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

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%）

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

事業別の前提

内容を開く

id: consolidated
数量: 1
価格・単価: 352.61002265452
営業利益: 26.555964762453
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: 1.1065610943
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: -1.1077
company_equity_effect_oku: -1.1077
company_buyback_cost_oku: 1.1077
shares_purchased: 1000000
shares_from_old_cohort: 998971.828343
assumed_buyback_price_eur: 110.77
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: 0.88616
company_equity_effect_oku: 0.88616
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 88.616
cash_received_by_company_oku: 0.88616
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: -4.8785628038
declared_total_dividend_liability_oku: 4.8785628
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: 4.8234383769
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: -4.8785628038
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: 5.016
company_dividend_oku: 4.8785628038
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: 1.3774772141
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1257759
old_cohort_delta_shares: -1243547.182534
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1997735
economic_shares_before: 97260024
economic_shares_after: 96002265
old_cohort_before: 96161052.171657
old_cohort_after: 94917504.989123
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: -1.3932196443
company_equity_effect_oku: -1.3932196443
company_buyback_cost_oku: 1.3932196443
shares_purchased: 1257759
shares_from_old_cohort: 1243547.182534
assumed_buyback_price_eur: 110.77
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: -1257759
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 1997735
treasury_after: 739976
economic_shares_before: 96002265
economic_shares_after: 97260024
old_cohort_before: 94917504.989123
old_cohort_after: 94917504.989123
old_holder_equivalence_factor_after: 0.975914883479
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1257759
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.61476
market_value_of_grants_oku: 1.39321964
discount_on_employee_subscription_oku: 0.22154
sbc_expense_minus_neutralization_cash_oku: 3.557E-7

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year: 0.856947296372
想定日: 2027-09-15
金額: 0.3134960658
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -283015.316209
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1029976
economic_shares_before: 97260024
economic_shares_after: 96970024
old_cohort_before: 94917504.989123
old_cohort_after: 94634489.672914
old_holder_equivalence_factor_after: 0.975914883479
company_cash_change_oku: -0.321233
company_equity_effect_oku: -0.321233
company_buyback_cost_oku: 0.321233
shares_purchased: 290000
shares_from_old_cohort: 283015.316209
assumed_buyback_price_eur: 110.77
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: 1.1296668577
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -975914.883479
issued_before: 98000000
issued_after: 98000000
treasury_before: 1029976
treasury_after: 2029976
economic_shares_before: 96970024
economic_shares_after: 95970024
old_cohort_before: 94634489.672914
old_cohort_after: 93658574.789435
old_holder_equivalence_factor_after: 0.975914883479
company_cash_change_oku: -1.1575465
company_equity_effect_oku: -1.1575465
company_buyback_cost_oku: 1.1575465
shares_purchased: 1000000
shares_from_old_cohort: 975914.883479
assumed_buyback_price_eur: 115.75465
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: 2029976
treasury_after: 2029976
economic_shares_before: 95970024
economic_shares_after: 96970024
old_cohort_before: 93658574.789435
old_cohort_after: 93658574.789435
old_holder_equivalence_factor_after: 0.965850795184
company_cash_change_oku: 0.9260372
company_equity_effect_oku: 0.9260372
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 92.60372
cash_received_by_company_oku: 0.9260372
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: 2029976
treasury_after: 1029976
economic_shares_before: 96970024
economic_shares_after: 96970024
old_cohort_before: 93658574.789435
old_cohort_after: 93658574.789435
old_holder_equivalence_factor_after: 0.965850795184
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: 1029976
treasury_after: 1029976
economic_shares_before: 96970024
economic_shares_after: 96970024
old_cohort_before: 93658574.789435
old_cohort_after: 93658574.789435
old_holder_equivalence_factor_after: 0.965850795184
company_cash_change_oku: 0
company_equity_effect_oku: -5.082897142
declared_total_dividend_liability_oku: 5.08289714
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: 4.9093202465
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: 1029976
treasury_after: 1029976
economic_shares_before: 96970024
economic_shares_after: 96970024
old_cohort_before: 93658574.789435
old_cohort_after: 93658574.789435
old_holder_equivalence_factor_after: 0.965850795184
company_cash_change_oku: -5.082897142
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: 5.24172
company_dividend_oku: 5.082897142
old_cohort_entitled_shares: 93658574.789435
shares_entitled_total: 96970024
old_cohort_holder_ratio_at_ex_date: 0.965850795184
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: 1.3703257408
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1225675
old_cohort_delta_shares: -1183819.173387
issued_before: 98000000
issued_after: 98000000
treasury_before: 1029976
treasury_after: 2255651
economic_shares_before: 96970024
economic_shares_after: 95744349
old_cohort_before: 93658574.789435
old_cohort_after: 92474755.616047
old_holder_equivalence_factor_after: 0.965850795184
company_cash_change_oku: -1.4187758064
company_equity_effect_oku: -1.4187758064
company_buyback_cost_oku: 1.4187758064
shares_purchased: 1225675
shares_from_old_cohort: 1183819.173387
assumed_buyback_price_eur: 115.75465
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: -1225675
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2255651
treasury_after: 1029976
economic_shares_before: 95744349
economic_shares_after: 96970024
old_cohort_before: 92474755.616047
old_cohort_after: 92474755.616047
old_holder_equivalence_factor_after: 0.95364270113
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1225675
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.65028472
market_value_of_grants_oku: 1.41877581
discount_on_employee_subscription_oku: 0.2315093
sbc_expense_minus_neutralization_cash_oku: -3.864E-7

