AI 銘柄分析 · 10年
IMCD N.V.
IMCD · EUR · 分析基準日 2026-11-06
IMCD：専門化学品流通の10年評価
AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。
分析の要約
専門化学品の地域別流通網を評価し、買収支出、無形資産の償却、運転資本、設備投資、株式報酬を考慮します。基準日時点の株数は2026年6月の自己株を用いた代理値で、9月末財務の一部と将来の買収・配当・税は推計です。終値は二次資料で照合。将来の業績や収益は確定していません。
要約の補足
- assessment
IMCDは理解可能な技術型特殊化学品流通で中程度以上の堀がある。しかし永続的な供給契約ではなく、リスクの本体は運転資本・買収対価・のれん・北米景気。EBITAや会社APM FCFをそのまま普通株主FCFEとは見なさない。
- judgement_2026_11_06
単独投資候補としてモートの質に比し買収と負債を要監視。安全余裕は全55期間の現金と残存持分から決定。
- data_limitations
Euronext official day-specific price ORIGINAL not confirmed; 2026-11-06 close EUR102.75 used based on independent secondary providers only. 9M is not complete IAS34 balance sheet; Nov6 float and gross debt/cash/equity proxy; Merit price/PPA unknown. Future M&A and amortization ratios are assumptions.
- terminal_reinvestment_2037_revision
2036 stub acquisition paid annualized to 2037 in all five scenarios; FY2037 attributable IFRS NI tax bridge adjusted for observed amort-related credit; legacy 2037 acquired PPA 10-year runoff and new M&A 30%-over-10-year finite identifiable amort; owner FCFE and SBC share-neutral cash purchase explicit 2037-2046 plus 2047 perpetual; 55 rows unchanged.
- value_conclusion
The previous assumed EUR1.0 oku 2037 base acquisition spend versus 2036 EUR2.523 oku annualized cannot be assumed sustainable without an organic/retention investment story. Revised selected IRR is a cautious MODEL assumption, not an objectively observed fair value.
結論の補足
- holder_expected_IRR
- 0.0458194173
- fair_value_per_share_eur
- 68.6644846
- entry_price_eur
- 102.75
- price_gap
- -0.3317325
- owner_outlook
terminal_reinvestment_high_sensitivity; no_proven_margin_of_safety
- valuation_quality
company 2025 and H1/9M 2026 evidence; future MA, PPA and tax shield proxy unverified; 2037+ explicit cashflow /2047 terminal DCF
- safety_conclusion
2026-11-06 quoted EUR102.75 versus uncertainty-bounded owner equity: use real 2036 MA rate rather than unsupported 2037 cut; do not treat amort as permanent income; tax credits are a proxy not cash tax certainty.
事業
専門化学品・原料をメーカーと顧客の間で流通・技術支援する事業。地域分散と供給先・顧客との関係が競争力の源泉です。
競争力・事業の質
技術支援と調達網に強みがある一方、買収の価格・統合、顧客需要、運転資本と借入が重要です。
業界と環境
化学・食品・医薬品などの産業需要、供給元の販売方針、為替動向の影響を受けます。
財務・資本配分
成長維持に要する買収・運転資本・設備投資と株式報酬を、株主への現金還元と区別して評価します。
評価の前提と確認
直近の利益や市場PERをそのまま価値とせず、再投資後の将来キャッシュフローと買収支出の感応度を検討します。
資本コストの前提
- 資本コスト
- 9.50%
- k_type
common_equity_required_return_assumption
- terminal_method
2037-2046_explicit_EQUITY_owner_FCFE_with_PPA_runoff_then_2047_Gordon_terminal_and_SBC_share_neutral_hedge
- terminal_year_discount_exponent
- 10.001368925394
- holder_cashflow_year_basis
ACT/365.25
- calendar_anniversary_ending
- はい
- end_actual_days
- 3653
- end_ACT36525_year
- 10.001368925394
- no_halfway_year5_lump_used_for_timed_cashflows
- はい
- terminal_is_calendar_10_year_anniversary_but_ACT_365_25_exponent
- はい
事業別データ
事業別の内訳と、収録されている年度別データを確認できます。
10年のシナリオ
シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億EUR。株主の範囲や受取時点は各分析の前提を確認してください。
| シナリオ | 確率 | 株主還元・追加負担 | 終価 |
|---|---|---|---|
| 強気 | 10.0% | 24.27 | 149.76 |
| やや強気 | 20.0% | 20.33 | 93.67 |
| 中立 | 45.0% | 18.22 | 68.19 |
| やや弱気 | 20.0% | 12.35 | 38.97 |
| 弱気 | 5.0% | 7.48 | 24.63 |
強気（確率 10.0%）
全地域で数量回復、APACの技術営業と買収の高収益化が進展。
確率の根拠
シナリオ確率は分析上の仮定。
事業別の前提
- 1
内容を開く
- 名称
EMEA
- 数量
- 1
- 価格・単価
- 54.901184356
- 営業利益
- 未確認
- 2
内容を開く
- 名称
Americas
- 数量
- 1
- 価格・単価
- 30.518021609
- 営業利益
- 未確認
- 3
内容を開く
- 名称
Asia_Pacific
- 数量
- 1
- 価格・単価
- 39.455602859
- 営業利益
- 未確認
日付別キャッシュフロー
- 1
内容を開く
- 想定日
2027-02-19
- year
- 0.287474332649
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
calendar_announced
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 2
内容を開く
- 想定日
2027-04-29
- year
- 0.476386036961
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
calendar_announced
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 3
内容を開く
- 想定日
2027-05-04
- year
- 0.490075290897
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2027-05-05
- payment_date
2027-05-07
- ex_date_model_context
2027-05-04
- 4
内容を開く
- 想定日
2027-05-05
- year
- 0.492813141684
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 5
内容を開く
- 想定日
2027-05-07
- year
- 0.498288843258
- 種類
cash_dividend_to_original_cohort
- 金額
- 1.274104683981
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2026配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 1.274104684
- eligible_float_shares
- 59044962
- old_cohort_shares_at_ex
- 59044962
- old_share_fraction_ex
- 1
- ex_date
2027-05-04
- record_date
2027-05-05
- payment_date
2027-05-07
- payment_right_assumption
hold_at_ex_date
- 6
内容を開く
- 想定日
2027-06-15
- year
- 0.605065023956
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 59044962
- treasury_shares_after
- 45037
- old_ownership_before
- 1
- old_ownership_after
- 0.999695240479
- 7
内容を開く
- 想定日
2027-09-15
- year
- 0.856947296372
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.066561708502
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.066582
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 110.97
- old_cohort_tendered_shares
- 59981.7144287
- old_cohort_shares_remaining
- 58984980.285571
- fraction_before
- 0.999695240479
- fraction_after
- 0.999695240479
- 8
内容を開く
- 想定日
2028-02-17
- year
- 1.281314168378
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
calendar_announced
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 9
内容を開く
- 想定日
2028-04-26
- year
- 1.47022587269
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
calendar_announced
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 10
内容を開く
- 想定日
2028-05-04
- year
- 1.492128678987
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2028-05-05
- payment_date
2028-05-09
- ex_date_model_context
2028-05-04
- 11
内容を開く
- 想定日
2028-05-05
- year
- 1.494866529774
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 12
内容を開く
- 想定日
2028-05-09
- year
- 1.505817932923
- 種類
cash_dividend_to_original_cohort
- 金額
- 1.488218255168
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2027配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 1.4886719421
- eligible_float_shares
- 59002962
- old_cohort_shares_at_ex
- 58984980.28557
- old_share_fraction_ex
- 0.999695240479
- ex_date
2028-05-04
- record_date
2028-05-05
- payment_date
2028-05-09
- payment_right_assumption
hold_at_ex_date
- 13
内容を開く
- 想定日
2028-06-15
- year
- 1.607118412047
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58984980.28557
- treasury_shares_after
- 87037
- old_ownership_before
- 0.999695240479
- old_ownership_after
- 0.999390357032
- 14
内容を開く
- 想定日
2028-09-15
- year
- 1.859000684463
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.071864721452
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.07190856
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 119.8476
- old_cohort_tendered_shares
- 59963.4214219
- old_cohort_shares_remaining
- 58925016.864149
- fraction_before
- 0.999390357032
- fraction_after
- 0.999390357032
- 15
内容を開く
- 想定日
2029-02-19
- year
- 2.288843258042
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 16
内容を開く
- 想定日
2029-04-30
- year
- 2.480492813142
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 17
内容を開く
- 想定日
2029-05-04
- year
- 2.49144421629
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2029-05-07
- payment_date
2029-05-09
- ex_date_model_context
2029-05-04
- 18
内容を開く
- 想定日
2029-05-07
- year
- 2.499657768652
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 19
内容を開く
- 想定日
2029-05-09
- year
- 2.505133470226
- 種類
cash_dividend_to_original_cohort
- 金額
- 1.672276594548
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2028配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 1.6732967081
- eligible_float_shares
- 58960962
- old_cohort_shares_at_ex
- 58925016.86415
- old_share_fraction_ex
- 0.999390357032
- ex_date
2029-05-04
- record_date
2029-05-07
- payment_date
2029-05-09
- payment_right_assumption
hold_at_ex_date
- 20
内容を開く
- 想定日
2029-06-15
- year
- 2.60643394935
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58925016.86415
- treasury_shares_after
- 129037
- old_ownership_before
- 0.999390357032
- old_ownership_after
- 0.999085349521
- 21
内容を開く
- 想定日
2029-09-17
- year
- 2.86379192334
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.077590211905
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.0776612448
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 129.435408
- old_cohort_tendered_shares
- 59945.1209713
- old_cohort_shares_remaining
- 58865071.743178
- fraction_before
- 0.999085349521
- fraction_after
- 0.999085349521
- 22
内容を開く
- 想定日
2030-02-19
- year
- 3.288158795346
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 23
内容を開く
- 想定日
2030-04-29
- year
- 3.477070499658
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 24
内容を開く
- 想定日
2030-05-06
- year
- 3.496235455168
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2030-05-07
- payment_date
2030-05-09
- ex_date_model_context
2030-05-06
- 25
内容を開く
- 想定日
2030-05-07
- year
- 3.498973305955
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 26
内容を開く
- 想定日
2030-05-09
- year
- 3.504449007529
- 種類
cash_dividend_to_original_cohort
- 金額
- 1.876474989489
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2029配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 1.8781928795
- eligible_float_shares
- 58918962
- old_cohort_shares_at_ex
- 58865071.74318
- old_share_fraction_ex
- 0.999085349521
- ex_date
2030-05-06
- record_date
2030-05-07
- payment_date
2030-05-09
- payment_right_assumption
