AI 銘柄分析 · 10年

Eiffage SA

FGR · EUR · 分析基準日 2026-11-06

有限高速道路権益の満期を考慮すると、現在の好採算をそのまま2036年に延伸できない。受注315億EURとエネルギー成長は強み、ただし親会社利益・持分法投資・NCI・非遡及借入を区分。

10年期待年率9.05%

資本コスト9.20%

直近終値106.00 EUR2026-11-06

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

2026年上期連結売上（IFRIC12除外）122.00億EUR、普通営業利益10.19億EUR、親会社帰属純利益3.42億EUR、親資本76.22億EUR、非支配13.14億EUR。基準日市場終値106.00EUR、実効株数は6月末の旧代理97,160,024株。2035年11月APRRと2036年9月AREAの満期後キャッシュフローをゼロとし、買戻し比例応札旧株主に帰属を合わせた10年CF。

発行株数は2026年10月末、自己株は6月末の代理値。APRRとAREAはそれぞれ2035年・2036年に満期。2036年表示損益は11月6日までの部分期を年換算した参考値で、10年の受取CFには終点後を含めない。SBC交付と有償引受の補充資金および非支配持分の資産・負債は仮定を明示。将来イベントの確認時期を過ぎたら実績確認まで期待リターンを保留。

事業

建設・道路土木・洋上風力/金属・エネルギー設備の工事収益は受注→進捗・運転資本・粗利に依存。高速道路/空港/PPPは通行量と規制料金に依存し、償還前提の期限付き使用権。2025売上253.13億EURから2026上期は122.00億EUR、季節要因で単純倍算しない。

競争力・事業の質

受注残315億EUR、工事事業の欧州分散、エネルギーシステム5.2%上期利益率、APRR・AREAの高採算。ただし営業赤字の上期Infrastructure、資本集約的コンセッション、少数持分と期限、契約資産・前受負債、キャッシュ生成の季節性。

業界と環境

建設・電力設備エンジニアリング・有料道路／空港PPP

財務・資本配分

2026-06-30親資本76.22億、NCI13.14億、連結現金45.17億、短長期借入合計139.00億、IFRS16賃借負債14.96億。公表純金融負債93.78億（IFRS16・スワップ調整除外）。コンセッション純債務98.92億、持株・工事側純現金5.14億は連結93.78億への内訳であり追加計上しない。

評価の前提と確認

market_price_reference_used_only_for_initial_payment_and_assumed_tender_prices: はい
exit_PER_PBR_mean_reversion_used: いいえ
terminal_method: 2037 sustainable contracting post-tax FCFF/ (WACC-g) minus required net reinvestment + all surviving concession annual FCFF to legal expiry + finite equity-accounted distributions minus one consolidated net debt minus outside non-controlling claim
book_concession_intangibles_readded: いいえ
getlink_equity_method_book_readded: いいえ
long_term_APRR_area_profit_after_expiry: 0
company_2026_group_Q3_reporting_not_available_by_cutoff: APRR sub-group September traffic data only
2026_shares_stale_proxy: はい
old_holder_CF_and_terminal_same_cohort: はい
company_capital_payout_not_substituted_for_old_holder_CF: はい
no_SBC_as_cash_cost_to_holder: はい
binding_market_price_at_2026_11_06_eur: 106

資本コストの前提

資本コスト: 9.20%
事業の質: 中程度／高めの投資リスク
cost_basis: EUR equity return threshold; scenario company EV uses distinct WACCs and remaining-year concession DCF
why: 10年ユーロ建て株主資本コスト9.2%。大型工事の入札・運営・労務リスク、少数持分・負債、2025収益に比べ2035/36期限で利益を喪失。金利・市場PERからの出口価格回帰なし。
distinct_discount_rates: core contracting WACC from 7.2% to10.2%; finite concessions 7% to10.1%; equity accounted cash uses 9.2% equity hurdle.

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。

事業別データを開く →

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%	87.65	312.69
やや強気	20.0%	81.36	206.88
中立	40.0%	75.88	122.14
やや弱気	20.0%	67.74	24.83
弱気	10.0%	58.99	0.00

強気（確率 10.0%）

欧州エネルギー・インフラ受注拡大、価格転嫁と生産性改善。APRR/AREAは期限どおり無償返還。

確率の根拠

analyst subjective scenario weight, not historical frequency

事業別の前提

内容を開く

id: consolidated
数量: 1
価格・単価: 401.97956148399
営業利益: 32.886612203741
注記: 連結売上・SBC控除後の通常営業利益。2036年の部分期を年換算した参考値。

日付別キャッシュフロー

内容を開く

year: 0.106776180698
想定日: 2026-12-15
金額: 0
種類: assumed_noncash_sbc_treasury_grant
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -100000
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 839976
treasury_after: 739976
economic_shares_before: 97160024
economic_shares_after: 97260024
old_cohort_before: 97160024
old_cohort_after: 97160024
old_holder_equivalence_factor_after: 0.998971828343
company_cash_change_oku: 0
company_equity_effect_oku: 0
理由: unconfirmed_sbc_vesting_after_asof
old_holder_cash_eur: 0
no_double_charge_of_sbc: はい

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year: 0.35318275154
想定日: 2027-03-15
金額: 1.127739297
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -998971.828343
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 97160024
old_cohort_after: 96161052.171657
old_holder_equivalence_factor_after: 0.998971828343
company_cash_change_oku: -1.1289
company_equity_effect_oku: -1.1289
company_buyback_cost_oku: 1.1289
shares_purchased: 1000000
shares_from_old_cohort: 998971.828343
assumed_buyback_price_eur: 112.89
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 0.438056125941
想定日: 2027-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 96161052.171657
old_cohort_after: 96161052.171657
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: 0.90312
company_equity_effect_oku: 0.90312
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 90.312
cash_received_by_company_oku: 0.90312
old_holders_cash_received_oku: 0

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year: 0.440793976728
想定日: 2027-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 96161052.171657
old_cohort_after: 96161052.171657
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 0.457221081451
想定日: 2027-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 96161052.171657
old_cohort_after: 96161052.171657
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: 0
company_equity_effect_oku: -4.9252476154
declared_total_dividend_liability_oku: 4.92524762
ex_date: 未確認
ex_date_assumed: 2027-05-20
pay_date: 2027-05-24
recheck_before_ex_date: 2027-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 0.49555099247091
想定日: 2027-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 0.49555099247091
想定日: 2027-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 0.544832306639
想定日: 2027-05-24
金額: 4.869595682
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 96161052.171657
old_cohort_after: 96161052.171657
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: -4.9252476154
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2027-05-20
pay_date: 2027-05-24
per_share_dividend_eur: 5.064
company_dividend_oku: 4.9252476154
old_cohort_entitled_shares: 96161052.171657
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.988700683147
declaration_date_assumed: 2027-04-22
recheck_before_ex_date: 2027-05-06

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year: 0.566735112936
想定日: 2027-06-01
金額: 1.3732859669
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1230384
old_cohort_delta_shares: -1216481.501333
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1970360
economic_shares_before: 97260024
economic_shares_after: 96029640
old_cohort_before: 96161052.171657
old_cohort_after: 94944570.670324
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: -1.3889804976
company_equity_effect_oku: -1.3889804976
company_buyback_cost_oku: 1.3889804976
shares_purchased: 1230384
shares_from_old_cohort: 1216481.501333
assumed_buyback_price_eur: 112.89
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 0.605065023956
想定日: 2027-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -1230384
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1970360
treasury_after: 739976
economic_shares_before: 96029640
economic_shares_after: 97260024
old_cohort_before: 94944570.670324
old_cohort_after: 94944570.670324
old_holder_equivalence_factor_after: 0.976193165142
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1230384
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.61476
market_value_of_grants_oku: 1.3889805
discount_on_employee_subscription_oku: 0.22578
sbc_expense_minus_neutralization_cash_oku: -4.976E-7

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year: 0.856947296372
想定日: 2027-09-15
金額: 0.4738705196
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -419763.061011
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1169976
economic_shares_before: 97260024
economic_shares_after: 96830024
old_cohort_before: 94944570.670324
old_cohort_after: 94524807.609313
old_holder_equivalence_factor_after: 0.976193165142
company_cash_change_oku: -0.485427
company_equity_effect_oku: -0.485427
company_buyback_cost_oku: 0.485427
shares_purchased: 430000
shares_from_old_cohort: 419763.061011
assumed_buyback_price_eur: 112.89
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 1.35523613963
想定日: 2028-03-15
金額: 1.1736560543
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -976193.165142
issued_before: 98000000
issued_after: 98000000
treasury_before: 1169976
treasury_after: 2169976
economic_shares_before: 96830024
economic_shares_after: 95830024
old_cohort_before: 94524807.609313
old_cohort_after: 93548614.444171
old_holder_equivalence_factor_after: 0.976193165142
company_cash_change_oku: -1.2022785
company_equity_effect_oku: -1.2022785
company_buyback_cost_oku: 1.2022785
shares_purchased: 1000000
shares_from_old_cohort: 976193.165142
assumed_buyback_price_eur: 120.22785
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 1.445585215606
想定日: 2028-04-17
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 2169976
treasury_after: 2169976
economic_shares_before: 95830024
economic_shares_after: 96830024
old_cohort_before: 93548614.444171
old_cohort_after: 93548614.444171
old_holder_equivalence_factor_after: 0.966111651941
company_cash_change_oku: 0.9618228
company_equity_effect_oku: 0.9618228
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 96.18228
cash_received_by_company_oku: 0.9618228
old_holders_cash_received_oku: 0

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year: 1.445585215606
想定日: 2028-04-17
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 2169976
treasury_after: 1169976
economic_shares_before: 96830024
economic_shares_after: 96830024
old_cohort_before: 93548614.444171
old_cohort_after: 93548614.444171
old_holder_equivalence_factor_after: 0.966111651941
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 1.464750171116
想定日: 2028-04-24
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1169976
treasury_after: 1169976
economic_shares_before: 96830024
economic_shares_after: 96830024
old_cohort_before: 93548614.444171
old_cohort_after: 93548614.444171
old_holder_equivalence_factor_after: 0.966111651941
company_cash_change_oku: 0
company_equity_effect_oku: -5.1731633982
declared_total_dividend_liability_oku: 5.1731634
ex_date: 未確認
ex_date_assumed: 2028-05-22
pay_date: 2028-05-24
recheck_before_ex_date: 2028-05-05
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 1.4948665297741
想定日: 2028-05-05
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 1.4948665297741
想定日: 2028-05-05
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 1.54688569473
想定日: 2028-05-24
金額: 4.9978534364
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1169976
treasury_after: 1169976
economic_shares_before: 96830024
economic_shares_after: 96830024
old_cohort_before: 93548614.444171
old_cohort_after: 93548614.444171
old_holder_equivalence_factor_after: 0.966111651941
company_cash_change_oku: -5.1731633982
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2028-05-22
pay_date: 2028-05-24
per_share_dividend_eur: 5.34252
company_dividend_oku: 5.1731633982
old_cohort_entitled_shares: 93548614.444171
shares_entitled_total: 96830024
old_cohort_holder_ratio_at_ex_date: 0.966111651941
declaration_date_assumed: 2028-04-24
recheck_before_ex_date: 2028-05-05

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year: 1.568788501027
想定日: 2028-06-01
金額: 1.3620522625
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1172631
old_cohort_delta_shares: -1132892.472528
issued_before: 98000000
issued_after: 98000000
treasury_before: 1169976
treasury_after: 2342607
economic_shares_before: 96830024
economic_shares_after: 95657393
old_cohort_before: 93548614.444171
old_cohort_after: 92415721.971643
old_holder_equivalence_factor_after: 0.966111651941
company_cash_change_oku: -1.4098290397
company_equity_effect_oku: -1.4098290397
company_buyback_cost_oku: 1.4098290397
shares_purchased: 1172631
shares_from_old_cohort: 1132892.472528
assumed_buyback_price_eur: 120.22785
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 1.607118412047
想定日: 2028-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -1172631
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2342607
treasury_after: 1169976
economic_shares_before: 95657393
economic_shares_after: 96830024
old_cohort_before: 92415721.971643
old_cohort_after: 92415721.971643
old_holder_equivalence_factor_after: 0.954411846182
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1172631
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.65028472
market_value_of_grants_oku: 1.40982904
discount_on_employee_subscription_oku: 0.2404557
sbc_expense_minus_neutralization_cash_oku: -1.97E-8

