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AI 銘柄分析 · 10年

IMCD N.V.

IMCD · EUR · 分析基準日 2026-11-06

IMCD：専門化学品流通の10年評価

10年期待年率4.58%
資本コスト9.50%
直近終値102.75 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

専門化学品の地域別流通網を評価し、買収支出、無形資産の償却、運転資本、設備投資、株式報酬を考慮します。基準日時点の株数は2026年6月の自己株を用いた代理値で、9月末財務の一部と将来の買収・配当・税は推計です。終値は二次資料で照合。将来の業績や収益は確定していません。

要約の補足

assessment

IMCDは理解可能な技術型特殊化学品流通で中程度以上の堀がある。しかし永続的な供給契約ではなく、リスクの本体は運転資本・買収対価・のれん・北米景気。EBITAや会社APM FCFをそのまま普通株主FCFEとは見なさない。

judgement_2026_11_06

単独投資候補としてモートの質に比し買収と負債を要監視。安全余裕は全55期間の現金と残存持分から決定。

data_limitations

Euronext official day-specific price ORIGINAL not confirmed; 2026-11-06 close EUR102.75 used based on independent secondary providers only. 9M is not complete IAS34 balance sheet; Nov6 float and gross debt/cash/equity proxy; Merit price/PPA unknown. Future M&A and amortization ratios are assumptions.

terminal_reinvestment_2037_revision

2036 stub acquisition paid annualized to 2037 in all five scenarios; FY2037 attributable IFRS NI tax bridge adjusted for observed amort-related credit; legacy 2037 acquired PPA 10-year runoff and new M&A 30%-over-10-year finite identifiable amort; owner FCFE and SBC share-neutral cash purchase explicit 2037-2046 plus 2047 perpetual; 55 rows unchanged.

value_conclusion

The previous assumed EUR1.0 oku 2037 base acquisition spend versus 2036 EUR2.523 oku annualized cannot be assumed sustainable without an organic/retention investment story. Revised selected IRR is a cautious MODEL assumption, not an objectively observed fair value.

結論の補足

holder_expected_IRR
0.0458194173
fair_value_per_share_eur
68.6644846
entry_price_eur
102.75
price_gap
-0.3317325
owner_outlook

terminal_reinvestment_high_sensitivity; no_proven_margin_of_safety

valuation_quality

company 2025 and H1/9M 2026 evidence; future MA, PPA and tax shield proxy unverified; 2037+ explicit cashflow /2047 terminal DCF

safety_conclusion

2026-11-06 quoted EUR102.75 versus uncertainty-bounded owner equity: use real 2036 MA rate rather than unsupported 2037 cut; do not treat amort as permanent income; tax credits are a proxy not cash tax certainty.

事業

専門化学品・原料をメーカーと顧客の間で流通・技術支援する事業。地域分散と供給先・顧客との関係が競争力の源泉です。

競争力・事業の質

技術支援と調達網に強みがある一方、買収の価格・統合、顧客需要、運転資本と借入が重要です。

業界と環境

化学・食品・医薬品などの産業需要、供給元の販売方針、為替動向の影響を受けます。

財務・資本配分

成長維持に要する買収・運転資本・設備投資と株式報酬を、株主への現金還元と区別して評価します。

評価の前提と確認

直近の利益や市場PERをそのまま価値とせず、再投資後の将来キャッシュフローと買収支出の感応度を検討します。

資本コストの前提

資本コスト
9.50%
k_type

common_equity_required_return_assumption

terminal_method

2037-2046_explicit_EQUITY_owner_FCFE_with_PPA_runoff_then_2047_Gordon_terminal_and_SBC_share_neutral_hedge

terminal_year_discount_exponent
10.001368925394
holder_cashflow_year_basis

ACT/365.25

calendar_anniversary_ending
はい
end_actual_days
3653
end_ACT36525_year
10.001368925394
no_halfway_year5_lump_used_for_timed_cashflows
はい
terminal_is_calendar_10_year_anniversary_but_ACT_365_25_exponent
はい

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

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%24.27149.76
やや強気20.0%20.3393.67
中立45.0%18.2268.19
やや弱気20.0%12.3538.97
弱気5.0%7.4824.63

強気（確率 10.0%）

全地域で数量回復、APACの技術営業と買収の高収益化が進展。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

やや強気（確率 20.0%）

特産品物流の付加価値と新興国拡大が継続。

確率の根拠

シナリオ確率は分析上の仮定。

事業別の前提

1
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名称

EMEA

数量
1
価格・単価
46.099267935
営業利益
未確認
2
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名称

Americas

数量
1
価格・単価
24.375790864
営業利益
未確認
3
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名称

Asia_Pacific

数量
1
価格・単価
30.572102537
営業利益
未確認

日付別キャッシュフロー

1
内容を開く
想定日

2027-02-19

year
0.287474332649
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

2
内容を開く
想定日

2027-04-29

year
0.476386036961
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

3
内容を開く
想定日

2027-05-04

year
0.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2027-05-05

payment_date

2027-05-07

ex_date_model_context

2027-05-04

4
内容を開く
想定日

2027-05-05

year
0.492813141684
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

5
内容を開く
想定日

2027-05-07

year
0.498288843258
種類

cash_dividend_to_original_cohort

金額
1.264423501071
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2026配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.2644235011
eligible_float_shares
59044962
old_cohort_shares_at_ex
59044962
old_share_fraction_ex
1
ex_date

2027-05-04

record_date

2027-05-05

payment_date

2027-05-07

payment_right_assumption

hold_at_ex_date

6
内容を開く
想定日

2027-06-15

year
0.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
59044962
treasury_shares_after
47037
old_ownership_before
1
old_ownership_after
0.999729093475
7
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想定日

2027-09-15

year
0.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.054545469272
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.05456025
corporate_shares_repur
50000
buyback_eur_per_share_assumed
109.1205
old_cohort_tendered_shares
49986.4546737
old_cohort_shares_remaining
58994975.545326
fraction_before
0.999729093475
fraction_after
0.999729093475
8
内容を開く
想定日

2028-02-17

year
1.281314168378
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

9
内容を開く
想定日

2028-04-26

year
1.47022587269
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

10
内容を開く
想定日

2028-05-04

year
1.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2028-05-05

payment_date

2028-05-09

ex_date_model_context

2028-05-04

11
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想定日

2028-05-05

year
1.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

12
内容を開く
想定日

2028-05-09

year
1.505817932923
種類

cash_dividend_to_original_cohort

金額
1.411636014639
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2027配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.4120185397
eligible_float_shares
59010962
old_cohort_shares_at_ex
58994975.54533
old_share_fraction_ex
0.999729093475
ex_date

2028-05-04

record_date

2028-05-05

payment_date

2028-05-09

payment_right_assumption

hold_at_ex_date

13
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想定日

2028-06-15

year
1.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58994975.54533
treasury_shares_after
81037
old_ownership_before
0.999729093475
old_ownership_after
0.999458104338
14
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想定日

2028-09-15

year
1.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.057911586447
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0579429855
corporate_shares_repur
50000
buyback_eur_per_share_assumed
115.885971
old_cohort_tendered_shares
49972.9052169
old_cohort_shares_remaining
58945002.640109
fraction_before
0.999458104338
fraction_after
0.999458104338
15
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想定日

2029-02-19

year
2.288843258042
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

16
内容を開く
想定日

2029-04-30

year
2.480492813142
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

17
内容を開く
想定日

2029-05-04

year
2.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2029-05-07

payment_date

2029-05-09

ex_date_model_context

2029-05-04

18
内容を開く
想定日

2029-05-07

year
2.499657768652
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

19
内容を開く
想定日

2029-05-09

year
2.505133470226
種類

cash_dividend_to_original_cohort

金額
1.543103949766
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2028配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.5439406045
eligible_float_shares
58976962
old_cohort_shares_at_ex
58945002.64011
old_share_fraction_ex
0.999458104338
ex_date

2029-05-04

record_date

2029-05-07

payment_date

2029-05-09

payment_right_assumption

hold_at_ex_date

20
内容を開く
想定日

2029-06-15

year
2.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58945002.64011
treasury_shares_after
115037
old_ownership_before
0.999458104338
old_ownership_after
0.999187032516
21
内容を開く
想定日

2029-09-17

year
2.86379192334
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.061485424281
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0615354506
corporate_shares_repur
50000
buyback_eur_per_share_assumed
123.070901
old_cohort_tendered_shares
49959.3516258
old_cohort_shares_remaining
58895043.288484
fraction_before
0.999187032516
fraction_after
0.999187032516
22
内容を開く
想定日

2030-02-19

year
3.288158795346
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

23
内容を開く
想定日

2030-04-29

year
3.477070499658
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

24
内容を開く
想定日

2030-05-06

year
3.496235455168
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2030-05-07

payment_date

2030-05-09

ex_date_model_context

2030-05-06

25
内容を開く
想定日

2030-05-07

year
3.498973305955
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

26
内容を開く
想定日

2030-05-09

year
3.504449007529
種類

cash_dividend_to_original_cohort

金額
1.684339321305
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2029配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.6857097485
eligible_float_shares
58942962
old_cohort_shares_at_ex
58895043.28848
old_share_fraction_ex
0.999187032516
ex_date

2030-05-06

record_date

2030-05-07

payment_date

2030-05-09

payment_right_assumption

hold_at_ex_date

27
内容を開く
想定日

2030-06-17

year
3.611225188227
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58895043.28848
treasury_shares_after
149037
old_ownership_before
0.999187032516
old_ownership_after
0.998915877937
28
内容を開く
想定日