hold_at_ex_date
- 27
内容を開く
- 想定日
2030-06-17
- year
- 3.611225188227
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58865071.74318
- treasury_shares_after
- 171037
- old_ownership_before
- 0.999085349521
- old_ownership_after
- 0.998780217806
- 28
内容を開く
- 想定日
2030-09-16
- year
- 3.860369609856
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.083771836196
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.0838741444
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 139.790241
- old_cohort_tendered_shares
- 59926.8130684
- old_cohort_shares_remaining
- 58805144.93011
- fraction_before
- 0.998780217806
- fraction_after
- 0.998780217806
- 29
内容を開く
- 想定日
2031-02-19
- year
- 4.287474332649
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 30
内容を開く
- 想定日
2031-04-28
- year
- 4.473648186174
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 31
内容を開く
- 想定日
2031-05-05
- year
- 4.492813141684
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2031-05-06
- payment_date
2031-05-08
- ex_date_model_context
2031-05-05
- 32
内容を開く
- 想定日
2031-05-06
- year
- 4.495550992471
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 33
内容を開く
- 想定日
2031-05-08
- year
- 4.501026694045
- 種類
cash_dividend_to_original_cohort
- 金額
- 2.103649859425
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2030配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 2.1062189878
- eligible_float_shares
- 58876962
- old_cohort_shares_at_ex
- 58805144.93011
- old_share_fraction_ex
- 0.998780217806
- ex_date
2031-05-05
- record_date
2031-05-06
- payment_date
2031-05-08
- payment_right_assumption
hold_at_ex_date
- 34
内容を開く
- 想定日
2031-06-16
- year
- 4.607802874743
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58805144.93011
- treasury_shares_after
- 213037
- old_ownership_before
- 0.998780217806
- old_ownership_after
- 0.998474961748
- 35
内容を開く
- 想定日
2031-09-15
- year
- 4.856947296372
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.090445931754
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.0905840759
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 150.97346
- old_cohort_tendered_shares
- 59908.4977049
- old_cohort_shares_remaining
- 58745236.432405
- fraction_before
- 0.998474961748
- fraction_after
- 0.998474961748
- 36
内容を開く
- 想定日
2032-02-19
- year
- 5.286789869952
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 37
内容を開く
- 想定日
2032-04-28
- year
- 5.475701574264
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 38
内容を開く
- 想定日
2032-05-04
- year
- 5.492128678987
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2032-05-05
- payment_date
2032-05-07
- ex_date_model_context
2032-05-04
- 39
内容を開く
- 想定日
2032-05-05
- year
- 5.494866529774
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 40
内容を開く
- 想定日
2032-05-07
- year
- 5.500342231348
- 種類
cash_dividend_to_original_cohort
- 金額
- 2.355986093504
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2031配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 2.3595845502
- eligible_float_shares
- 58834962
- old_cohort_shares_at_ex
- 58745236.4324
- old_share_fraction_ex
- 0.998474961748
- ex_date
2032-05-04
- record_date
2032-05-05
- payment_date
2032-05-07
- payment_right_assumption
hold_at_ex_date
- 41
内容を開く
- 想定日
2032-06-15
- year
- 5.607118412047
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58745236.4324
- treasury_shares_after
- 255037
- old_ownership_before
- 0.998474961748
- old_ownership_after
- 0.998169581208
- 42
内容を開く
- 想定日
2032-09-15
- year
- 5.859000684463
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.097651730671
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.097830802
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 163.051337
- old_cohort_tendered_shares
- 59890.1748725
- old_cohort_shares_remaining
- 58685346.257532
- fraction_before
- 0.998169581208
- fraction_after
- 0.998169581208
- 43
内容を開く
- 想定日
2033-02-21
- year
- 6.294318959617
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 44
内容を開く
- 想定日
2033-04-28
- year
- 6.475017111567
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 45
内容を開く
- 想定日
2033-05-04
- year
- 6.49144421629
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2033-05-05
- payment_date
2033-05-09
- ex_date_model_context
2033-05-04
- 46
内容を開く
- 想定日
2033-05-05
- year
- 6.494182067077
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 47
内容を開く
- 想定日
2033-05-09
- year
- 6.505133470226
- 種類
cash_dividend_to_original_cohort
- 金額
- 2.635828582775
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2032配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 2.6406621003
- eligible_float_shares
- 58792962
- old_cohort_shares_at_ex
- 58685346.25753
- old_share_fraction_ex
- 0.998169581208
- ex_date
2033-05-04
- record_date
2033-05-05
- payment_date
2033-05-09
- payment_right_assumption
hold_at_ex_date
- 48
内容を開く
- 想定日
2033-06-15
- year
- 6.60643394935
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58685346.25753
- treasury_shares_after
- 297037
- old_ownership_before
- 0.998169581208
- old_ownership_after
- 0.997864076046
- 49
内容を開く
- 想定日
2033-09-15
- year
- 6.858316221766
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.105431590285
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.1056572662
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 176.095444
- old_cohort_tendered_shares
- 59871.8445628
- old_cohort_shares_remaining
- 58625474.412969
- fraction_before
- 0.997864076046
- fraction_after
- 0.997864076046
- 50
内容を開く
- 想定日
2034-02-20
- year
- 7.290896646133
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 51
内容を開く
- 想定日
2034-04-28
- year
- 7.474332648871
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 52
内容を開く
- 想定日
2034-05-04
- year
- 7.490759753593
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2034-05-05
- payment_date
2034-05-09
- ex_date_model_context
2034-05-04
- 53
内容を開く
- 想定日
2034-05-05
- year
- 7.493497604381
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 54
内容を開く
- 想定日
2034-05-09
- year
- 7.504449007529
- 種類
cash_dividend_to_original_cohort
- 金額
- 2.94569951799
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2033配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 2.9520047757
- eligible_float_shares
- 58750962
- old_cohort_shares_at_ex
- 58625474.41297
- old_share_fraction_ex
- 0.997864076046
- ex_date
2034-05-04
- record_date
2034-05-05
- payment_date
2034-05-09
- payment_right_assumption
hold_at_ex_date
- 55
内容を開く
- 想定日
2034-06-15
- year
- 7.605749486653
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58625474.41297
- treasury_shares_after
- 339037
- old_ownership_before
- 0.997864076046
- old_ownership_after
- 0.997558446123
- 56
内容を開く
- 想定日
2034-09-15
- year
- 7.857631759069
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.113831242123
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.1141098475
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 190.183079
- old_cohort_tendered_shares
- 59853.5067674
- old_cohort_shares_remaining
- 58565620.906202
- fraction_before
- 0.997558446123
- fraction_after
- 0.997558446123
- 57
内容を開く
- 想定日
2035-02-19
- year
- 8.287474332649
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 58
内容を開く
- 想定日
2035-04-30
- year
- 8.479123887748
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 59
内容を開く
- 想定日
2035-05-04
- year
- 8.490075290897
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2035-05-07
- payment_date
2035-05-09
- ex_date_model_context
2035-05-04
- 60
内容を開く
- 想定日
2035-05-07
- year
- 8.498288843258
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 61
内容を開く
- 想定日
2035-05-09
- year
- 8.503764544832
- 種類
cash_dividend_to_original_cohort
- 金額
- 3.288307901951
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2034配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 3.296356133
- eligible_float_shares
- 58708962
- old_cohort_shares_at_ex
- 58565620.9062
- old_share_fraction_ex
- 0.997558446123
- ex_date
2035-05-04
- record_date
2035-05-07
- payment_date
2035-05-09
- payment_right_assumption
hold_at_ex_date
- 62
内容を開く
- 想定日
2035-06-15
- year
- 8.605065023956
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58565620.9062
- treasury_shares_after
- 381037
- old_ownership_before
- 0.997558446123
- old_ownership_after
- 0.997252691297
- 63
内容を開く
- 想定日
2035-09-17
- year
- 8.862422997947
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.122900060686
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.1232386353
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 205.397725
- old_cohort_tendered_shares
- 59835.1614778
- old_cohort_shares_remaining
- 58505785.744724
- fraction_before
- 0.997252691297
- fraction_after
- 0.997252691297
- 64
内容を開く
- 想定日
2036-02-19
- year
- 9.286789869952
- 種類
annual_results_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ
- 65
内容を開く
- 想定日
2036-04-28
- year
- 9.475701574264
- 種類
assumed_dividend_approval_reassessment
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
AGM日（2027-28は開示予定、配当議決内容は全年度未確定）
- 66
内容を開く
- 想定日
2036-05-05
- year
- 9.494866529774
- 種類
dividend_ex_date_entitlement_lock
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新
- record_date
2036-05-06
- payment_date
2036-05-08
- ex_date_model_context
2036-05-05
- 67
内容を開く
- 想定日
2036-05-06
- year
- 9.497604380561
- 種類
dividend_record_date
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
配当権利株数記録日。IRRの現金イベントではない
- 68
内容を開く
- 想定日
2036-05-08
- year
- 9.503080082136
- 種類
cash_dividend_to_original_cohort
- 金額
- 3.666559080434