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year: 1.859000684463
想定日: 2028-09-15
金額: 0.3201268736
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -276556.383328
issued_before: 98000000
issued_after: 98000000
treasury_before: 1029976
treasury_after: 1319976
economic_shares_before: 96970024
economic_shares_after: 96680024
old_cohort_before: 92474755.616047
old_cohort_after: 92198199.23272
old_holder_equivalence_factor_after: 0.95364270113
company_cash_change_oku: -0.335688485
company_equity_effect_oku: -0.335688485
company_buyback_cost_oku: 0.335688485
shares_purchased: 290000
shares_from_old_cohort: 276556.383328
assumed_buyback_price_eur: 115.75465
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: 1.1535606306
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -953642.70113
issued_before: 98000000
issued_after: 98000000
treasury_before: 1319976
treasury_after: 2319976
economic_shares_before: 96680024
economic_shares_after: 95680024
old_cohort_before: 92198199.23272
old_cohort_after: 91244556.531589
old_holder_equivalence_factor_after: 0.95364270113
company_cash_change_oku: -1.2096360925
company_equity_effect_oku: -1.2096360925
company_buyback_cost_oku: 1.2096360925
shares_purchased: 1000000
shares_from_old_cohort: 953642.70113
assumed_buyback_price_eur: 120.96360925
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: 2319976
treasury_after: 2319976
economic_shares_before: 95680024
economic_shares_after: 96680024
old_cohort_before: 91244556.531589
old_cohort_after: 91244556.531589
old_holder_equivalence_factor_after: 0.943778794796
company_cash_change_oku: 0.967708874
company_equity_effect_oku: 0.967708874
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 96.7708874
cash_received_by_company_oku: 0.96770887
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: 2319976
treasury_after: 1319976
economic_shares_before: 96680024
economic_shares_after: 96680024
old_cohort_before: 91244556.531589
old_cohort_after: 91244556.531589
old_holder_equivalence_factor_after: 0.943778794796
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: 1319976
treasury_after: 1319976
economic_shares_before: 96680024
economic_shares_after: 96680024
old_cohort_before: 91244556.531589
old_cohort_after: 91244556.531589
old_holder_equivalence_factor_after: 0.943778794796
company_cash_change_oku: 0
company_equity_effect_oku: -5.2957424809
declared_total_dividend_liability_oku: 5.29574248
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: 4.9980094562
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: 1319976
treasury_after: 1319976
economic_shares_before: 96680024
economic_shares_after: 96680024
old_cohort_before: 91244556.531589
old_cohort_after: 91244556.531589
old_holder_equivalence_factor_after: 0.943778794796
company_cash_change_oku: -5.2957424809
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: 5.4775974
company_dividend_oku: 5.2957424809
old_cohort_entitled_shares: 91244556.531589
shares_entitled_total: 96680024
old_cohort_holder_ratio_at_ex_date: 0.943778794796
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: 1.363442821
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1194296
old_cohort_delta_shares: -1127151.23951
issued_before: 98000000
issued_after: 98000000
treasury_before: 1319976
treasury_after: 2514272
economic_shares_before: 96680024
economic_shares_after: 95485728
old_cohort_before: 91244556.531589
old_cohort_after: 90117405.292079
old_holder_equivalence_factor_after: 0.943778794796
company_cash_change_oku: -1.4446635467
company_equity_effect_oku: -1.4446635467
company_buyback_cost_oku: 1.4446635467
shares_purchased: 1194296
shares_from_old_cohort: 1127151.23951
assumed_buyback_price_eur: 120.96360925
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: -1194296
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2514272
treasury_after: 1319976
economic_shares_before: 95485728
economic_shares_after: 96680024
old_cohort_before: 90117405.292079
old_cohort_after: 90117405.292079
old_holder_equivalence_factor_after: 0.932120220534
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1194296
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.68659098
market_value_of_grants_oku: 1.44466355
discount_on_employee_subscription_oku: 0.24192722
sbc_expense_minus_neutralization_cash_oku: 2.186E-7

