concentrated in cheaper years (correlation): 0.58

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 9.9B

- Cumulative net income, 10 years: EUR 8.0B

- ROIC, first three-year median: 56.4%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.76

- FY2017: EUR 4.00

- FY2018: EUR 4.24

- FY2019: EUR 4.20

- FY2020: EUR 3.67

- FY2021: EUR 5.46

- FY2022: EUR 2.18

- FY2023: EUR 1.72

- FY2024: EUR 5.48

- FY2025: EUR 8.20

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.9%

- FY2017: -1.8%

- FY2018: -2.7%

- FY2019: -0.8%

- FY2020: -2.6%

- FY2021: -3.5%

- FY2022: -4.4%

- FY2023: -2.7%

- FY2024: -1.0%

- FY2025: -3.3%

## Holders

## Price story

Down 21% since Jun 2026 · sales +25.8%

Story as of 2026-10-16T09:59:58.753Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2024–2025

sales +25.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 4.1B 

- FY2017: EUR 4.5B 

- FY2018: EUR 4.6B 

- FY2019: EUR 4.9B 

- FY2020: EUR 5.3B 

- FY2021: EUR 5.8B 

- FY2022: EUR 5.5B 

- FY2023: EUR 5.3B 

- FY2024: EUR 6.2B 

- FY2025: EUR 7.7B 

### Gross margin · FY2025

gross margin 71.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 71.0% 

- FY2017: 73.2% 

- FY2018: 74.1% 

- FY2019: 71.0% 

- FY2020: 71.2% 

- FY2021: 72.1% 

- FY2022: 66.2% 

- FY2023: 67.5% 

- FY2024: 71.5% 

- FY2025: 71.1% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 7.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2025: revenue 7741000000; grossProfit 5507000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 67.5% to 71.5% during 2023–25; it earns 23.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2023: grossProfit / revenue = 67.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2024: grossProfit / revenue = 71.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2025: grossProfit / revenue = 71.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); 10-year return on capital observations [[2016,0.47244375719580145],[2017,0.5641775378617483],[2018,0.5723632689149931],[2019,0.47314112990253443],[2020,0.22900813572554465],[2021,0.24929455538774445],[2022,0.05918400059184],[2023,0.08113605833813088],[2024,0.20775074742886238],[2025,0.17961657208746518]]; median 0.23915134555664455. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 121 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2016: growth capex 0; upkeep 108000000; owner earnings 647000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2017: growth capex 0; upkeep 100000000; owner earnings 898000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2018: growth capex 0; upkeep 94000000; owner earnings 993000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2019: growth capex 0; upkeep 294000000; owner earnings 791200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2020: growth capex 0; upkeep 349000000; owner earnings 715000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2021: growth capex 78213554.15864563; upkeep 414786445.84135437; owner earnings 939213554.1586456. Growth capex / owner earnings = 0.08327558073702408.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2022: growth capex 0; upkeep 371000000; owner earnings 604000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2023: growth capex 0; upkeep 316000000; owner earnings 685800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2024: growth capex 0; upkeep 322000000; owner earnings 1342800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2025: growth capex 0; upkeep 281000000; owner earnings 1867600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); Dividend observations: [[2016,231000000],[2017,217000000],[2018,222000000],[2019,228000000],[2020,235000000],[2021,240000000],[2022,247000000],[2023,252000000],[2024,259000000],[2025,264000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); FY2025: cash repurchases 121000000 EUR.

### Are managers owners

Insiders own 36.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UCB.BR SharesStats.PercentInsiders = 36.278 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual growth was 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:00.544Z); Ten-year compound average after fade. Initial solved rate 0.16425787471439846. Price 206; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.317042183705518 → FY2025 9.829628888877194. Closing-price date 2026-10-15.