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year: 1.859000684463
想定日: 2028-09-15
金額: 0.4934116024
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -410397.093858
issued_before: 98000000
issued_after: 98000000
treasury_before: 1169976
treasury_after: 1599976
economic_shares_before: 96830024
economic_shares_after: 96400024
old_cohort_before: 92415721.971643
old_cohort_after: 92005324.877785
old_holder_equivalence_factor_after: 0.954411846182
company_cash_change_oku: -0.516979755
company_equity_effect_oku: -0.516979755
company_buyback_cost_oku: 0.516979755
shares_purchased: 430000
shares_from_old_cohort: 410397.093858
assumed_buyback_price_eur: 120.22785
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 2.354551676934
想定日: 2029-03-15
金額: 1.2220543176
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -954411.846182
issued_before: 98000000
issued_after: 98000000
treasury_before: 1599976
treasury_after: 2599976
economic_shares_before: 96400024
economic_shares_after: 95400024
old_cohort_before: 92005324.877785
old_cohort_after: 91050913.031604
old_holder_equivalence_factor_after: 0.954411846182
company_cash_change_oku: -1.2804266025
company_equity_effect_oku: -1.2804266025
company_buyback_cost_oku: 1.2804266025
shares_purchased: 1000000
shares_from_old_cohort: 954411.846182
assumed_buyback_price_eur: 128.04266025
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 2.442162902122
想定日: 2029-04-16
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 2599976
treasury_after: 2599976
economic_shares_before: 95400024
economic_shares_after: 96400024
old_cohort_before: 91050913.031604
old_cohort_after: 91050913.031604
old_holder_equivalence_factor_after: 0.944511310823
company_cash_change_oku: 1.024341282
company_equity_effect_oku: 1.024341282
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 102.4341282
cash_received_by_company_oku: 1.02434128
old_holders_cash_received_oku: 0

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year: 2.442162902122
想定日: 2029-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 2599976
treasury_after: 1599976
economic_shares_before: 96400024
economic_shares_after: 96400024
old_cohort_before: 91050913.031604
old_cohort_after: 91050913.031604
old_holder_equivalence_factor_after: 0.944511310823
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 2.461327857632
想定日: 2029-04-23
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1599976
treasury_after: 1599976
economic_shares_before: 96400024
economic_shares_after: 96400024
old_cohort_before: 91050913.031604
old_cohort_after: 91050913.031604
old_holder_equivalence_factor_after: 0.944511310823
company_cash_change_oku: 0
company_equity_effect_oku: -5.4334510431
declared_total_dividend_liability_oku: 5.43345104
ex_date: 未確認
ex_date_assumed: 2029-05-21
pay_date: 2029-05-23
recheck_before_ex_date: 2029-05-07
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 2.4996577686516
想定日: 2029-05-07
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 2.4996577686516
想定日: 2029-05-07
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 2.543463381246
想定日: 2029-05-23
金額: 5.131955967
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1599976
treasury_after: 1599976
economic_shares_before: 96400024
economic_shares_after: 96400024
old_cohort_before: 91050913.031604
old_cohort_after: 91050913.031604
old_holder_equivalence_factor_after: 0.944511310823
company_cash_change_oku: -5.4334510431
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2029-05-21
pay_date: 2029-05-23
per_share_dividend_eur: 5.6363586
company_dividend_oku: 5.4334510431
old_cohort_entitled_shares: 91050913.031604
shares_entitled_total: 96400024
old_cohort_holder_ratio_at_ex_date: 0.944511310823
declaration_date_assumed: 2029-04-23
recheck_before_ex_date: 2029-05-07

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year: 2.56810403833
想定日: 2029-06-01
金額: 1.3511285348
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1117210
old_cohort_delta_shares: -1055217.481565
issued_before: 98000000
issued_after: 98000000
treasury_before: 1599976
treasury_after: 2717186
economic_shares_before: 96400024
economic_shares_after: 95282814
old_cohort_before: 91050913.031604
old_cohort_after: 89995695.550039
old_holder_equivalence_factor_after: 0.944511310823
company_cash_change_oku: -1.4305054046
company_equity_effect_oku: -1.4305054046
company_buyback_cost_oku: 1.4305054046
shares_purchased: 1117210
shares_from_old_cohort: 1055217.481565
assumed_buyback_price_eur: 128.04266025
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 2.60643394935
想定日: 2029-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -1117210
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2717186
treasury_after: 1599976
economic_shares_before: 95282814
economic_shares_after: 96400024
old_cohort_before: 89995695.550039
old_cohort_after: 89995695.550039
old_holder_equivalence_factor_after: 0.933565074113
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1117210
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.68659098
market_value_of_grants_oku: 1.4305054
discount_on_employee_subscription_oku: 0.25608532
sbc_expense_minus_neutralization_cash_oku: 2.588E-7

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year: 2.86379192334
想定日: 2029-09-17
金額: 0.5140054691
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -401432.981869
issued_before: 98000000
issued_after: 98000000
treasury_before: 1599976
treasury_after: 2029976
economic_shares_before: 96400024
economic_shares_after: 95970024
old_cohort_before: 89995695.550039
old_cohort_after: 89594262.568171
old_holder_equivalence_factor_after: 0.933565074113
company_cash_change_oku: -0.5505834391
company_equity_effect_oku: -0.5505834391
company_buyback_cost_oku: 0.5505834391
shares_purchased: 430000
shares_from_old_cohort: 401432.981869
assumed_buyback_price_eur: 128.04266025
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 3.353867214237
想定日: 2030-03-15
金額: 1.2730600572
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -933565.074113
issued_before: 98000000
issued_after: 98000000
treasury_before: 2029976
treasury_after: 3029976
economic_shares_before: 95970024
economic_shares_after: 94970024
old_cohort_before: 89594262.568171
old_cohort_after: 88660697.494058
old_holder_equivalence_factor_after: 0.933565074113
company_cash_change_oku: -1.3636543317
company_equity_effect_oku: -1.3636543317
company_buyback_cost_oku: 1.3636543317
shares_purchased: 1000000
shares_from_old_cohort: 933565.074113
assumed_buyback_price_eur: 136.36543317
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 3.438740588638
想定日: 2030-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 3029976
treasury_after: 3029976
economic_shares_before: 94970024
economic_shares_after: 95970024
old_cohort_before: 88660697.494058
old_cohort_after: 88660697.494058
old_holder_equivalence_factor_after: 0.923837400458
company_cash_change_oku: 1.0909234653
company_equity_effect_oku: 1.0909234653
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 109.09234653
cash_received_by_company_oku: 1.09092347
old_holders_cash_received_oku: 0

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year: 3.441478439425
想定日: 2030-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 3029976
treasury_after: 2029976
economic_shares_before: 95970024
economic_shares_after: 95970024
old_cohort_before: 88660697.494058
old_cohort_after: 88660697.494058
old_holder_equivalence_factor_after: 0.923837400458
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 3.457905544148
想定日: 2030-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2029976
treasury_after: 2029976
economic_shares_before: 95970024
economic_shares_after: 95970024
old_cohort_before: 88660697.494058
old_cohort_after: 88660697.494058
old_holder_equivalence_factor_after: 0.923837400458
company_cash_change_oku: 0
company_equity_effect_oku: -5.7067215097
declared_total_dividend_liability_oku: 5.70672151
ex_date: 未確認
ex_date_assumed: 2030-05-20
pay_date: 2030-05-22
recheck_before_ex_date: 2030-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 3.4962354551677
想定日: 2030-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 3.4962354551677
想定日: 2030-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 3.540041067762
想定日: 2030-05-22
金額: 5.2720827647
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2029976
treasury_after: 2029976
economic_shares_before: 95970024
economic_shares_after: 95970024
old_cohort_before: 88660697.494058
old_cohort_after: 88660697.494058
old_holder_equivalence_factor_after: 0.923837400458
company_cash_change_oku: -5.7067215097
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2030-05-20
pay_date: 2030-05-22
per_share_dividend_eur: 5.94635832
company_dividend_oku: 5.7067215097
old_cohort_entitled_shares: 88660697.494058
shares_entitled_total: 95970024
old_cohort_holder_ratio_at_ex_date: 0.923837400458
declaration_date_assumed: 2030-04-22
recheck_before_ex_date: 2030-05-06

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year: 3.572895277207
想定日: 2030-06-03
金額: 1.3404557592
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1064027
old_cohort_delta_shares: -982987.937697
issued_before: 98000000
issued_after: 98000000
treasury_before: 2029976
treasury_after: 3094003
economic_shares_before: 95970024
economic_shares_after: 94905997
old_cohort_before: 88660697.494058
old_cohort_after: 87677709.556361
old_holder_equivalence_factor_after: 0.923837400458
company_cash_change_oku: -1.4509650276
company_equity_effect_oku: -1.4509650276
company_buyback_cost_oku: 1.4509650276
shares_purchased: 1064027
shares_from_old_cohort: 982987.937697
assumed_buyback_price_eur: 136.36543317
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 3.611225188227
想定日: 2030-06-17
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -1064027
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3094003
treasury_after: 2029976
economic_shares_before: 94905997
economic_shares_after: 95970024
old_cohort_before: 87677709.556361
old_cohort_after: 87677709.556361
old_holder_equivalence_factor_after: 0.913594744504
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1064027
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.72369599
market_value_of_grants_oku: 1.45096503
discount_on_employee_subscription_oku: 0.27273087
sbc_expense_minus_neutralization_cash_oku: 9.16E-8

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year: 3.860369609856
想定日: 2030-09-16
金額: 0.5357057952
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -392845.740137
issued_before: 98000000
issued_after: 98000000
treasury_before: 2029976
treasury_after: 2459976
economic_shares_before: 95970024
economic_shares_after: 95540024
old_cohort_before: 87677709.556361
old_cohort_after: 87284863.816224
old_holder_equivalence_factor_after: 0.913594744504
company_cash_change_oku: -0.5863713626
company_equity_effect_oku: -0.5863713626
company_buyback_cost_oku: 0.5863713626
shares_purchased: 430000
shares_from_old_cohort: 392845.740137
assumed_buyback_price_eur: 136.36543317
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 4.358658453114
想定日: 2031-03-17
金額: 1.3268062137
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -913594.744504
issued_before: 98000000
issued_after: 98000000
treasury_before: 2459976
treasury_after: 3459976
economic_shares_before: 95540024
economic_shares_after: 94540024
old_cohort_before: 87284863.816224
old_cohort_after: 86371269.07172
old_holder_equivalence_factor_after: 0.913594744504
company_cash_change_oku: -1.4522918632
company_equity_effect_oku: -1.4522918632
company_buyback_cost_oku: 1.4522918632
shares_purchased: 1000000
shares_from_old_cohort: 913594.744504
assumed_buyback_price_eur: 145.22918632
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 4.438056125941
想定日: 2031-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 3459976
treasury_after: 3459976
economic_shares_before: 94540024
economic_shares_after: 95540024
old_cohort_before: 86371269.07172
old_cohort_after: 86371269.07172
old_holder_equivalence_factor_after: 0.904032314998
company_cash_change_oku: 1.1618334906
company_equity_effect_oku: 1.1618334906
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 116.18334906
cash_received_by_company_oku: 1.16183349
old_holders_cash_received_oku: 0

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year: 4.440793976728
想定日: 2031-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 3459976
treasury_after: 2459976
economic_shares_before: 95540024
economic_shares_after: 95540024
old_cohort_before: 86371269.07172
old_cohort_after: 86371269.07172
old_holder_equivalence_factor_after: 0.904032314998
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 4.457221081451
想定日: 2031-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2459976
treasury_after: 2459976
economic_shares_before: 95540024
economic_shares_after: 95540024
old_cohort_before: 86371269.07172
old_cohort_after: 86371269.07172
old_holder_equivalence_factor_after: 0.904032314998
company_cash_change_oku: 0
company_equity_effect_oku: -5.9936155382
declared_total_dividend_liability_oku: 5.99361554
ex_date: 未確認
ex_date_assumed: 2031-05-20
pay_date: 2031-05-22
recheck_before_ex_date: 2031-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 4.4955509924709
想定日: 2031-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 4.4955509924709
想定日: 2031-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 4.539356605065
想定日: 2031-05-22
金額: 5.4184221302
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2459976
treasury_after: 2459976
economic_shares_before: 95540024
economic_shares_after: 95540024
old_cohort_before: 86371269.07172
old_cohort_after: 86371269.07172
old_holder_equivalence_factor_after: 0.904032314998
company_cash_change_oku: -5.9936155382
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2031-05-20
pay_date: 2031-05-22
per_share_dividend_eur: 6.27340803
company_dividend_oku: 5.9936155382
old_cohort_entitled_shares: 86371269.07172
shares_entitled_total: 95540024
old_cohort_holder_ratio_at_ex_date: 0.904032314998
declaration_date_assumed: 2031-04-22
recheck_before_ex_date: 2031-05-06

