# Virbac (VIRP.PA)

Canonical: https://gigainvestors.com/s/VIRP.PA

Analysis as of: 2026-10-16T07:39:04.283Z. Financial observations: FY2002–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 336.50 per share; close as of 2026-10-15.

Estimated value: low EUR 221.20 per share, central EUR 275.90 per share, high EUR 319.42 per share. Buy at or below the central value EUR 275.90 per share. Valuation as of 2026-10-16T07:39:04.283Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 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: 1

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.11×

- FY2020: 0.20×

- FY2021: 0.15×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.15×

### moat: fail

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

- Recent gross margin fell 29.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.7%

- ROIC, second-lowest year: 7.2%

- Typical minus recent gross margin: 29.5 pp

- Typical gross margin (annual median): 64.9%

- Recent gross margin (lower of latest and 3-year median): 35.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 10.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 7.2%

- FY2018: 8.5%

- FY2019: 12.8%

- FY2020: 35.4%

- FY2021: 24.3%

- FY2022: 20.4%

- FY2023: 18.9%

- FY2024: 16.4%

- FY2025: 17.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 607M

- Net income, five-year total: EUR 653M

- Return on incremental invested capital: 85.1%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.5 pp

- Working capital / revenue, final three-year average: 35.8%

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

- FY2021: 0.93×

- FY2022: 0.94×

- FY2023: 1.00×

- FY2024: 0.95×

- FY2025: 0.85×

### 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: 7.2% vs 17.0%

- Per-share earnings: 1.12 to 17.34 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 1.6B

- Cumulative retained earnings: EUR 115M

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 40.9%

- Per-share value change: EUR 16.22

- Per-share value, starting three-year median: EUR 1.12

- Per-share value, ending three-year median: EUR 17.34

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 279M

- Cumulative net income, 10 years: EUR 892M

- ROIC, first three-year median: 7.2%

- ROIC, last three-year median: 17.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.11

- FY2017: EUR -0.31

- FY2018: EUR 2.39

- FY2019: EUR 6.11

- FY2020: EUR 16.12

- FY2021: EUR 13.38

- FY2022: EUR 14.43

- FY2023: EUR 14.41

- FY2024: EUR 17.34

- FY2025: EUR 17.94

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -8.6%

- FY2018: -5.0%

- FY2019: -6.1%

- FY2020: 1.5%

- FY2021: -1.4%

- FY2022: 1.7%

- FY2023: 0.2%

- FY2024: -3.2%

- FY2025: -2.3%

## Holders

## Price story

Down 23% since Oct 2021 · sales +4.8%

Story as of 2026-10-16T10:00:10.419Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2024–2025