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

- 2016-10: EUR 61.69 per share

- 2016-11: EUR 60.70 per share

- 2016-12: EUR 60.91 per share

- 2017-01: EUR 63.72 per share

- 2017-02: EUR 67.21 per share

- 2017-03: EUR 72.71 per share

- 2017-04: EUR 71.56 per share

- 2017-05: EUR 62.82 per share

- 2017-06: EUR 60.23 per share

- 2017-07: EUR 61.56 per share

- 2017-08: EUR 57.89 per share

- 2017-09: EUR 60.23 per share

- 2017-10: EUR 62.49 per share

- 2017-11: EUR 62.74 per share

- 2017-12: EUR 66.18 per share

- 2018-01: EUR 70.20 per share

- 2018-02: EUR 68.08 per share

- 2018-03: EUR 66.18 per share

- 2018-04: EUR 62.76 per share

- 2018-05: EUR 67.50 per share

- 2018-06: EUR 67.34 per share

- 2018-07: EUR 73.46 per share

- 2018-08: EUR 78.76 per share

- 2018-09: EUR 77.40 per share

- 2018-10: EUR 74.18 per share

- 2018-11: EUR 74.24 per share

- 2018-12: EUR 71.30 per share

- 2019-01: EUR 75.64 per share

- 2019-02: EUR 73.68 per share

- 2019-03: EUR 76.56 per share

- 2019-04: EUR 70.72 per share

- 2019-05: EUR 68.48 per share

- 2019-06: EUR 72.92 per share

- 2019-07: EUR 70.62 per share

- 2019-08: EUR 67.94 per share

- 2019-09: EUR 66.60 per share

- 2019-10: EUR 72.26 per share

- 2019-11: EUR 73.56 per share

- 2019-12: EUR 70.90 per share

- 2020-01: EUR 83.08 per share

- 2020-02: EUR 83.56 per share

- 2020-03: EUR 79.00 per share

- 2020-04: EUR 83.54 per share

- 2020-05: EUR 90.00 per share

- 2020-06: EUR 103.10 per share

- 2020-07: EUR 108.85 per share

- 2020-08: EUR 99.52 per share

- 2020-09: EUR 97.00 per share

- 2020-10: EUR 84.70 per share

- 2020-11: EUR 89.56 per share

- 2020-12: EUR 84.48 per share

- 2021-01: EUR 85.52 per share

- 2021-02: EUR 82.44 per share

- 2021-03: EUR 81.12 per share

- 2021-04: EUR 77.06 per share

- 2021-05: EUR 76.52 per share

- 2021-06: EUR 88.16 per share

- 2021-07: EUR 91.20 per share

- 2021-08: EUR 96.88 per share

- 2021-09: EUR 96.80 per share

- 2021-10: EUR 103.10 per share

- 2021-11: EUR 96.14 per share

- 2021-12: EUR 100.35 per share

- 2022-01: EUR 88.02 per share

- 2022-02: EUR 97.70 per share

- 2022-03: EUR 108.45 per share

- 2022-04: EUR 108.40 per share

- 2022-05: EUR 82.16 per share

- 2022-06: EUR 80.64 per share

- 2022-07: EUR 76.30 per share

- 2022-08: EUR 70.10 per share

- 2022-09: EUR 71.12 per share

- 2022-10: EUR 76.32 per share

- 2022-11: EUR 76.78 per share

- 2022-12: EUR 73.56 per share

- 2023-01: EUR 75.38 per share

- 2023-02: EUR 81.38 per share

- 2023-03: EUR 82.44 per share

- 2023-04: EUR 84.42 per share

- 2023-05: EUR 81.52 per share

- 2023-06: EUR 81.20 per share

- 2023-07: EUR 80.52 per share

- 2023-08: EUR 82.80 per share

- 2023-09: EUR 77.54 per share

- 2023-10: EUR 69.06 per share

- 2023-11: EUR 67.84 per share

- 2023-12: EUR 78.90 per share

- 2024-01: EUR 87.30 per share

- 2024-02: EUR 106.50 per share

- 2024-03: EUR 114.40 per share

- 2024-04: EUR 124.55 per share

- 2024-05: EUR 128.65 per share

- 2024-06: EUR 138.70 per share

- 2024-07: EUR 154.65 per share

- 2024-08: EUR 163.70 per share

- 2024-09: EUR 162.00 per share

- 2024-10: EUR 176.80 per share

- 2024-11: EUR 185.35 per share

- 2024-12: EUR 192.20 per share

- 2025-01: EUR 188.20 per share

- 2025-02: EUR 181.55 per share

- 2025-03: EUR 162.75 per share

- 2025-04: EUR 161.15 per share

- 2025-05: EUR 159.90 per share

- 2025-06: EUR 166.95 per share

- 2025-07: EUR 190.45 per share

- 2025-08: EUR 199.85 per share

- 2025-09: EUR 235.00 per share

- 2025-10: EUR 222.50 per share

- 2025-11: EUR 240.50 per share

- 2025-12: EUR 238.60 per share

- 2026-01: EUR 255.40 per share

- 2026-02: EUR 252.30 per share

- 2026-03: EUR 258.50 per share

- 2026-04: EUR 231.20 per share

- 2026-05: EUR 251.70 per share

- 2026-06: EUR 262.00 per share

- 2026-07: EUR 222.90 per share

- 2026-08: EUR 215.30 per share

- 2026-09: EUR 205.10 per share

- 2026-10: EUR 197.90 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 23.18 per share, central EUR 27.35 per share, high EUR 31.28 per share