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
FY2035配当予測。権利落ち時点の旧株主持分で受領
- corporate_dividend_oku
- 3.6766600005
- eligible_float_shares
- 58666962
- old_cohort_shares_at_ex
- 58505785.74472
- old_share_fraction_ex
- 0.997252691297
- ex_date
2036-05-05
- record_date
2036-05-06
- payment_date
2036-05-08
- payment_right_assumption
hold_at_ex_date
- 69
内容を開く
- 想定日
2036-06-16
- year
- 9.609856262834
- 種類
treasury_to_employee_SBC_delivery_non_cash
- 金額
- 0
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ
- employee_award_shares
- 18000
- old_cohort_shares_after
- 58505785.74472
- treasury_shares_after
- 423037
- old_ownership_before
- 0.997252691297
- old_ownership_after
- 0.996946811429
- 70
内容を開く
- 想定日
2036-09-15
- year
- 9.859000684463
- 種類
issuer_treasury_repurchase_pro_rata_old_cohort_tender
- 金額
- 0.132691353626
- date_status
assumed
- cashflow_unit
oku_EUR
- scenario
bull
- memo
市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる
- corporate_buyback_cash_oku
- 0.1330977261
- corporate_shares_repur
- 60000
- buyback_eur_per_share_assumed
- 221.829543
- old_cohort_tendered_shares
- 59816.8086857
- old_cohort_shares_remaining
- 58445968.936039
- fraction_before
- 0.996946811429
- fraction_after
- 0.996946811429
その他の数値・前提
- scenario_assumptions_ref
assumptions.all_scenario_parameters.bull
- annual_ledger
内容を開く
- 1
内容を開く
- period_id
post_cutoff_partial_2026
- 対象年度
- 2026
- 開始日
2026-11-07
- 終了日
2026-12-31
- days_included
- 55
- annual_denominator_days
- 365
- portion_of_fy
- 0.150684931507
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 22.216526283
- nci
- 0.01327
- gross
- 18.08295
- cash
- 2.84595
- 発行済み
- 59107999
- own
- 63037
- old_shares
- 59044962
- float
- 59044962
- net_debt
- 15.237
- old_fraction
- 1
- 売上高
- 8.1669123288
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 24.919462247
- 売上高
- 3.754987462
- operating_ebita_oku
- 0.431823558
- gross_profit_oku
- 1.00633664
- margin
- 0.115
- Americas
内容を開く
- annualized_revenue_oku
- 15.173420643
- 売上高
- 2.28640585
- operating_ebita_oku
- 0.217208556
- gross_profit_oku
- 0.548737404
- margin
- 0.095
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 14.105717109
- 売上高
- 2.125519016
- operating_ebita_oku
- 0.28056851
- gross_profit_oku
- 0.486743855
- margin
- 0.132
- gross_profit_oku
- 2.0418178987
- ebita_oku
- 0.8781490764
- holding_cost_ebita_oku
- -0.0514515477
- acquired_customer_relationship_amortisation_oku
- 0.1633382466
- oneoff_adjustments_oku
- 0.0014700442
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 0.7133407856
- net_finance_expense_oku
- 0.1020727295
- equity_associate_income_oku
- 0.0001506849
- ifrs_profit_before_tax_oku
- 0.6114187411
- ifrs_income_tax_expense_oku
- 0.155911779
- nci_net_income_oku
- 5.27397E-5
- ifrs_parent_net_income_oku
- 0.4554542224
- ppe_depreciation_oku
- 0.0653352986
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0061251842
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0014700442
- oci_parent_non_cash_oku
- 0.0032667649
- net_working_capital_cash_investment_oku
- 0.049001474
- cash_tax_and_misc_timing_oku
- 0.0163338247
- operating_cash_flow_after_interest_tax_oku
- 0.6249703929
- maintenance_and_digital_capex_oku
- 0.0359344142
- free_cash_flow_post_interest_tax_pre_MA_oku
- 0.5890359787
- acquisition_and_earnout_cash_paid_oku
- 0
- issuer_cash_dividends_oku
- 0
- issuer_buyback_cash_oku
- 0
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 4.52055E-5
- free_cash_after_acq_and_capex_pre_distributions_oku
- 0.5890359787
- gross_new_borrowing_net_of_repayment_oku
- -0.7250107732
- treasury_shares_to_employees_non_cash
- 0
- corporate_shares_repur
- 0
- corporate_buyback_assumed_price_eur
- 未確認
- old_cohort_buyback_cash_received_oku
- 0
- old_cohort_dividend_received_oku
- 0
- old_holder_actual_cash_received_in_period_oku
- 0
- old_holder_ownership_at_dividend_ex_date
- 未確認
- old_cohort_eligible_shares_at_ex
- 0
- end
内容を開く
- 親会社持分（億）
- 22.6813724548
- 非支配持分資本（億）
- 0.0132775342
- gross_borrowings_oku
- 17.3579392268
- 現金（億）
- 2.70993
- net_debt_oku
- 14.6480092268
- shares_issued
- 59107999
- 自己株式数
- 63037
- float_shares
- 59044962
- old_holder_cohort_shares
- 59044962
- old_holder_fraction_of_float
- 1
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- -0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 2
内容を開く
- period_id
FY2027
- 対象年度
- 2027
- 開始日
2027-01-01
- 終了日
2027-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 22.681372455
- nci
- 0.013277534
- gross
- 17.357939227
- cash
- 2.70993
- 発行済み
- 59107999
- own
- 63037
- old_shares
- 59044962
- float
- 59044962
- net_debt
- 14.648009227
- old_fraction
- 1
- 売上高
- 58.0666469023
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 26.594221621
- 売上高
- 26.594221621
- operating_ebita_oku
- 3.116842774
- gross_profit_oku
- 7.127251394
- margin
- 0.1172
- Americas
内容を開く
- annualized_revenue_oku
- 16.037345574
- 売上高
- 16.037345574
- operating_ebita_oku
- 1.550811317
- gross_profit_oku
- 3.848962938
- margin
- 0.0967
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 15.435079708
- 売上高
- 15.435079708
- operating_ebita_oku
- 2.068300681
- gross_profit_oku
- 3.534633253
- margin
- 0.134
- gross_profit_oku
- 14.5108475851
- ebita_oku
- 6.3701348963
- holding_cost_ebita_oku
- -0.3658198755
- acquired_customer_relationship_amortisation_oku
- 1.161332938
- oneoff_adjustments_oku
- 0.0104519964
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 5.1983499618
- net_finance_expense_oku
- 0.6510206098
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 4.5483293519
- ifrs_income_tax_expense_oku
- 1.1598239847
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 3.3881553672
- ppe_depreciation_oku
- 0.4645331752
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0435499852
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0104519964
- oci_parent_non_cash_oku
- 0.0232266588
- net_working_capital_cash_investment_oku
- 0.8857174287
- cash_tax_and_misc_timing_oku
- 0.1161332938
- operating_cash_flow_after_interest_tax_oku
- 4.0560707431
- maintenance_and_digital_capex_oku
- 0.2554932464
- free_cash_flow_post_interest_tax_pre_MA_oku
- 3.8005774968
- acquisition_and_earnout_cash_paid_oku
- 2.7
- issuer_cash_dividends_oku
- 1.274104684
- issuer_buyback_cash_oku
- 0.066582
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 1.1005774968
- gross_new_borrowing_net_of_repayment_oku
- 0.4338115323
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 110.97
- old_cohort_buyback_cash_received_oku
- 0.0665617085
- old_cohort_dividend_received_oku
- 1.274104684
- old_holder_actual_cash_received_in_period_oku
- 1.3406663925
- old_holder_ownership_at_dividend_ex_date
- 1
- old_cohort_eligible_shares_at_ex
- 59044962
- end
内容を開く
- 親会社持分（億）
- 24.795617782
- 非支配持分資本（億）
- 0.0133275342
- gross_borrowings_oku
- 17.7917507591
- 現金（億）
- 2.9033323451
- net_debt_oku
- 14.888418414
- shares_issued
- 59107999
- 自己株式数
- 105037
- float_shares
- 59002962
- old_holder_cohort_shares
- 58984980.285571
- old_holder_fraction_of_float
- 0.999695240479
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 3
内容を開く
- period_id
FY2028
- 対象年度
- 2028
- 開始日
2028-01-01
- 終了日
2028-12-31
- days_included
- 366
- annual_denominator_days
- 366
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 24.795617782
- nci
- 0.013327534
- gross
- 17.791750759
- cash
- 2.903332345
- 発行済み
- 59107999
- own
- 105037
- old_shares
- 58984980.285571
- float
- 59002962
- net_debt
- 14.888418414
- old_fraction
- 0.99969524
- 売上高
- 63.3996474487
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 28.91984935
- 売上高
- 28.91984935
- operating_ebita_oku
- 3.453030012
- gross_profit_oku
- 7.750519626
- margin
- 0.1194
- Americas
内容を開く
- annualized_revenue_oku
- 17.274099141
- 売上高
- 17.274099141
- operating_ebita_oku
- 1.699771355
- gross_profit_oku
- 4.145783794
- margin
- 0.0984
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 17.205698958
- 売上高
- 17.205698958
- operating_ebita_oku
- 2.339975058
- gross_profit_oku
- 3.940105061
- margin
- 0.136
- gross_profit_oku
- 15.836408481
- ebita_oku
- 7.0933586472
- holding_cost_ebita_oku
- -0.3994177789
- acquired_customer_relationship_amortisation_oku
- 1.267992949
- oneoff_adjustments_oku
- 0.0114119365
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 5.8139537617
- net_finance_expense_oku
- 0.6652316268
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 5.1497221349
- ifrs_income_tax_expense_oku
- 1.3131791444
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 3.8361929905
- ppe_depreciation_oku
- 0.5071971796
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0475497356
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0114119365
- oci_parent_non_cash_oku
- 0.025359859
- net_working_capital_cash_investment_oku
- 0.9599400984
- cash_tax_and_misc_timing_oku
- 0.1267992949
- operating_cash_flow_after_interest_tax_oku
- 4.5725434614
- maintenance_and_digital_capex_oku
- 0.2789584488
- free_cash_flow_post_interest_tax_pre_MA_oku
- 4.2935850126
- acquisition_and_earnout_cash_paid_oku
- 2.8215
- issuer_cash_dividends_oku
- 1.4886719421
- issuer_buyback_cash_oku
- 0.07190856
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 1.4720850126
- gross_new_borrowing_net_of_repayment_oku
- 0.3554455168
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 119.8476
- old_cohort_buyback_cash_received_oku
- 0.0718647215
- old_cohort_dividend_received_oku
- 1.4882182552
- old_holder_actual_cash_received_in_period_oku
- 1.5600829766
