Data as of Sep 5, 2026
EPV per share
63.03 EUR
Current price
69.06 EUR
Margin of safety
-9.6 %
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 % |
|---|---|---|---|---|---|
| 23.84 % | 86.37 | 69.14 | 56.84 | 47.61 | 40.43 |
| 24.84 % | 90.70 | 72.75 | 59.93 | 50.32 | 42.84 |
| 25.84 % | 95.04 | 76.37 | 63.03 | 53.03 | 45.25 |
| 26.84 % | 99.37 | 79.98 | 66.13 | 55.74 | 47.66 |
| 27.84 % | 103.71 | 83.59 | 69.22 | 58.45 | 50.06 |
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 (6.9 %) 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)
6.92 %
Provider beta (0.19) 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.