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year: 2.86379192334
想定日: 2029-09-17
金額: 0.3269826158
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -270314.863955
issued_before: 98000000
issued_after: 98000000
treasury_before: 1319976
treasury_after: 1609976
economic_shares_before: 96680024
economic_shares_after: 96390024
old_cohort_before: 90117405.292079
old_cohort_after: 89847090.428124
old_holder_equivalence_factor_after: 0.932120220534
company_cash_change_oku: -0.3507944668
company_equity_effect_oku: -0.3507944668
company_buyback_cost_oku: 0.3507944668
shares_purchased: 290000
shares_from_old_cohort: 270314.863955
assumed_buyback_price_eur: 120.96360925
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: 1.1782649431
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -932120.220534
issued_before: 98000000
issued_after: 98000000
treasury_before: 1609976
treasury_after: 2609976
economic_shares_before: 96390024
economic_shares_after: 95390024
old_cohort_before: 89847090.428124
old_cohort_after: 88914970.207591
old_holder_equivalence_factor_after: 0.932120220534
company_cash_change_oku: -1.2640697167
company_equity_effect_oku: -1.2640697167
company_buyback_cost_oku: 1.2640697167
shares_purchased: 1000000
shares_from_old_cohort: 932120.220534
assumed_buyback_price_eur: 126.40697167
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: 2609976
treasury_after: 2609976
economic_shares_before: 95390024
economic_shares_after: 96390024
old_cohort_before: 88914970.207591
old_cohort_after: 88914970.207591
old_holder_equivalence_factor_after: 0.922449922905
company_cash_change_oku: 1.0112557733
company_equity_effect_oku: 1.0112557733
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 101.12557733
cash_received_by_company_oku: 1.01125577
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: 2609976
treasury_after: 1609976
economic_shares_before: 96390024
economic_shares_after: 96390024
old_cohort_before: 88914970.207591
old_cohort_after: 88914970.207591
old_holder_equivalence_factor_after: 0.922449922905
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: 1609976
treasury_after: 1609976
economic_shares_before: 96390024
economic_shares_after: 96390024
old_cohort_before: 88914970.207591
old_cohort_after: 88914970.207591
old_holder_equivalence_factor_after: 0.922449922905
company_cash_change_oku: 0
company_equity_effect_oku: -5.5174510337
declared_total_dividend_liability_oku: 5.51745103
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: 5.0895722806
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: 1609976
treasury_after: 1609976
economic_shares_before: 96390024
economic_shares_after: 96390024
old_cohort_before: 88914970.207591
old_cohort_after: 88914970.207591
old_holder_equivalence_factor_after: 0.922449922905
company_cash_change_oku: -5.5174510337
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: 5.72408928
company_dividend_oku: 5.5174510337
old_cohort_entitled_shares: 88914970.207591
shares_entitled_total: 96390024
old_cohort_holder_ratio_at_ex_date: 0.922449922905
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: 1.3568146507
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1163608
old_cohort_delta_shares: -1073370.109891
issued_before: 98000000
issued_after: 98000000
treasury_before: 1609976
treasury_after: 2773584
economic_shares_before: 96390024
economic_shares_after: 95226416
old_cohort_before: 88914970.207591
old_cohort_after: 87841600.097699
old_holder_equivalence_factor_after: 0.922449922905
company_cash_change_oku: -1.4708816349
company_equity_effect_oku: -1.4708816349
company_buyback_cost_oku: 1.4708816349
shares_purchased: 1163608
shares_from_old_cohort: 1073370.109891
assumed_buyback_price_eur: 126.40697167
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: -1163608
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2773584
treasury_after: 1609976
economic_shares_before: 95226416
economic_shares_after: 96390024
old_cohort_before: 87841600.097699
old_cohort_after: 87841600.097699
old_holder_equivalence_factor_after: 0.911314225813
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1163608
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.72369599
market_value_of_grants_oku: 1.47088163
discount_on_employee_subscription_oku: 0.25281394
sbc_expense_minus_neutralization_cash_oku: 4.073E-7