- old_holder_ownership_at_dividend_ex_date
- 0.999695240479
- old_cohort_eligible_shares_at_ex
- 58984980.285571
- end
内容を開く
- 親会社持分（億）
- 27.1441398649
- 非支配持分資本（億）
- 0.0133775342
- gross_borrowings_oku
- 18.1471962759
- 現金（億）
- 3.1699823724
- net_debt_oku
- 14.9772139035
- shares_issued
- 59107999
- 自己株式数
- 147037
- float_shares
- 58960962
- old_holder_cohort_shares
- 58925016.864149
- old_holder_fraction_of_float
- 0.999390357032
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- -0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 4
内容を開く
- period_id
FY2029
- 対象年度
- 2029
- 開始日
2029-01-01
- 終了日
2029-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 27.144139865
- nci
- 0.013377534
- gross
- 18.147196276
- cash
- 3.169982372
- 発行済み
- 59107999
- own
- 147037
- old_shares
- 58925016.864149
- float
- 58960962
- net_debt
- 14.977213904
- old_fraction
- 0.999390357
- 売上高
- 69.1749636374
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 31.42296901
- 売上高
- 31.42296901
- operating_ebita_oku
- 3.821033032
- gross_profit_oku
- 8.421355695
- margin
- 0.1216
- Americas
内容を開く
- annualized_revenue_oku
- 18.593220594
- 売上高
- 18.593220594
- operating_ebita_oku
- 1.861181381
- gross_profit_oku
- 4.462372942
- margin
- 0.1001
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 19.158774034
- 売上高
- 19.158774034
- operating_ebita_oku
- 2.643910817
- gross_profit_oku
- 4.387359254
- margin
- 0.138
- gross_profit_oku
- 17.2710878909
- ebita_oku
- 7.8903229588
- holding_cost_ebita_oku
- -0.4358022709
- acquired_customer_relationship_amortisation_oku
- 1.3834992727
- oneoff_adjustments_oku
- 0.0124514935
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 6.4943721926
- net_finance_expense_oku
- 0.6753609015
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 5.820011291
- ifrs_income_tax_expense_oku
- 1.4841028792
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 4.3355584118
- ppe_depreciation_oku
- 0.5533997091
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0518812227
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0124514935
- oci_parent_non_cash_oku
- 0.0276699855
- net_working_capital_cash_investment_oku
- 1.039556914
- cash_tax_and_misc_timing_oku
- 0.1383499273
- operating_cash_flow_after_interest_tax_oku
- 5.1467817752
- maintenance_and_digital_capex_oku
- 0.30436984
- free_cash_flow_post_interest_tax_pre_MA_oku
- 4.8424119352
- acquisition_and_earnout_cash_paid_oku
- 2.9484675
- issuer_cash_dividends_oku
- 1.6732967081
- issuer_buyback_cash_oku
- 0.0776612448
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 1.8939444352
- gross_new_borrowing_net_of_repayment_oku
- 0.1460793272
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 129.435408
- old_cohort_buyback_cash_received_oku
- 0.0775902119
- old_cohort_dividend_received_oku
- 1.6722765945
- old_holder_actual_cash_received_in_period_oku
- 1.7498668065
- old_holder_ownership_at_dividend_ex_date
- 0.999390357032
- old_cohort_eligible_shares_at_ex
- 58925016.864149
- end
内容を開く
- 親会社持分（億）
- 29.808291532
- 非支配持分資本（億）
- 0.0134275342
- gross_borrowings_oku
- 18.2932756031
- 現金（億）
- 3.4587481819
- net_debt_oku
- 14.8345274213
- shares_issued
- 59107999
- 自己株式数
- 189037
- float_shares
- 58918962
- old_holder_cohort_shares
- 58865071.743178
- old_holder_fraction_of_float
- 0.999085349521
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 5
内容を開く
- period_id
FY2030
- 対象年度
- 2030
- 開始日
2030-01-01
- 終了日
2030-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 29.808291532
- nci
- 0.013427534
- gross
- 18.293275603
- cash
- 3.458748182
- 発行済み
- 59107999
- own
- 189037
- old_shares
- 58865071.743178
- float
- 58918962
- net_debt
- 14.834527421
- old_fraction
- 0.99908535
- 売上高
- 75.4242709655
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 34.114633406
- 売上高
- 34.114633406
- operating_ebita_oku
- 4.223391616
- gross_profit_oku
- 9.142721753
- margin
- 0.1238
- Americas
内容を開く
- annualized_revenue_oku
- 19.999080249
- 売上高
- 19.999080249
- operating_ebita_oku
- 2.035906369
- gross_profit_oku
- 4.79977926
- margin
- 0.1018
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 21.31055731
- 売上高
- 21.31055731
- operating_ebita_oku
- 2.983478023
- gross_profit_oku
- 4.880117624
- margin
- 0.14
- gross_profit_oku
- 18.8226186367
- ebita_oku
- 8.7676031014
- holding_cost_ebita_oku
- -0.4751729071
- acquired_customer_relationship_amortisation_oku
- 1.5084854193
- oneoff_adjustments_oku
- 0.0135763688
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 7.2455413133
- net_finance_expense_oku
- 0.677015274
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 6.5695260393
- ifrs_income_tax_expense_oku
- 1.67522914
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 4.8939468993
- ppe_depreciation_oku
- 0.6033941677
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0565682032
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0135763688
- oci_parent_non_cash_oku
- 0.0301697084
- net_working_capital_cash_investment_oku
- 1.1248753191
- cash_tax_and_misc_timing_oku
- 0.1508485419
- operating_cash_flow_after_interest_tax_oku
- 5.7870208286
- maintenance_and_digital_capex_oku
- 0.3318667922
- free_cash_flow_post_interest_tax_pre_MA_oku
- 5.4551540363
- acquisition_and_earnout_cash_paid_oku
- 3.0811485375
- issuer_cash_dividends_oku
- 1.8781928795
- issuer_buyback_cash_oku
- 0.0838741444
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 2.3740054988
- gross_new_borrowing_net_of_repayment_oku
- -0.0991731085
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 139.79024064
- old_cohort_buyback_cash_received_oku
- 0.0837718362
- old_cohort_dividend_received_oku
- 1.8764749895
- old_holder_actual_cash_received_in_period_oku
- 1.9602468257
- old_holder_ownership_at_dividend_ex_date
- 0.999085349521
- old_cohort_eligible_shares_at_ex
- 58865071.743178
- end
内容を開く
- 親会社持分（億）
- 32.826909319
- 非支配持分資本（億）
- 0.0134775342
- gross_borrowings_oku
- 18.1941024946
- 現金（億）
- 3.7712135483
- net_debt_oku
- 14.4228889463
- shares_issued
- 59107999
- 自己株式数
- 231037
- float_shares
- 58876962
- old_holder_cohort_shares
- 58805144.93011
- old_holder_fraction_of_float
- 0.998780217806
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 6
内容を開く
- period_id
FY2031
- 対象年度
- 2031
- 開始日
2031-01-01
- 終了日
2031-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 32.826909319
- nci
- 0.013477534
- gross
- 18.194102495
- cash
- 3.771213548
- 発行済み
- 59107999
- own
- 231037
- old_shares
- 58805144.93011
- float
- 58876962
- net_debt
- 14.422888946
- old_fraction
- 0.998780218
- 売上高
- 82.1810031951
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 37.006358676
- 売上高
- 37.006358676
- operating_ebita_oku
- 4.662801193
- gross_profit_oku
- 9.917704125
- margin
- 0.126
- Americas
内容を開く
- annualized_revenue_oku
- 21.49619062
- 売上高
- 21.49619062
- operating_ebita_oku
- 2.224855729
- gross_profit_oku
- 5.159085749
- margin
- 0.1035
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 23.678453899
- 売上高
- 23.678453899
- operating_ebita_oku
- 3.362340454
- gross_profit_oku
- 5.422365943
- margin
- 0.142
- gross_profit_oku
- 20.4991558169
- ebita_oku
- 9.7322570559
- holding_cost_ebita_oku
- -0.5177403201
- acquired_customer_relationship_amortisation_oku
- 1.6436200639
- oneoff_adjustments_oku
- 0.0147925806
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 8.0738444114
- net_finance_expense_oku
- 0.6687730076
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 7.4060714038
- ifrs_income_tax_expense_oku
- 1.888548208
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 5.5171731958
- ppe_depreciation_oku
- 0.6574480256
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0616357524
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0147925806
- oci_parent_non_cash_oku
- 0.0328724013
- net_working_capital_cash_investment_oku
- 1.2162118013
- cash_tax_and_misc_timing_oku
- 0.1643620064
- operating_cash_flow_after_interest_tax_oku
- 6.49965323
- maintenance_and_digital_capex_oku
- 0.3615964141
- free_cash_flow_post_interest_tax_pre_MA_oku
- 6.1380568159
- acquisition_and_earnout_cash_paid_oku
- 3.2198002217
- issuer_cash_dividends_oku
- 2.1062189878
- issuer_buyback_cash_oku
- 0.0905840759
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 2.9182565942
- gross_new_borrowing_net_of_repayment_oku
- -0.383316919
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 150.9734598912
- old_cohort_buyback_cash_received_oku
- 0.0904459318
- old_cohort_dividend_received_oku
- 2.1036498594
- old_holder_actual_cash_received_in_period_oku
- 2.1940957912
- old_holder_ownership_at_dividend_ex_date
- 0.998780217806
- old_cohort_eligible_shares_at_ex
- 58805144.93011
- end
内容を開く
- 親会社持分（億）
- 36.2417876048
- 非支配持分資本（億）
- 0.0135275342
- gross_borrowings_oku
- 17.8107855757
- 現金（億）
- 4.1090501598
- net_debt_oku
- 13.7017354159
- shares_issued
- 59107999
- 自己株式数
- 273037
- float_shares
- 58834962
- old_holder_cohort_shares
- 58745236.432405
- old_holder_fraction_of_float
- 0.998474961748
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- -0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 7
内容を開く
- period_id
FY2032
- 対象年度
- 2032
- 開始日
2032-01-01
- 終了日
2032-12-31
- days_included
- 366
- annual_denominator_days
- 366
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 36.241787605
- nci
- 0.013527534
- gross
- 17.810785576
- cash
- 4.10905016
- 発行済み
- 59107999
- own
- 273037
- old_shares
- 58745236.432405
- float
- 58834962
- net_debt
- 13.701735416
- old_fraction