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 872M 

- FY2017: EUR 862M 

- FY2018: EUR 869M 

- FY2019: EUR 938M 

- FY2020: EUR 934M 

- FY2021: EUR 1.1B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.4B 

- FY2025: EUR 1.5B 

### Gross margin · FY2025

gross margin 35.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 65.6% 

- FY2017: 64.8% 

- FY2018: 66.1% 

- FY2019: 66.5% 

- FY2020: 31.1% 

- FY2021: 35.6% 

- FY2022: 35.1% 

- FY2023: 64.9% 

- FY2024: 67.1% 

- FY2025: 35.4% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers general; annual sales are EUR 1.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2025: revenue 1464677000; grossProfit 517938000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.4% to 67.1% during 2023–25; it earns 16.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2023: grossProfit / revenue = 64.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2024: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2025: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); 10-year return on capital observations [[2016,0.07004989922185079],[2017,0.07152044385396472],[2018,0.08492349697278906],[2019,0.12836976079209517],[2020,0.3537193921051224],[2021,0.24291859046664574],[2022,0.20389754859381645],[2023,0.18856490663558395],[2024,0.1644744319258075],[2025,0.17032849098988656]]; median 0.167401461457847. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14% of cash earnings on expansion; earns 85.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2016: growth capex 0; upkeep 34380000; owner earnings 43431000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2017: growth capex 0; upkeep 31537000; owner earnings 8313000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2018: growth capex 0; upkeep 25822000; owner earnings 37012000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2019: growth capex 0; upkeep 16717000; owner earnings 82631400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2020: growth capex 0; upkeep 28992000; owner earnings 147724800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2021: growth capex 3823000; upkeep 43344000; owner earnings 105471200. Growth capex / owner earnings = 0.036246861702531115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2022: growth capex 7761000; upkeep 45816000; owner earnings 114605600. Growth capex / owner earnings = 0.06771920394814913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2023: growth capex 0; upkeep 41042000; owner earnings 120746000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2024: growth capex 11894000; upkeep 57352000; owner earnings 137669600. Growth capex / owner earnings = 0.08639525356360446.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); FY2025: growth capex 17961970.157721102; upkeep 74274029.8422789; owner earnings 128657770.1577211. Growth capex / owner earnings = 0.13961045753942095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); Incremental return on capital 0.8511228868936995, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); Dividend observations: [[2016,0],[2017,0],[2018,6343000],[2019,6343000],[2020,6343000],[2021,6343000],[2022,10573000],[2023,11165000],[2024,11054000],[2025,12148000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 50.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIRP.PA SharesStats.PercentInsiders = 50.818 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 21.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:04.283Z); Ten-year compound average after fade. Initial solved rate 0.07555730247467285. Price 336.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.1576625717402647 → FY2025 15.300008343170544. Closing-price date 2026-10-15.