2030-09-16

year
3.860369609856
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.065279800458
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0653506485
corporate_shares_repur
50000
buyback_eur_per_share_assumed
130.701297
old_cohort_tendered_shares
49945.7938968
old_cohort_shares_remaining
58845097.494587
fraction_before
0.998915877937
fraction_after
0.998915877937
29
内容を開く
想定日

2031-02-19

year
4.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

30
内容を開く
想定日

2031-04-28

year
4.473648186174
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

31
内容を開く
想定日

2031-05-05

year
4.492813141684
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2031-05-06

payment_date

2031-05-08

ex_date_model_context

2031-05-05

32
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想定日

2031-05-06

year
4.495550992471
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

33
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想定日

2031-05-08

year
4.501026694045
種類

cash_dividend_to_original_cohort

金額
1.836213838144
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2030配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.8382066786
eligible_float_shares
58908962
old_cohort_shares_at_ex
58845097.49459
old_share_fraction_ex
0.998915877937
ex_date

2031-05-05

record_date

2031-05-06

payment_date

2031-05-08

payment_right_assumption

hold_at_ex_date

34
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想定日

2031-06-16

year
4.607802874743
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58845097.49459
treasury_shares_after
183037
old_ownership_before
0.998915877937
old_ownership_after
0.998644640528
35
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想定日

2031-09-15

year
4.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.069308323563
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0694023887
corporate_shares_repur
50000
buyback_eur_per_share_assumed
138.804777
old_cohort_tendered_shares
49932.2320264
old_cohort_shares_remaining
58795165.26256
fraction_before
0.998644640528
fraction_after
0.998644640528
36
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想定日

2032-02-19

year
5.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

37
内容を開く
想定日

2032-04-28

year
5.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

38
内容を開く
想定日

2032-05-04

year
5.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2032-05-05

payment_date

2032-05-07

ex_date_model_context

2032-05-04

39
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想定日

2032-05-05

year
5.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

40
内容を開く
想定日

2032-05-07

year
5.500342231348
種類

cash_dividend_to_original_cohort

金額
1.999232503094
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2031配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.0019458594
eligible_float_shares
58874962
old_cohort_shares_at_ex
58795165.26256
old_share_fraction_ex
0.998644640528
ex_date

2032-05-04

record_date

2032-05-05

payment_date

2032-05-07

payment_right_assumption

hold_at_ex_date

41
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想定日

2032-06-15

year
5.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58795165.26256
treasury_shares_after
217037
old_ownership_before
0.998644640528
old_ownership_after
0.998373320214
42
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想定日

2032-09-15

year
5.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.073585441868
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0737053368
corporate_shares_repur
50000
buyback_eur_per_share_assumed
147.410674
old_cohort_tendered_shares
49918.6660107
old_cohort_shares_remaining
58745246.59655
fraction_before
0.998373320214
fraction_after
0.998373320214
43
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想定日

2033-02-21

year
6.294318959617
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

44
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想定日

2033-04-28

year
6.475017111567
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

45
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想定日

2033-05-04

year
6.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2033-05-05

payment_date

2033-05-09

ex_date_model_context

2033-05-04

46
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想定日

2033-05-05

year
6.494182067077
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

47
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想定日

2033-05-09

year
6.505133470226
種類

cash_dividend_to_original_cohort

金額
2.173893725903
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2032配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.1774357166
eligible_float_shares
58840962
old_cohort_shares_at_ex
58745246.59655
old_share_fraction_ex
0.998373320214
ex_date

2033-05-04

record_date

2033-05-05

payment_date

2033-05-09

payment_right_assumption

hold_at_ex_date

48
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想定日

2033-06-15

year
6.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58745246.59655
treasury_shares_after
251037
old_ownership_before
0.998373320214
old_ownership_after
0.998101916924
49
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想定日

2033-09-15

year
6.858316221766
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.078126495153
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0782750677
corporate_shares_repur
50000
buyback_eur_per_share_assumed
156.550135
old_cohort_tendered_shares
49905.0958462
old_cohort_shares_remaining
58695341.500703
fraction_before
0.998101916924
fraction_after
0.998101916924
50
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想定日

2034-02-20

year
7.290896646133
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

51
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想定日

2034-04-28

year
7.474332648871
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

52
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想定日

2034-05-04

year
7.490759753593
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2034-05-05

payment_date

2034-05-09

ex_date_model_context

2034-05-04

53
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想定日

2034-05-05

year
7.493497604381
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

54
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想定日

2034-05-09

year
7.504449007529
種類

cash_dividend_to_original_cohort

金額
2.360690349812
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2033配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.3651796573
eligible_float_shares
58806962
old_cohort_shares_at_ex
58695341.5007
old_share_fraction_ex
0.998101916924
ex_date

2034-05-04

record_date

2034-05-05

payment_date

2034-05-09

payment_right_assumption

hold_at_ex_date

55
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想定日

2034-06-15

year
7.605749486653
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58695341.5007
treasury_shares_after
285037
old_ownership_before
0.998101916924
old_ownership_after
0.997830430584
56
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想定日

2034-09-15

year
7.857631759069
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.082947769703
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0831281219
corporate_shares_repur
50000
buyback_eur_per_share_assumed
166.256244
old_cohort_tendered_shares
49891.5215292
old_cohort_shares_remaining
58645449.979174
fraction_before
0.997830430584
fraction_after
0.997830430584
57
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想定日

2035-02-19

year
8.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

58
内容を開く
想定日

2035-04-30

year
8.479123887748
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

59
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想定日

2035-05-04

year
8.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2035-05-07

payment_date

2035-05-09

ex_date_model_context

2035-05-04

60
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想定日

2035-05-07

year
8.498288843258
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

61
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想定日

2035-05-09

year
8.503764544832
種類

cash_dividend_to_original_cohort

金額
2.560106666843
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2034配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.5656730727
eligible_float_shares
58772962
old_cohort_shares_at_ex
58645449.97917
old_share_fraction_ex
0.997830430584
ex_date

2035-05-04

record_date

2035-05-07

payment_date

2035-05-09

payment_right_assumption

hold_at_ex_date

62
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想定日

2035-06-15

year
8.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58645449.97917
treasury_shares_after
319037
old_ownership_before
0.997830430584
old_ownership_after
0.99755886112
63
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想定日

2035-09-17

year
8.862422997947
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.088066556712
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0882820655
corporate_shares_repur
50000
buyback_eur_per_share_assumed
176.564131
old_cohort_tendered_shares
49877.943056
old_cohort_shares_remaining
58595572.036118
fraction_before
0.99755886112
fraction_after
0.99755886112
64
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想定日

2036-02-19

year
9.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

65
内容を開く
想定日

2036-04-28

year
9.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

66
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想定日

2036-05-05

year
9.494866529774
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

権利落ちによりこの日以降の新規買付は当該配当対象外。実株数の取得者判定を更新

record_date

2036-05-06

payment_date

2036-05-08

ex_date_model_context

2036-05-05

67
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想定日

2036-05-06

year
9.497604380561
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

配当権利株数記録日。IRRの現金イベントではない

68
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想定日

2036-05-08

year
9.503080082136
種類

cash_dividend_to_original_cohort

金額
2.772615216779
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

FY2035配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.7794001185
eligible_float_shares
58738962
old_cohort_shares_at_ex
58595572.03612
old_share_fraction_ex
0.99755886112
ex_date

2036-05-05

record_date

2036-05-06

payment_date

2036-05-08

payment_right_assumption

hold_at_ex_date

69
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想定日

2036-06-16

year
9.609856262834
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
16000
old_cohort_shares_after
58595572.03612
treasury_shares_after
353037
old_ownership_before
0.99755886112
old_ownership_after
0.997287208459
70
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想定日

2036-09-15

year
9.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.093501214282
date_status

assumed

cashflow_unit

oku_EUR

scenario

mild_bull

memo

市場買付を全対象旧株主が持分比例で応札するモデル。証券保有継続のみの場合のCFとは異なる

corporate_buyback_cash_oku
0.0937555536
corporate_shares_repur
50000
buyback_eur_per_share_assumed
187.511107
old_cohort_tendered_shares
49864.360423
old_cohort_shares_remaining
58545707.675695
fraction_before
0.997287208459
fraction_after
0.997287208459