- 0.998474962
- 売上高
- 89.4803990787
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 40.110124019
- 売上高
- 40.110124019
- operating_ebita_oku
- 5.142117899
- gross_profit_oku
- 10.749513237
- margin
- 0.1282
- Americas
内容を開く
- annualized_revenue_oku
- 23.089203937
- 売上高
- 23.089203937
- operating_ebita_oku
- 2.428984254
- gross_profit_oku
- 5.541408945
- margin
- 0.1052
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 26.281071123
- 売上高
- 26.281071123
- operating_ebita_oku
- 3.784474242
- gross_profit_oku
- 6.018365287
- margin
- 0.144
- gross_profit_oku
- 22.309287469
- ebita_oku
- 10.7918498809
- holding_cost_ebita_oku
- -0.5637265142
- acquired_customer_relationship_amortisation_oku
- 1.7896079816
- oneoff_adjustments_oku
- 0.0161064718
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 8.9861354275
- net_finance_expense_oku
- 0.6490939352
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 8.3380414923
- ifrs_income_tax_expense_oku
- 2.1262005805
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 6.2114909117
- ppe_depreciation_oku
- 0.7158431926
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0671102993
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0161064718
- oci_parent_non_cash_oku
- 0.0357921596
- net_working_capital_cash_investment_oku
- 1.313891259
- cash_tax_and_misc_timing_oku
- 0.1789607982
- operating_cash_flow_after_interest_tax_oku
- 7.2915503281
- maintenance_and_digital_capex_oku
- 0.3937137559
- free_cash_flow_post_interest_tax_pre_MA_oku
- 6.8978365721
- acquisition_and_earnout_cash_paid_oku
- 3.3646912317
- issuer_cash_dividends_oku
- 2.3595845502
- issuer_buyback_cash_oku
- 0.097830802
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 3.5331453405
- gross_new_borrowing_net_of_repayment_oku
- -0.7104601941
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 163.0513366825
- old_cohort_buyback_cash_received_oku
- 0.0976517307
- old_cohort_dividend_received_oku
- 2.3559860935
- old_holder_actual_cash_received_in_period_oku
- 2.4536378242
- old_holder_ownership_at_dividend_ex_date
- 0.998474961748
- old_cohort_eligible_shares_at_ex
- 58745236.432405
- end
内容を開く
- 親会社持分（億）
- 40.0987656232
- 非支配持分資本（億）
- 0.0135775342
- gross_borrowings_oku
- 17.1003253816
- 現金（億）
- 4.4740199539
- net_debt_oku
- 12.6263054277
- shares_issued
- 59107999
- 自己株式数
- 315037
- float_shares
- 58792962
- old_holder_cohort_shares
- 58685346.257532
- old_holder_fraction_of_float
- 0.998169581208
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 8
内容を開く
- period_id
FY2033
- 対象年度
- 2033
- 開始日
2033-01-01
- 終了日
2033-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 40.098765623
- nci
- 0.013577534
- gross
- 17.100325382
- cash
- 4.474019954
- 発行済み
- 59107999
- own
- 315037
- old_shares
- 58685346.257532
- float
- 58792962
- net_debt
- 12.626305428
- old_fraction
- 0.998169581
- 売上高
- 97.3595449051
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 43.438369384
- 売上高
- 43.438369384
- operating_ebita_oku
- 5.664363368
- gross_profit_oku
- 11.641482995
- margin
- 0.1304
- Americas
内容を開く
- annualized_revenue_oku
- 24.782908954
- 売上高
- 24.782908954
- operating_ebita_oku
- 2.649292967
- gross_profit_oku
- 5.947898149
- margin
- 0.1069
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 29.138266567
- 売上高
- 29.138266567
- operating_ebita_oku
- 4.254186919
- gross_profit_oku
- 6.672663044
- margin
- 0.146
- gross_profit_oku
- 24.2620441877
- ebita_oku
- 11.9544781208
- holding_cost_ebita_oku
- -0.6133651329
- acquired_customer_relationship_amortisation_oku
- 1.9471908981
- oneoff_adjustments_oku
- 0.0175247181
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 9.9897625046
- net_finance_expense_oku
- 0.6162764105
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 9.374486094
- ifrs_income_tax_expense_oku
- 2.390493954
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 6.9836421401
- ppe_depreciation_oku
- 0.7788763592
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0730196587
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0175247181
- oci_parent_non_cash_oku
- 0.038943818
- net_working_capital_cash_investment_oku
- 1.4182462488
- cash_tax_and_misc_timing_oku
- 0.1947190898
- operating_cash_flow_after_interest_tax_oku
- 8.1701137175
- maintenance_and_digital_capex_oku
- 0.4283819976
- free_cash_flow_post_interest_tax_pre_MA_oku
- 7.7417317199
- acquisition_and_earnout_cash_paid_oku
- 3.5161023371
- issuer_cash_dividends_oku
- 2.6406621003
- issuer_buyback_cash_oku
- 0.1056572662
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 4.2256293828
- gross_new_borrowing_net_of_repayment_oku
- -1.085052725
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 176.0954436171
- old_cohort_buyback_cash_received_oku
- 0.1054315903
- old_cohort_dividend_received_oku
- 2.6358285828
- old_holder_actual_cash_received_in_period_oku
- 2.7412601731
- old_holder_ownership_at_dividend_ex_date
- 0.998169581208
- old_cohort_eligible_shares_at_ex
- 58685346.257532
- end
内容を開く
- 親会社持分（億）
- 44.4480518735
- 非支配持分資本（億）
- 0.0136275342
- gross_borrowings_oku
- 16.0152726566
- 現金（億）
- 4.8679772453
- net_debt_oku
- 11.1472954113
- shares_issued
- 59107999
- 自己株式数
- 357037
- float_shares
- 58750962
- old_holder_cohort_shares
- 58625474.41297
- old_holder_fraction_of_float
- 0.997864076046
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 9
内容を開く
- period_id
FY2034
- 対象年度
- 2034
- 開始日
2034-01-01
- 終了日
2034-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 44.448051873
- nci
- 0.013627534
- gross
- 16.015272657
- cash
- 4.867977245
- 発行済み
- 59107999
- own
- 357037
- old_shares
- 58625474.41297
- float
- 58750962
- net_debt
- 11.147295411
- old_fraction
- 0.997864076
- 売上高
- 105.8574121656
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 47.003990938
- 売上高
- 47.003990938
- operating_ebita_oku
- 6.232729198
- gross_profit_oku
- 12.597069571
- margin
- 0.1326
- Americas
内容を開く
- annualized_revenue_oku
- 26.582227025
- 売上高
- 26.582227025
- operating_ebita_oku
- 2.886829855
- gross_profit_oku
- 6.379734486
- margin
- 0.1086
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 32.271194202
- 売上高
- 32.271194202
- operating_ebita_oku
- 4.776136742
- gross_profit_oku
- 7.390103472
- margin
- 0.148
- gross_profit_oku
- 26.3669075298
- ebita_oku
- 13.2287940986
- holding_cost_ebita_oku
- -0.6669016966
- acquired_customer_relationship_amortisation_oku
- 2.1171482433
- oneoff_adjustments_oku
- 0.0190543342
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 11.0925915211
- net_finance_expense_oku
- 0.5684439522
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 10.525147569
- ifrs_income_tax_expense_oku
- 2.6839126301
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 7.8408849389
- ppe_depreciation_oku
- 0.8468592973
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0793930591
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0190543342
- oci_parent_non_cash_oku
- 0.0423429649
- net_working_capital_cash_investment_oku
- 1.5296161069
- cash_tax_and_misc_timing_oku
- 0.2117148243
- operating_cash_flow_after_interest_tax_oku
- 9.1433046074
- maintenance_and_digital_capex_oku
- 0.4657726135
- free_cash_flow_post_interest_tax_pre_MA_oku
- 8.6775319939
- acquisition_and_earnout_cash_paid_oku
- 3.6743269423
- issuer_cash_dividends_oku
- 2.9520047757
- issuer_buyback_cash_oku
- 0.1141098475
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 5.0032050516
- gross_new_borrowing_net_of_repayment_oku
- -1.5118970654
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 190.1830791065
- old_cohort_buyback_cash_received_oku
- 0.1138312421
- old_cohort_dividend_received_oku
- 2.945699518
- old_holder_actual_cash_received_in_period_oku
- 3.0595307601
- old_holder_ownership_at_dividend_ex_date
- 0.997864076046
- old_cohort_eligible_shares_at_ex
- 58625474.41297
- end
内容を開く
- 親会社持分（億）
- 49.3445582132
- 非支配持分資本（億）
- 0.0136775342
- gross_borrowings_oku
- 14.5033755911
- 現金（億）
- 5.2928706083
- net_debt_oku
- 9.2105049828
- shares_issued
- 59107999
- 自己株式数
- 399037
- float_shares
- 58708962
- old_holder_cohort_shares
- 58565620.906202
- old_holder_fraction_of_float
- 0.997558446123
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 10
内容を開く
- period_id
FY2035
- 対象年度
- 2035
- 開始日
2035-01-01
- 終了日
2035-12-31
- days_included
- 365
- annual_denominator_days
- 365
- portion_of_fy
- 1
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 49.344558213
- nci
- 0.013677534
- gross
- 14.503375591
- cash
- 5.292870608
- 発行済み
- 59107999
- own
- 399037
- old_shares
- 58565620.906202
- float
- 58708962
- net_debt
- 9.210504983
- old_fraction
- 0.997558446
- 売上高
- 115.0148895969
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 50.820334154
- 売上高
- 50.820334154
- operating_ebita_oku
- 6.850581044
- gross_profit_oku
- 13.619849553
- margin
- 0.1348
- Americas
内容を開く
- annualized_revenue_oku
- 28.492207384
- 売上高
- 28.492207384
- operating_ebita_oku
- 3.142690474
- gross_profit_oku
- 6.838129772
- margin
- 0.1103
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 35.702348059
- 売上高
- 35.702348059
- operating_ebita_oku
- 5.355352209
- gross_profit_oku
- 8.175837705
- margin
- 0.15
- gross_profit_oku
- 28.6338170309
- ebita_oku
- 14.6240299228
- holding_cost_ebita_oku
- -0.7245938045
- acquired_customer_relationship_amortisation_oku
- 2.3002977919
- oneoff_adjustments_oku
- 0.0207026801
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 12.3030294507
- net_finance_expense_oku
- 0.5035314595