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year: 4.569472963723
想定日: 2031-06-02
金額: 1.329974903
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1012991
old_cohort_delta_shares: -915776.598803
issued_before: 98000000
issued_after: 98000000
treasury_before: 2459976
treasury_after: 3472967
economic_shares_before: 95540024
economic_shares_after: 94527033
old_cohort_before: 86371269.07172
old_cohort_after: 85455492.472917
old_holder_equivalence_factor_after: 0.904032314998
company_cash_change_oku: -1.4711585868
company_equity_effect_oku: -1.4711585868
company_buyback_cost_oku: 1.4711585868
shares_purchased: 1012991
shares_from_old_cohort: 915776.598803
assumed_buyback_price_eur: 145.22918632
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 4.607802874743
想定日: 2031-06-16
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -1012991
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3472967
treasury_after: 2459976
economic_shares_before: 94527033
economic_shares_after: 95540024
old_cohort_before: 85455492.472917
old_cohort_after: 85455492.472917
old_holder_equivalence_factor_after: 0.894447048421
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1012991
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.7616173
market_value_of_grants_oku: 1.47115859
discount_on_employee_subscription_oku: 0.29045837
sbc_expense_minus_neutralization_cash_oku: 3.377E-7

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year: 4.856947296372
想定日: 2031-09-15
金額: 0.5585692133
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -384612.230821
issued_before: 98000000
issued_after: 98000000
treasury_before: 2459976
treasury_after: 2889976
economic_shares_before: 95540024
economic_shares_after: 95110024
old_cohort_before: 85455492.472917
old_cohort_after: 85070880.242096
old_holder_equivalence_factor_after: 0.894447048421
company_cash_change_oku: -0.6244855012
company_equity_effect_oku: -0.6244855012
company_buyback_cost_oku: 0.6244855012
shares_purchased: 430000
shares_from_old_cohort: 384612.230821
assumed_buyback_price_eur: 145.22918632
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 5.35523613963
想定日: 2032-03-15
金額: 1.3834330516
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -894447.048421
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889976
treasury_after: 3889976
economic_shares_before: 95110024
economic_shares_after: 94110024
old_cohort_before: 85070880.242096
old_cohort_after: 84176433.193674
old_holder_equivalence_factor_after: 0.894447048421
company_cash_change_oku: -1.5466908343
company_equity_effect_oku: -1.5466908343
company_buyback_cost_oku: 1.5466908343
shares_purchased: 1000000
shares_from_old_cohort: 894447.048421
assumed_buyback_price_eur: 154.66908343
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 5.440109514031
想定日: 2032-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 3889976
treasury_after: 3889976
economic_shares_before: 94110024
economic_shares_after: 95110024
old_cohort_before: 84176433.193674
old_cohort_after: 84176433.193674
old_holder_equivalence_factor_after: 0.885042707945
company_cash_change_oku: 1.2373526675
company_equity_effect_oku: 1.2373526675
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 123.73526675
cash_received_by_company_oku: 1.23735267
old_holders_cash_received_oku: 0

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year: 5.442847364819
想定日: 2032-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 3889976
treasury_after: 2889976
economic_shares_before: 95110024
economic_shares_after: 95110024
old_cohort_before: 84176433.193674
old_cohort_after: 84176433.193674
old_holder_equivalence_factor_after: 0.885042707945
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 5.459274469541
想定日: 2032-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889976
treasury_after: 2889976
economic_shares_before: 95110024
economic_shares_after: 95110024
old_cohort_before: 84176433.193674
old_cohort_after: 84176433.193674
old_holder_equivalence_factor_after: 0.885042707945
company_cash_change_oku: 0
company_equity_effect_oku: -6.2948050773
declared_total_dividend_liability_oku: 6.29480508
ex_date: 未確認
ex_date_assumed: 2032-05-20
pay_date: 2032-05-24
recheck_before_ex_date: 2032-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 5.4976043805613
想定日: 2032-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 5.4976043805613
想定日: 2032-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 5.54688569473
想定日: 2032-05-24
金額: 5.5711713316
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889976
treasury_after: 2889976
economic_shares_before: 95110024
economic_shares_after: 95110024
old_cohort_before: 84176433.193674
old_cohort_after: 84176433.193674
old_holder_equivalence_factor_after: 0.885042707945
company_cash_change_oku: -6.2948050773
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2032-05-20
pay_date: 2032-05-24
per_share_dividend_eur: 6.61844547
company_dividend_oku: 6.2948050773
old_cohort_entitled_shares: 84176433.193674
shares_entitled_total: 95110024
old_cohort_holder_ratio_at_ex_date: 0.885042707945
declaration_date_assumed: 2032-04-22
recheck_before_ex_date: 2032-05-06

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year: 5.568788501027
想定日: 2032-06-01
金額: 1.3196293986
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 964016
old_cohort_delta_shares: -853195.331142
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889976
treasury_after: 3853992
economic_shares_before: 95110024
economic_shares_after: 94146008
old_cohort_before: 84176433.193674
old_cohort_after: 83323237.862532
old_holder_equivalence_factor_after: 0.885042707945
company_cash_change_oku: -1.4910347113
company_equity_effect_oku: -1.4910347113
company_buyback_cost_oku: 1.4910347113
shares_purchased: 964016
shares_from_old_cohort: 853195.331142
assumed_buyback_price_eur: 154.66908343
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 5.607118412047
想定日: 2032-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -964016
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3853992
treasury_after: 2889976
economic_shares_before: 94146008
economic_shares_after: 95110024
old_cohort_before: 83323237.862532
old_cohort_after: 83323237.862532
old_holder_equivalence_factor_after: 0.876072093753
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 964016
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.80037288
market_value_of_grants_oku: 1.49103471
discount_on_employee_subscription_oku: 0.30933817
sbc_expense_minus_neutralization_cash_oku: -5.0E-10

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year: 5.859000684463
想定日: 2032-09-15
金額: 0.5826554514
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -376711.000314
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889976
treasury_after: 3319976
economic_shares_before: 95110024
economic_shares_after: 94680024
old_cohort_before: 83323237.862532
old_cohort_after: 82946526.862218
old_holder_equivalence_factor_after: 0.876072093753
company_cash_change_oku: -0.6650770588
company_equity_effect_oku: -0.6650770588
company_buyback_cost_oku: 0.6650770588
shares_purchased: 430000
shares_from_old_cohort: 376711.000314
assumed_buyback_price_eur: 154.66908343
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 6.354551676934
想定日: 2033-03-15
金額: 1.4430885017
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -876072.093753
issued_before: 98000000
issued_after: 98000000
treasury_before: 3319976
treasury_after: 4319976
economic_shares_before: 94680024
economic_shares_after: 93680024
old_cohort_before: 82946526.862218
old_cohort_after: 82070454.768466
old_holder_equivalence_factor_after: 0.876072093753
company_cash_change_oku: -1.6472257386
company_equity_effect_oku: -1.6472257386
company_buyback_cost_oku: 1.6472257386
shares_purchased: 1000000
shares_from_old_cohort: 876072.093753
assumed_buyback_price_eur: 164.72257386
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 6.439425051335
想定日: 2033-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 4319976
treasury_after: 4319976
economic_shares_before: 93680024
economic_shares_after: 94680024
old_cohort_before: 82070454.768466
old_cohort_after: 82070454.768466
old_holder_equivalence_factor_after: 0.866819116654
company_cash_change_oku: 1.3177805908
company_equity_effect_oku: 1.3177805908
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 131.77805908
cash_received_by_company_oku: 1.31778059
old_holders_cash_received_oku: 0

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year: 6.447638603696
想定日: 2033-04-18
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 4319976
treasury_after: 3319976
economic_shares_before: 94680024
economic_shares_after: 94680024
old_cohort_before: 82070454.768466
old_cohort_after: 82070454.768466
old_holder_equivalence_factor_after: 0.866819116654
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 6.458590006845
想定日: 2033-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3319976
treasury_after: 3319976
economic_shares_before: 94680024
economic_shares_after: 94680024
old_cohort_before: 82070454.768466
old_cohort_after: 82070454.768466
old_holder_equivalence_factor_after: 0.866819116654
company_cash_change_oku: 0
company_equity_effect_oku: -6.6109947786
declared_total_dividend_liability_oku: 6.61099478
ex_date: 未確認
ex_date_assumed: 2033-05-20
pay_date: 2033-05-23
recheck_before_ex_date: 2033-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 6.4969199178645
想定日: 2033-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 6.4969199178645
想定日: 2033-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 6.543463381246
想定日: 2033-05-23
金額: 5.7305366542
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3319976
treasury_after: 3319976
economic_shares_before: 94680024
economic_shares_after: 94680024
old_cohort_before: 82070454.768466
old_cohort_after: 82070454.768466
old_holder_equivalence_factor_after: 0.866819116654
company_cash_change_oku: -6.6109947786
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2033-05-20
pay_date: 2033-05-23
per_share_dividend_eur: 6.98245997
company_dividend_oku: 6.6109947786
old_cohort_entitled_shares: 82070454.768466
shares_entitled_total: 94680024
old_cohort_holder_ratio_at_ex_date: 0.866819116654
declaration_date_assumed: 2033-04-22
recheck_before_ex_date: 2033-05-06

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year: 6.56810403833
想定日: 2033-06-01
金額: 1.3093611798
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 917018
old_cohort_delta_shares: -794888.732716
issued_before: 98000000
issued_after: 98000000
treasury_before: 3319976
treasury_after: 4236994
economic_shares_before: 94680024
economic_shares_after: 93763006
old_cohort_before: 82070454.768466
old_cohort_after: 81275566.03575
old_holder_equivalence_factor_after: 0.866819116654
company_cash_change_oku: -1.5105356523
company_equity_effect_oku: -1.5105356523
company_buyback_cost_oku: 1.5105356523
shares_purchased: 917018
shares_from_old_cohort: 794888.732716
assumed_buyback_price_eur: 164.72257386
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 6.60643394935
想定日: 2033-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -917018
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4236994
treasury_after: 3319976
economic_shares_before: 93763006
economic_shares_after: 94680024
old_cohort_before: 81275566.03575
old_cohort_after: 81275566.03575
old_holder_equivalence_factor_after: 0.858423589286
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 917018
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.83998108
market_value_of_grants_oku: 1.51053565
discount_on_employee_subscription_oku: 0.32944515
sbc_expense_minus_neutralization_cash_oku: 2.81E-7

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year: 6.858316221766
想定日: 2033-09-15
金額: 0.6080274953
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -369122.143393
issued_before: 98000000
issued_after: 98000000
treasury_before: 3319976
treasury_after: 3749976
economic_shares_before: 94680024
economic_shares_after: 94250024
old_cohort_before: 81275566.03575
old_cohort_after: 80906443.892357
old_holder_equivalence_factor_after: 0.858423589286
company_cash_change_oku: -0.7083070676
company_equity_effect_oku: -0.7083070676
company_buyback_cost_oku: 0.7083070676
shares_purchased: 430000
shares_from_old_cohort: 369122.143393
assumed_buyback_price_eur: 164.72257386
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 7.353867214237
想定日: 2034-03-15
金額: 1.5059285639
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -858423.589286
issued_before: 98000000
issued_after: 98000000
treasury_before: 3749976
treasury_after: 4749976
economic_shares_before: 94250024
economic_shares_after: 93250024
old_cohort_before: 80906443.892357
old_cohort_after: 80048020.303071
old_holder_equivalence_factor_after: 0.858423589286
company_cash_change_oku: -1.7542954116
company_equity_effect_oku: -1.7542954116
company_buyback_cost_oku: 1.7542954116
shares_purchased: 1000000
shares_from_old_cohort: 858423.589286
assumed_buyback_price_eur: 175.42954116
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 7.444216290212
想定日: 2034-04-17
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 4749976
treasury_after: 4749976
economic_shares_before: 93250024
economic_shares_after: 94250024
old_cohort_before: 80048020.303071
old_cohort_after: 80048020.303071
old_holder_equivalence_factor_after: 0.849315649013
company_cash_change_oku: 1.4034363293
company_equity_effect_oku: 1.4034363293
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 140.34363293
cash_received_by_company_oku: 1.40343633
old_holders_cash_received_oku: 0