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

- 2016-10: EUR 145.00 per share

- 2016-11: EUR 128.15 per share

- 2016-12: EUR 167.20 per share

- 2017-01: EUR 170.65 per share

- 2017-02: EUR 169.30 per share

- 2017-03: EUR 146.75 per share

- 2017-04: EUR 144.55 per share

- 2017-05: EUR 146.25 per share

- 2017-06: EUR 140.50 per share

- 2017-07: EUR 150.75 per share

- 2017-08: EUR 140.45 per share

- 2017-09: EUR 124.45 per share

- 2017-10: EUR 110.55 per share

- 2017-11: EUR 108.60 per share

- 2017-12: EUR 123.50 per share

- 2018-01: EUR 123.60 per share

- 2018-02: EUR 122.60 per share

- 2018-03: EUR 119.40 per share

- 2018-04: EUR 129.20 per share

- 2018-05: EUR 124.00 per share

- 2018-06: EUR 116.80 per share

- 2018-07: EUR 122.00 per share

- 2018-08: EUR 132.60 per share

- 2018-09: EUR 143.00 per share

- 2018-10: EUR 141.80 per share

- 2018-11: EUR 120.60 per share

- 2018-12: EUR 113.80 per share

- 2019-01: EUR 123.00 per share

- 2019-02: EUR 115.60 per share

- 2019-03: EUR 146.20 per share

- 2019-04: EUR 158.80 per share

- 2019-05: EUR 168.60 per share

- 2019-06: EUR 168.20 per share

- 2019-07: EUR 167.80 per share

- 2019-08: EUR 168.60 per share

- 2019-09: EUR 210.00 per share

- 2019-10: EUR 218.50 per share

- 2019-11: EUR 221.50 per share

- 2019-12: EUR 236.50 per share

- 2020-01: EUR 221.00 per share

- 2020-02: EUR 205.50 per share

- 2020-03: EUR 162.00 per share

- 2020-04: EUR 180.00 per share

- 2020-05: EUR 190.00 per share

- 2020-06: EUR 195.00 per share

- 2020-07: EUR 184.60 per share

- 2020-08: EUR 188.00 per share

- 2020-09: EUR 197.60 per share

- 2020-10: EUR 199.80 per share

- 2020-11: EUR 217.00 per share

- 2020-12: EUR 238.00 per share

- 2021-01: EUR 214.50 per share

- 2021-02: EUR 202.50 per share

- 2021-03: EUR 219.50 per share

- 2021-04: EUR 270.00 per share

- 2021-05: EUR 267.00 per share

- 2021-06: EUR 289.00 per share

- 2021-07: EUR 340.50 per share

- 2021-08: EUR 358.00 per share

- 2021-09: EUR 371.00 per share

- 2021-10: EUR 437.50 per share

- 2021-11: EUR 414.00 per share

- 2021-12: EUR 424.50 per share

- 2022-01: EUR 355.50 per share

- 2022-02: EUR 366.00 per share

- 2022-03: EUR 363.00 per share

- 2022-04: EUR 386.00 per share

- 2022-05: EUR 378.50 per share

- 2022-06: EUR 371.50 per share

- 2022-07: EUR 360.00 per share

- 2022-08: EUR 370.00 per share

- 2022-09: EUR 267.00 per share

- 2022-10: EUR 248.00 per share

- 2022-11: EUR 243.50 per share

- 2022-12: EUR 228.00 per share

- 2023-01: EUR 278.50 per share

- 2023-02: EUR 283.00 per share

- 2023-03: EUR 296.00 per share

- 2023-04: EUR 309.50 per share

- 2023-05: EUR 285.00 per share

- 2023-06: EUR 270.50 per share

- 2023-07: EUR 280.00 per share

- 2023-08: EUR 276.00 per share

- 2023-09: EUR 256.00 per share

- 2023-10: EUR 271.00 per share

- 2023-11: EUR 286.50 per share

- 2023-12: EUR 359.50 per share

- 2024-01: EUR 334.00 per share

- 2024-02: EUR 332.00 per share

- 2024-03: EUR 346.00 per share

- 2024-04: EUR 347.00 per share

- 2024-05: EUR 358.00 per share

- 2024-06: EUR 326.50 per share

- 2024-07: EUR 352.00 per share

- 2024-08: EUR 347.50 per share

- 2024-09: EUR 383.00 per share

- 2024-10: EUR 347.50 per share

- 2024-11: EUR 324.00 per share

- 2024-12: EUR 316.50 per share

- 2025-01: EUR 324.00 per share

- 2025-02: EUR 304.50 per share

- 2025-03: EUR 294.50 per share

- 2025-04: EUR 310.15 per share

- 2025-05: EUR 333.00 per share

- 2025-06: EUR 319.50 per share

- 2025-07: EUR 347.50 per share

- 2025-08: EUR 335.00 per share

- 2025-09: EUR 314.50 per share

- 2025-10: EUR 354.50 per share

- 2025-11: EUR 368.00 per share

- 2025-12: EUR 357.50 per share

- 2026-01: EUR 351.50 per share

- 2026-02: EUR 370.00 per share

- 2026-03: EUR 354.50 per share

- 2026-04: EUR 371.50 per share

- 2026-05: EUR 358.50 per share

- 2026-06: EUR 332.50 per share

- 2026-07: EUR 337.50 per share

- 2026-08: EUR 322.50 per share

- 2026-09: EUR 311.50 per share

- 2026-10: EUR 325.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 74.55 per share, central EUR 92.42 per share, high EUR 107.26 per share

- FY2017: low EUR 59.63 per share, central EUR 67.32 per share, high EUR 77.55 per share

- FY2018: low EUR 55.60 per share, central EUR 65.12 per share, high EUR 74.90 per share

- FY2019: low EUR 66.32 per share, central EUR 81.64 per share, high EUR 93.85 per share

- FY2020: low EUR 83.65 per share, central EUR 97.66 per share, high EUR 110.62 per share

- FY2021: low EUR 147.95 per share, central EUR 177.36 per share, high EUR 203.83 per share

- FY2022: low EUR 179.91 per share, central EUR 220.04 per share, high EUR 253.78 per share

- FY2023: low EUR 188.72 per share, central EUR 230.51 per share, high EUR 265.98 per share

- FY2024: low EUR 205.55 per share, central EUR 246.48 per share, high EUR 284.84 per share

- FY2025: low EUR 215.43 per share, central EUR 270.13 per share, high EUR 313.64 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.

Virbac

VIRP · PA

SBF 120

Not a wonderful business

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

Share price: EUR 336.50
Buy up to: EUR 275.90
Expected / yr: 8.7% 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 29.5% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 14.8%
Worst year: 7.5%
Latest · 2025: 14.8%

The second-worst year 7.2% (minimum 10%), and gross margin fell 29.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 16.7%
Worst year: 7.0%
Latest · 2025: 17.0%

Each $1 of profit left $0.93 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.93×
Annual median: 0.94×
Latest · 2025: 0.85×

Per-share value rose from 1.12 to 17.34, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 13.90
Worst year: EUR -0.31
Latest · 2025: EUR 17.94

Profits were backed by cash: accruals were -2.3% of assets (limit 10%).

