Data as of Sep 5, 2026
EPV per share
120.42 EUR
Current price
109.75 EUR
Margin of safety
+8.9 %
Amounts in EUR; per-share values and price in EUR.
EBIT margin by year
Bridge: operations to equity
Sensitivity: EPV per share
| Margin \ WACC | 5.00 % | 6.00 % | 7.00 % | 8.00 % | 9.00 % |
|---|---|---|---|---|---|
| 9.04 % | 142.90 | 113.54 | 92.56 | 76.83 | 64.60 |
| 10.04 % | 162.40 | 129.79 | 106.49 | 89.02 | 75.43 |
| 11.04 % | 181.90 | 146.04 | 120.42 | 101.21 | 86.26 |
| 12.04 % | 201.40 | 162.28 | 134.35 | 113.39 | 97.10 |
| 13.04 % | 220.89 | 178.53 | 148.27 | 125.58 | 107.93 |
The normalized EBIT margin comes from only 4 financial year(s) (2022–2025); below 7 the window may not cover a full cycle and, in a cyclical business, capture only the peak or only the trough.
Computed WACC (6.4 %) below the 7 % floor; the floor is applied when discounting the EPV (it avoids a disproportionate value).
Amounts in EUR.
Capital structure and contribution to WACC
Required rate of return (WACC)
6.37 %
Provider beta (0.67) outside the sanity band [0.70, 1.50]; capped to 0.70 so that a noisy estimator does not govern the EPV.
Cost of debt approximated with the 'net interest and non-operating' residual (EBT−EBIT) of the last financial year; it is not an isolated interest line (it also includes FX and equity-method results), so it is an estimate.