- FY2017: low EUR 36.32 per share, central EUR 42.30 per share, high EUR 48.39 per share

- FY2018: low EUR 48.20 per share, central EUR 53.98 per share, high EUR 61.67 per share

- FY2019: low EUR 52.33 per share, central EUR 58.65 per share, high EUR 67.07 per share

- FY2020: low EUR 53.46 per share, central EUR 59.96 per share, high EUR 68.62 per share

- FY2021: low EUR 59.43 per share, central EUR 66.73 per share, high EUR 76.45 per share

- FY2022: low EUR 55.52 per share, central EUR 62.49 per share, high EUR 71.76 per share

- FY2023: low EUR 42.78 per share, central EUR 48.08 per share, high EUR 55.14 per share

- FY2024: low EUR 54.65 per share, central EUR 61.02 per share, high EUR 69.51 per share

- FY2025: low EUR 84.59 per share, central EUR 94.57 per share, high EUR 107.86 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 2026-10-15T06:39:48.697Z 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.

Ucb

UCB · BR

STOXX Europe 600 · BEL 20

Not a wonderful business

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

Share price: EUR 206.00
Buy up to: EUR 85.46
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

Margins varied 28.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 19.5%
Worst year: 7.3%
Latest · 2025: 15.1%

The second-worst year 8.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 23.9%
Worst year: 5.9%
Latest · 2025: 18.0%

Each $1 of profit left $1.22 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.22×
Annual median: 1.26×
Latest · 2025: 1.20×

Per-share value rose from 2.76 to 5.48, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 4.10
Worst year: EUR 1.72
Latest · 2025: EUR 8.20