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year: 3.860369609856
想定日: 2030-09-16
金額: 0.3340697674
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -264281.125486
issued_before: 98000000
issued_after: 98000000
treasury_before: 1609976
treasury_after: 1899976
economic_shares_before: 96390024
economic_shares_after: 96100024
old_cohort_before: 87841600.097699
old_cohort_after: 87577318.972214
old_holder_equivalence_factor_after: 0.911314225813
company_cash_change_oku: -0.3665802178
company_equity_effect_oku: -0.3665802178
company_buyback_cost_oku: 0.3665802178
shares_purchased: 290000
shares_from_old_cohort: 264281.125486
assumed_buyback_price_eur: 126.40697167
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: 1.2038031274
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -911314.225813
issued_before: 98000000
issued_after: 98000000
treasury_before: 1899976
treasury_after: 2899976
economic_shares_before: 96100024
economic_shares_after: 95100024
old_cohort_before: 87577318.972214
old_cohort_after: 86666004.7464
old_holder_equivalence_factor_after: 0.911314225813
company_cash_change_oku: -1.3209528539
company_equity_effect_oku: -1.3209528539
company_buyback_cost_oku: 1.3209528539
shares_purchased: 1000000
shares_from_old_cohort: 911314.225813
assumed_buyback_price_eur: 132.09528539
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: 2899976
treasury_after: 2899976
economic_shares_before: 95100024
economic_shares_after: 96100024
old_cohort_before: 86666004.7464
old_cohort_after: 86666004.7464
old_holder_equivalence_factor_after: 0.901831249765
company_cash_change_oku: 1.0567622831
company_equity_effect_oku: 1.0567622831
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 105.67622831
cash_received_by_company_oku: 1.05676228
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: 2899976
treasury_after: 1899976
economic_shares_before: 96100024
economic_shares_after: 96100024
old_cohort_before: 86666004.7464
old_cohort_after: 86666004.7464
old_holder_equivalence_factor_after: 0.901831249765
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: 1899976
treasury_after: 1899976
economic_shares_before: 96100024
economic_shares_after: 96100024
old_cohort_before: 86666004.7464
old_cohort_after: 86666004.7464
old_holder_equivalence_factor_after: 0.901831249765
company_cash_change_oku: 0
company_equity_effect_oku: -5.7483894776
declared_total_dividend_liability_oku: 5.74838948
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: 5.1840772667
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: 1899976
treasury_after: 1899976
economic_shares_before: 96100024
economic_shares_after: 96100024
old_cohort_before: 86666004.7464
old_cohort_after: 86666004.7464
old_holder_equivalence_factor_after: 0.901831249765
company_cash_change_oku: -5.7483894776
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: 5.9816733
company_dividend_oku: 5.7483894776
old_cohort_entitled_shares: 86666004.7464
shares_entitled_total: 96100024
old_cohort_holder_ratio_at_ex_date: 0.901831249765
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: 1.3504263469
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1133596
old_cohort_delta_shares: -1022312.297409
issued_before: 98000000
issued_after: 98000000
treasury_before: 1899976
treasury_after: 3033572
economic_shares_before: 96100024
economic_shares_after: 94966428
old_cohort_before: 86666004.7464
old_cohort_after: 85643692.448991
old_holder_equivalence_factor_after: 0.901831249765
company_cash_change_oku: -1.4974268714
company_equity_effect_oku: -1.4974268714
company_buyback_cost_oku: 1.4974268714
shares_purchased: 1133596
shares_from_old_cohort: 1022312.297409
assumed_buyback_price_eur: 132.09528539
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: -1133596
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3033572
treasury_after: 1899976
economic_shares_before: 94966428
economic_shares_after: 96100024
old_cohort_before: 85643692.448991
old_cohort_after: 85643692.448991
old_holder_equivalence_factor_after: 0.891193247246
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1133596
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.7616173
market_value_of_grants_oku: 1.49742687
discount_on_employee_subscription_oku: 0.26419057
sbc_expense_minus_neutralization_cash_oku: -1.45E-7