その他の数値・前提

scenario_assumptions_ref

assumptions.all_scenario_parameters.mild_bull

annual_ledger
内容を開く
1
内容を開く
period_id

post_cutoff_partial_2026

対象年度
2026
開始日

2026-11-07

終了日

2026-12-31

days_included
55
annual_denominator_days
365
portion_of_fy
0.150684931507
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.216526283
nci
0.01327
gross
18.08295
cash
2.84595
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
15.237
old_fraction
1
売上高
8.0321186301
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
24.508170152
売上高
3.693011941
operating_ebita_oku
0.424696373
gross_profit_oku
0.9897272
margin
0.115
Americas
内容を開く
annualized_revenue_oku
14.922985545
売上高
2.248669055
operating_ebita_oku
0.21362356
gross_profit_oku
0.539680573
margin
0.095
Asia_Pacific
内容を開く
annualized_revenue_oku
13.872904303
売上高
2.090437635
operating_ebita_oku
0.275937768
gross_profit_oku
0.478710218
margin
0.132
gross_profit_oku
2.0081179916
ebita_oku
0.8620489301
holding_cost_ebita_oku
-0.0522087711
acquired_customer_relationship_amortisation_oku
0.1606423726
oneoff_adjustments_oku
0.0014457814
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
0.6999607761
net_finance_expense_oku
0.1102472137
equity_associate_income_oku
0.0001506849
ifrs_profit_before_tax_oku
0.5898642473
ifrs_income_tax_expense_oku
0.1533647043
nci_net_income_oku
5.27397E-5
ifrs_parent_net_income_oku
0.4364468033
ppe_depreciation_oku
0.064256949
sbc_expense_equity_settled_included_in_ni_oku
0.006024089
sbc_cash_settled_cost_included_in_ni_oku
0.0014457814
oci_parent_non_cash_oku
0.0016064237
net_working_capital_cash_investment_oku
0.0481927118
cash_tax_and_misc_timing_oku
0.0160642373
operating_cash_flow_after_interest_tax_oku
0.6031660046
maintenance_and_digital_capex_oku
0.0361445338
free_cash_flow_post_interest_tax_pre_MA_oku
0.5670214708
acquisition_and_earnout_cash_paid_oku
0
issuer_cash_dividends_oku
0
issuer_buyback_cash_oku
0
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
4.52055E-5
free_cash_after_acq_and_capex_pre_distributions_oku
0.5670214708
gross_new_borrowing_net_of_repayment_oku
-0.7477232653
treasury_shares_to_employees_non_cash
0
corporate_shares_repur
0
corporate_buyback_assumed_price_eur
未確認
old_cohort_buyback_cash_received_oku
0
old_cohort_dividend_received_oku
0
old_holder_actual_cash_received_in_period_oku
0
old_holder_ownership_at_dividend_ex_date
未確認
old_cohort_eligible_shares_at_ex
0
end
内容を開く
親会社持分（億）
22.6606035993
非支配持分資本（億）
0.0132775342
gross_borrowings_oku
17.3352267347
現金（億）
2.665203
net_debt_oku
14.6700237347
shares_issued
59107999
自己株式数
63037
float_shares
59044962
old_holder_cohort_shares
59044962
old_holder_fraction_of_float
1
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

2
内容を開く
period_id

FY2027

対象年度
2027
開始日

2027-01-01

終了日

2027-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.660603599
nci
0.013277534
gross
17.335226735
cash
2.665203
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
14.670023735
old_fraction
1
売上高
56.8188419364
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
26.118150743
売上高
26.118150743
operating_ebita_oku
3.029705486
gross_profit_oku
6.999664399
margin
0.116
Americas
内容を開く
annualized_revenue_oku
15.656726039
売上高
15.656726039
operating_ebita_oku
1.5030457
gross_profit_oku
3.757614249
margin
0.096
Asia_Pacific
内容を開く
annualized_revenue_oku
15.043965154
売上高
15.043965154
operating_ebita_oku
2.000847365
gross_profit_oku
3.44506802
margin
0.133
gross_profit_oku
14.2023466689
ebita_oku
6.1642760789
holding_cost_ebita_oku
-0.3693224726
acquired_customer_relationship_amortisation_oku
1.1363768387
oneoff_adjustments_oku
0.0102273915
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.0176718486
net_finance_expense_oku
0.7027666809
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.3159051677
ifrs_income_tax_expense_oku
1.1221353436
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.1934198241
ppe_depreciation_oku
0.4545507355
sbc_expense_equity_settled_included_in_ni_oku
0.0426141315
sbc_cash_settled_cost_included_in_ni_oku
0.0102273915
oci_parent_non_cash_oku
0.0113637684
net_working_capital_cash_investment_oku
0.6853754006
cash_tax_and_misc_timing_oku
0.1136376839
operating_cash_flow_after_interest_tax_oku
4.0282984453
maintenance_and_digital_capex_oku
0.2556847887
free_cash_flow_post_interest_tax_pre_MA_oku
3.7726136566
acquisition_and_earnout_cash_paid_oku
2.25
issuer_cash_dividends_oku
1.2644235011
issuer_buyback_cash_oku
0.05456025
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
1.5226136566
gross_new_borrowing_net_of_repayment_oku
-0.0275908087
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
109.1205
old_cohort_buyback_cash_received_oku
0.0545454693
old_cohort_dividend_received_oku
1.2644235011
old_holder_actual_cash_received_in_period_oku
1.3189689703
old_holder_ownership_at_dividend_ex_date
1
old_cohort_eligible_shares_at_ex
59044962
end
内容を開く
親会社持分（億）
24.5890175721
非支配持分資本（億）
0.0133275342
gross_borrowings_oku
17.307635926
現金（億）
2.8409420968
net_debt_oku
14.4666938292
shares_issued
59107999
自己株式数
97037
float_shares
59010962
old_holder_cohort_shares
58994975.545326
old_holder_fraction_of_float
0.999729093475
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

3
内容を開く
period_id

FY2028

対象年度
2028
開始日

2028-01-01

終了日

2028-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
24.589017572
nci
0.013327534
gross
17.307635926
cash
2.840942097
発行済み
59107999
own
97037
old_shares
58994975.545326
float
59010962
net_debt
14.466693829
old_fraction
0.999729093
売上高
60.8357995454
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
27.954129645
売上高
27.954129645
operating_ebita_oku
3.270633168
gross_profit_oku
7.491706745
margin
0.117
Americas
内容を開く
annualized_revenue_oku
16.503045043
売上高
16.503045043
operating_ebita_oku
1.600795369
gross_profit_oku
3.96073081
margin
0.097
Asia_Pacific
内容を開く
annualized_revenue_oku
16.378624858
売上高
16.378624858
operating_ebita_oku
2.194735731
gross_profit_oku
3.750705092
margin
0.134
gross_profit_oku
15.2031426475
ebita_oku
6.6707315715
holding_cost_ebita_oku
-0.395432697
acquired_customer_relationship_amortisation_oku
1.2167159909
oneoff_adjustments_oku
0.0109504439
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.4430651367
net_finance_expense_oku
0.6991475195
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.7449176171
ifrs_income_tax_expense_oku
1.2336785805
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.5108890367
ppe_depreciation_oku
0.4866863964
sbc_expense_equity_settled_included_in_ni_oku
0.0456268497
sbc_cash_settled_cost_included_in_ni_oku
0.0109504439
oci_parent_non_cash_oku
0.0121671599
net_working_capital_cash_investment_oku
0.7230523696
cash_tax_and_misc_timing_oku
0.1216715991
operating_cash_flow_after_interest_tax_oku
4.4155443049
maintenance_and_digital_capex_oku
0.273761098
free_cash_flow_post_interest_tax_pre_MA_oku
4.141783207
acquisition_and_earnout_cash_paid_oku
2.32875
issuer_cash_dividends_oku
1.4120185397
issuer_buyback_cash_oku
0.0579429855
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
1.813033207
gross_new_borrowing_net_of_repayment_oku
-0.1419238013
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
115.885971
old_cohort_buyback_cash_received_oku
0.0579115864
old_cohort_dividend_received_oku
1.4116360146
old_holder_actual_cash_received_in_period_oku
1.4695476011
old_holder_ownership_at_dividend_ex_date
0.999729093475
old_cohort_eligible_shares_at_ex
58994975.545326
end
内容を開く
親会社持分（億）
26.6877390932
非支配持分資本（億）
0.0133775342
gross_borrowings_oku
17.1657121247
現金（億）
3.0417899773
net_debt_oku
14.1239221474
shares_issued
59107999
自己株式数
131037
float_shares
58976962
old_holder_cohort_shares
58945002.640109
old_holder_fraction_of_float
0.999458104338
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

4
内容を開く
period_id

FY2029

対象年度
2029
開始日

2029-01-01

終了日

2029-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
26.687739093
nci
0.013377534
gross
17.165712125
cash
3.041789977
発行済み
59107999
own
131037
old_shares
58945002.640109
float
58976962
net_debt
14.123922147
old_fraction
0.999458104
売上高
65.0674840504
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
29.88330175
売上高
29.88330175
operating_ebita_oku
3.526229607
gross_profit_oku
8.008724869
margin
0.118
Americas
内容を開く
annualized_revenue_oku
17.380101446
売上高
17.380101446
operating_ebita_oku
1.703249942
gross_profit_oku
4.171224347
margin
0.098
Asia_Pacific
内容を開く
annualized_revenue_oku
17.804080854
売上高
17.804080854
operating_ebita_oku
2.403550915
gross_profit_oku
4.077134516
margin
0.135
gross_profit_oku
16.2570837317
ebita_oku
7.2100918172
holding_cost_ebita_oku
-0.4229386463
acquired_customer_relationship_amortisation_oku
1.301349681
oneoff_adjustments_oku
0.0117121471
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.8970299891
net_finance_expense_oku
0.6903748496
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
5.2076551395
ifrs_income_tax_expense_oku
1.3539903363
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.8533148032
ppe_depreciation_oku
0.5205398724
sbc_expense_equity_settled_included_in_ni_oku
0.048800613
sbc_cash_settled_cost_included_in_ni_oku
0.0117121471
oci_parent_non_cash_oku
0.0130134968
net_working_capital_cash_investment_oku
0.7617032109
cash_tax_and_misc_timing_oku
0.1301349681
operating_cash_flow_after_interest_tax_oku
4.8325167907
maintenance_and_digital_capex_oku
0.2928036782
free_cash_flow_post_interest_tax_pre_MA_oku
4.5397131125
acquisition_and_earnout_cash_paid_oku
2.41025625
issuer_cash_dividends_oku
1.5439406045
issuer_buyback_cash_oku
0.0615354506
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.1294568625
gross_new_borrowing_net_of_repayment_oku
-0.3120965821
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
123.070901202
old_cohort_buyback_cash_received_oku
0.0614854243
old_cohort_dividend_received_oku
1.5431039498
old_holder_actual_cash_received_in_period_oku
1.604589374
old_holder_ownership_at_dividend_ex_date
0.999458104338
old_cohort_eligible_shares_at_ex
58945002.640109
end
内容を開く
親会社持分（億）
28.9973919512
非支配持分資本（億）
0.0134275342
gross_borrowings_oku
16.8536155425
現金（億）
3.2533742025
net_debt_oku
13.60024134
shares_issued
59107999
自己株式数
165037
float_shares
58942962
old_holder_cohort_shares
58895043.288484
old_holder_fraction_of_float
0.999187032516
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