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year: 7.444216290212
想定日: 2034-04-17
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 4749976
treasury_after: 3749976
economic_shares_before: 94250024
economic_shares_after: 94250024
old_cohort_before: 80048020.303071
old_cohort_after: 80048020.303071
old_holder_equivalence_factor_after: 0.849315649013
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 7.463381245722
想定日: 2034-04-24
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3749976
treasury_after: 3749976
economic_shares_before: 94250024
economic_shares_after: 94250024
old_cohort_before: 80048020.303071
old_cohort_after: 80048020.303071
old_holder_equivalence_factor_after: 0.849315649013
company_cash_change_oku: 0
company_equity_effect_oku: -6.9429235618
declared_total_dividend_liability_oku: 6.94292356
ex_date: 未確認
ex_date_assumed: 2034-05-22
pay_date: 2034-05-24
recheck_before_ex_date: 2034-05-05
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 7.4934976043806
想定日: 2034-05-05
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

内容を開く

year: 7.4934976043806
想定日: 2034-05-05
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 7.545516769336
想定日: 2034-05-24
金額: 5.8967336309
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3749976
treasury_after: 3749976
economic_shares_before: 94250024
economic_shares_after: 94250024
old_cohort_before: 80048020.303071
old_cohort_after: 80048020.303071
old_holder_equivalence_factor_after: 0.849315649013
company_cash_change_oku: -6.9429235618
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2034-05-22
pay_date: 2034-05-24
per_share_dividend_eur: 7.36649527
company_dividend_oku: 6.9429235618
old_cohort_entitled_shares: 80048020.303071
shares_entitled_total: 94250024
old_cohort_holder_ratio_at_ex_date: 0.849315649013
declaration_date_assumed: 2034-04-24
recheck_before_ex_date: 2034-05-05

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year: 7.567419575633
想定日: 2034-06-01
金額: 1.2991147002
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 871918
old_cohort_delta_shares: -740533.602056
issued_before: 98000000
issued_after: 98000000
treasury_before: 3749976
treasury_after: 4621894
economic_shares_before: 94250024
economic_shares_after: 93378106
old_cohort_before: 80048020.303071
old_cohort_after: 79307486.701015
old_holder_equivalence_factor_after: 0.849315649013
company_cash_change_oku: -1.5296017467
company_equity_effect_oku: -1.5296017467
company_buyback_cost_oku: 1.5296017467
shares_purchased: 871918
shares_from_old_cohort: 740533.602056
assumed_buyback_price_eur: 175.42954116
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 7.605749486653
想定日: 2034-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -871918
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4621894
treasury_after: 3749976
economic_shares_before: 93378106
economic_shares_after: 94250024
old_cohort_before: 79307486.701015
old_cohort_after: 79307486.701015
old_holder_equivalence_factor_after: 0.841458530568
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 871918
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.88046066
market_value_of_grants_oku: 1.52960175
discount_on_employee_subscription_oku: 0.35085908
sbc_expense_minus_neutralization_cash_oku: -1.642E-7

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year: 7.857631759069
想定日: 2034-09-15
金額: 0.6347517409
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -361827.168144
issued_before: 98000000
issued_after: 98000000
treasury_before: 3749976
treasury_after: 4179976
economic_shares_before: 94250024
economic_shares_after: 93820024
old_cohort_before: 79307486.701015
old_cohort_after: 78945659.532871
old_holder_equivalence_factor_after: 0.841458530568
company_cash_change_oku: -0.754347027
company_equity_effect_oku: -0.754347027
company_buyback_cost_oku: 0.754347027
shares_purchased: 430000
shares_from_old_cohort: 361827.168144
assumed_buyback_price_eur: 175.42954116
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 8.35318275154
想定日: 2035-03-15
金額: 1.5721176837
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -841458.530568
issued_before: 98000000
issued_after: 98000000
treasury_before: 4179976
treasury_after: 5179976
economic_shares_before: 93820024
economic_shares_after: 92820024
old_cohort_before: 78945659.532871
old_cohort_after: 78104201.002303
old_holder_equivalence_factor_after: 0.841458530568
company_cash_change_oku: -1.8683246133
company_equity_effect_oku: -1.8683246133
company_buyback_cost_oku: 1.8683246133
shares_purchased: 1000000
shares_from_old_cohort: 841458.530568
assumed_buyback_price_eur: 186.83246133
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 8.440793976728
想定日: 2035-04-16
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 5179976
treasury_after: 5179976
economic_shares_before: 92820024
economic_shares_after: 93820024
old_cohort_before: 78104201.002303
old_cohort_after: 78104201.002303
old_holder_equivalence_factor_after: 0.832489671952
company_cash_change_oku: 1.4946596907
company_equity_effect_oku: 1.4946596907
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 149.46596907
cash_received_by_company_oku: 1.49465969
old_holders_cash_received_oku: 0

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year: 8.440793976728
想定日: 2035-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 5179976
treasury_after: 4179976
economic_shares_before: 93820024
economic_shares_after: 93820024
old_cohort_before: 78104201.002303
old_cohort_after: 78104201.002303
old_holder_equivalence_factor_after: 0.832489671952
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 8.459958932238
想定日: 2035-04-23
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4179976
treasury_after: 4179976
economic_shares_before: 93820024
economic_shares_after: 93820024
old_cohort_before: 78104201.002303
old_cohort_after: 78104201.002303
old_holder_equivalence_factor_after: 0.832489671952
company_cash_change_oku: 0
company_equity_effect_oku: -7.2913662519
declared_total_dividend_liability_oku: 7.29136625
ex_date: 未確認
ex_date_assumed: 2035-05-21
pay_date: 2035-05-23
recheck_before_ex_date: 2035-05-07
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 8.498288843258
想定日: 2035-05-07
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 8.498288843258
想定日: 2035-05-07
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 8.542094455852
想定日: 2035-05-23
金額: 6.0699870991
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4179976
treasury_after: 4179976
economic_shares_before: 93820024
economic_shares_after: 93820024
old_cohort_before: 78104201.002303
old_cohort_after: 78104201.002303
old_holder_equivalence_factor_after: 0.832489671952
company_cash_change_oku: -7.2913662519
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2035-05-21
pay_date: 2035-05-23
per_share_dividend_eur: 7.77165251
company_dividend_oku: 7.2913662519
old_cohort_entitled_shares: 78104201.002303
shares_entitled_total: 93820024
old_cohort_holder_ratio_at_ex_date: 0.832489671952
declaration_date_assumed: 2035-04-23
recheck_before_ex_date: 2035-05-07

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year: 8.566735112936
想定日: 2035-06-01
金額: 1.2888327376
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 828639
old_cohort_delta_shares: -689833.409277
issued_before: 98000000
issued_after: 98000000
treasury_before: 4179976
treasury_after: 5008615
economic_shares_before: 93820024
economic_shares_after: 92991385
old_cohort_before: 78104201.002303
old_cohort_after: 77414367.593026
old_holder_equivalence_factor_after: 0.832489671952
company_cash_change_oku: -1.5481666393
company_equity_effect_oku: -1.5481666393
company_buyback_cost_oku: 1.5481666393
shares_purchased: 828639
shares_from_old_cohort: 689833.409277
assumed_buyback_price_eur: 186.83246133
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 8.605065023956
想定日: 2035-06-15
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -828639
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 5008615
treasury_after: 4179976
economic_shares_before: 92991385
economic_shares_after: 93820024
old_cohort_before: 77414367.593026
old_cohort_after: 77414367.593026
old_holder_equivalence_factor_after: 0.825136940841
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 828639
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.9218308
market_value_of_grants_oku: 1.54816664
discount_on_employee_subscription_oku: 0.37366492
sbc_expense_minus_neutralization_cash_oku: -7.625E-7

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year: 8.862422997947
想定日: 2035-09-17
金額: 0.6628981721
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -354808.884562
issued_before: 98000000
issued_after: 98000000
treasury_before: 4179976
treasury_after: 4609976
economic_shares_before: 93820024
economic_shares_after: 93390024
old_cohort_before: 77414367.593026
old_cohort_after: 77059558.708465
old_holder_equivalence_factor_after: 0.825136940841
company_cash_change_oku: -0.8033795837
company_equity_effect_oku: -0.8033795837
company_buyback_cost_oku: 0.8033795837
shares_purchased: 430000
shares_from_old_cohort: 354808.884562
assumed_buyback_price_eur: 186.83246133
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 9.360711841205
想定日: 2036-03-17
金額: 1.6418291936
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -825136.940841
issued_before: 98000000
issued_after: 98000000
treasury_before: 4609976
treasury_after: 5609976
economic_shares_before: 93390024
economic_shares_after: 92390024
old_cohort_before: 77059558.708465
old_cohort_after: 76234421.767623
old_holder_equivalence_factor_after: 0.825136940841
company_cash_change_oku: -1.9897657132
company_equity_effect_oku: -1.9897657132
company_buyback_cost_oku: 1.9897657132
shares_purchased: 1000000
shares_from_old_cohort: 825136.940841
assumed_buyback_price_eur: 198.97657132
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

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year: 9.440109514031
想定日: 2036-04-15
金額: 0
種類: third_party_employee_subscription_paid_to_issuer_not_old_holders
状態: forecast_assumption
issued_delta_shares: 1000000
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 99000000
treasury_before: 5609976
treasury_after: 5609976
economic_shares_before: 92390024
economic_shares_after: 93390024
old_cohort_before: 76234421.767623
old_cohort_after: 76234421.767623
old_holder_equivalence_factor_after: 0.816301554517
company_cash_change_oku: 1.5918125705
company_equity_effect_oku: 1.5918125705
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 159.18125705
cash_received_by_company_oku: 1.59181257
old_holders_cash_received_oku: 0

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year: 9.442847364819
想定日: 2036-04-16
金額: 0
種類: treasury_cancellation_matched_to_employee_issue_noncash
状態: forecast_assumption
issued_delta_shares: -1000000
treasury_delta_shares: -1000000
old_cohort_delta_shares: 0
issued_before: 99000000
issued_after: 98000000
treasury_before: 5609976
treasury_after: 4609976
economic_shares_before: 93390024
economic_shares_after: 93390024
old_cohort_before: 76234421.767623
old_cohort_after: 76234421.767623
old_holder_equivalence_factor_after: 0.816301554517
company_cash_change_oku: 0
company_equity_effect_oku: 0
matched_employee_issuance_shares: 1000000
equity_cash_effect: 0
why_no_oldholder_CF: cancellation is noncash and preserves circulating shares

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year: 9.459274469541
想定日: 2036-04-22
金額: 0
種類: dividend_declaration_liability_non_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4609976
treasury_after: 4609976
economic_shares_before: 93390024
economic_shares_after: 93390024
old_cohort_before: 76234421.767623
old_cohort_after: 76234421.767623
old_holder_equivalence_factor_after: 0.816301554517
company_cash_change_oku: 0
company_equity_effect_oku: -7.6571352941
declared_total_dividend_liability_oku: 7.65713529
ex_date: 未確認
ex_date_assumed: 2036-05-20
pay_date: 2036-05-22
recheck_before_ex_date: 2036-05-06
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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year: 9.4976043805613
想定日: 2036-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

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year: 9.4976043805613
想定日: 2036-05-06
金額: 0
種類: forecast_dividend_review
状態: forecast_review_not_official
注記: 会社発表前の権利落ち日について再確認する仮の日付。