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year: 4.856947296372
想定日: 2031-09-15
金額: 0.3413950364
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -258446.041701
issued_before: 98000000
issued_after: 98000000
treasury_before: 1899976
treasury_after: 2189976
economic_shares_before: 96100024
economic_shares_after: 95810024
old_cohort_before: 85643692.448991
old_cohort_after: 85385246.40729
old_holder_equivalence_factor_after: 0.891193247246
company_cash_change_oku: -0.3830763276
company_equity_effect_oku: -0.3830763276
company_buyback_cost_oku: 0.3830763276
shares_purchased: 290000
shares_from_old_cohort: 258446.041701
assumed_buyback_price_eur: 132.09528539
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: 1.2301993552
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -891193.247246
issued_before: 98000000
issued_after: 98000000
treasury_before: 2189976
treasury_after: 3189976
economic_shares_before: 95810024
economic_shares_after: 94810024
old_cohort_before: 85385246.40729
old_cohort_after: 84494053.160044
old_holder_equivalence_factor_after: 0.891193247246
company_cash_change_oku: -1.3803957323
company_equity_effect_oku: -1.3803957323
company_buyback_cost_oku: 1.3803957323
shares_purchased: 1000000
shares_from_old_cohort: 891193.247246
assumed_buyback_price_eur: 138.03957323
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: 3189976
treasury_after: 3189976
economic_shares_before: 94810024
economic_shares_after: 95810024
old_cohort_before: 84494053.160044
old_cohort_after: 84494053.160044
old_holder_equivalence_factor_after: 0.881891577024
company_cash_change_oku: 1.1043165859
company_equity_effect_oku: 1.1043165859
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 110.43165859
cash_received_by_company_oku: 1.10431659
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: 3189976
treasury_after: 2189976
economic_shares_before: 95810024
economic_shares_after: 95810024
old_cohort_before: 84494053.160044
old_cohort_after: 84494053.160044
old_holder_equivalence_factor_after: 0.881891577024
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: 2189976
treasury_after: 2189976
economic_shares_before: 95810024
economic_shares_after: 95810024
old_cohort_before: 84494053.160044
old_cohort_after: 84494053.160044
old_holder_equivalence_factor_after: 0.881891577024
company_cash_change_oku: 0
company_equity_effect_oku: -5.9889395432
declared_total_dividend_liability_oku: 5.98893954
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: 5.2815953384
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: 2189976
treasury_after: 2189976
economic_shares_before: 95810024
economic_shares_after: 95810024
old_cohort_before: 84494053.160044
old_cohort_after: 84494053.160044
old_holder_equivalence_factor_after: 0.881891577024
company_cash_change_oku: -5.9889395432
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: 6.2508486
company_dividend_oku: 5.9889395432
old_cohort_entitled_shares: 84494053.160044
shares_entitled_total: 95810024
old_cohort_holder_ratio_at_ex_date: 0.881891577024
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: 1.3442617794
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1104244
old_cohort_delta_shares: -973823.482579
issued_before: 98000000
issued_after: 98000000
treasury_before: 2189976
treasury_after: 3294220
economic_shares_before: 95810024
economic_shares_after: 94705780
old_cohort_before: 84494053.160044
old_cohort_after: 83520229.677465
old_holder_equivalence_factor_after: 0.881891577024
company_cash_change_oku: -1.5242937051
company_equity_effect_oku: -1.5242937051
company_buyback_cost_oku: 1.5242937051
shares_purchased: 1104244
shares_from_old_cohort: 973823.482579
assumed_buyback_price_eur: 138.03957323
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: -1104244
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3294220
treasury_after: 2189976
economic_shares_before: 94705780
economic_shares_after: 95810024
old_cohort_before: 83520229.677465
old_cohort_after: 83520229.677465
old_holder_equivalence_factor_after: 0.87172746849
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1104244
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.80037288
market_value_of_grants_oku: 1.52429371
discount_on_employee_subscription_oku: 0.27607915
sbc_expense_minus_neutralization_cash_oku: 2.62E-8