- equity_associate_income_oku
- 0.001
- ifrs_profit_before_tax_oku
- 11.8004979912
- ifrs_income_tax_expense_oku
- 3.0091269878
- nci_net_income_oku
- 0.00035
- ifrs_parent_net_income_oku
- 8.7910210034
- ppe_depreciation_oku
- 0.9201191168
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0862611672
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0207026801
- oci_parent_non_cash_oku
- 0.0460059558
- net_working_capital_cash_investment_oku
- 1.6483459376
- cash_tax_and_misc_timing_oku
- 0.2300297792
- operating_cash_flow_after_interest_tax_oku
- 10.2196733625
- maintenance_and_digital_capex_oku
- 0.5060655142
- free_cash_flow_post_interest_tax_pre_MA_oku
- 9.7136078483
- acquisition_and_earnout_cash_paid_oku
- 3.8396716547
- issuer_cash_dividends_oku
- 3.296356133
- issuer_buyback_cash_oku
- 0.1232386353
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.0003
- free_cash_after_acq_and_capex_pre_distributions_oku
- 5.8739361936
- gross_new_borrowing_net_of_repayment_oku
- -1.9961675538
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 205.397725435
- old_cohort_buyback_cash_received_oku
- 0.1229000607
- old_cohort_dividend_received_oku
- 3.288307902
- old_holder_actual_cash_received_in_period_oku
- 3.4112079626
- old_holder_ownership_at_dividend_ex_date
- 0.997558446123
- old_cohort_eligible_shares_at_ex
- 58565620.906202
- end
内容を開く
- 親会社持分（億）
- 54.8482515713
- 非支配持分資本（億）
- 0.0137275342
- gross_borrowings_oku
- 12.5072080374
- 現金（億）
- 5.7507444798
- net_debt_oku
- 6.7564635575
- shares_issued
- 59107999
- 自己株式数
- 441037
- float_shares
- 58666962
- old_holder_cohort_shares
- 58505785.744724
- old_holder_fraction_of_float
- 0.997252691297
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- -0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- 11
内容を開く
- period_id
partial_2036_to_anniversary
- 対象年度
- 2036
- 開始日
2036-01-01
- 終了日
2036-11-06
- days_included
- 311
- annual_denominator_days
- 366
- portion_of_fy
- 0.849726775956
- data_status
forecast_hypothetical
- opening
内容を開く
- parent_equity
- 54.848251571
- nci
- 0.013727534
- gross
- 12.507208037
- cash
- 5.75074448
- 発行済み
- 59107999
- own
- 441037
- old_shares
- 58505785.744724
- float
- 58666962
- net_debt
- 6.756463558
- old_fraction
- 0.997252691
- 売上高
- 106.1094687002
- regional_revenue_and_ebita_oku
- EMEA
内容を開く
- annualized_revenue_oku
- 54.901184356
- 売上高
- 46.651006379
- operating_ebita_oku
- 6.391187874
- gross_profit_oku
- 12.50246971
- margin
- 0.137
- Americas
内容を開く
- annualized_revenue_oku
- 30.518021609
- 売上高
- 25.93198011
- operating_ebita_oku
- 2.904381772
- gross_profit_oku
- 6.223675226
- margin
- 0.112
- Asia_Pacific
内容を開く
- annualized_revenue_oku
- 39.455602859
- 売上高
- 33.526482211
- operating_ebita_oku
- 5.096025296
- gross_profit_oku
- 7.677564426
- margin
- 0.152
- gross_profit_oku
- 26.4037093623
- ebita_oku
- 13.7231052895
- holding_cost_ebita_oku
- -0.6684896528
- acquired_customer_relationship_amortisation_oku
- 2.122189374
- oneoff_adjustments_oku
- 0.0190997044
- noncash_goodwill_impairment_oku
- 0
- ifrs_operating_profit_oku
- 11.5818162111
- net_finance_expense_oku
- 0.3562655323
- equity_associate_income_oku
- 0.0008497268
- ifrs_profit_before_tax_oku
- 11.2264004056
- ifrs_income_tax_expense_oku
- 2.8627321034
- nci_net_income_oku
- 0.0002974044
- ifrs_parent_net_income_oku
- 8.3633708978
- ppe_depreciation_oku
- 0.8488757496
- sbc_expense_equity_settled_included_in_ni_oku
- 0.0795821015
- sbc_cash_settled_cost_included_in_ni_oku
- 0.0190997044
- oci_parent_non_cash_oku
- 0.0424437875
- net_working_capital_cash_investment_oku
- 1.5080827277
- cash_tax_and_misc_timing_oku
- 0.2122189374
- operating_cash_flow_after_interest_tax_oku
- 9.6940138622
- maintenance_and_digital_capex_oku
- 0.4668816623
- free_cash_flow_post_interest_tax_pre_MA_oku
- 9.2271322
- acquisition_and_earnout_cash_paid_oku
- 3.4094920476
- issuer_cash_dividends_oku
- 3.6766600005
- issuer_buyback_cash_oku
- 0.1330977261
- issuer_new_shares_cash_proceeds_oku
- 0
- nci_dividend_paid_oku
- 0.000254918
- free_cash_after_acq_and_capex_pre_distributions_oku
- 5.8176401524
- gross_new_borrowing_net_of_repayment_oku
- -1.5146315465
- treasury_shares_to_employees_non_cash
- 18000
- corporate_shares_repur
- 60000
- corporate_buyback_assumed_price_eur
- 221.8295434698
- old_cohort_buyback_cash_received_oku
- 0.1326913536
- old_cohort_dividend_received_oku
- 3.6665590804
- old_holder_actual_cash_received_in_period_oku
- 3.7992504341
- old_holder_ownership_at_dividend_ex_date
- 0.997252691297
- old_cohort_eligible_shares_at_ex
- 58505785.744724
- end
内容を開く
- 親会社持分（億）
- 59.5238906316
- 非支配持分資本（億）
- 0.0137700206
- gross_borrowings_oku
- 10.9925764909
- 現金（億）
- 6.2437404412
- net_debt_oku
- 4.7488360497
- shares_issued
- 59107999
- 自己株式数
- 483037
- float_shares
- 58624962
- old_holder_cohort_shares
- 58445968.936039
- old_holder_fraction_of_float
- 0.996946811429
- checks
内容を開く
- ebita_region_plus_holding_residual_oku
- 0
- pbt_bridge_residual_oku
- 0
- parent_equity_rollforward_residual_oku
- 0
- cash_rollforward_residual_oku
- 0
- net_debt_rollforward_residual_oku
- 0
- shares_outstanding_residual_shares
- 0
- nci_equity_rollforward_residual_oku
- 0
- notes
Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.
- period_count
- 11
- 期間内の親会社利益合計（億）
- 60.616890979
- 期間内株主受取
- 24.2698459465
- 終価
- 149.7590729227
- 売上高
- 124.874808824
- 営業利益
- 13.6525248395
- 純利益
- 9.8424236289
- equity_oku
- 59.5238906316
- multiple
- 15.288851
- multiple_definition
derived terminal equity (multi-year owner FCFE, not market PER) / 2037 reported IFRS parent NI proxy
- terminal_2036_11_06
内容を開く
- 日付
2036-11-06
- end_old_share_count
- 58445968.936039
- float_shares
- 58624962
- old_holder_fraction
- 0.996946811429
- 2036_partial_year_net_income_oku
- 8.3633708978
- full_year_FY2036_normalized_not_in_net_sum
内容を開く
- period
FY2036 full year counterfactual only, NOT part of 10y horizon
- 売上高
- 124.874808824
- ebita_oku
- 16.150021016
- ifrs_parent_ni_oku
- 9.8424236289
- amortisation_oku
- 2.4974961765
- pp_and_e_depreciation_oku
- 0.9989984706
- reporting
forecast normalized FY2036 for forward 2037 terminal only
- modeled_2037_revenue_oku
- 128.1215538534
- modeled_2037_ebita_oku
- 16.5699215624
- modeled_2037_net_finance_expense_oku
- 0.353298117
- modeled_2037_reported_parent_ni_oku
- 9.825311307
- modeled_2037_ppe_dep_oku
- 1.0249724308
- modeled_2037_intangible_amort_oku
- 2.5624310771
- modeled_2037_sbc_equity_addback_oku
- 0.0960911654
- modeled_2037_maintenance_capex_oku
- 0.6149834585
- modeled_2037_increase_NWC_oku
- 0.6168815556
- modeled_2037_ongoing_acquisition_cash_oku
- 4.0124568792
- modeled_2037_cash_tax_timing_reserve_oku
- 0.2562431077
- sustainable_FCFE_before_stock_hedge_oku
- 8.0082409793
- sbc_equity_shares_replenished_per_year
- 18000
- implied_FCFE_valuation_based_eur_per_share
- 256.235076
- sbc_share_neutral_company_cash_repurchase_cost_oku
- 0.0461223137
- sustainable_FCFE_after_stock_hedge_oku
- 7.9621186656
- k_terminal
- 0.078
- g_terminal
- 0.026
- sustainable_excess_cash_oku
- 0
- total_equity_value_oku
- 150.2177159362
- old_cohort_terminal_equity_value_oku
- 149.7590729227
- valuation_equation
V = (excess_cash + sum_{t=1..10} FCFE_pre_hedge_t/(1+k)^t + FCFE_pre_hedge_2047/((k-g)*(1+k)^10))/(1+(award_shares/float)*(sum_{t=1..10}((1+g)^(t-1)/(1+k)^t)+(1+g)^10/((k-g)*(1+k)^10))); FCFE includes annual acquisition cash and partial-tax-shield PPA runoff; 2037+ only inside 2036 terminal.
- do_not_add_terminal_to_timed_cashflows
- はい
- modeled_2037_amort_related_tax_credit_oku
- 0.3231440176
- modeled_2037_IFRS_tax_expense_oku
- 3.8064691817
- owner_equity_terminal_method
explicit_2037_2046_with_legacy_finite_amort_runoff_and_2047_perpetuity
- 2036_partial_acquisition_cash_oku
- 3.4094920476
- 2036_partial_acquisition_days
- 311
- 2036_FY_annualization_days
- 366
- 2036_annualized_acquisition_cash_oku
- 4.0124568792
- 2037_original_v3_MA_assumption_oku
- 1.45
- ma_continuity_ratio_new_vs_v3
- 2.7672116408
- 2025_actual_acquisition_cash_oku
- 4.37216
- 2025_actual_annual_amort_oku
- 1.015
- 2025_actual_related_accounting_tax_credit_oku
- 0.128
- 2037_amortization_tax_credit_ratio_proxy
- 0.1261083744
- 2037_ifrs_net_income_legacy_full_statutory_tax_credit_v3_oku
- 10.1555872141
- 2037_net_income_tax_correction_vs_v3_oku
- -0.3302759071
- legacy_acquired_intangible_amort_runoff_years_assumed
- 10
- future_MA_capitalized_finite_intangible_fraction_assumed
- 0.3
- future_finite_intangible_amort_lifetime_years_assumed
- 10
- future_FCFE_2037_to_2046_plus_2047_tail
内容を開く
- 1
内容を開く
- fiscal_year_proxy
- 2037
- year_index
- 1
- 売上高
- 128.1215538534
- ebita_oku
- 16.5699215624
- finance_expense_oku
- 0.353298117
- acquired_intangibles_legacy_amort_oku
- 2.5624310771
- acquisition_generated_finite_intangibles_amort_oku
- 0
- total_amort_oku
- 2.5624310771
- tax_full_rate_pre_amort_oku
- 4.1296131993
- tax_credit_on_intangibles_oku
- 0.3231440176
- reported_tax_oku
- 3.8064691817
- ifrs_parent_NI_oku
- 9.825311307
- depreciation_ppe_oku
- 1.0249724308
- sbc_noncash_oku
- 0.0960911654
- capex_cash_oku
- 0.6149834585
- working_capital_reinvestment_oku
- 0.6168815556
- acquisition_cash_oku
- 4.0124568792
- cash_tax_timing_oku
- 0.2562431077
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.0082409793
- sbc_hedge_cash_cost_oku
- 0.0461223137
- owner_FCFE_after_SBC_cash_hedge_oku
- 7.9621186656
- 2
内容を開く
- fiscal_year_proxy
- 2038
- year_index
- 2
- 売上高
- 131.4527142536