内容を開く

year: 9.541409993155
想定日: 2036-05-22
金額: 6.2505314438
種類: dividend_cash_to_old_holders
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 0
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4609976
treasury_after: 4609976
economic_shares_before: 93390024
economic_shares_after: 93390024
old_cohort_before: 76234421.767623
old_cohort_after: 76234421.767623
old_holder_equivalence_factor_after: 0.816301554517
company_cash_change_oku: -7.6571352941
company_equity_effect_oku: 0
ex_date: 未確認
ex_date_assumed: 2036-05-20
pay_date: 2036-05-22
per_share_dividend_eur: 8.1990934
company_dividend_oku: 7.6571352941
old_cohort_entitled_shares: 76234421.767623
shares_entitled_total: 93390024
old_cohort_holder_ratio_at_ex_date: 0.816301554517
declaration_date_assumed: 2036-04-22
recheck_before_ex_date: 2036-05-06

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year: 9.571526351814
想定日: 2036-06-02
金額: 1.0375230588
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 638771
old_cohort_delta_shares: -521429.760281
issued_before: 98000000
issued_after: 98000000
treasury_before: 4609976
treasury_after: 5248747
economic_shares_before: 93390024
economic_shares_after: 92751253
old_cohort_before: 76234421.767623
old_cohort_after: 75712992.007342
old_holder_equivalence_factor_after: 0.816301554517
company_cash_change_oku: -1.2710046344
company_equity_effect_oku: -1.2710046344
company_buyback_cost_oku: 1.2710046344
shares_purchased: 638771
shares_from_old_cohort: 521429.760281
assumed_buyback_price_eur: 198.97657132
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

100

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year: 9.609856262834
想定日: 2036-06-16
金額: 0
種類: sbc_existing_treasury_shares_delivered_to_employees_no_cash
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: -638771
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 5248747
treasury_after: 4609976
economic_shares_before: 92751253
economic_shares_after: 93390024
old_cohort_before: 75712992.007342
old_cohort_after: 75712992.007342
old_holder_equivalence_factor_after: 0.810718198416
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 638771
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.66895777
market_value_of_grants_oku: 1.27100463
discount_on_employee_subscription_oku: 0.39795314
sbc_expense_minus_neutralization_cash_oku: -3.9E-9

101

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year: 9.859000684463
想定日: 2036-09-15
金額: 0.6936498879
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 430000
old_cohort_delta_shares: -348608.825319
issued_before: 98000000
issued_after: 98000000
treasury_before: 4609976
treasury_after: 5039976
economic_shares_before: 93390024
economic_shares_after: 92960024
old_cohort_before: 75712992.007342
old_cohort_after: 75364383.182023
old_holder_equivalence_factor_after: 0.810718198416
company_cash_change_oku: -0.8555992567
company_equity_effect_oku: -0.8555992567
company_buyback_cost_oku: 0.8555992567
shares_purchased: 430000
shares_from_old_cohort: 348608.825319
assumed_buyback_price_eur: 198.97657132
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

その他の数値・前提

probability_assessment

subjective_not_calibrated

initial_cashflow_2026_partial

内容を開く

period_start: 2026-11-07
期間末: 2026-12-31
days: 55
fy2026_day_fraction: 0.150684931507
状態: forecast
売上高: 39.96467391
op_after_sbc_oku: 4.76996467
parent_profit_after_sbc_oku: 2.48602077
nci_profit_oku: 0.66225829
sbc_cost_non_cash_oku: 0.2361413
sbc_equity_credit_oku: 0.2361413
parent_cash_dividend_oku: 0
parent_buyback_cash_oku: 0
new_issue_cash_oku: 0
pre_equity_free_cash_company_oku: 3
project_and_other_debt_repayment_oku: 0.5
parent_equity_open_oku: 82.35690832
parent_equity_close_oku: 85.0790704
nci_equity_open_oku: 14.69329671
nci_equity_close_oku: 15.355555
cash_open_oku: 51.4222009
cash_close_oku: 53.9222009
gross_debt_open_oku: 137.5
gross_debt_close_oku: 137
issued_shares_close: 98000000
treasury_shares_close: 739976
economic_shares_close: 97260024
old_cohort_shares_close: 97160024
old_cohort_equivalence_factor_close: 0.998971828343
net_debt_close_oku: 83.0777991
detail: After asof model-only 100k share vest on 2026-12-15 changes fraction with zero holder cash; no dividend payment post Nov6 FY2026.

annual

内容を開く

year

2027

period_start

2027-01-01

期間末

2027-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

269.223

ordinary_operating_profit_after_sbc_oku

27.79325142

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

29.40801142

sbc_expense_already_deducted_oku

1.61476

sbc_non_cash_equity_reserve_credit_oku

1.61476

sbc_covered_grant_share_market_value_oku

1.3889805

employee_subscription_discount_cost_oku

0.22578

sbc_expense_minus_share_neutralization_net_cash_oku

-4.976E-7

finance_cost_net_oku

2.75233397

other_financial_oku

-0.1

equity_method_profit_oku

0.93002

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

25.63593745

tax_expense_oku

7.16471606

parent_net_profit_after_sbc_oku

13.99918809

nci_net_profit_oku

4.4720333

group_net_profit_oku

18.47122139

parent_dividend_per_share_eur

5.064

dividend_declaration_date_assumed

2027-04-22

dividend_ex_date_assumed

2027-05-20

dividend_pre_ex_review_date

2027-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2027-05-24

parent_dividends_company_oku

4.92524762

parent_dividends_old_cohort_oku

4.86959568

nci_dividends_company_oku

3.35402497

buyback_company_oku

3.0033075

buyback_old_cohort_received_oku

2.97489578

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

1230384

actual_buyback_total_shares

2660384

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.90312

employee_existing_treasury_grants_shares

1230384

treasury_cancellation_shares

1000000

parent_equity_open_oku

85.0790704

parent_equity_end_oku

93.66758338

nci_equity_open_oku

15.355555

nci_equity_end_oku

16.47356332

cash_open_oku

53.9222009

cash_end_oku

56.4147454

gross_financial_debt_open_oku

137

gross_financial_debt_end_oku

128

net_financial_debt_end_oku

71.5852546

associate_equity_method_profit_non_cash_oku

0.93002

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.612

depreciation_and_amortization_non_cash_oku

16.766344

maintenance_capex_company_oku

7.61936336

growth_capex_company_oku

7.04293744

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

21.87200459

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

739976

treasury_shares_end

1169976

economic_outstanding_shares_end

96830024

old_cohort_shares_open

97160024

old_cohort_shares_end

94524807.609313

old_holder_fraction_end

0.976193165142

old_holder_cash_receipts_oku

7.84449147

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 44.3408
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0392
営業利益（株式報酬控除後）: 1.73815936
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 94.3492
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0368
営業利益（株式報酬控除後）: 3.47205056
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 90.396
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0661
営業利益（株式報酬控除後）: 5.9751756
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 26.598
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4582
営業利益（株式報酬控除後）: 12.1872036
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 5.6265
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4582
営業利益（株式報酬控除後）: 2.5780623
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 7.9125
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.336
営業利益（株式報酬控除後）: 2.6586
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2028

period_start

2028-01-01

期間末

2028-12-31

days

366

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

283.567363

ordinary_operating_profit_after_sbc_oku

29.55641718

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

31.2067019

sbc_expense_already_deducted_oku

1.65028472

sbc_non_cash_equity_reserve_credit_oku

1.65028472

sbc_covered_grant_share_market_value_oku

1.40982904

employee_subscription_discount_cost_oku

0.2404557

sbc_expense_minus_share_neutralization_net_cash_oku

-1.97E-8

finance_cost_net_oku

2.40755764

other_financial_oku

-0.1

equity_method_profit_oku

0.95048044

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

27.76433998

tax_expense_oku

7.77601927

parent_net_profit_after_sbc_oku

15.36994783

nci_net_profit_oku

4.61837289

group_net_profit_oku

19.98832071

parent_dividend_per_share_eur

5.34252

dividend_declaration_date_assumed

2028-04-24

dividend_ex_date_assumed

2028-05-22

dividend_pre_ex_review_date

2028-05-05

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2028-05-24

parent_dividends_company_oku

5.1731634

parent_dividends_old_cohort_oku

4.99785344

nci_dividends_company_oku

3.46377967

buyback_company_oku

3.12908729

buyback_old_cohort_received_oku

3.02911992

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

1172631

actual_buyback_total_shares

2602631

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.9618228

employee_existing_treasury_grants_shares

1172631

treasury_cancellation_shares

1000000

parent_equity_open_oku

93.66758338

parent_equity_end_oku

103.34738803

nci_equity_open_oku

16.47356332

nci_equity_end_oku

17.62815655

cash_open_oku

56.4147454

cash_end_oku

59.91978353

gross_financial_debt_open_oku

128

gross_financial_debt_end_oku

119

net_financial_debt_end_oku

59.08021647

associate_equity_method_profit_non_cash_oku

0.95048044

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.632956

depreciation_and_amortization_non_cash_oku

16.81901605

maintenance_capex_company_oku

7.66887509

growth_capex_company_oku

7.16197627

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

23.30924569

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1169976

treasury_shares_end

1599976

economic_outstanding_shares_end

96400024

old_cohort_shares_open

94524807.609313

old_cohort_shares_end

92005324.877785

old_holder_fraction_end

0.954411846182

old_holder_cash_receipts_oku

8.02697336

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 45.9370688
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0404
営業利益（株式報酬控除後）: 1.85585758
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 98.6892632
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0386
営業利益（株式報酬控除後）: 3.80940556
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 97.62768
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0682
営業利益（株式報酬控除後）: 6.65820778
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 27.209754
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4614
営業利益（株式報酬控除後）: 12.5545805
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 5.7559095
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4614
営業利益（株式報酬控除後）: 2.65577664
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 8.3476875
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.342
営業利益（株式報酬控除後）: 2.85490912
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2029

period_start

2029-01-01

期間末

2029-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

298.78835106

ordinary_operating_profit_after_sbc_oku

31.44642709

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

33.13301807

sbc_expense_already_deducted_oku

1.68659098

sbc_non_cash_equity_reserve_credit_oku

1.68659098

sbc_covered_grant_share_market_value_oku

1.4305054

employee_subscription_discount_cost_oku

0.25608532

sbc_expense_minus_share_neutralization_net_cash_oku

2.588E-7

finance_cost_net_oku

2.03240649

other_financial_oku

-0.1

equity_method_profit_oku

0.97139101

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

30.05041161

tax_expense_oku

8.43291597

parent_net_profit_after_sbc_oku

16.84782874

nci_net_profit_oku

4.76966689

group_net_profit_oku

21.61749563

parent_dividend_per_share_eur

5.6363586

dividend_declaration_date_assumed

2029-04-23

dividend_ex_date_assumed

2029-05-21

dividend_pre_ex_review_date

2029-05-07

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2029-05-23

parent_dividends_company_oku

5.43345104

parent_dividends_old_cohort_oku

5.13195597

nci_dividends_company_oku

3.57725017

buyback_company_oku

3.26151545

buyback_old_cohort_received_oku

3.08718832

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

1117210

actual_buyback_total_shares

2547210

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.02434128

employee_existing_treasury_grants_shares

1117210

treasury_cancellation_shares

1000000

parent_equity_open_oku

103.34738803

parent_equity_end_oku

114.21118255

nci_equity_open_oku

17.62815655

nci_equity_end_oku

18.82057327

cash_open_oku

59.91978353

cash_end_oku

64.52372072

gross_financial_debt_open_oku

119

gross_financial_debt_end_oku

110

net_financial_debt_end_oku

45.47627928

associate_equity_method_profit_non_cash_oku

0.97139101

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.65418443

depreciation_and_amortization_non_cash_oku

16.87503067

maintenance_capex_company_oku

7.72152883

growth_capex_company_oku

7.28856931

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

24.85181257

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1599976

treasury_shares_end

2029976

economic_outstanding_shares_end

95970024

old_cohort_shares_open

92005324.877785

old_cohort_shares_end

89594262.568171

old_holder_fraction_end

0.933565074113

old_holder_cash_receipts_oku

8.21914429

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 47.59080328
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0416
営業利益（株式報酬控除後）: 1.97977742
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 103.22896931
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0404
営業利益（株式報酬控除後）: 4.17045036
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 105.4378944
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0703
営業利益（株式報酬控除後）: 7.41228398
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 27.83557834
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4646
営業利益（株式報酬控除後）: 12.9324097
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 5.88829542
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4646
営業利益（株式報酬控除後）: 2.73570205
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 8.80681031
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.348
営業利益（株式報酬控除後）: 3.06476999
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2030