5
内容を開く
period_id

FY2030

対象年度
2030
開始日

2030-01-01

終了日

2030-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
28.997391951
nci
0.013427534
gross
16.853615543
cash
3.253374203
発行済み
59107999
own
165037
old_shares
58895043.288484
float
58942962
net_debt
13.60024134
old_fraction
0.999187033
売上高
69.5188635192
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
31.907290549
売上高
31.907290549
operating_ebita_oku
3.796967575
gross_profit_oku
8.551153867
margin
0.119
Americas
内容を開く
annualized_revenue_oku
18.28796813
売上高
18.28796813
operating_ebita_oku
1.810508845
gross_profit_oku
4.389112351
margin
0.099
Asia_Pacific
内容を開く
annualized_revenue_oku
19.323604841
売上高
19.323604841
operating_ebita_oku
2.628010258
gross_profit_oku
4.425105509
margin
0.136
gross_profit_oku
17.3653717267
ebita_oku
7.7836140656
holding_cost_ebita_oku
-0.4518726129
acquired_customer_relationship_amortisation_oku
1.3903772704
oneoff_adjustments_oku
0.0125133954
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.3807233998
net_finance_expense_oku
0.674304614
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
5.7074187858
ifrs_income_tax_expense_oku
1.4839288843
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
4.2231399015
ppe_depreciation_oku
0.5561509082
sbc_expense_equity_settled_included_in_ni_oku
0.0521391476
sbc_cash_settled_cost_included_in_ni_oku
0.0125133954
oci_parent_non_cash_oku
0.0139037727
net_working_capital_cash_investment_oku
0.8012483044
cash_tax_and_misc_timing_oku
0.139037727
operating_cash_flow_after_interest_tax_oku
5.2818711963
maintenance_and_digital_capex_oku
0.3128348858
free_cash_flow_post_interest_tax_pre_MA_oku
4.9690363104
acquisition_and_earnout_cash_paid_oku
2.4946152187
issuer_cash_dividends_oku
1.6857097485
issuer_buyback_cash_oku
0.0653506485
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.4744210917
gross_new_borrowing_net_of_repayment_oku
-0.5004917212
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
130.7012970765
old_cohort_buyback_cash_received_oku
0.0652798005
old_cohort_dividend_received_oku
1.6843393213
old_holder_actual_cash_received_in_period_oku
1.7496191218
old_holder_ownership_at_dividend_ex_date
0.999187032516
old_cohort_eligible_shares_at_ex
58895043.288484
end
内容を開く
親会社持分（億）
31.535514376
非支配持分資本（億）
0.0134775342
gross_borrowings_oku
16.3531238214
現金（億）
3.475943176
net_debt_oku
12.8771806454
shares_issued
59107999
自己株式数
199037
float_shares
58908962
old_holder_cohort_shares
58845097.494587
old_holder_fraction_of_float
0.998915877937
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

6
内容を開く
period_id

FY2031

対象年度
2031
開始日

2031-01-01

終了日

2031-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
31.535514376
nci
0.013477534
gross
16.353123821
cash
3.475943176
発行済み
59107999
own
199037
old_shares
58845097.494587
float
58908962
net_debt
12.877180645
old_fraction
0.998915878
売上高
74.1944010772
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
34.027473355
売上高
34.027473355
operating_ebita_oku
4.083296803
gross_profit_oku
9.119362859
margin
0.12
Americas
内容を開く
annualized_revenue_oku
19.226638913
売上高
19.226638913
operating_ebita_oku
1.922663891
gross_profit_oku
4.614393339
margin
0.1
Asia_Pacific
内容を開く
annualized_revenue_oku
20.94028881
売上高
20.94028881
operating_ebita_oku
2.868819567
gross_profit_oku
4.795326137
margin
0.137
gross_profit_oku
18.5290823356
ebita_oku
8.3925166538
holding_cost_ebita_oku
-0.482263607
acquired_customer_relationship_amortisation_oku
1.4838880215
oneoff_adjustments_oku
0.0133549922
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.89527364
net_finance_expense_oku
0.650167996
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
6.246105644
ifrs_income_tax_expense_oku
1.6239874674
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
4.6217681766
ppe_depreciation_oku
0.5935552086
sbc_expense_equity_settled_included_in_ni_oku
0.0556458008
sbc_cash_settled_cost_included_in_ni_oku
0.0133549922
oci_parent_non_cash_oku
0.0148388802
net_working_capital_cash_investment_oku
0.8415967604
cash_tax_and_misc_timing_oku
0.1483888022
operating_cash_flow_after_interest_tax_oku
5.7652216449
maintenance_and_digital_capex_oku
0.3338748048
free_cash_flow_post_interest_tax_pre_MA_oku
5.4313468401
acquisition_and_earnout_cash_paid_oku
2.5819267514
issuer_cash_dividends_oku
1.8382066786
issuer_buyback_cash_oku
0.0694023887
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.8494200887
gross_new_borrowing_net_of_repayment_oku
-0.7077341435
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
138.8047774953
old_cohort_buyback_cash_received_oku
0.0693083236
old_cohort_dividend_received_oku
1.8362138381
old_holder_actual_cash_received_in_period_oku
1.9055221617
old_holder_ownership_at_dividend_ex_date
0.998915877937
old_cohort_eligible_shares_at_ex
58845097.494587
end
内容を開く
親会社持分（億）
34.3201581663
非支配持分資本（億）
0.0135275342
gross_borrowings_oku
15.6453896779
現金（億）
3.7097200539
net_debt_oku
11.935669624
shares_issued
59107999
自己株式数
233037
float_shares
58874962
old_holder_cohort_shares
58795165.26256
old_holder_fraction_of_float
0.998644640528
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

7
内容を開く
period_id

FY2032

対象年度
2032
開始日

2032-01-01

終了日

2032-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
34.320158166
nci
0.013527534
gross
15.645389678
cash
3.709720054
発行済み
59107999
own
233037
old_shares
58795165.26256
float
58874962
net_debt
11.935669624
old_fraction
0.998644641
売上高
79.0979907447
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
36.24495738
売上高
36.24495738
operating_ebita_oku
4.385639843
gross_profit_oku
9.713648578
margin
0.121
Americas
内容を開く
annualized_revenue_oku
20.19602437
売上高
20.19602437
operating_ebita_oku
2.039798461
gross_profit_oku
4.847045849
margin
0.101
Asia_Pacific
内容を開く
annualized_revenue_oku
22.657008995
売上高
22.657008995
operating_ebita_oku
3.126667241
gross_profit_oku
5.18845506
margin
0.138
gross_profit_oku
19.7491494864
ebita_oku
9.0379686058
holding_cost_ebita_oku
-0.5141369398
acquired_customer_relationship_amortisation_oku
1.5819598149
oneoff_adjustments_oku
0.0142376383
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
7.4417711526
net_finance_expense_oku
0.6171702857
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
6.8256008668
ifrs_income_tax_expense_oku
1.7746562254
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
5.0505946415
ppe_depreciation_oku
0.632783926
sbc_expense_equity_settled_included_in_ni_oku
0.0593234931
sbc_cash_settled_cost_included_in_ni_oku
0.0142376383
oci_parent_non_cash_oku
0.0158195981
net_working_capital_cash_investment_oku
0.8826461401
cash_tax_and_misc_timing_oku
0.1581959815
operating_cash_flow_after_interest_tax_oku
6.2841697537
maintenance_and_digital_capex_oku
0.3559409584
free_cash_flow_post_interest_tax_pre_MA_oku
5.9282287954
acquisition_and_earnout_cash_paid_oku
2.6722941877
issuer_cash_dividends_oku
2.0019458594
issuer_buyback_cash_oku
0.0737053368
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.2559346077
gross_new_borrowing_net_of_repayment_oku
-0.9348039281
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
147.4106737
old_cohort_buyback_cash_received_oku
0.0735854419
old_cohort_dividend_received_oku
1.9992325031
old_holder_actual_cash_received_in_period_oku
2.072817945
old_holder_ownership_at_dividend_ex_date
0.998644640528
old_cohort_eligible_shares_at_ex
58795165.26256
end
内容を開く
親会社持分（億）
37.3702447028
非支配持分資本（億）
0.0135775342
gross_borrowings_oku
14.7105857498
現金（億）
3.9548995372
net_debt_oku
10.7556862126
shares_issued
59107999
自己株式数
267037
float_shares
58840962
old_holder_cohort_shares
58745246.59655
old_holder_fraction_of_float
0.998373320214
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