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year: 5.859000684463
想定日: 2032-09-15
金額: 0.3489653744
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -252800.965862
issued_before: 98000000
issued_after: 98000000
treasury_before: 2189976
treasury_after: 2479976
economic_shares_before: 95810024
economic_shares_after: 95520024
old_cohort_before: 83520229.677465
old_cohort_after: 83267428.711602
old_holder_equivalence_factor_after: 0.87172746849
company_cash_change_oku: -0.4003147624
company_equity_effect_oku: -0.4003147624
company_buyback_cost_oku: 0.4003147624
shares_purchased: 290000
shares_from_old_cohort: 252800.965862
assumed_buyback_price_eur: 138.03957323
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: 1.2574786767
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -871727.46849
issued_before: 98000000
issued_after: 98000000
treasury_before: 2479976
treasury_after: 3479976
economic_shares_before: 95520024
economic_shares_after: 94520024
old_cohort_before: 83267428.711602
old_cohort_after: 82395701.243113
old_holder_equivalence_factor_after: 0.87172746849
company_cash_change_oku: -1.4425135403
company_equity_effect_oku: -1.4425135403
company_buyback_cost_oku: 1.4425135403
shares_purchased: 1000000
shares_from_old_cohort: 871727.46849
assumed_buyback_price_eur: 144.25135403
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: 3479976
treasury_after: 3479976
economic_shares_before: 94520024
economic_shares_after: 95520024
old_cohort_before: 82395701.243113
old_cohort_after: 82395701.243113
old_holder_equivalence_factor_after: 0.862601345694
company_cash_change_oku: 1.1540108322
company_equity_effect_oku: 1.1540108322
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 115.40108322
cash_received_by_company_oku: 1.15401083
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: 3479976
treasury_after: 2479976
economic_shares_before: 95520024
economic_shares_after: 95520024
old_cohort_before: 82395701.243113
old_cohort_after: 82395701.243113
old_holder_equivalence_factor_after: 0.862601345694
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: 2479976
treasury_after: 2479976
economic_shares_before: 95520024
economic_shares_after: 95520024
old_cohort_before: 82395701.243113
old_cohort_after: 82395701.243113
old_holder_equivalence_factor_after: 0.862601345694
company_cash_change_oku: 0
company_equity_effect_oku: -6.2394986259
declared_total_dividend_liability_oku: 6.23949863
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: 5.3821999112
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: 2479976
treasury_after: 2479976
economic_shares_before: 95520024
economic_shares_after: 95520024
old_cohort_before: 82395701.243113
old_cohort_after: 82395701.243113
old_holder_equivalence_factor_after: 0.862601345694
company_cash_change_oku: -6.2394986259
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: 6.53213679
company_dividend_oku: 6.2394986259
old_cohort_entitled_shares: 82395701.243113
shares_entitled_total: 95520024
old_cohort_holder_ratio_at_ex_date: 0.862601345694
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: 1.3383071211
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1075538
old_cohort_delta_shares: -927760.526145
issued_before: 98000000
issued_after: 98000000
treasury_before: 2479976
treasury_after: 3555514
economic_shares_before: 95520024
economic_shares_after: 94444486
old_cohort_before: 82395701.243113
old_cohort_after: 81467940.716968
old_holder_equivalence_factor_after: 0.862601345694
company_cash_change_oku: -1.5514781281
company_equity_effect_oku: -1.5514781281
company_buyback_cost_oku: 1.5514781281
shares_purchased: 1075538
shares_from_old_cohort: 927760.526145
assumed_buyback_price_eur: 144.25135403
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: -1075538
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3555514
treasury_after: 2479976
economic_shares_before: 94444486
economic_shares_after: 95520024
old_cohort_before: 81467940.716968
old_cohort_after: 81467940.716968
old_holder_equivalence_factor_after: 0.852888612308
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1075538
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.83998108
market_value_of_grants_oku: 1.55147813
discount_on_employee_subscription_oku: 0.28850271
sbc_expense_minus_neutralization_cash_oku: 2.449E-7