period_start

2030-01-01

期間末

2030-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

314.94520778

ordinary_operating_profit_after_sbc_oku

33.47327522

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

35.19697121

sbc_expense_already_deducted_oku

1.72369599

sbc_non_cash_equity_reserve_credit_oku

1.72369599

sbc_covered_grant_share_market_value_oku

1.45096503

employee_subscription_discount_cost_oku

0.27273087

sbc_expense_minus_share_neutralization_net_cash_oku

9.16E-8

finance_cost_net_oku

1.62428838

other_financial_oku

-0.1

equity_method_profit_oku

0.99276161

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

32.50674845

tax_expense_oku

9.13905618

parent_net_profit_after_sbc_oku

18.44158902

nci_net_profit_oku

4.92610325

group_net_profit_oku

23.36769227

parent_dividend_per_share_eur

5.94635832

dividend_declaration_date_assumed

2030-04-22

dividend_ex_date_assumed

2030-05-20

dividend_pre_ex_review_date

2030-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2030-05-22

parent_dividends_company_oku

5.70672151

parent_dividends_old_cohort_oku

5.27208276

nci_dividends_company_oku

3.69457744

buyback_company_oku

3.40099072

buyback_old_cohort_received_oku

3.14922161

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

1064027

actual_buyback_total_shares

2494027

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.09092347

employee_existing_treasury_grants_shares

1064027

treasury_cancellation_shares

1000000

parent_equity_open_oku

114.21118255

parent_equity_end_oku

126.35967879

nci_equity_open_oku

18.82057327

nci_equity_end_oku

20.05209908

cash_open_oku

64.52372072

cash_end_oku

70.32051039

gross_financial_debt_open_oku

110

gross_financial_debt_end_oku

101

net_financial_debt_end_oku

30.67948961

associate_equity_method_profit_non_cash_oku

0.99276161

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.67568883

depreciation_and_amortization_non_cash_oku

16.934618

maintenance_capex_company_oku

7.77754092

growth_capex_company_oku

7.42323668

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

26.50815587

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2029976

treasury_shares_end

2459976

economic_outstanding_shares_end

95540024

old_cohort_shares_open

89594262.568171

old_cohort_shares_end

87284863.816224

old_holder_fraction_end

0.913594744504

old_holder_cash_receipts_oku

8.42130438

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 49.30407219
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0428
営業利益（株式報酬控除後）: 2.11021429
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 107.9775019
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0422
営業利益（株式報酬控除後）: 4.55665058
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 113.87292595
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0724
営業利益（株式報酬控除後）: 8.24439984
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 28.47579664
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4678
営業利益（株式報酬控除後）: 13.32097767
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 6.02372621
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4678
営業利益（株式報酬控除後）: 2.81789912
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 9.29118488
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.354
営業利益（株式報酬控除後）: 3.28907945
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2031

period_start

2031-01-01

期間末

2031-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

332.10145774

ordinary_operating_profit_after_sbc_oku

35.64778497

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

37.40940226

sbc_expense_already_deducted_oku

1.7616173

sbc_non_cash_equity_reserve_credit_oku

1.7616173

sbc_covered_grant_share_market_value_oku

1.47115859

employee_subscription_discount_cost_oku

0.29045837

sbc_expense_minus_share_neutralization_net_cash_oku

3.377E-7

finance_cost_net_oku

1.18038469

other_financial_oku

-0.1

equity_method_profit_oku

1.01460237

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

35.14700265

tax_expense_oku

9.89839608

parent_net_profit_after_sbc_oku

20.16072829

nci_net_profit_oku

5.08787828

group_net_profit_oku

25.24860657

parent_dividend_per_share_eur

6.27340803

dividend_declaration_date_assumed

2031-04-22

dividend_ex_date_assumed

2031-05-20

dividend_pre_ex_review_date

2031-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2031-05-22

parent_dividends_company_oku

5.99361554

parent_dividends_old_cohort_oku

5.41842213

nci_dividends_company_oku

3.81590871

buyback_company_oku

3.54793595

buyback_old_cohort_received_oku

3.21535033

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

1012991

actual_buyback_total_shares

2442991

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.16183349

employee_existing_treasury_grants_shares

1012991

treasury_cancellation_shares

1000000

parent_equity_open_oku

126.35967879

parent_equity_end_oku

139.90230638

nci_equity_open_oku

20.05209908

nci_equity_end_oku

21.32406865

cash_open_oku

70.32051039

cash_end_oku

77.412323

gross_financial_debt_open_oku

101

gross_financial_debt_end_oku

net_financial_debt_end_oku

14.587677

associate_equity_method_profit_non_cash_oku

1.01460237

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.69747278

depreciation_and_amortization_non_cash_oku

16.99802498

maintenance_capex_company_oku

7.83714348

growth_capex_company_oku

7.56653646

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

28.28743931

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2459976

treasury_shares_end

2889976

economic_outstanding_shares_end

95110024

old_cohort_shares_open

87284863.816224

old_cohort_shares_end

85070880.242096

old_holder_fraction_end

0.894447048421

old_holder_cash_receipts_oku

8.63377246

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 51.07901879
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.044
営業利益（株式報酬控除後）: 2.24747683
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 112.94446698
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.044
営業利益（株式報酬控除後）: 4.96955655
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 122.98276003
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0745
営業利益（株式報酬控除後）: 9.16221562
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 29.13073997
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.471
営業利益（株式報酬控除後）: 13.72057852
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 6.16227192
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.471
営業利益（株式報酬控除後）: 2.90243007
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 9.80220005
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.36
営業利益（株式報酬控除後）: 3.52879202
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2032

period_start

2032-01-01

期間末

2032-12-31

days

366

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

350.32522897

ordinary_operating_profit_after_sbc_oku

37.98167976

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

39.78205264

sbc_expense_already_deducted_oku

1.80037288

sbc_non_cash_equity_reserve_credit_oku

1.80037288

sbc_covered_grant_share_market_value_oku

1.49103471

employee_subscription_discount_cost_oku

0.30933817

sbc_expense_minus_share_neutralization_net_cash_oku

-5.0E-10

finance_cost_net_oku

0.69763031

other_financial_oku

-0.1

equity_method_profit_oku

1.03692362

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

37.98597307

tax_expense_oku

10.71522434

parent_net_profit_after_sbc_oku

22.01555164

nci_net_profit_oku

5.25519709

group_net_profit_oku

27.27074873

parent_dividend_per_share_eur

6.61844547

dividend_declaration_date_assumed

2032-04-22

dividend_ex_date_assumed

2032-05-20

dividend_pre_ex_review_date

2032-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2032-05-24

parent_dividends_company_oku

6.29480508

parent_dividends_old_cohort_oku

5.57117133

nci_dividends_company_oku

3.94139781

buyback_company_oku

3.7028026

buyback_old_cohort_received_oku

3.2857179

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

964016

actual_buyback_total_shares

2394016

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.23735267

employee_existing_treasury_grants_shares

964016

treasury_cancellation_shares

1000000

parent_equity_open_oku

139.90230638

parent_equity_end_oku

154.95797589

nci_equity_open_oku

21.32406865

nci_equity_end_oku

22.63786792

cash_open_oku

77.412323

cash_end_oku

85.9102715

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-2.9102715

associate_equity_method_profit_non_cash_oku

1.03692362

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.71953993

depreciation_and_amortization_non_cash_oku

17.06551663

maintenance_capex_company_oku

7.90058563

growth_capex_company_oku

7.71906758

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

30.19960133

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2889976

treasury_shares_end

3319976

economic_outstanding_shares_end

94680024

old_cohort_shares_open

85070880.242096

old_cohort_shares_end

82946526.862218

old_holder_fraction_end

0.876072093753

old_holder_cash_receipts_oku

8.85688923

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 52.91786347
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0452
営業利益（株式報酬控除後）: 2.39188743
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 118.13991246
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0458
営業利益（株式報酬控除後）: 5.41080799
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 132.82138083
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0766
営業利益（株式報酬控除後）: 10.17411777
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 29.80074699
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4742
営業利益（株式報酬控除後）: 14.13151422
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 6.30400417
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4742
営業利益（株式報酬控除後）: 2.98935878
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 10.34132105
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.366
営業利益（株式報酬控除後）: 3.7849235
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2033

period_start

2033-01-01

期間末

2033-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

369.68960043

ordinary_operating_profit_after_sbc_oku

40.48765985

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

42.32764093

sbc_expense_already_deducted_oku

1.83998108

sbc_non_cash_equity_reserve_credit_oku

1.83998108

sbc_covered_grant_share_market_value_oku

1.51053565

employee_subscription_discount_cost_oku

0.32944515

sbc_expense_minus_share_neutralization_net_cash_oku

2.81E-7

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

1.05973594

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

40.95239579

tax_expense_oku

11.56887136

parent_net_profit_after_sbc_oku

23.95525041

nci_net_profit_oku

5.42827403

group_net_profit_oku

29.38352443

parent_dividend_per_share_eur

6.98245997

dividend_declaration_date_assumed

2033-04-22

dividend_ex_date_assumed

2033-05-20

dividend_pre_ex_review_date

2033-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2033-05-23

parent_dividends_company_oku

6.61099478

parent_dividends_old_cohort_oku

5.73053665

nci_dividends_company_oku

4.07120552

buyback_company_oku

3.86606846

buyback_old_cohort_received_oku

3.36047718

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

917018

actual_buyback_total_shares

2347018

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.31778059

employee_existing_treasury_grants_shares

917018

treasury_cancellation_shares

1000000

parent_equity_open_oku

154.95797589

parent_equity_end_oku

171.59392473

nci_equity_open_oku

22.63786792

nci_equity_end_oku

23.99493643

cash_open_oku

85.9102715

cash_end_oku

95.87321661

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-21.87321661

associate_equity_method_profit_non_cash_oku

1.05973594

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.74189395

depreciation_and_amortization_non_cash_oku

17.13737739

maintenance_capex_company_oku

7.96813474

growth_capex_company_oku

7.88147289

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

32.19343327

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

3319976

treasury_shares_end

3749976

economic_outstanding_shares_end

94250024

old_cohort_shares_open

82946526.862218

old_cohort_shares_end

80906443.892357

old_holder_fraction_end

0.858423589286

old_holder_cash_receipts_oku

9.09101383

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 54.82290656
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0464
営業利益（株式報酬控除後）: 2.54378286
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 123.57434844
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0476
営業利益（株式報酬控除後）: 5.88213899
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 143.4470913
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0787
営業利益（株式報酬控除後）: 11.28928609
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 30.48616417
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4774
営業利益（株式報酬控除後）: 14.55409477
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 6.44899627
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4774
営業利益（株式報酬控除後）: 3.07875082
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 10.91009371
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.372
営業利益（株式報酬控除後）: 4.05855486
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2034

period_start

2034-01-01

期間末

2034-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

390.27297624

ordinary_operating_profit_after_sbc_oku

43.17948577

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

45.05994643

sbc_expense_already_deducted_oku

1.88046066

sbc_non_cash_equity_reserve_credit_oku

1.88046066

sbc_covered_grant_share_market_value_oku

1.52960175

employee_subscription_discount_cost_oku

0.35085908

sbc_expense_minus_share_neutralization_net_cash_oku

-1.642E-7

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

1.08305013

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

43.6675359

tax_expense_oku

12.34950087

parent_net_profit_after_sbc_oku

25.71070184

nci_net_profit_oku

5.60733319

group_net_profit_oku

31.31803502

parent_dividend_per_share_eur

7.36649527

dividend_declaration_date_assumed

2034-04-24

dividend_ex_date_assumed

2034-05-22

dividend_pre_ex_review_date

2034-05-05

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2034-05-24

parent_dividends_company_oku

6.94292356

parent_dividends_old_cohort_oku

5.89673363

nci_dividends_company_oku

4.20549989

buyback_company_oku

4.03824419

buyback_old_cohort_received_oku

3.43979501

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

871918

actual_buyback_total_shares

2301918

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.40343633

employee_existing_treasury_grants_shares

871918

treasury_cancellation_shares

1000000

parent_equity_open_oku

171.59392473

parent_equity_end_oku

189.60735581

nci_equity_open_oku

23.99493643

nci_equity_end_oku

25.39676972

cash_open_oku

95.87321661

cash_end_oku

107.08936163

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-42.08936163

associate_equity_method_profit_non_cash_oku

1.08305013

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.76453857

depreciation_and_amortization_non_cash_oku

17.21391263

maintenance_capex_company_oku

8.04007788

growth_capex_company_oku

8.05444255

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

33.99937633

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

3749976

treasury_shares_end

4179976

economic_outstanding_shares_end

93820024

old_cohort_shares_open

80906443.892357

old_cohort_shares_end

78945659.532871

old_holder_fraction_end

0.841458530568

old_holder_cash_receipts_oku

9.33652864

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 56.79653119
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0476
営業利益（株式報酬控除後）: 2.70351488
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 129.25876847
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0494
営業利益（株式報酬控除後）: 6.38538316
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 154.9228586
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0808
営業利益（株式報酬控除後）: 12.51776697
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 31.18734594
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4806
営業利益（株式報酬控除後）: 14.98863846
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: area
売上高: 6.59732318
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4806
営業利益（株式報酬控除後）: 3.17067352
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 11.51014886
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.378
営業利益（株式報酬控除後）: 4.35083627
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2035