8
内容を開く
period_id

FY2033

対象年度
2033
開始日

2033-01-01

終了日

2033-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
37.370244703
nci
0.013577534
gross
14.71058575
cash
3.954899537
発行済み
59107999
own
267037
old_shares
58745246.59655
float
58840962
net_debt
10.755686213
old_fraction
0.99837332
売上高
84.2328921428
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
38.560555862
売上高
38.560555862
operating_ebita_oku
4.704387815
gross_profit_oku
10.334228971
margin
0.122
Americas
内容を開く
annualized_revenue_oku
21.19594781
売上高
21.19594781
operating_ebita_oku
2.161986677
gross_profit_oku
5.087027474
margin
0.102
Asia_Pacific
内容を開く
annualized_revenue_oku
24.476388471
売上高
24.476388471
operating_ebita_oku
3.402217997
gross_profit_oku
5.60509296
margin
0.139
gross_profit_oku
21.0263494052
ebita_oku
9.7210786903
holding_cost_ebita_oku
-0.5475137989
acquired_customer_relationship_amortisation_oku
1.6846578429
oneoff_adjustments_oku
0.0151619206
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
8.0212589269
net_finance_expense_oku
0.574476008
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
7.4477829189
ifrs_income_tax_expense_oku
1.9364235589
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
5.51100936
ppe_depreciation_oku
0.6738631371
sbc_expense_equity_settled_included_in_ni_oku
0.0631746691
sbc_cash_settled_cost_included_in_ni_oku
0.0151619206
oci_parent_non_cash_oku
0.0168465784
net_working_capital_cash_investment_oku
0.9242822517
cash_tax_and_misc_timing_oku
0.1684657843
operating_cash_flow_after_interest_tax_oku
6.8403069731
maintenance_and_digital_capex_oku
0.3790480146
free_cash_flow_post_interest_tax_pre_MA_oku
6.4612589585
acquisition_and_earnout_cash_paid_oku
2.7658244843
issuer_cash_dividends_oku
2.1774357166
issuer_buyback_cash_oku
0.0782750677
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.6954344742
gross_new_borrowing_net_of_repayment_oku
-1.18267862
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
156.5501354694
old_cohort_buyback_cash_received_oku
0.0781264952
old_cohort_dividend_received_oku
2.1738937259
old_holder_actual_cash_received_in_period_oku
2.2520202211
old_holder_ownership_at_dividend_ex_date
0.998373320214
old_cohort_eligible_shares_at_ex
58745246.59655
end
内容を開く
親会社持分（億）
40.705564526
非支配持分資本（億）
0.0136275342
gross_borrowings_oku
13.5279071298
現金（億）
4.2116446071
net_debt_oku
9.3162625227
shares_issued
59107999
自己株式数
301037
float_shares
58806962
old_holder_cohort_shares
58695341.500703
old_holder_fraction_of_float
0.998101916924
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

9
内容を開く
period_id

FY2034

対象年度
2034
開始日

2034-01-01

終了日

2034-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
40.705564526
nci
0.013627534
gross
13.52790713
cash
4.211644607
発行済み
59107999
own
301037
old_shares
58695341.500703
float
58806962
net_debt
9.316262523
old_fraction
0.998101917
売上高
89.6016645355
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
40.974764438
売上高
40.974764438
operating_ebita_oku
5.039896026
gross_profit_oku
10.98123687
margin
0.123
Americas
内容を開く
annualized_revenue_oku
22.226141428
売上高
22.226141428
operating_ebita_oku
2.289292567
gross_profit_oku
5.334273943
margin
0.103
Asia_Pacific
内容を開く
annualized_revenue_oku
26.400758669
売上高
26.400758669
operating_ebita_oku
3.696106214
gross_profit_oku
6.045773735
margin
0.14
gross_profit_oku
22.3612845474
ebita_oku
10.4428839872
holding_cost_ebita_oku
-0.5824108195
acquired_customer_relationship_amortisation_oku
1.7920332907
oneoff_adjustments_oku
0.0161282996
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
8.6347223969
net_finance_expense_oku
0.521209075
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
8.1145133219
ifrs_income_tax_expense_oku
2.1097734637
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
6.0043898582
ppe_depreciation_oku
0.7168133163
sbc_expense_equity_settled_included_in_ni_oku
0.0672012484
sbc_cash_settled_cost_included_in_ni_oku
0.0161282996
oci_parent_non_cash_oku
0.0179203329
net_working_capital_cash_investment_oku
0.9663790307
cash_tax_and_misc_timing_oku
0.1792033291
operating_cash_flow_after_interest_tax_oku
7.4352053539
maintenance_and_digital_capex_oku
0.4032074904
free_cash_flow_post_interest_tax_pre_MA_oku
7.0319978635
acquisition_and_earnout_cash_paid_oku
2.8626283412
issuer_cash_dividends_oku
2.3651796573
issuer_buyback_cash_oku
0.0831281219
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
4.1693695222
gross_new_borrowing_net_of_repayment_oku
-1.4523231234
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
166.2562438685
old_cohort_buyback_cash_received_oku
0.0829477697
old_cohort_dividend_received_oku
2.3606903498
old_holder_actual_cash_received_in_period_oku
2.4436381195
old_holder_ownership_at_dividend_ex_date
0.998101916924
old_cohort_eligible_shares_at_ex
58695341.500703
end
内容を開く
親会社持分（億）
44.3467681863
非支配持分資本（億）
0.0136775342
gross_borrowings_oku
12.0755840064
現金（億）
4.4800832268
net_debt_oku
7.5955007796
shares_issued
59107999
自己株式数
335037
float_shares
58772962
old_holder_cohort_shares
58645449.979174
old_holder_fraction_of_float
0.997830430584
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

10
内容を開く
period_id

FY2035

対象年度
2035
開始日

2035-01-01

終了日

2035-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
44.346768186
nci
0.013677534
gross
12.075584006
cash
4.480083227
発行済み
59107999
own
335037
old_shares
58645449.979174
float
58772962
net_debt
7.59550078
old_fraction
0.997830431
売上高
95.206100722
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
43.487737957
売上高
43.487737957
operating_ebita_oku
5.392479507
gross_profit_oku
11.654713773
margin
0.124
Americas
内容を開く
annualized_revenue_oku
23.286242674
売上高
23.286242674
operating_ebita_oku
2.421769238
gross_profit_oku
5.588698242
margin
0.104
Asia_Pacific
内容を開く
annualized_revenue_oku
28.43212009
売上高
28.43212009
operating_ebita_oku
4.008928933
gross_profit_oku
6.510955501
margin
0.141
gross_profit_oku
23.7543675151
ebita_oku
11.2043380229
holding_cost_ebita_oku
-0.6188396547
acquired_customer_relationship_amortisation_oku
1.9041220144
oneoff_adjustments_oku
0.0171370981
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
9.2830789103
net_finance_expense_oku
0.4564533631
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
8.8276255472
ifrs_income_tax_expense_oku
2.2951826423
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
6.5320929049
ppe_depreciation_oku
0.7616488058
sbc_expense_equity_settled_included_in_ni_oku
0.0714045755
sbc_cash_settled_cost_included_in_ni_oku
0.0171370981
oci_parent_non_cash_oku
0.0190412201
net_working_capital_cash_investment_oku
1.0087985136
cash_tax_and_misc_timing_oku
0.1904122014
operating_cash_flow_after_interest_tax_oku
8.0704075857
maintenance_and_digital_capex_oku
0.4284274532
free_cash_flow_post_interest_tax_pre_MA_oku
7.6419801324
acquisition_and_earnout_cash_paid_oku
2.9628203332
issuer_cash_dividends_oku
2.5656730727
issuer_buyback_cash_oku
0.0882820655
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
4.6791597993
gross_new_borrowing_net_of_repayment_oku
-1.7446828518
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
176.5641309883
old_cohort_buyback_cash_received_oku
0.0880665567
old_cohort_dividend_received_oku
2.5601066668
old_holder_actual_cash_received_in_period_oku
2.6481732236
old_holder_ownership_at_dividend_ex_date
0.997830430584
old_cohort_eligible_shares_at_ex
58645449.979174
end
内容を開く
親会社持分（億）
48.3153517487
非支配持分資本（億）
0.0137275342
gross_borrowings_oku
10.3309011546
現金（億）
4.7603050361
net_debt_oku
5.5705961185
shares_issued
59107999
自己株式数
369037
float_shares
58738962
old_holder_cohort_shares
58595572.036118
old_holder_fraction_of_float
0.99755886112
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