- ebita_oku
- 17.000739523
- finance_expense_oku
- 0.362483868
- acquired_intangibles_legacy_amort_oku
- 2.3061879694
- acquisition_generated_finite_intangibles_amort_oku
- 0.1203737064
- total_amort_oku
- 2.4265616758
- tax_full_rate_pre_amort_oku
- 4.2369831424
- tax_credit_on_intangibles_oku
- 0.3060097483
- reported_tax_oku
- 3.9309733942
- ifrs_parent_NI_oku
- 10.2577259965
- depreciation_ppe_oku
- 1.051621714
- sbc_noncash_oku
- 0.0985895357
- capex_cash_oku
- 0.6309730284
- working_capital_reinvestment_oku
- 0.632920476
- acquisition_cash_oku
- 4.116780758
- cash_tax_timing_oku
- 0.2629054285
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.190919231
- sbc_hedge_cash_cost_oku
- 0.0473214938
- owner_FCFE_after_SBC_cash_hedge_oku
- 8.1435977372
- 3
内容を開く
- fiscal_year_proxy
- 2039
- year_index
- 3
- 売上高
- 134.8704848242
- ebita_oku
- 17.4427587506
- finance_expense_oku
- 0.3719084486
- acquired_intangibles_legacy_amort_oku
- 2.0499448617
- acquisition_generated_finite_intangibles_amort_oku
- 0.2438771291
- total_amort_oku
- 2.2938219908
- tax_full_rate_pre_amort_oku
- 4.3471447041
- tax_credit_on_intangibles_oku
- 0.2892701624
- reported_tax_oku
- 4.0578745418
- ifrs_parent_NI_oku
- 10.6955613216
- depreciation_ppe_oku
- 1.0789638786
- sbc_noncash_oku
- 0.1011528636
- capex_cash_oku
- 0.6473783272
- working_capital_reinvestment_oku
- 0.6493764084
- acquisition_cash_oku
- 4.2238170577
- cash_tax_timing_oku
- 0.2697409696
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.3791872917
- sbc_hedge_cash_cost_oku
- 0.0485518527
- owner_FCFE_after_SBC_cash_hedge_oku
- 8.330635439
- 4
内容を開く
- fiscal_year_proxy
- 2040
- year_index
- 4
- 売上高
- 138.3771174296
- ebita_oku
- 17.8962704782
- finance_expense_oku
- 0.3815780683
- acquired_intangibles_legacy_amort_oku
- 1.793701754
- acquisition_generated_finite_intangibles_amort_oku
- 0.3705916408
- total_amort_oku
- 2.1642933948
- tax_full_rate_pre_amort_oku
- 4.4601704665
- tax_credit_on_intangibles_oku
- 0.2729355217
- reported_tax_oku
- 4.1872349447
- ifrs_parent_NI_oku
- 11.1389582188
- depreciation_ppe_oku
- 1.1070169394
- sbc_noncash_oku
- 0.1037828381
- capex_cash_oku
- 0.6642101637
- working_capital_reinvestment_oku
- 0.666260195
- acquisition_cash_oku
- 4.3336363012
- cash_tax_timing_oku
- 0.2767542349
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.5731904963
- sbc_hedge_cash_cost_oku
- 0.0498142008
- owner_FCFE_after_SBC_cash_hedge_oku
- 8.5233762955
- 5
内容を開く
- fiscal_year_proxy
- 2041
- year_index
- 5
- 売上高
- 141.9749224828
- ebita_oku
- 18.3615735106
- finance_expense_oku
- 0.3914990981
- acquired_intangibles_legacy_amort_oku
- 1.5374586463
- acquisition_generated_finite_intangibles_amort_oku
- 0.5006007299
- total_amort_oku
- 2.0380593761
- tax_full_rate_pre_amort_oku
- 4.5761348986
- tax_credit_on_intangibles_oku
- 0.2570163548
- reported_tax_oku
- 4.3191185438
- ifrs_parent_NI_oku
- 11.588061289
- depreciation_ppe_oku
- 1.1357993799
- sbc_noncash_oku
- 0.1064811919
- capex_cash_oku
- 0.6814796279
- working_capital_reinvestment_oku
- 0.6835829601
- acquisition_cash_oku
- 4.4463108451
- cash_tax_timing_oku
- 0.283949845
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.7730779588
- sbc_hedge_cash_cost_oku
- 0.0511093701
- owner_FCFE_after_SBC_cash_hedge_oku
- 8.7219685887
- 6
内容を開く
- fiscal_year_proxy
- 2042
- year_index
- 6
- 売上高
- 145.6662704674
- ebita_oku
- 18.8389744219
- finance_expense_oku
- 0.4016780746
- acquired_intangibles_legacy_amort_oku
- 1.2812155385
- acquisition_generated_finite_intangibles_amort_oku
- 0.6339900552
- total_amort_oku
- 1.9152055938
- tax_full_rate_pre_amort_oku
- 4.6951144059
- tax_credit_on_intangibles_oku
- 0.241523464
- reported_tax_oku
- 4.4535909419
- ifrs_parent_NI_oku
- 12.0430188926
- depreciation_ppe_oku
- 1.1653301637
- sbc_noncash_oku
- 0.1092497029
- capex_cash_oku
- 0.6991980982
- working_capital_reinvestment_oku
- 0.7013561171
- acquisition_cash_oku
- 4.561914927
- cash_tax_timing_oku
- 0.2913325409
- owner_FCFE_before_SBC_cash_hedge_oku
- 8.9790026697
- sbc_hedge_cash_cost_oku
- 0.0524382137
- owner_FCFE_after_SBC_cash_hedge_oku
- 8.926564456
- 7
内容を開く
- fiscal_year_proxy
- 2043
- year_index
- 7
- 売上高
- 149.4535934995
- ebita_oku
- 19.3287877568
- finance_expense_oku
- 0.4121217045
- acquired_intangibles_legacy_amort_oku
- 1.0249724308
- acquisition_generated_finite_intangibles_amort_oku
- 0.770847503
- total_amort_oku
- 1.7958199339
- tax_full_rate_pre_amort_oku
- 4.8171873805
- tax_credit_on_intangibles_oku
- 0.2264679325
- reported_tax_oku
- 4.5907194479
- ifrs_parent_NI_oku
- 12.5039832476
- depreciation_ppe_oku
- 1.195628748
- sbc_noncash_oku
- 0.1120901951
- capex_cash_oku
- 0.7173772488
- working_capital_reinvestment_oku
- 0.7195913761
- acquisition_cash_oku
- 4.6805247151
- cash_tax_timing_oku
- 0.298907187
- owner_FCFE_before_SBC_cash_hedge_oku
- 9.1911215976
- sbc_hedge_cash_cost_oku
- 0.0538016072
- owner_FCFE_after_SBC_cash_hedge_oku
- 9.1373199903
- 8
内容を開く
- fiscal_year_proxy
- 2044
- year_index
- 8
- 売上高
- 153.3393869305
- ebita_oku
- 19.8313362385
- finance_expense_oku
- 0.4228368689
- acquired_intangibles_legacy_amort_oku
- 0.7687293231
- acquisition_generated_finite_intangibles_amort_oku
- 0.9112632445
- total_amort_oku
- 1.6799925676
- tax_full_rate_pre_amort_oku
- 4.9424342524
- tax_credit_on_intangibles_oku
- 0.2118611317
- reported_tax_oku
- 4.7305731207
- ifrs_parent_NI_oku
- 12.9711105295
- depreciation_ppe_oku
- 1.2267150954
- sbc_noncash_oku
- 0.1150045402
- capex_cash_oku
- 0.7360290573
- working_capital_reinvestment_oku
- 0.7383007519
- acquisition_cash_oku
- 4.8022183577
- cash_tax_timing_oku
- 0.3066787739
- owner_FCFE_before_SBC_cash_hedge_oku
- 9.409595792
- sbc_hedge_cash_cost_oku
- 0.055200449
- owner_FCFE_after_SBC_cash_hedge_oku
- 9.354395343
- 9
内容を開く
- fiscal_year_proxy
- 2045
- year_index
- 9
- 売上高
- 157.3262109907
- ebita_oku
- 20.3469509807
- finance_expense_oku
- 0.4338306274
- acquired_intangibles_legacy_amort_oku
- 0.5124862154
- acquisition_generated_finite_intangibles_amort_oku
- 1.0553297952
- total_amort_oku
- 1.5678160107
- tax_full_rate_pre_amort_oku
- 5.070937543
- tax_credit_on_intangibles_oku
- 0.1977147284
- reported_tax_oku
- 4.8732228145
- ifrs_parent_NI_oku
- 13.4445609743
- depreciation_ppe_oku
- 1.2586096879
- sbc_noncash_oku
- 0.1179946582
- capex_cash_oku
- 0.7551658128
- working_capital_reinvestment_oku
- 0.7574965714
- acquisition_cash_oku
- 4.927076035
- cash_tax_timing_oku
- 0.314652422
- owner_FCFE_before_SBC_cash_hedge_oku
- 9.6345904899
- sbc_hedge_cash_cost_oku
- 0.0566356607
- owner_FCFE_after_SBC_cash_hedge_oku
- 9.5779548292
- 10
内容を開く
- fiscal_year_proxy
- 2046
- year_index
- 10
- 売上高
- 161.4166924764
- ebita_oku
- 20.8759717062
- finance_expense_oku
- 0.4451102238
- acquired_intangibles_legacy_amort_oku
- 0.2562431077
- acquisition_generated_finite_intangibles_amort_oku
- 1.2031420763
- total_amort_oku
- 1.459385184
- tax_full_rate_pre_amort_oku
- 5.2027819191
- tax_credit_on_intangibles_oku
- 0.1840406932
- reported_tax_oku
- 5.0187412259
- ifrs_parent_NI_oku
- 13.9244989844
- depreciation_ppe_oku
- 1.2913335398
- sbc_noncash_oku
- 0.1210625194
- capex_cash_oku
- 0.7748001239
- working_capital_reinvestment_oku
- 0.7771914823
- acquisition_cash_oku
- 5.055180012
- cash_tax_timing_oku
- 0.322833385
- owner_FCFE_before_SBC_cash_hedge_oku
- 9.8662752244
- sbc_hedge_cash_cost_oku
- 0.0581081879
- owner_FCFE_after_SBC_cash_hedge_oku
- 9.8081670366
- 11
内容を開く
- fiscal_year_proxy
- 2047
- year_index
- 11
- 売上高
- 165.6135264808
- ebita_oku
- 21.4187469706
- finance_expense_oku
- 0.4566830896
- acquired_intangibles_legacy_amort_oku
- 0
- acquisition_generated_finite_intangibles_amort_oku
- 1.3547974766
- total_amort_oku
- 1.3547974766
- tax_full_rate_pre_amort_oku
- 5.338054249
- tax_credit_on_intangibles_oku
- 0.1708513074
- reported_tax_oku
- 5.1672029416
- ifrs_parent_NI_oku
- 14.4110932363
- depreciation_ppe_oku
- 1.3249082118
- sbc_noncash_oku
- 0.1242101449
- capex_cash_oku
- 0.7949449271
- working_capital_reinvestment_oku
- 0.7973984608
- acquisition_cash_oku
- 5.1866146923
- cash_tax_timing_oku
- 0.331227053
- owner_FCFE_before_SBC_cash_hedge_oku
- 10.1048239365
- sbc_hedge_cash_cost_oku
- 0.0596190008
- owner_FCFE_after_SBC_cash_hedge_oku
- 10.0452049357
- terminal_unfloored_residual_equity_oku
- 150.2177159362
- terminal_limited_liability_floor_applied
- いいえ
- PV_2037_2046_FCFE_pre_hedge_oku
- 59.4113421919
- PV_2047_onward_pre_hedge_oku
- 91.6933413151
- PV_2037_onward_share_hedge_cash_oku
- 0.8869675708
- 2047_terminal_forward_annual_acquisition_oku
- 5.1866146923
- 2047_sustainable_finite_intangible_amort_oku
- 1.3547974766
- 2047_owner_FCFE_pre_hedge_oku
- 10.1048239365
- 2047_owner_FCFE_after_hedge_oku
- 10.0452049357
- zero_cash_2037_plus_hidden_in_terminal_not_in_timed_cashflows
- はい
- acquisition_productivity_crosscheck
内容を開く
- 2036_full_year_EBITA_oku
- 16.150021016
- 2037_EBITA_oku
- 16.5699215624
- 2037_EBITA_delta_oku
- 0.4199005464
- prior_2036_annualized_MA_oku
- 4.0124568792
- EBITA_yield_on_prior_2036_acquisition_assumed
- 0.08
- potential_2037_incremental_EBITA_from_prior_MA_oku
- 0.3209965503
- residual_organic_renegotiation_attrition_in_EBITA_oku
- 0.0989039961
- does_NOT_add_MA_generated_EBITA_twice
- はい
- caution
Only illustrative productivity bridge. Real purchase dates, historical lagged acquisition effect, ROIC and organic margin are not split from company reported numbers in 2037.