period_start

2035-01-01

期間末

2035-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

409.44977856

ordinary_operating_profit_after_sbc_oku

44.76111104

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

46.68294184

sbc_expense_already_deducted_oku

1.9218308

sbc_non_cash_equity_reserve_credit_oku

1.9218308

sbc_covered_grant_share_market_value_oku

1.54816664

employee_subscription_discount_cost_oku

0.37366492

sbc_expense_minus_share_neutralization_net_cash_oku

-7.625E-7

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

1.10687723

extraordinary_operating_cost_oku

0.235

pretax_profit_oku

45.27298828

tax_expense_oku

12.8081722

parent_net_profit_after_sbc_oku

27.0458302

nci_net_profit_oku

5.41898587

group_net_profit_oku

32.46481607

parent_dividend_per_share_eur

7.77165251

dividend_declaration_date_assumed

2035-04-23

dividend_ex_date_assumed

2035-05-21

dividend_pre_ex_review_date

2035-05-07

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2035-05-23

parent_dividends_company_oku

7.29136625

parent_dividends_old_cohort_oku

6.0699871

nci_dividends_company_oku

4.06423941

buyback_company_oku

4.21987084

buyback_old_cohort_received_oku

3.52384859

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

828639

actual_buyback_total_shares

2258639

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.49465969

employee_existing_treasury_grants_shares

828639

treasury_cancellation_shares

1000000

parent_equity_open_oku

189.60735581

parent_equity_end_oku

208.55843941

nci_equity_open_oku

25.39676972

nci_equity_end_oku

26.75151619

cash_open_oku

107.08936163

cash_end_oku

112.37032201

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-62.37032201

associate_equity_method_profit_non_cash_oku

1.10687723

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.78747757

depreciation_and_amortization_non_cash_oku

16.64997081

maintenance_capex_company_oku

8.11672325

growth_capex_company_oku

8.23871759

estimated_acquisitions_cash_oku

0.65

working_capital_cash_absorption_oku

0.35

consolidated_fcf_before_distributions_and_principal_oku

34.36177718

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

4179976

treasury_shares_end

4609976

economic_outstanding_shares_end

93390024

old_cohort_shares_open

78945659.532871

old_cohort_shares_end

77059558.708465

old_holder_fraction_end

0.825136940841

old_holder_cash_receipts_oku

9.59383569

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 58.84120631
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0488
営業利益（株式報酬控除後）: 2.87145087
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 135.20467181
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0512
営業利益（株式報酬控除後）: 6.9224792
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 167.31668729
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0829
営業利益（株式報酬控除後）: 13.87055338
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 29.19494448
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4838
営業利益（株式報酬控除後）: 14.12451414
year_is_partial: いいえ
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 0.915068493

内容を開く

segment: area
売上高: 6.74906161
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.4838
営業利益（株式報酬控除後）: 3.26519601
year_is_partial: いいえ
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: other
売上高: 12.14320705
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.384
営業利益（株式報酬控除後）: 4.66299151
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

year

2036

period_start

2036-01-01

期間末

2036-11-06

days

311

year_fraction

0.849726775956

period_type

terminal_partial_year

状態

scenario_projection

売上高

341.57279678

ordinary_operating_profit_after_sbc_oku

27.94463496

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

29.61359274

sbc_expense_already_deducted_oku

1.66895777

sbc_non_cash_equity_reserve_credit_oku

1.66895777

sbc_covered_grant_share_market_value_oku

1.27100463

employee_subscription_discount_cost_oku

0.39795314

sbc_expense_minus_share_neutralization_net_cash_oku

-3.9E-9

finance_cost_net_oku

0.22092896

other_financial_oku

-0.08497268

equity_method_profit_oku

0.96123517

extraordinary_operating_cost_oku

0.19968579

pretax_profit_oku

28.40028271

tax_expense_oku

7.95732378

parent_net_profit_after_sbc_oku

19.30408444

nci_net_profit_oku

1.13887448

group_net_profit_oku

20.44295892

parent_dividend_per_share_eur

8.1990934

dividend_declaration_date_assumed

2036-04-22

dividend_ex_date_assumed

2036-05-20

dividend_pre_ex_review_date

2036-05-06

dividend_pre_ex_review_status

forecast_recheck_not_an_announced_date

dividend_paid_date_assumed

2036-05-22

parent_dividends_company_oku

7.65713529

parent_dividends_old_cohort_oku

6.25053144

nci_dividends_company_oku

0.85415586

buyback_company_oku

4.1163696

buyback_old_cohort_received_oku

3.37300214

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

430000

buyback_sbc_treasury_replenishment_shares

638771

actual_buyback_total_shares

2068771

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.59181257

employee_existing_treasury_grants_shares

638771

treasury_cancellation_shares

1000000

parent_equity_open_oku

208.55843941

parent_equity_end_oku

219.3497893

nci_equity_open_oku

26.75151619

nci_equity_end_oku

27.03623481

cash_open_oku

112.37032201

cash_end_oku

115.95161541

gross_financial_debt_open_oku

gross_financial_debt_end_oku

47.5

net_financial_debt_end_oku

-68.45161541

associate_equity_method_profit_non_cash_oku

0.96123517

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.53861283

depreciation_and_amortization_non_cash_oku

7.97812706

maintenance_capex_company_oku

5.97523452

growth_capex_company_oku

6.72531853

estimated_acquisitions_cash_oku

0.5523224

working_capital_cash_absorption_oku

0.29740437

consolidated_fcf_before_distributions_and_principal_oku

17.11714159

scheduled_project_and_group_debt_principal_repaid_oku

2.5

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

4609976

treasury_shares_end

5039976

economic_outstanding_shares_end

92960024

old_cohort_shares_open

77059558.708465

old_cohort_shares_end

75364383.182023

old_holder_fraction_end

0.810718198416

old_holder_cash_receipts_oku

9.62353358

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 51.79891068
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.036
revenue_volume_growth_assumed: 0.019685039
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.05
営業利益（株式報酬控除後）: 2.58994553
year_is_partial: はい
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 120.17183325
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.046
revenue_volume_growth_assumed: 0.030541872
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.053
営業利益（株式報酬控除後）: 6.36910716
year_is_partial: はい
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 153.54734679
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.08
revenue_volume_growth_assumed: 0.064039409
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.085
営業利益（株式報酬控除後）: 13.05152448
year_is_partial: はい
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: aprr
売上高: 0
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.487
営業利益（株式報酬控除後）: 0
year_is_partial: はい
concession_expiry: 2035-11-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 0

内容を開く

segment: area
売上高: 5.16878543
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.023
revenue_volume_growth_assumed: 0.004911591
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.487
営業利益（株式報酬控除後）: 2.51719851
year_is_partial: はい
concession_expiry: 2036-09-30
expiry_month_end_assumed: はい
legal_available_year_fraction_before_horizon_2036_or_2035: 0.74863388

内容を開く

segment: other
売上高: 10.88592063
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.055
revenue_volume_growth_assumed: 0.041461007
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.39
営業利益（株式報酬控除後）: 4.24550904
year_is_partial: はい
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

annual_ledger_rows

終了日

2036-11-06

ird_2036_after_date_excluded

はい

ird_2036_valid_fraction

0.849726776

売上高

401.97956148399

営業利益

32.886612203741

純利益

22.717990048368

equity_oku

219.3497893

期間内の親会社利益合計（億）

205.33672127

multiple

kind: derived_not_market_multiple
値: 未確認
why: 市場PER/PBR回帰不使用。2037以後工事FCFFを暦年末支払として割引＋期限別FULLY-CONSOLIDATED EV＋持分法の保有者帰属配当DCF−連結純金融債務1回−持分別経済NCI。

terminal_valuation

内容を開く

方法

consolidated_operating_100pct_EV_MINUS_GROUP_net_debt_ONCE_MINUS_economic_subsidiary_NCI_PLUS_equity_method_dividends_ONLY

terminal_cashflow_convention

year_end_2037_12_31_cashflow_and_onward_discounted_from_2036_11_06

group_100pct_consolidated_enterprise_EV_only

はい

core_nonconcession_2037_revenue_oku

391.1303963

core_operating_profit_after_sbc_2037_oku

25.45141392

core_tax_rate

0.29

core_after_tax_operating_profit_2037_oku

18.07050388

core_required_net_reinvestment_2037_oku

3.07198566

core_cash_flow_before_issuer_sbc_share_coverage_oku

17.00583974

core_sustainable_unlevered_FCFF_2037_oku

14.99851757

core_WACC

0.072

core_post2036_growth

0.021

core_2036_dec31_EV_oku

294.08857979

stub_2036_nov06_to_dec31_years

0.150581793292

core_EV_oku

291.02572187

other_concessions_finite_EV_oku

27.92480263

other_concession_projects

内容を開く

id: aliae_a79
名称: Aliaé A79
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 0.525
nci_fraction: 0.475
expiry_year: 2068
revenue_2037_proxy_oku: 1.0001741
fcff_2037_100pct_oku: 0.29034824
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 4.89973385
june2026_project_net_debt_oku: 5
june2026_net_debt_source: allocation_proxy_within_APRR_group_70_01
projected_2036_project_net_debt_proxy_oku: 3.80952381
projected_2036_concession_book_asset_proxy_oku: 5.28
nci_2036_book_equity_proxy_oku: 0.69847619
nci_2036_fair_equity_oku: 0.51784977
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: adelac_a41
名称: Adelac A41
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 0.525
nci_fraction: 0.475
expiry_year: 2060
revenue_2037_proxy_oku: 1.36865929
fcff_2037_100pct_oku: 0.37738809
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 5.45437895
june2026_project_net_debt_oku: 5.83
june2026_net_debt_source: reported_group_SPV_FND
projected_2036_project_net_debt_proxy_oku: 4.11529412
projected_2036_concession_book_asset_proxy_oku: 5.68941176
nci_2036_book_equity_proxy_oku: 0.74770588
nci_2036_fair_equity_oku: 0.6360653
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: alienor_a65
名称: Aliénor A65
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 1
nci_fraction: 0
expiry_year: 2067
revenue_2037_proxy_oku: 1.40375312
fcff_2037_100pct_oku: 0.42338317
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 7.03408797
june2026_project_net_debt_oku: 6.38
june2026_net_debt_source: reported_group_SPV_FND
projected_2036_project_net_debt_proxy_oku: 4.82390244
projected_2036_concession_book_asset_proxy_oku: 6.8804878
nci_2036_book_equity_proxy_oku: 0
nci_2036_fair_equity_oku: 0
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: millau
名称: Millau Viaduct
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 1
nci_fraction: 0
expiry_year: 2079
revenue_2037_proxy_oku: 1.21073706
fcff_2037_100pct_oku: 0.37669553
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 7.21199995
june2026_project_net_debt_oku: 5.06
june2026_net_debt_source: reported_group_SPV_FND
projected_2036_project_net_debt_proxy_oku: 4.10528302
projected_2036_concession_book_asset_proxy_oku: 2.69358491
nci_2036_book_equity_proxy_oku: 0
nci_2036_fair_equity_oku: 0
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: senegal_motorway
名称: Autoroute de l’Avenir Senegal
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 0.75
nci_fraction: 0.25
expiry_year: 2044
revenue_2037_proxy_oku: 1.22828398
fcff_2037_100pct_oku: 0.26227855
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 1.69040793
june2026_project_net_debt_oku: 0.89
june2026_net_debt_source: reported_group_SPV_FND
projected_2036_project_net_debt_proxy_oku: 0.39555556
projected_2036_concession_book_asset_proxy_oku: 0.89777778
nci_2036_book_equity_proxy_oku: 0.12555556
nci_2036_fair_equity_oku: 0.32371309
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: toulouse_airport
名称: Toulouse airport — FULLY CONSOLIDATED despite 49.99% interest
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 0.4999
nci_fraction: 0.5001
expiry_year: 2046
revenue_2037_proxy_oku: 2.84260006
fcff_2037_100pct_oku: 0.13756365
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 1.06663371
june2026_project_net_debt_oku: 0.7
june2026_net_debt_source: reported_group_SPV_FND_included_in_group_concession_98_92
projected_2036_project_net_debt_proxy_oku: 0.35
projected_2036_concession_book_asset_proxy_oku: 4.765
nci_2036_book_equity_proxy_oku: 2.2079415
nci_2036_fair_equity_oku: 0.35838852
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: lille_airport
名称: Lille airport
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 0.9
nci_fraction: 0.1
expiry_year: 2042
revenue_2037_proxy_oku: 0.57904816
fcff_2037_100pct_oku: 0.01953662
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 0.09817611
june2026_project_net_debt_oku: 0.1
june2026_net_debt_source: assumed_split_of_unallocated_other_nonrecourse_FND
projected_2036_project_net_debt_proxy_oku: 0.0375
projected_2036_concession_book_asset_proxy_oku: 0.07125
nci_2036_book_equity_proxy_oku: 0.003375
nci_2036_fair_equity_oku: 0.00606761
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

