Data as of Sep 5, 2026
EPV per share
135.65 EUR
Current price
70.82 EUR
Margin of safety
+47.8 %
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 % |
|---|---|---|---|---|---|
| 9.22 % | 164.17 | 127.81 | 101.84 | 82.37 | 67.22 |
| 10.22 % | 187.83 | 147.53 | 118.75 | 97.16 | 80.37 |
| 11.22 % | 211.50 | 167.25 | 135.65 | 111.95 | 93.52 |
| 12.22 % | 235.16 | 186.98 | 152.56 | 126.74 | 106.66 |
| 13.22 % | 258.83 | 206.70 | 169.46 | 141.53 | 119.81 |
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 (5.7 %) 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)
5.67 %
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.