- valuation
内容を開く
- initial_outlay_oku
- 60.668698455
- discount_rate
- 0.095
- pv_holder_cash_oku
- 14.6389716316
- pv_terminal_oku
- 60.4224034161
- pv_total_oku
- 75.0613750477
- fair_value_per_original_share_eur
- 127.1257911
- price_upside
- 0.2372339767
- scenario_IRR
- 0.121204131474
- scenario_IRR_definition
cash and terminal both actual dated days since 2026-11-06 /365.25, with 2036-11-06 terminal at t=3653/365.25
- terminal_discount_exponent_ACT36525
- 10.001368925394
- valuation_revision_vs_v3
Only 2036 terminal PPA run-off, acquisition reinvestment and amort-tax credit; 55 period P&L, dividend/buyback, equity/cash/debt/SBC/holders unchanged.
- reconciliation
内容を開く
- net_sum_from_11_periods_oku
- 60.6168909789
- payout_from_positive_timed_cashflows_oku
- 24.2698459465
- mcap_from_old_cohort_fraction_oku
- 149.7590729227
- final_parent_equity_oku
- 59.5238906316
- final_gross_borrowing_oku
- 10.9925764909
- final_cash_oku
- 6.2437404412
- final_net_debt_oku
- 4.7488360497
- final_nci_equity_oku
- 0.0137700206
- forecast_2026_parent_NI_full_year_oku
- 2.848199944
- forecast_years
2026 55-day stub + FY2027-FY2035 + 2036 311-day stub
- terminal_cashflow_event_count_check
- はい
- annual_ledger_count
- 11
- terminal_ACT36525_exponent
- 10.001368925394
- 2037_acquisition_cash_annualized_link_to_2036_311d_oku
- 4.0124568792
- retained_55_periods_exact
- はい
- segment_operating_profit_status
not_estimated
金額の単位
oku_EUR
事業の詳細
- owner_understanding
製造ではなく特殊化学品・食品・化粧品・医薬関連原料の技術営業・配合支援・規制対応・在庫小口配送を提供する流通/処方プラットフォーム
- supply_relationships
多くの長期的かつ相互排他的な供給者契約。ただし契約再交渉や系列変更のリスク
- customer_relation
多業種・地域の分散した顧客基盤。価格転嫁余地は数量・用途・競合次第
- industrial_cyclicality
建設・自動車・エネルギー向けは循環的。高付加価値ライフサイエンス部門と区別
- asset_light_qualification
物的設備投資は小さいが、在庫・債権運転資金と買収対価は実際の投資であり、すべてのEBITAをオーナー利益とはみなさない
競争力の詳細
- 競争優位性
medium_to_strong_but_not_irreplaceable
- moat_rationale
- 1
分散した仕入先・需要家を結ぶ技術営業、配合ラボ、現地規制、長期取引関係
- 2
世界共通ITと技術サポートの規模・紹介密度が新規参入コストを高める
- 3
価格と数量、顧客別製品採用で循環・供給者の直販/乗換えリスクを持つ
- capital_allocation
買収拡大型。のれん/顧客関係償却を現金コストと混同しない一方、買収を恒常的な成長投資としてFCFEから差し引く
- debt_guardrail
2026-09-30 net debt 2.6x operating EBITDA; financial covenant maximum 4.25x H1 report
- reported_cash_flow_warning
会社のFCFは利息・税・買収後の株主FCFEではない。会社定義を再構成する必要がある
業界の詳細
- drivers
内容を開く
- 1
特産化学品の数量/単価/製品ミックス
- 2
技術サポート/調合の継続性
- 3
買収倍率とシナジー
- 4
運転資本効率
- 5
欧米工業循環とアジア成長
- risks
内容を開く
- 1
サプライヤーの販売代理契約変更
- 2
化学品規制と顧客景気
- 3
のれん減損
- 4
為替換算差とキャッシュ滞留
- 5
買収後の資金負担/金利高
財務・資本配分の詳細
- dividend_policy
adjusted net income (reported NI + net-of-tax intangible amortisation) 25%-35% target (2025 Annual Report); model pays ~27%-35%
- real_2026_paid_dividend
内容を開く
- ex_date
2026-05-05
- record_date
2026-05-06
- payment_date
2026-05-08
- eur_per_share
- 1.81
- group_paid_oku
- 1.06869
- treatment
paid_prior_to_asof_excluded_from_new_cohort_cashflows
- repurchase
only historical LTI replenishment/treasury, no evidence of large-scale buyback program at cutoff
- sbc
NI always after cost SBC; equity-settled noncash SBC reserve credited once; treasury shares delivered with zero cash but ownership dilution; employer purchase of treasury stock is a real financing cashflow; future 2037+ sustainable FCFE deducts SBC-neutral share-repurchase cash
評価根拠の詳細
- not_market_per
- はい
- not_prior_5yr_payout
- はい
- terminal_on_2036_11_06_not_fy2036_end
- はい
- use_actual_price_just_as_entry_cost
- はい
- eps_and_cash_eps_not_interchangeable
- はい
- not_hypothetical_2026_year_end_realized
- はい
分析基準とデータ
- 価格・単価
- 102.75
- price_currency
EUR_per_share
- price_source_status
secondary_price_crosscheck_primary_close_unverified
- 株数
- 59044962
- issued_shares_2025_12_31_actual
- 59107999
- own_shares_2026_06_30_actual
- 63037
- actual_share_count_2026_11_06
- 未確認
- share_denominator_status
proxy_2026_06_30_no_confirmed_share_transactions_Jul-Nov
- 終価
- 60.668698455
- start_original_cohort_shares
- 59044962
- start_old_cohort_float_fraction
- 1
- excluded_treasury_does_not_own_dividend
- はい
- price_status_warning
102.75 EUR price is corroborated by stockanalysis.com and MarketScreener AMS IMCD date rows, but original exchange daily tick/official historical price feed could NOT be verified.
- 株価の出所
StockAnalysis 2026-11-06 102.75 EUR; Euronext日次原票未確認
- 株数の出所
2025年末発行59,107,999株から2026年6月末自己株63,037株を控除。2026-11-06実株数は未確認の代理値。
- price_source_status_original
secondary_AMS_2026_11_06_date_row_two_independent_providers; original_Euronext_daily_price_record_NOT_verified
検証上の留意点
- 1
日付: 2026-11-07～2026-12-31=55日、FY2027～FY2035=9×通年、2036-01-01～2036-11-06=311/366日、2026-11-06を収益に含めず2036-11-06を含む。
- 2
11月6日から2036年11月6日は暦日3653日=ACT/365.25 10.0013689年だが、株譜旧来の厳密同日10年終点の割引指数は10とする。日付別現金IRRはACT/365.25。
- 3
per case net_sum_oku=11期中のSBC費用控除後の親会社NI合計で2036年11/7～12/31や2037年利益を含まない。
- 4
payout_oku=保有比率に応じた配当現金＋旧株主の比例売却買戻し受取の合計であり、現金受取ゼロの交付/権利落ち/決議は合計に入れない。
- 5
mcap_oku=2036/11/06に現存する旧株主コホート残存株数に対応する持分価値。会社全体の終価とは別。
- 6
timed_cashflowsに終価を加えない。全将来ex-date/record-date/employee-share-delivery/AGM/結果公表の再評価用ゼロ額イベントを保持。
- 7
2026/5の確定配当1.81 EUR/株は権利落ち・支払済で、11/6購入コホートCFではない。2027以降の金額とex-dateは全て未宣言の仮定。
- 8
最終年度の2027～2036権利落ちが支払日に先行すること、配当権がex-dateに固定されることを株数台帳と日付イベントで照合。
- 9
2026年9月末の現金と総負債、9M親会社利益の精密値、11月6日実株数は未開示、代理の断定禁止。
- 10
会社free cash flow APMは税・利払・買収を控除した旧株主自由CFではない。持続再投資を残して2037～2046年の明示的FCFEと2047年以降のGordon末価を算出。
- 11
維持目的の将来SBC株式補填買付は額面SBC費用と等しくない。2037年以降の想定交付株×将来終価株価を自整合的に割り引いて一度だけ控除。
- 12
旧株主買戻しCFは比例応札シミュレーションであり単独の株を売らない継続保有者の現実受取とは異なる。会社の自己株買い前提は保証・発表済でない。
- 13
既公表の買収利益(9M集計)とH1取得代価を将来買収額として重複計上していない。Meritの対価はnull。
- 14
全5ケース確率=1、55期間の前期末=次期首、PBT/NI/資本/現金/借入/株数のブリッジ残差許容1e-8億EURで実装。
- 15
終価キャッシュの割引もACT/365.25で統一し、2036-11-06の指数3653/365.25=10.0013689254。日付は暦で厳密に10周年だが数式上は指数10固定にしない。
- 16
v3の2037買収・条件付支払年額だけを減らす段差を撤回。各2036年311日支出×366/311で2037買収出金を年額接続し、2024/2025実績との差も感応度で保持。
- 17
2037の1.7793億EUR（中立）無形償却は買収関係の歴史的残高から生じる非現金費用であり永久1.7793億加算とは扱わない。10年間旧PPA線形減衰＋30%新PPA/10年償却の未検証仮定で2037～2047以後の税効果を接続。
- 18
実際の2025年償却関連税控除0.128億/償却1.015億=12.6108%をIFRS会計税効果の代理率に用い、税率26.5%全額控除と区別。実際の現金税効果は未確認。税額の差はNIとCFで一度だけ処理する。
- 19
Euronext原票の当日値は再取得できず取引所一次照合完了としない。102.75EURは複数二次サイト日付行による確認。
- 20
全11期の期間、親会社利益合計、旧株主還元、SBC、配当権利落ち・支払の0額イベントはv3から全件同一。変更は2036終点の将来維持投資とその評価・説明・時間指数に限定。
- 21
V4 updated all scenario/weighted ACT terminal PV, IRR, price and multiple; other 55-period and dated flows retained bit-for-bit from V3.
追加データ・検証記録
分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。
分析に使用した資料
- www.imcdgroup.com 2026-11-05
- rss.globenewswire.com 2026-11-05
- www.imcdgroup.com 2026-07-29
- www.imcdgroup.com 2026-03-04
- www.imcdgroup.com available_by_2026-11-06
- stockanalysis.com 2026-11-06
- www.investing.com 2026-11-06
- live.euronext.com 2026-11-06 17:35 CET
- www.imcdgroup.com 2026-03-04
- live.euronext.com 2026-02-18