11
内容を開く
period_id

partial_2036_to_anniversary

対象年度
2036
開始日

2036-01-01

終了日

2036-11-06

days_included
311
annual_denominator_days
366
portion_of_fy
0.849726775956
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
48.315351749
nci
0.013727534
gross
10.330901155
cash
4.760305036
発行済み
59107999
own
369037
old_shares
58595572.036118
float
58738962
net_debt
5.570596119
old_fraction
0.997558861
売上高
85.8624786214
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
46.099267935
売上高
39.171782316
operating_ebita_oku
4.89647279
gross_profit_oku
10.498037661
margin
0.125
Americas
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annualized_revenue_oku
24.375790864
売上高
20.712762182
operating_ebita_oku
2.174840029
gross_profit_oku
4.971062924
margin
0.105
Asia_Pacific
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annualized_revenue_oku
30.572102537
売上高
25.977934123
operating_ebita_oku
3.688866645
gross_profit_oku
5.948946914
margin
0.142
gross_profit_oku
21.4180474986
ebita_oku
10.2020733531
holding_cost_ebita_oku
-0.558106111
acquired_customer_relationship_amortisation_oku
1.7172495724
oneoff_adjustments_oku
0.0154552462
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
8.4693685345
net_finance_expense_oku
0.3222619201
equity_associate_income_oku
0.0008497268
ifrs_profit_before_tax_oku
8.1479563412
ifrs_income_tax_expense_oku
2.1184686487
nci_net_income_oku
0.0002974044
ifrs_parent_net_income_oku
6.0291902881
ppe_depreciation_oku
0.686899829
sbc_expense_equity_settled_included_in_ni_oku
0.064396859
sbc_cash_settled_cost_included_in_ni_oku
0.0154552462
oci_parent_non_cash_oku
0.0171724957
net_working_capital_cash_investment_oku
0.8933950086
cash_tax_and_misc_timing_oku
0.1717249572
operating_cash_flow_after_interest_tax_oku
7.432913987
maintenance_and_digital_capex_oku
0.3863811538
free_cash_flow_post_interest_tax_pre_MA_oku
7.0465328332
acquisition_and_earnout_cash_paid_oku
2.6057033414
issuer_cash_dividends_oku
2.7794001185
issuer_buyback_cash_oku
0.0937555536
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.000254918
free_cash_after_acq_and_capex_pre_distributions_oku
4.4408294918
gross_new_borrowing_net_of_repayment_oku
-1.275365871
treasury_shares_to_employees_non_cash
16000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
187.5111071096
old_cohort_buyback_cash_received_oku
0.0935012143
old_cohort_dividend_received_oku
2.7726152168
old_holder_actual_cash_received_in_period_oku
2.8661164311
old_holder_ownership_at_dividend_ex_date
0.99755886112
old_cohort_eligible_shares_at_ex
58595572.036118
end
内容を開く
親会社持分（億）
51.5529557195
非支配持分資本（億）
0.0137700206
gross_borrowings_oku
9.0555352836
現金（億）
5.0523580668
net_debt_oku
4.0031772168
shares_issued
59107999
自己株式数
403037
float_shares
58704962
old_holder_cohort_shares
58545707.675695
old_holder_fraction_of_float
0.997287208459
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

Cash paid for acquisitions is included once in corporate cash, not in reported profit. Buyback issuer financing expense includes cash the original cohort receives pro rata; SBC equity-settled vesting has 0 cash and dilutes old stake.

period_count
11
期間内の親会社利益合計（億）
48.9662555981
期間内株主受取
20.3310131691
終価
93.6733645791
売上高
101.0471613358
営業利益
9.9853553174
純利益
7.0954458053
equity_oku
51.5529557195
multiple
13.359262
multiple_definition

derived terminal equity (multi-year owner FCFE, not market PER) / 2037 reported IFRS parent NI proxy

terminal_2036_11_06
内容を開く
日付

2036-11-06

end_old_share_count
58545707.675695
float_shares
58704962
old_holder_fraction
0.997287208459
2036_partial_year_net_income_oku
6.0291902881
full_year_FY2036_normalized_not_in_net_sum
内容を開く
period

FY2036 full year counterfactual only, NOT part of 10y horizon

売上高
101.0471613358
ebita_oku
12.0062985441
ifrs_parent_ni_oku
7.0954458053
amortisation_oku
2.0209432267
pp_and_e_depreciation_oku
0.8083772907
reporting

forecast normalized FY2036 for forward 2037 terminal only

modeled_2037_revenue_oku
103.3712460465
modeled_2037_ebita_oku
12.2824434106
modeled_2037_net_finance_expense_oku
0.321599469
modeled_2037_reported_parent_ni_oku
7.0309401419
modeled_2037_ppe_dep_oku
0.8269699684
modeled_2037_intangible_amort_oku
2.0674249209
modeled_2037_sbc_equity_addback_oku
0.0775284345
modeled_2037_maintenance_capex_oku
0.5065191056
modeled_2037_increase_NWC_oku
0.441576095
modeled_2037_ongoing_acquisition_cash_oku
3.0665190449
modeled_2037_cash_tax_timing_reserve_oku
0.2067424921
sustainable_FCFE_before_stock_hedge_oku
5.781506728
sbc_equity_shares_replenished_per_year
16000
implied_FCFE_valuation_based_eur_per_share
160.00039678
sbc_share_neutral_company_cash_repurchase_cost_oku
0.0256000635
sustainable_FCFE_after_stock_hedge_oku
5.7559066646
k_terminal
0.083
g_terminal
0.023
sustainable_excess_cash_oku
0
total_equity_value_oku
93.9281721299
old_cohort_terminal_equity_value_oku
93.6733645791
valuation_equation

V = (excess_cash + sum_{t=1..10} FCFE_pre_hedge_t/(1+k)^t + FCFE_pre_hedge_2047/((k-g)*(1+k)^10))/(1+(award_shares/float)*(sum_{t=1..10}((1+g)^(t-1)/(1+k)^t)+(1+g)^10/((k-g)*(1+k)^10))); FCFE includes annual acquisition cash and partial-tax-shield PPA runoff; 2037+ only inside 2036 terminal.

do_not_add_terminal_to_timed_cashflows
はい
modeled_2037_amort_related_tax_credit_oku
0.2607195959
modeled_2037_IFRS_tax_expense_oku
2.8445220546
owner_equity_terminal_method