Sloan accruals

10y median: -2.8%
Worst year: 1.7%
Latest · 2025: -2.3%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 13.0%, three-year average owner earnings per share 15.36 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 145.00 · Value 92.42 · Buy at or below 92.42; 2016-11 · Price EUR 128.15 · Value 92.42 · Buy at or below 92.42; 2016-12 · Price EUR 167.20 · Value 92.42 · Buy at or below 92.42; 2017-01 · Price EUR 170.65 · Value 92.42 · Buy at or below 92.42; 2017-02 · Price EUR 169.30 · Value 67.32 · Buy at or below 67.32; 2017-03 · Price EUR 146.75 · Value 67.32 · Buy at or below 67.32; 2017-04 · Price EUR 144.55 · Value 67.32 · Buy at or below 67.32; 2017-05 · Price EUR 146.25 · Value 67.32 · Buy at or below 67.32; 2017-06 · Price EUR 140.50 · Value 67.32 · Buy at or below 67.32; 2017-07 · Price EUR 150.75 · Value 67.32 · Buy at or below 67.32; 2017-08 · Price EUR 140.45 · Value 67.32 · Buy at or below 67.32; 2017-09 · Price EUR 124.45 · Value 67.32 · Buy at or below 67.32; 2017-10 · Price EUR 110.55 · Value 67.32 · Buy at or below 67.32; 2017-11 · Price EUR 108.60 · Value 67.32 · Buy at or below 67.32; 2017-12 · Price EUR 123.50 · Value 67.32 · Buy at or below 67.32; 2018-01 · Price EUR 123.60 · Value 67.32 · Buy at or below 67.32; 2018-02 · Price EUR 122.60 · Value 65.12 · Buy at or below 65.12; 2018-03 · Price EUR 119.40 · Value 65.12 · Buy at or below 65.12; 2018-04 · Price EUR 129.20 · Value 65.12 · Buy at or below 65.12; 2018-05 · Price EUR 124.00 · Value 65.12 · Buy at or below 65.12; 2018-06 · Price EUR 116.80 · Value 65.12 · Buy at or below 65.12; 2018-07 · Price EUR 122.00 · Value 65.12 · Buy at or below 65.12; 2018-08 · Price EUR 132.60 · Value 65.12 · Buy at or below 65.12; 2018-09 · Price EUR 143.00 · Value 65.12 · Buy at or below 65.12; 2018-10 · Price EUR 141.80 · Value 65.12 · Buy at or below 65.12; 2018-11 · Price EUR 120.60 · Value 65.12 · Buy at or below 65.12; 2018-12 · Price EUR 113.80 · Value 65.12 · Buy at or below 65.12; 2019-01 · Price EUR 123.00 · Value 65.12 · Buy at or below 65.12; 2019-02 · Price EUR 115.60 · Value 81.64 · Buy at or below 81.64; 2019-03 · Price EUR 146.20 · Value 81.64 · Buy at or below 81.64; 2019-04 · Price EUR 158.80 · Value 81.64 · Buy at or below 81.64; 2019-05 · Price EUR 168.60 · Value 81.64 · Buy at or below 81.64; 2019-06 · Price EUR 168.20 · Value 81.64 · Buy at or below 81.64; 2019-07 · Price EUR 167.80 · Value 81.64 · Buy at or below 81.64; 2019-08 · Price EUR 168.60 · Value 81.64 · Buy at or below 81.64; 2019-09 · Price EUR 210.00 · Value 81.64 · Buy at or below 81.64; 2019-10 · Price EUR 218.50 · Value 81.64 · Buy at or below 81.64; 2019-11 · Price EUR 221.50 · Value 81.64 · Buy at or below 81.64; 2019-12 · Price EUR 236.50 · Value 81.64 · Buy at or below 81.64; 2020-01 · Price EUR 221.00 · Value 81.64 · Buy at or below 81.64; 2020-02 · Price EUR 205.50 · Value 97.66 · Buy at or below 97.66; 2020-03 · Price EUR 162.00 · Value 97.66 · Buy at or below 97.66; 2020-04 · Price EUR 180.00 · Value 97.66 · Buy at or below 97.66; 2020-05 · Price EUR 190.00 · Value 97.66 · Buy at or below 97.66; 2020-06 · Price EUR 195.00 · Value 97.66 · Buy at or below 97.66; 2020-07 · Price EUR 184.60 · Value 97.66 · Buy at or below 97.66; 2020-08 · Price EUR 188.00 · Value 97.66 · Buy at or below 97.66; 2020-09 · Price EUR 197.60 · Value 97.66 · Buy at or below 97.66; 2020-10 · Price EUR 199.80 · Value 97.66 · Buy at or below 97.66; 2020-11 · Price EUR 217.00 · Value 97.66 · Buy at or below 97.66; 2020-12 · Price EUR 238.00 · Value 97.66 · Buy at or below 97.66; 2021-01 · Price EUR 214.50 · Value 97.66 · Buy at or below 97.66; 2021-02 · Price EUR 202.50 · Value 177.36 · Buy at or below 177.36; 2021-03 · Price EUR 219.50 · Value 177.36 · Buy at or below 177.36; 2021-04 · Price EUR 270.00 · Value 177.36 · Buy at or below 177.36; 2021-05 · Price EUR 267.00 · Value 177.36 · Buy at or below 177.36; 2021-06 · Price EUR 289.00 · Value 177.36 · Buy at or below 177.36; 2021-07 · Price EUR 340.50 · Value 177.36 · Buy at or below 177.36; 2021-08 · Price EUR 358.00 · Value 177.36 · Buy at or below 177.36; 2021-09 · Price EUR 371.00 · Value 177.36 · Buy at or below 177.36; 2021-10 · Price EUR 437.50 · Value 177.36 · Buy at or below 177.36; 2021-11 · Price EUR 414.00 · Value 177.36 · Buy at or below 177.36; 2021-12 · Price EUR 424.50 · Value 177.36 · Buy at or below 177.36; 2022-01 · Price EUR 355.50 · Value 177.36 · Buy at or below 177.36; 2022-02 · Price EUR 366.00 · Value 220.04 · Buy at or below 220.04; 2022-03 · Price EUR 363.00 · Value 220.04 · Buy at or below 220.04; 2022-04 · Price EUR 386.00 · Value 220.04 · Buy at or below 220.04; 2022-05 · Price EUR 378.50 · Value 220.04 · Buy at or below 220.04; 2022-06 · Price EUR 371.50 · Value 220.04 · Buy at or below 220.04; 2022-07 · Price EUR 360.00 · Value 220.04 · Buy at or below 220.04; 2022-08 · Price EUR 370.00 · Value 220.04 · Buy at or below 220.04; 2022-09 · Price EUR 267.00 · Value 220.04 · Buy at or below 220.04; 2022-10 · Price EUR 248.00 · Value 220.04 · Buy at or below 220.04; 2022-11 · Price EUR 243.50 · Value 220.04 · Buy at or below 220.04; 2022-12 · Price EUR 228.00 · Value 220.04 · Buy at or below 220.04; 2023-01 · Price EUR 278.50 · Value 220.04 · Buy at or below 220.04; 2023-02 · Price EUR 283.00 · Value 230.51 · Buy at or below 230.51; 2023-03 · Price EUR 296.00 · Value 230.51 · Buy at or below 230.51; 2023-04 · Price EUR 309.50 · Value 230.51 · Buy at or below 230.51; 2023-05 · Price EUR 285.00 · Value 230.51 · Buy at or below 230.51; 2023-06 · Price EUR 270.50 · Value 230.51 · Buy at or below 230.51; 2023-07 · Price EUR 280.00 · Value 230.51 · Buy at or below 230.51; 2023-08 · Price EUR 276.00 · Value 230.51 · Buy at or below 230.51; 2023-09 · Price EUR 256.00 · Value 230.51 · Buy at or below 230.51; 2023-10 · Price EUR 271.00 · Value 230.51 · Buy at or below 230.51; 2023-11 · Price EUR 286.50 · Value 230.51 · Buy at or below 230.51; 2023-12 · Price EUR 359.50 · Value 230.51 · Buy at or below 230.51; 2024-01 · Price EUR 334.00 · Value 230.51 · Buy at or below 230.51; 2024-02 · Price EUR 332.00 · Value 246.48 · Buy at or below 246.48; 2024-03 · Price EUR 346.00 · Value 246.48 · Buy at or below 246.48; 2024-04 · Price EUR 347.00 · Value 246.48 · Buy at or below 246.48; 2024-05 · Price EUR 358.00 · Value 246.48 · Buy at or below 246.48; 2024-06 · Price EUR 326.50 · Value 246.48 · Buy at or below 246.48; 2024-07 · Price EUR 352.00 · Value 246.48 · Buy at or below 246.48; 2024-08 · Price EUR 347.50 · Value 246.48 · Buy at or below 246.48; 2024-09 · Price EUR 383.00 · Value 246.48 · Buy at or below 246.48; 2024-10 · Price EUR 347.50 · Value 246.48 · Buy at or below 246.48; 2024-11 · Price EUR 324.00 · Value 246.48 · Buy at or below 246.48; 2024-12 · Price EUR 316.50 · Value 246.48 · Buy at or below 246.48; 2025-01 · Price EUR 324.00 · Value 246.48 · Buy at or below 246.48; 2025-02 · Price EUR 304.50 · Value 270.13 · Buy at or below 270.13; 2025-03 · Price EUR 294.50 · Value 270.13 · Buy at or below 270.13; 2025-04 · Price EUR 310.15 · Value 270.13 · Buy at or below 270.13; 2025-05 · Price EUR 333.00 · Value 270.13 · Buy at or below 270.13; 2025-06 · Price EUR 319.50 · Value 270.13 · Buy at or below 270.13; 2025-07 · Price EUR 347.50 · Value 270.13 · Buy at or below 270.13; 2025-08 · Price EUR 335.00 · Value 270.13 · Buy at or below 270.13; 2025-09 · Price EUR 314.50 · Value 270.13 · Buy at or below 270.13; 2025-10 · Price EUR 354.50 · Value 270.13 · Buy at or below 270.13; 2025-11 · Price EUR 368.00 · Value 270.13 · Buy at or below 270.13; 2025-12 · Price EUR 357.50 · Value 270.13 · Buy at or below 270.13; 2026-01 · Price EUR 351.50 · Value 270.13 · Buy at or below 270.13; 2026-02 · Price EUR 370.00 · Value 275.90 · Buy at or below 275.90; 2026-03 · Price EUR 354.50 · Value 275.90 · Buy at or below 275.90; 2026-04 · Price EUR 371.50 · Value 275.90 · Buy at or below 275.90; 2026-05 · Price EUR 358.50 · Value 275.90 · Buy at or below 275.90; 2026-06 · Price EUR 332.50 · Value 275.90 · Buy at or below 275.90; 2026-07 · Price EUR 337.50 · Value 275.90 · Buy at or below 275.90; 2026-08 · Price EUR 322.50 · Value 275.90 · Buy at or below 275.90; 2026-09 · Price EUR 311.50 · Value 275.90 · Buy at or below 275.90; 2026-10 · Price EUR 325.00 · Value 275.90 · Buy at or below 275.90; 2026-10 · Price EUR 336.50 · Value 275.90 · Buy at or below 275.90

EUR per share · annual estimates

Price & return math
Value range	EUR 221.20 – EUR 319.42
Buy at or below	Central value EUR 275.90
Discount to value	1 − 336.50 / 275.90 = -22.0%
Return / year	About 8.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 16.87/share; 3.8% growth for 5 years, then fades to 3.0%; excess cash EUR 16.86/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 1.5B

Revenue

Owner earningsEUR 129M

Owner earnings

Operating margin14.8%

Operating margin

Net cash / debtEUR -166M

Net cash / debt

Diluted shares8.4M

Diluted shares

Prices 15 Oct 2026 · FY2025