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year: 6.858316221766
想定日: 2033-09-15
金額: 0.3567879778
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -247337.697569
issued_before: 98000000
issued_after: 98000000
treasury_before: 2479976
treasury_after: 2769976
economic_shares_before: 95520024
economic_shares_after: 95230024
old_cohort_before: 81467940.716968
old_cohort_after: 81220603.019399
old_holder_equivalence_factor_after: 0.852888612308
company_cash_change_oku: -0.4183289267
company_equity_effect_oku: -0.4183289267
company_buyback_cost_oku: 0.4183289267
shares_purchased: 290000
shares_from_old_cohort: 247337.697569
assumed_buyback_price_eur: 144.25135403
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: 1.2856670233
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -852888.612308
issued_before: 98000000
issued_after: 98000000
treasury_before: 2769976
treasury_after: 3769976
economic_shares_before: 95230024
economic_shares_after: 94230024
old_cohort_before: 81220603.019399
old_cohort_after: 80367714.407091
old_holder_equivalence_factor_after: 0.852888612308
company_cash_change_oku: -1.5074266496
company_equity_effect_oku: -1.5074266496
company_buyback_cost_oku: 1.5074266496
shares_purchased: 1000000
shares_from_old_cohort: 852888.612308
assumed_buyback_price_eur: 150.74266496
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: 3769976
treasury_after: 3769976
economic_shares_before: 94230024
economic_shares_after: 95230024
old_cohort_before: 80367714.407091
old_cohort_after: 80367714.407091
old_holder_equivalence_factor_after: 0.843932522868
company_cash_change_oku: 1.2059413197
company_equity_effect_oku: 1.2059413197
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 120.59413197
cash_received_by_company_oku: 1.20594132
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: 3769976
treasury_after: 2769976
economic_shares_before: 95230024
economic_shares_after: 95230024
old_cohort_before: 80367714.407091
old_cohort_after: 80367714.407091
old_holder_equivalence_factor_after: 0.843932522868
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: 2769976
treasury_after: 2769976
economic_shares_before: 95230024
economic_shares_after: 95230024
old_cohort_before: 80367714.407091
old_cohort_after: 80367714.407091
old_holder_equivalence_factor_after: 0.843932522868
company_cash_change_oku: 0
company_equity_effect_oku: -6.5004804236
declared_total_dividend_liability_oku: 6.50048042
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。

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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。