Profits were backed by cash: accruals were -3.3% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: 0.9%
Latest · 2025: -3.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 18.3%, three-year average owner earnings per share 6.72 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 61.69 · Value 27.35 · Buy at or below 27.35; 2016-11 · Price EUR 60.70 · Value 27.35 · Buy at or below 27.35; 2016-12 · Price EUR 60.91 · Value 27.35 · Buy at or below 27.35; 2017-01 · Price EUR 63.72 · Value 27.35 · Buy at or below 27.35; 2017-02 · Price EUR 67.21 · Value 42.30 · Buy at or below 42.30; 2017-03 · Price EUR 72.71 · Value 42.30 · Buy at or below 42.30; 2017-04 · Price EUR 71.56 · Value 42.30 · Buy at or below 42.30; 2017-05 · Price EUR 62.82 · Value 42.30 · Buy at or below 42.30; 2017-06 · Price EUR 60.23 · Value 42.30 · Buy at or below 42.30; 2017-07 · Price EUR 61.56 · Value 42.30 · Buy at or below 42.30; 2017-08 · Price EUR 57.89 · Value 42.30 · Buy at or below 42.30; 2017-09 · Price EUR 60.23 · Value 42.30 · Buy at or below 42.30; 2017-10 · Price EUR 62.49 · Value 42.30 · Buy at or below 42.30; 2017-11 · Price EUR 62.74 · Value 42.30 · Buy at or below 42.30; 2017-12 · Price EUR 66.18 · Value 42.30 · Buy at or below 42.30; 2018-01 · Price EUR 70.20 · Value 42.30 · Buy at or below 42.30; 2018-02 · Price EUR 68.08 · Value 53.98 · Buy at or below 53.98; 2018-03 · Price EUR 66.18 · Value 53.98 · Buy at or below 53.98; 2018-04 · Price EUR 62.76 · Value 53.98 · Buy at or below 53.98; 2018-05 · Price EUR 67.50 · Value 53.98 · Buy at or below 53.98; 2018-06 · Price EUR 67.34 · Value 53.98 · Buy at or below 53.98; 2018-07 · Price EUR 73.46 · Value 53.98 · Buy at or below 53.98; 2018-08 · Price EUR 78.76 · Value 53.98 · Buy at or below 53.98; 2018-09 · Price EUR 77.40 · Value 53.98 · Buy at or below 53.98; 2018-10 · Price EUR 74.18 · Value 53.98 · Buy at or below 53.98; 2018-11 · Price EUR 74.24 · Value 53.98 · Buy at or below 53.98; 2018-12 · Price EUR 71.30 · Value 53.98 · Buy at or below 53.98; 2019-01 · Price EUR 75.64 · Value 53.98 · Buy at or below 53.98; 2019-02 · Price EUR 73.68 · Value 58.65 · Buy at or below 58.65; 2019-03 · Price EUR 76.56 · Value 58.65 · Buy at or below 58.65; 2019-04 · Price EUR 70.72 · Value 58.65 · Buy at or below 58.65; 2019-05 · Price EUR 68.48 · Value 58.65 · Buy at or below 58.65; 2019-06 · Price EUR 72.92 · Value 58.65 · Buy at or below 58.65; 2019-07 · Price EUR 70.62 · Value 58.65 · Buy at or below 58.65; 2019-08 · Price EUR 67.94 · Value 58.65 · Buy at or below 58.65; 2019-09 · Price EUR 66.60 · Value 58.65 · Buy at or below 58.65; 2019-10 · Price EUR 72.26 · Value 58.65 · Buy at or below 58.65; 2019-11 · Price EUR 73.56 · Value 58.65 · Buy at or below 58.65; 2019-12 · Price EUR 70.90 · Value 58.65 · Buy at or below 58.65; 2020-01 · Price EUR 83.08 · Value 58.65 · Buy at or below 58.65; 2020-02 · Price EUR 83.56 · Value 59.96 · Buy at or below 59.96; 2020-03 · Price EUR 79.00 · Value 59.96 · Buy at or below 59.96; 2020-04 · Price EUR 83.54 · Value 59.96 · Buy at or below 59.96; 2020-05 · Price EUR 90.00 · Value 59.96 · Buy at or below 59.96; 2020-06 · Price EUR 103.10 · Value 59.96 · Buy at or below 59.96; 2020-07 · Price EUR 108.85 · Value 59.96 · Buy at or below 59.96; 2020-08 · Price EUR 99.52 · Value 59.96 · Buy at or below 59.96; 2020-09 · Price EUR 97.00 · Value 59.96 · Buy at or below 59.96; 2020-10 · Price EUR 84.70 · Value 59.96 · Buy at or below 59.96; 2020-11 · Price EUR 89.56 · Value 59.96 · Buy at or below 59.96; 2020-12 · Price EUR 84.48 · Value 59.96 · Buy at or below 59.96; 2021-01 · Price EUR 85.52 · Value 59.96 · Buy at or below 59.96; 2021-02 · Price EUR 82.44 · Value 66.73 · Buy at or below 66.73; 2021-03 · Price EUR 81.12 · Value 66.73 · Buy at or below 66.73; 2021-04 · Price EUR 77.06 · Value 66.73 · Buy at or below 66.73; 2021-05 · Price EUR 76.52 · Value 66.73 · Buy at or below 66.73; 2021-06 · Price EUR 88.16 · Value 66.73 · Buy at or below 66.73; 2021-07 · Price EUR 91.20 · Value 66.73 · Buy at or below 66.73; 2021-08 · Price EUR 96.88 · Value 66.73 · Buy at or below 66.73; 2021-09 · Price EUR 96.80 · Value 66.73 · Buy at or below 66.73; 2021-10 · Price EUR 103.10 · Value 66.73 · Buy at or below 66.73; 2021-11 · Price EUR 96.14 · Value 66.73 · Buy at or below 66.73; 2021-12 · Price EUR 100.35 · Value 66.73 · Buy at or below 66.73; 2022-01 · Price EUR 88.02 · Value 