内容を開く

id: stadium_pierre_mauroy
名称: Stade Pierre-Mauroy stadium core right (ancillary 2076 not separately priced)
accounting: full_consolidation_100pct_EV_and_project_debt_in_group_debt
group_economic_interest: 1
nci_fraction: 0
expiry_year: 2043
revenue_2037_proxy_oku: 0.54395433
fcff_2037_100pct_oku: 0.08163656
discount_rate: 0.07
annual_growth_assumed: 0.02725
remaining_lifetime_ev_100pct_oku: 0.46938416
june2026_project_net_debt_oku: 1.53
june2026_net_debt_source: reported_group_SPV_FND
projected_2036_project_net_debt_proxy_oku: 0.63
projected_2036_concession_book_asset_proxy_oku: 0.93058824
nci_2036_book_equity_proxy_oku: 0
nci_2036_fair_equity_oku: 0
project_debt_already_within_group_net_financial_debt: はい
状態: consolidation_and_h1_data_verified_forward_cash_book_and_debt_forecasts_unverified

other_concessions_unvalued_due_to_missing_financing_and_FCFF

内容を開く

1: BPL HSRL (expires 2036)
2: Amedea A412 (under construction; needed capex separately unknown)
3: Other PPP unallocated
4: SunR
5: marinas

equity_accounted_investments_finite_DCF_oku

22.22595597

equity_accounted_assets

内容を開く

getlink_equity_accounted

accounting

equity_method_or_noncontrolled_financial_participation

group_interest

0.294

ownership_confirmed

はい

first_2037_after_tax_dividend_oku

1.70928239

terminal_basis

Eiffage_receivable_dividends_only_already_net_of_investee_financing

end_year_assumed

2086

investee_100pct_EV_added_oku

investee_debt_in_Eiffage_consolidation_oku

finite_dcf_oku

20.15718963

出典番号

1: s16

内容を開く

nove_equity_accounted

accounting

equity_method_or_noncontrolled_financial_participation

group_interest

0.5

ownership_confirmed

はい

first_2037_after_tax_dividend_oku

0.15538931

terminal_basis

Eiffage_receivable_dividends_only_already_net_of_investee_financing

end_year_assumed

2056

investee_100pct_EV_added_oku

investee_debt_in_Eiffage_consolidation_oku

finite_dcf_oku

1.47769024

出典番号

1: s16

内容を開く

minority_prado_tunnels_other_ppp_financial_participations

accounting

equity_method_or_noncontrolled_financial_participation

group_interest

未確認

ownership_confirmed

いいえ

first_2037_after_tax_dividend_oku

0.06215572

terminal_basis

Eiffage_receivable_dividends_only_already_net_of_investee_financing

end_year_assumed

2056

investee_100pct_EV_added_oku

investee_debt_in_Eiffage_consolidation_oku

finite_dcf_oku

0.5910761

出典番号

1: s16

equity_accounted_100pct_EV_double_count_oku

net_financial_debt_once_oku

-68.45161541

assigned_remaining_project_net_debt_proxy_within_group_oku

18.26705894

group_debt_not_assigned_to_listed_subsidiaries_oku

29.23294106

nci_book_proxy_oku

27.03623481

identified_project_NCI_book_proxy_oku

3.78305413

residual_nonproject_and_legacy_NCI_book_proxy_oku

23.25318068

residual_NCI_fair_proxy_factor

0.95

residual_NCI_economic_oku

22.09052165

identified_project_NCI_equity_fair_oku

1.84208429

nci_economic_value_deduction_oku

23.93260594

nci_double_debt_deduction_oku

parent_equity_terminal_oku

385.69548995

old_holder_fraction_at_terminal

0.810718198416

old_cohort_terminal_mcap_oku

312.69035275

sbc_steady_state

内容を開く

方法: cash_buybacks_to_maintain_share_count_and_subscribed_employee_plan_not_dilution
all_in_IFRS2_expense_already_in_EBIT_oku: 2.00732152
sbc_non_cash_addback_to_company_cash_flow_oku: 2.00732152
assumed_execution_price_eur: 211.91004845
employee_new_subscriptions_shares: 1000000
employee_subscription_cash_oku: 1.69528039
employee_subscription_cover_buyback_oku: 2.11910048
employee_share_discount_cash_shortfall_oku: 0.4238201
granted_treasury_award_shares: 747252
grant_replenishment_buyback_cash_oku: 1.58350208
total_net_company_buyback_funding_oku: 2.00732217
expense_minus_net_funding_reconciliation_oku: -6.515E-7
company_cash_flow_equation: after_sbc_NOPAT + noncash_sbc - net_cash_for_employee_share_neutral_issuance_and_grants - reinvestment
steady_state_old_holder_net_share_count_policy: no_new_cohort dilution in total share count; old shareholders sell pro-rata and get cash, as in annual ledger
repurchase_price_fixed_qty_25pct_higher_net_cash_extra_oku: 0.92565064
repurchase_price_fixed_qty_25pct_lower_net_cash_saved_oku: 0.92565064
company_EV_sensitivity_25pct_buyback_price_oku: 17.96098477
assumption_not_issuer_guidance: はい

no_APRR_AREA_after_expiry

はい

no_extra_book_concession_intangibles

はい

no_double_add_cash

はい

notes

Toulouse49.99 is fully consolidated. 2026 SPV net borrowings ARE WITHIN issuer net debt. Project debts used only to calculate the noncontrolling claim on project EQUITY (EV minus SPV debt), not deducted again. Getlink and Nové receive dividend-equity cashflow DCF only. Post-2036 SBC noncash addback is offset by stock-neutral funding, thus no two charges. Forecast revenue and project FND are unverified; all 2037 receipts assumed at calendar year end.

terminal_company_parent_equity_value_oku

385.69548995

終価

312.69035275

期間内株主受取

87.64748692

payout_dividends_old_cohort_oku

55.20887014

payout_buybacks_old_cohort_oku

32.43861678

issuer_total_buybacks_oku

36.2861926

issuer_total_parent_dividends_oku

62.02942407

issuer_total_employee_subscription_cash_oku

12.18708289

cashflow_event_count

old_holder_policy

all_original_economic_shares_proportional_tender_at_every_buyback;employee_issued_and_vested_shares_excluded

initial_old_cohort_mcap_oku

102.98962544

現在価値（億）

186.73728726

npv_oku

83.74766182

intrinsic_price_eur

192.195596

market_value_ratio

1.813166001

ten_year_annualized_irr

0.17681558132

pv_cashflows_check_oku

57.06840275

pv_terminal_check_oku

129.66888451

irr_residual_oku

やや強気（確率 20.0%）

案件選別により工事利益率改善。大型新規投資は限定的、満期高速道路は償却。

確率の根拠

analyst subjective scenario weight, not historical frequency

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中立（確率 40.0%）

受注残の消化とエネルギー部門拡大。APRR2035/AREA2036喪失を明示し、残存権益と工事の持続FCFFで終価を計算。

確率の根拠

analyst subjective scenario weight, not historical frequency

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やや弱気（確率 20.0%）

低成長・人件費増とプロジェクト遅延。債務償還は遅れ、残存期限付権益を保守評価。

確率の根拠

analyst subjective scenario weight, not historical frequency

このシナリオの数値・キャッシュフローを開く →

弱気（確率 10.0%）

景気後退・原価超過・高速道路通行量の構造減と再資金調達条件悪化。期限延長・救済なし。

確率の根拠

analyst subjective scenario weight, not historical frequency

このシナリオの数値・キャッシュフローを開く →

金額の単位

億EUR

財務・資本配分の詳細

debt_nonrecourse: Slide39 2026 H1 consolidated concession SPV FND €9,892m: APRR+Financière Eiffarie €7,001m, other motorway/airport €1,886m incl Toulouse Airport €70m, PPP €1,005m. Entire SPV FINANCIAL NET DEBT included in group consolidated net debt; assc Getlink/Nové investee debt not included. Distinguish nonrecourse risk and group equity.
share_issue_and_cancellation_actual_2026: 2,193,857 shares issued for employee savings and same number treasury shares cancelled, keeping issued total 98m. Existing employee shareholding counts as issued/economic, not deducted twice.
buyback_past_baseline: Oct19-30 250,000 shares at aggregate 0.2477991億EUR before 2026-11-06; no second postbaseline cashflow.
financing_2026: APRR issued 500m bond January2026, maturity January2032, coupon3.125%, within recorded liabilities, not additional.
M_and_A: 2026 H1 Getlink 29.4% (equity method), handwerk/engineering firms; 2026 October 21 stadium sale negotiations without confirmed purchase price, no fictitious sale gain.
financing_contract_assets_policy: IFRS15 progress billing and advance obligations separated from IFRIC12 concession intangibles and financial receivables.
accounting_non_cash_sbc_policy: SBC reduces IFRS profit/operating margin. Equity-settled expense credited back to equity reserve, grant/treasury transfers cause share ownership shifts with amount zero to old holders.

分析基準とデータ

価格・単価

106

株数

97160024

株価基準日

2026-11-06

price_currency

EUR

price_exchange

Euronext Paris

price_source_ids

1: s08
2: s09

price_status

verified_close_by_issuer_website_and_independent_market

発行済株式数

98000000

issued_shares_asof

2026-10-31

issued_shares_source_id

s06

issued_shares_status

confirmed

自己株式数

839976

treasury_asof

2026-06-30

treasury_source_id

s01

treasury_status

outdated_proxy_not_confirmed_2026_11_06

shares_derived_asof

2026-06-30

shares_status

proxy_not_verified_2026_11_06

share_equation

98,000,000 issued (Oct31) minus 839,976 treasury (June30 proxy) equals 97,160,024 economic shares; mixed report dates explicitly disclosed

old_cohort_policy

all 97,160,024 originally outstanding economic shares, including any then-employee holdings; pro-rata tender for all post-baseline buybacks

old_cohort_shares

97160024

old_cohort_purchase_cost_oku

102.98962544

known_october_buyback_shares

250000

known_october_buyback_cost_oku

0.2477991

buyback_known_oct30_prior_to_asof

はい

october_buyback_cannot_be_deducted_from_june_treasury_without_unknown_interim_transfers

はい

alternative_economic_share_count_if_Oct250k_unoffset

96910024

alternative_pretax_market_cap_if_Oct250k_unoffset_oku

102.72462544

other_share_changes_jul_to_nov_unverified

未確認

employee_ownership_percent_2026_h1

0.238

employee_ownership_not_treasury

はい

株価の出所

https://www.abcbourse.com/cotation/FR0000130452p

株数の出所

https://webdisclosure.com/press-release/eiffage-epa-fgr-information-mensuelle-relative-au-nombre-total-des-droits-de-vote-et-dactions-composant-le-capital-social-XsdCStNBAQI

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