explicit_2037_2046_with_legacy_finite_amort_runoff_and_2047_perpetuity

2036_partial_acquisition_cash_oku
2.6057033414
2036_partial_acquisition_days
311
2036_FY_annualization_days
366
2036_annualized_acquisition_cash_oku
3.0665190449
2037_original_v3_MA_assumption_oku
1.2
ma_continuity_ratio_new_vs_v3
2.5554325374
2025_actual_acquisition_cash_oku
4.37216
2025_actual_annual_amort_oku
1.015
2025_actual_related_accounting_tax_credit_oku
0.128
2037_amortization_tax_credit_ratio_proxy
0.1261083744
2037_ifrs_net_income_legacy_full_statutory_tax_credit_v3_oku
7.3077510254
2037_net_income_tax_correction_vs_v3_oku
-0.2768108835
legacy_acquired_intangible_amort_runoff_years_assumed
10
future_MA_capitalized_finite_intangible_fraction_assumed
0.3
future_finite_intangible_amort_lifetime_years_assumed
10
future_FCFE_2037_to_2046_plus_2047_tail
内容を開く
1
内容を開く
fiscal_year_proxy
2037
year_index
1
売上高
103.3712460465
ebita_oku
12.2824434106
finance_expense_oku
0.321599469
acquired_intangibles_legacy_amort_oku
2.0674249209
acquisition_generated_finite_intangibles_amort_oku
0
total_amort_oku
2.0674249209
tax_full_rate_pre_amort_oku
3.1052416505
tax_credit_on_intangibles_oku
0.2607195959
reported_tax_oku
2.8445220546
ifrs_parent_NI_oku
7.0309401419
depreciation_ppe_oku
0.8269699684
sbc_noncash_oku
0.0775284345
capex_cash_oku
0.5065191056
working_capital_reinvestment_oku
0.441576095
acquisition_cash_oku
3.0665190449
cash_tax_timing_oku
0.2067424921
owner_FCFE_before_SBC_cash_hedge_oku
5.781506728
sbc_hedge_cash_cost_oku
0.0256000635
owner_FCFE_after_SBC_cash_hedge_oku
5.7559066646
2
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fiscal_year_proxy
2038
year_index
2
売上高
105.7487847056
ebita_oku
12.5649396091
finance_expense_oku
0.3289962568
acquired_intangibles_legacy_amort_oku
1.8606824288
acquisition_generated_finite_intangibles_amort_oku
0.0919955713
total_amort_oku
1.9526780002
tax_full_rate_pre_amort_oku
3.1766622085
tax_credit_on_intangibles_oku
0.2462490483
reported_tax_oku
2.9304131602
ifrs_parent_NI_oku
7.3344823607
depreciation_ppe_oku
0.8459902776
sbc_noncash_oku
0.0793115885
capex_cash_oku
0.5181690451
working_capital_reinvestment_oku
0.4517323452
acquisition_cash_oku
3.1370489829
cash_tax_timing_oku
0.2114975694
owner_FCFE_before_SBC_cash_hedge_oku
5.8940142844
sbc_hedge_cash_cost_oku
0.0261888649
owner_FCFE_after_SBC_cash_hedge_oku
5.8678254195
3
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fiscal_year_proxy
2039
year_index
3
売上高
108.1810067538
ebita_oku
12.8539332201
finance_expense_oku
0.3365631707
acquired_intangibles_legacy_amort_oku
1.6539399367
acquisition_generated_finite_intangibles_amort_oku
0.1861070408
total_amort_oku
1.8400469776
tax_full_rate_pre_amort_oku
3.2497254393
tax_credit_on_intangibles_oku
0.2320453331
reported_tax_oku
3.0176801061
ifrs_parent_NI_oku
7.6408506283
depreciation_ppe_oku
0.865448054
sbc_noncash_oku
0.0811357551
capex_cash_oku
0.5300869331
working_capital_reinvestment_oku
0.4621221892
acquisition_cash_oku
3.2092011095
cash_tax_timing_oku
0.2163620135
owner_FCFE_before_SBC_cash_hedge_oku
6.0097091697
sbc_hedge_cash_cost_oku
0.0267912088
owner_FCFE_after_SBC_cash_hedge_oku
5.9829179609
4
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fiscal_year_proxy
2040
year_index
4
売上高
110.6691699092
ebita_oku
13.1495736841
finance_expense_oku
0.3443041236
acquired_intangibles_legacy_amort_oku
1.4471974446
acquisition_generated_finite_intangibles_amort_oku
0.2823830741
total_amort_oku
1.7295805187
tax_full_rate_pre_amort_oku
3.3244691244
tax_credit_on_intangibles_oku
0.2181145876
reported_tax_oku
3.1063545368
ifrs_parent_NI_oku
7.9501099439
depreciation_ppe_oku
0.8853533593
sbc_noncash_oku
0.0830018774
capex_cash_oku
0.5422789326
working_capital_reinvestment_oku
0.4727509995
acquisition_cash_oku
3.283012735
cash_tax_timing_oku
0.2213383398
owner_FCFE_before_SBC_cash_hedge_oku
6.1286646924
sbc_hedge_cash_cost_oku
0.0274074066
owner_FCFE_after_SBC_cash_hedge_oku
6.1012572858
5
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fiscal_year_proxy
2041
year_index
5
売上高
113.2145608171
ebita_oku
13.4520138789
finance_expense_oku
0.3522231185
acquired_intangibles_legacy_amort_oku
1.2404549525
acquisition_generated_finite_intangibles_amort_oku
0.3808734562
total_amort_oku
1.6213284087
tax_full_rate_pre_amort_oku
3.4009319142
tax_credit_on_intangibles_oku
0.20446309
reported_tax_oku
3.1964688243
ifrs_parent_NI_oku
8.2623268014
depreciation_ppe_oku
0.9057164865
sbc_noncash_oku
0.0849109206
capex_cash_oku
0.554751348
working_capital_reinvestment_oku
0.4836242725
acquisition_cash_oku
3.3585220279
cash_tax_timing_oku
0.2264291216
owner_FCFE_before_SBC_cash_hedge_oku
6.2509558472
sbc_hedge_cash_cost_oku
0.028037777
owner_FCFE_after_SBC_cash_hedge_oku
6.2229180702
6
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fiscal_year_proxy
2042
year_index
6
売上高
115.8184957159
ebita_oku
13.7614101981
finance_expense_oku
0.3603242502
acquired_intangibles_legacy_amort_oku
1.0337124605
acquisition_generated_finite_intangibles_amort_oku
0.481629117
total_amort_oku
1.5153415775
tax_full_rate_pre_amort_oku
3.4791533483
tax_credit_on_intangibles_oku
0.191097263
reported_tax_oku
3.2880560853
ifrs_parent_NI_oku
8.5775692244
depreciation_ppe_oku
0.9265479657
sbc_noncash_oku
0.0868638718
capex_cash_oku
0.567510629
working_capital_reinvestment_oku
0.4947476308
acquisition_cash_oku
3.4357680346
cash_tax_timing_oku
0.2316369914
owner_FCFE_before_SBC_cash_hedge_oku
6.3766593536
sbc_hedge_cash_cost_oku
0.0286826459
owner_FCFE_after_SBC_cash_hedge_oku
6.3479767077
7
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fiscal_year_proxy
2043
year_index
7
売上高
118.4823211173
ebita_oku
14.0779226326
finance_expense_oku
0.3686117079
acquired_intangibles_legacy_amort_oku
0.8269699684
acquisition_generated_finite_intangibles_amort_oku
0.584702158
total_amort_oku
1.4116721264
tax_full_rate_pre_amort_oku
3.5591738753
tax_credit_on_intangibles_oku
0.178023677
reported_tax_oku
3.3811501982
ifrs_parent_NI_oku
8.8959068009
depreciation_ppe_oku
0.9478585689
sbc_noncash_oku
0.0888617408
capex_cash_oku
0.5805633735
working_capital_reinvestment_oku
0.5061268263
acquisition_cash_oku
3.5147906994
cash_tax_timing_oku
0.2369646422
owner_FCFE_before_SBC_cash_hedge_oku
6.5058536958
sbc_hedge_cash_cost_oku
0.0293423467
owner_FCFE_after_SBC_cash_hedge_oku
6.476511349
8
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fiscal_year_proxy
2044
year_index
8
売上高
121.207414503
ebita_oku
14.4017148532
finance_expense_oku
0.3770897772
acquired_intangibles_legacy_amort_oku
0.6202274763
acquisition_generated_finite_intangibles_amort_oku
0.690145879
total_amort_oku
1.3103733553
tax_full_rate_pre_amort_oku
3.6410348744
tax_credit_on_intangibles_oku
0.1652490537
reported_tax_oku
3.4757858207
ifrs_parent_NI_oku
9.2174107194
depreciation_ppe_oku
0.969659316
sbc_noncash_oku
0.0909055609
capex_cash_oku
0.5939163311
working_capital_reinvestment_oku
0.5177677433
acquisition_cash_oku
3.5956308854
cash_tax_timing_oku
0.242414829
owner_FCFE_before_SBC_cash_hedge_oku
6.6386191628
sbc_hedge_cash_cost_oku
0.0300172207
owner_FCFE_after_SBC_cash_hedge_oku
6.6086019421
9
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fiscal_year_proxy
2045
year_index
9
売上高
123.9951850366
ebita_oku
14.7329542948
finance_expense_oku
0.3857628421
acquired_intangibles_legacy_amort_oku
0.4134849842
acquisition_generated_finite_intangibles_amort_oku
0.7980148056
total_amort_oku
1.2114997898
tax_full_rate_pre_amort_oku
3.7247786765
tax_credit_on_intangibles_oku
0.1527802691
reported_tax_oku
3.5719984074
ifrs_parent_NI_oku
9.5421538058
depreciation_ppe_oku
0.9919614803
sbc_noncash_oku
0.0929963888
capex_cash_oku
0.6075764067
working_capital_reinvestment_oku
0.5296764014
acquisition_cash_oku
3.6783303958
cash_tax_timing_oku
0.2479903701
owner_FCFE_before_SBC_cash_hedge_oku
6.7750378907
sbc_hedge_cash_cost_oku
0.0307076168
owner_FCFE_after_SBC_cash_hedge_oku
6.744330274
10
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fiscal_year_proxy
2046
year_index
10
売上高
126.8470742924
ebita_oku
15.0718122436
finance_expense_oku
0.3946353875
acquired_intangibles_legacy_amort_oku
0.2067424921
acquisition_generated_finite_intangibles_amort_oku
0.9083647175
total_amort_oku
1.1151072096
tax_full_rate_pre_amort_oku
3.8104485861
tax_credit_on_intangibles_oku
0.1406243575
reported_tax_oku
3.6698242286
ifrs_parent_NI_oku
9.870210561
depreciation_ppe_oku
1.0147765943
sbc_noncash_oku
0.0951353057
capex_cash_oku
0.621550664
working_capital_reinvestment_oku
0.5418589586
acquisition_cash_oku
3.7629319949
cash_tax_timing_oku
0.2536941486
owner_FCFE_before_SBC_cash_hedge_oku
6.9151939044
sbc_hedge_cash_cost_oku
0.031413892
owner_FCFE_after_SBC_cash_hedge_oku
6.8837800125
11
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fiscal_year_proxy
2047
year_index
11
売上高
129.7645570012
ebita_oku
15.4184639252
finance_expense_oku
0.4037120014
acquired_intangibles_legacy_amort_oku
0
acquisition_generated_finite_intangibles_amort_oku
1.0212526773
total_amort_oku
1.0212526773
tax_full_rate_pre_amort_oku
3.8980889035
tax_credit_on_intangibles_oku
0.128788515
reported_tax_oku
3.7693003886
ifrs_parent_NI_oku
10.2016571992
depreciation_ppe_oku
1.038116456
sbc_noncash_oku
0.0973234178
capex_cash_oku
0.6358463293
working_capital_reinvestment_oku
0.5543217147
acquisition_cash_oku
3.8494794308
cash_tax_timing_oku
0.259529114
owner_FCFE_before_SBC_cash_hedge_oku
7.0591731615
sbc_hedge_cash_cost_oku
0.0321364115
owner_FCFE_after_SBC_cash_hedge_oku
7.02703675
terminal_unfloored_residual_equity_oku
93.9281721299
terminal_limited_liability_floor_applied
いいえ
PV_2037_2046_FCFE_pre_hedge_oku
41.3496958631
PV_2047_onward_pre_hedge_oku
53.0051439915
PV_2037_onward_share_hedge_cash_oku
0.4266677247
2047_terminal_forward_annual_acquisition_oku
3.8494794308
2047_sustainable_finite_intangible_amort_oku
1.0212526773
2047_owner_FCFE_pre_hedge_oku
7.0591731615
2047_owner_FCFE_after_hedge_oku
7.02703675
zero_cash_2037_plus_hidden_in_terminal_not_in_timed_cashflows
はい
acquisition_productivity_crosscheck
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2036_full_year_EBITA_oku
12.0062985441
2037_EBITA_oku
12.2824434106
2037_EBITA_delta_oku
0.2761448665
prior_2036_annualized_MA_oku
3.0665190449
EBITA_yield_on_prior_2036_acquisition_assumed
0.08
potential_2037_incremental_EBITA_from_prior_MA_oku
0.2453215236
residual_organic_renegotiation_attrition_in_EBITA_oku
0.0308233429
does_NOT_add_MA_generated_EBITA_twice
はい
caution

Only illustrative productivity bridge. Real purchase dates, historical lagged acquisition effect, ROIC and organic margin are not split from company reported numbers in 2037.