66.73 · Buy at or below 66.73; 2022-02 · Price EUR 97.70 · Value 62.49 · Buy at or below 62.49; 2022-03 · Price EUR 108.45 · Value 62.49 · Buy at or below 62.49; 2022-04 · Price EUR 108.40 · Value 62.49 · Buy at or below 62.49; 2022-05 · Price EUR 82.16 · Value 62.49 · Buy at or below 62.49; 2022-06 · Price EUR 80.64 · Value 62.49 · Buy at or below 62.49; 2022-07 · Price EUR 76.30 · Value 62.49 · Buy at or below 62.49; 2022-08 · Price EUR 70.10 · Value 62.49 · Buy at or below 62.49; 2022-09 · Price EUR 71.12 · Value 62.49 · Buy at or below 62.49; 2022-10 · Price EUR 76.32 · Value 62.49 · Buy at or below 62.49; 2022-11 · Price EUR 76.78 · Value 62.49 · Buy at or below 62.49; 2022-12 · Price EUR 73.56 · Value 62.49 · Buy at or below 62.49; 2023-01 · Price EUR 75.38 · Value 62.49 · Buy at or below 62.49; 2023-02 · Price EUR 81.38 · Value 48.08 · Buy at or below 48.08; 2023-03 · Price EUR 82.44 · Value 48.08 · Buy at or below 48.08; 2023-04 · Price EUR 84.42 · Value 48.08 · Buy at or below 48.08; 2023-05 · Price EUR 81.52 · Value 48.08 · Buy at or below 48.08; 2023-06 · Price EUR 81.20 · Value 48.08 · Buy at or below 48.08; 2023-07 · Price EUR 80.52 · Value 48.08 · Buy at or below 48.08; 2023-08 · Price EUR 82.80 · Value 48.08 · Buy at or below 48.08; 2023-09 · Price EUR 77.54 · Value 48.08 · Buy at or below 48.08; 2023-10 · Price EUR 69.06 · Value 48.08 · Buy at or below 48.08; 2023-11 · Price EUR 67.84 · Value 48.08 · Buy at or below 48.08; 2023-12 · Price EUR 78.90 · Value 48.08 · Buy at or below 48.08; 2024-01 · Price EUR 87.30 · Value 48.08 · Buy at or below 48.08; 2024-02 · Price EUR 106.50 · Value 61.02 · Buy at or below 61.02; 2024-03 · Price EUR 114.40 · Value 61.02 · Buy at or below 61.02; 2024-04 · Price EUR 124.55 · Value 61.02 · Buy at or below 61.02; 2024-05 · Price EUR 128.65 · Value 61.02 · Buy at or below 61.02; 2024-06 · Price EUR 138.70 · Value 61.02 · Buy at or below 61.02; 2024-07 · Price EUR 154.65 · Value 61.02 · Buy at or below 61.02; 2024-08 · Price EUR 163.70 · Value 61.02 · Buy at or below 61.02; 2024-09 · Price EUR 162.00 · Value 61.02 · Buy at or below 61.02; 2024-10 · Price EUR 176.80 · Value 61.02 · Buy at or below 61.02; 2024-11 · Price EUR 185.35 · Value 61.02 · Buy at or below 61.02; 2024-12 · Price EUR 192.20 · Value 61.02 · Buy at or below 61.02; 2025-01 · Price EUR 188.20 · Value 61.02 · Buy at or below 61.02; 2025-02 · Price EUR 181.55 · Value 94.57 · Buy at or below 94.57; 2025-03 · Price EUR 162.75 · Value 94.57 · Buy at or below 94.57; 2025-04 · Price EUR 161.15 · Value 94.57 · Buy at or below 94.57; 2025-05 · Price EUR 159.90 · Value 94.57 · Buy at or below 94.57; 2025-06 · Price EUR 166.95 · Value 94.57 · Buy at or below 94.57; 2025-07 · Price EUR 190.45 · Value 94.57 · Buy at or below 94.57; 2025-08 · Price EUR 199.85 · Value 94.57 · Buy at or below 94.57; 2025-09 · Price EUR 235.00 · Value 94.57 · Buy at or below 94.57; 2025-10 · Price EUR 222.50 · Value 94.57 · Buy at or below 94.57; 2025-11 · Price EUR 240.50 · Value 94.57 · Buy at or below 94.57; 2025-12 · Price EUR 238.60 · Value 94.57 · Buy at or below 94.57; 2026-01 · Price EUR 255.40 · Value 94.57 · Buy at or below 94.57; 2026-02 · Price EUR 252.30 · Value 85.46 · Buy at or below 85.46; 2026-03 · Price EUR 258.50 · Value 85.46 · Buy at or below 85.46; 2026-04 · Price EUR 231.20 · Value 85.46 · Buy at or below 85.46; 2026-05 · Price EUR 251.70 · Value 85.46 · Buy at or below 85.46; 2026-06 · Price EUR 262.00 · Value 85.46 · Buy at or below 85.46; 2026-07 · Price EUR 222.90 · Value 85.46 · Buy at or below 85.46; 2026-08 · Price EUR 215.30 · Value 85.46 · Buy at or below 85.46; 2026-09 · Price EUR 205.10 · Value 85.46 · Buy at or below 85.46; 2026-10 · Price EUR 197.90 · Value 85.46 · Buy at or below 85.46; 2026-10 · Price EUR 206.00 · Value 85.46 · Buy at or below 85.46

EUR per share · annual estimates

Price & return math
Value range	EUR 75.52 – EUR 98.71
Buy at or below	Central value EUR 85.46
Discount to value	1 − 206.00 / 85.46 = -141.0%
Return / year	About 5.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 6.60/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 3.37/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 7.7B

Revenue

Owner earningsEUR 1.9B

Owner earnings

Operating margin15.1%

Operating margin

Net cash / debtEUR 225M

Net cash / debt

Diluted shares190M

Diluted shares

Prices 15 Oct 2026 · FY2025