valuation
内容を開く
initial_outlay_oku
60.668698455
discount_rate
0.095
pv_holder_cash_oku
12.5224604827
pv_terminal_oku
37.7938358824
pv_total_oku
50.3162963651
fair_value_per_original_share_eur
85.21691718
price_upside
-0.1706382756
scenario_IRR
0.072012337508
scenario_IRR_definition

cash and terminal both actual dated days since 2026-11-06 /365.25, with 2036-11-06 terminal at t=3653/365.25

terminal_discount_exponent_ACT36525
10.001368925394
valuation_revision_vs_v3

Only 2036 terminal PPA run-off, acquisition reinvestment and amort-tax credit; 55 period P&L, dividend/buyback, equity/cash/debt/SBC/holders unchanged.

reconciliation
内容を開く
net_sum_from_11_periods_oku
48.9662555981
payout_from_positive_timed_cashflows_oku
20.3310131691
mcap_from_old_cohort_fraction_oku
93.6733645791
final_parent_equity_oku
51.5529557195
final_gross_borrowing_oku
9.0555352836
final_cash_oku
5.0523580668
final_net_debt_oku
4.0031772168
final_nci_equity_oku
0.0137700206
forecast_2026_parent_NI_full_year_oku
2.8291925249
forecast_years

2026 55-day stub + FY2027-FY2035 + 2036 311-day stub

terminal_cashflow_event_count_check
はい
annual_ledger_count
11
terminal_ACT36525_exponent
10.001368925394
2037_acquisition_cash_annualized_link_to_2036_311d_oku
3.0665190449
retained_55_periods_exact
はい
segment_operating_profit_status

not_estimated

中立（確率 45.0%）

有機成長と適切な買収により売上拡大。ただし北米・競争と資本コストを保守的に反映。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

やや弱気（確率 20.0%）

北米低迷と調達コスト、買収収益低下。資金負担を抑制。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

弱気（確率 5.0%）

低成長、特産品需給悪化、買収のれん減損、金利高。

確率の根拠

シナリオ確率は分析上の仮定。

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

oku_EUR

事業の詳細

owner_understanding

製造ではなく特殊化学品・食品・化粧品・医薬関連原料の技術営業・配合支援・規制対応・在庫小口配送を提供する流通/処方プラットフォーム

supply_relationships

多くの長期的かつ相互排他的な供給者契約。ただし契約再交渉や系列変更のリスク

customer_relation

多業種・地域の分散した顧客基盤。価格転嫁余地は数量・用途・競合次第

industrial_cyclicality

建設・自動車・エネルギー向けは循環的。高付加価値ライフサイエンス部門と区別

asset_light_qualification

物的設備投資は小さいが、在庫・債権運転資金と買収対価は実際の投資であり、すべてのEBITAをオーナー利益とはみなさない

競争力の詳細

競争優位性

medium_to_strong_but_not_irreplaceable

moat_rationale
1

分散した仕入先・需要家を結ぶ技術営業、配合ラボ、現地規制、長期取引関係

2

世界共通ITと技術サポートの規模・紹介密度が新規参入コストを高める

3

価格と数量、顧客別製品採用で循環・供給者の直販/乗換えリスクを持つ

capital_allocation

買収拡大型。のれん/顧客関係償却を現金コストと混同しない一方、買収を恒常的な成長投資としてFCFEから差し引く

debt_guardrail

2026-09-30 net debt 2.6x operating EBITDA; financial covenant maximum 4.25x H1 report

reported_cash_flow_warning

会社のFCFは利息・税・買収後の株主FCFEではない。会社定義を再構成する必要がある

業界の詳細

drivers
内容を開く
1

特産化学品の数量/単価/製品ミックス

2

技術サポート/調合の継続性

3

買収倍率とシナジー

4

運転資本効率

5

欧米工業循環とアジア成長

risks
内容を開く
1

サプライヤーの販売代理契約変更

2

化学品規制と顧客景気

3

のれん減損

4

為替換算差とキャッシュ滞留

5

買収後の資金負担/金利高

財務・資本配分の詳細

dividend_policy

adjusted net income (reported NI + net-of-tax intangible amortisation) 25%-35% target (2025 Annual Report); model pays ~27%-35%

real_2026_paid_dividend
内容を開く
ex_date

2026-05-05

record_date

2026-05-06

payment_date

2026-05-08

eur_per_share
1.81
group_paid_oku
1.06869
treatment

paid_prior_to_asof_excluded_from_new_cohort_cashflows

repurchase

only historical LTI replenishment/treasury, no evidence of large-scale buyback program at cutoff

sbc

NI always after cost SBC; equity-settled noncash SBC reserve credited once; treasury shares delivered with zero cash but ownership dilution; employer purchase of treasury stock is a real financing cashflow; future 2037+ sustainable FCFE deducts SBC-neutral share-repurchase cash

評価根拠の詳細

not_market_per
はい
not_prior_5yr_payout
はい
terminal_on_2036_11_06_not_fy2036_end
はい
use_actual_price_just_as_entry_cost
はい
eps_and_cash_eps_not_interchangeable
はい
not_hypothetical_2026_year_end_realized
はい

分析基準とデータ

価格・単価
102.75
price_currency

EUR_per_share

price_source_status

secondary_price_crosscheck_primary_close_unverified

株数
59044962
issued_shares_2025_12_31_actual
59107999
own_shares_2026_06_30_actual
63037
actual_share_count_2026_11_06
未確認
share_denominator_status

proxy_2026_06_30_no_confirmed_share_transactions_Jul-Nov

終価
60.668698455
start_original_cohort_shares
59044962
start_old_cohort_float_fraction
1
excluded_treasury_does_not_own_dividend
はい
price_status_warning

102.75 EUR price is corroborated by stockanalysis.com and MarketScreener AMS IMCD date rows, but original exchange daily tick/official historical price feed could NOT be verified.

株価の出所

StockAnalysis 2026-11-06 102.75 EUR; Euronext日次原票未確認

株数の出所

2025年末発行59,107,999株から2026年6月末自己株63,037株を控除。2026-11-06実株数は未確認の代理値。

price_source_status_original

secondary_AMS_2026_11_06_date_row_two_independent_providers; original_Euronext_daily_price_record_NOT_verified

検証上の留意点

1

日付: 2026-11-07～2026-12-31=55日、FY2027～FY2035=9×通年、2036-01-01～2036-11-06=311/366日、2026-11-06を収益に含めず2036-11-06を含む。

2

11月6日から2036年11月6日は暦日3653日=ACT/365.25 10.0013689年だが、株譜旧来の厳密同日10年終点の割引指数は10とする。日付別現金IRRはACT/365.25。

3

per case net_sum_oku=11期中のSBC費用控除後の親会社NI合計で2036年11/7～12/31や2037年利益を含まない。

4

payout_oku=保有比率に応じた配当現金＋旧株主の比例売却買戻し受取の合計であり、現金受取ゼロの交付/権利落ち/決議は合計に入れない。

5

mcap_oku=2036/11/06に現存する旧株主コホート残存株数に対応する持分価値。会社全体の終価とは別。

6

timed_cashflowsに終価を加えない。全将来ex-date/record-date/employee-share-delivery/AGM/結果公表の再評価用ゼロ額イベントを保持。

7

2026/5の確定配当1.81 EUR/株は権利落ち・支払済で、11/6購入コホートCFではない。2027以降の金額とex-dateは全て未宣言の仮定。

8

最終年度の2027～2036権利落ちが支払日に先行すること、配当権がex-dateに固定されることを株数台帳と日付イベントで照合。

9

2026年9月末の現金と総負債、9M親会社利益の精密値、11月6日実株数は未開示、代理の断定禁止。

10

会社free cash flow APMは税・利払・買収を控除した旧株主自由CFではない。持続再投資を残して2037～2046年の明示的FCFEと2047年以降のGordon末価を算出。

11

維持目的の将来SBC株式補填買付は額面SBC費用と等しくない。2037年以降の想定交付株×将来終価株価を自整合的に割り引いて一度だけ控除。

12

旧株主買戻しCFは比例応札シミュレーションであり単独の株を売らない継続保有者の現実受取とは異なる。会社の自己株買い前提は保証・発表済でない。

13

既公表の買収利益(9M集計)とH1取得代価を将来買収額として重複計上していない。Meritの対価はnull。

14

全5ケース確率=1、55期間の前期末=次期首、PBT/NI/資本/現金/借入/株数のブリッジ残差許容1e-8億EURで実装。

15

終価キャッシュの割引もACT/365.25で統一し、2036-11-06の指数3653/365.25=10.0013689254。日付は暦で厳密に10周年だが数式上は指数10固定にしない。

16

v3の2037買収・条件付支払年額だけを減らす段差を撤回。各2036年311日支出×366/311で2037買収出金を年額接続し、2024/2025実績との差も感応度で保持。

17

2037の1.7793億EUR（中立）無形償却は買収関係の歴史的残高から生じる非現金費用であり永久1.7793億加算とは扱わない。10年間旧PPA線形減衰＋30%新PPA/10年償却の未検証仮定で2037～2047以後の税効果を接続。

18

実際の2025年償却関連税控除0.128億/償却1.015億=12.6108%をIFRS会計税効果の代理率に用い、税率26.5%全額控除と区別。実際の現金税効果は未確認。税額の差はNIとCFで一度だけ処理する。

19

Euronext原票の当日値は再取得できず取引所一次照合完了としない。102.75EURは複数二次サイト日付行による確認。

20

全11期の期間、親会社利益合計、旧株主還元、SBC、配当権利落ち・支払の0額イベントはv3から全件同一。変更は2036終点の将来維持投資とその評価・説明・時間指数に限定。

21

V4 updated all scenario/weighted ACT terminal PV, IRR, price and multiple; other 55-period and dated flows retained bit-for-bit from V3.

追加データ・検証記録

分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。

追加データを開く →

分析に使用した資料

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