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year: 7.545516769336
想定日: 2034-05-24
金額: 5.4859668437
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: 2769976
treasury_after: 2769976
economic_shares_before: 95230024
economic_shares_after: 95230024
old_cohort_before: 80367714.407091
old_cohort_after: 80367714.407091
old_holder_equivalence_factor_after: 0.843932522868
company_cash_change_oku: -6.5004804236
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: 6.82608294
company_dividend_oku: 6.5004804236
old_cohort_entitled_shares: 80367714.407091
shares_entitled_total: 95230024
old_cohort_holder_ratio_at_ex_date: 0.843932522868
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: 1.3325484803
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1047464
old_cohort_delta_shares: -883988.936133
issued_before: 98000000
issued_after: 98000000
treasury_before: 2769976
treasury_after: 3817440
economic_shares_before: 95230024
economic_shares_after: 94182560
old_cohort_before: 80367714.407091
old_cohort_after: 79483725.470957
old_holder_equivalence_factor_after: 0.843932522868
company_cash_change_oku: -1.5789751481
company_equity_effect_oku: -1.5789751481
company_buyback_cost_oku: 1.5789751481
shares_purchased: 1047464
shares_from_old_cohort: 883988.936133
assumed_buyback_price_eur: 150.74266496
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: -1047464
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 3817440
treasury_after: 2769976
economic_shares_before: 94182560
economic_shares_after: 95230024
old_cohort_before: 79483725.470957
old_cohort_after: 79483725.470957
old_holder_equivalence_factor_after: 0.834649852351
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1047464
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.88046066
market_value_of_grants_oku: 1.57897515
discount_on_employee_subscription_oku: 0.30148533
sbc_expense_minus_neutralization_cash_oku: 1.868E-7

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year: 7.857631759069
想定日: 2034-09-15
金額: 0.3648702949
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -242048.457182
issued_before: 98000000
issued_after: 98000000
treasury_before: 2769976
treasury_after: 3059976
economic_shares_before: 95230024
economic_shares_after: 94940024
old_cohort_before: 79483725.470957
old_cohort_after: 79241677.013776
old_holder_equivalence_factor_after: 0.834649852351
company_cash_change_oku: -0.4371537284
company_equity_effect_oku: -0.4371537284
company_buyback_cost_oku: 0.4371537284
shares_purchased: 290000
shares_from_old_cohort: 242048.457182
assumed_buyback_price_eur: 150.74266496
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: 1.3147912349
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -834649.852351
issued_before: 98000000
issued_after: 98000000
treasury_before: 3059976
treasury_after: 4059976
economic_shares_before: 94940024
economic_shares_after: 93940024
old_cohort_before: 79241677.013776
old_cohort_after: 78407027.161425
old_holder_equivalence_factor_after: 0.834649852351
company_cash_change_oku: -1.5752608488
company_equity_effect_oku: -1.5752608488
company_buyback_cost_oku: 1.5752608488
shares_purchased: 1000000
shares_from_old_cohort: 834649.852351
assumed_buyback_price_eur: 157.52608488
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: 4059976
treasury_after: 4059976
economic_shares_before: 93940024
economic_shares_after: 94940024
old_cohort_before: 78407027.161425
old_cohort_after: 78407027.161425
old_holder_equivalence_factor_after: 0.825858514228
company_cash_change_oku: 1.2602086791
company_equity_effect_oku: 1.2602086791
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 126.02086791
cash_received_by_company_oku: 1.26020868
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: 4059976
treasury_after: 3059976
economic_shares_before: 94940024
economic_shares_after: 94940024
old_cohort_before: 78407027.161425
old_cohort_after: 78407027.161425
old_holder_equivalence_factor_after: 0.825858514228
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: 3059976
treasury_after: 3059976
economic_shares_before: 94940024
economic_shares_after: 94940024
old_cohort_before: 78407027.161425
old_cohort_after: 78407027.161425
old_holder_equivalence_factor_after: 0.825858514228
company_cash_change_oku: 0
company_equity_effect_oku: -6.7723155983
declared_total_dividend_liability_oku: 6.7723156
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: 5.5929744979
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: 3059976
treasury_after: 3059976
economic_shares_before: 94940024
economic_shares_after: 94940024
old_cohort_before: 78407027.161425
old_cohort_after: 78407027.161425
old_holder_equivalence_factor_after: 0.825858514228
company_cash_change_oku: -6.7723155983
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: 7.13325667
company_dividend_oku: 6.7723155983
old_cohort_entitled_shares: 78407027.161425
shares_entitled_total: 94940024
old_cohort_holder_ratio_at_ex_date: 0.825858514228
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: 1.3269718434
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1020008
old_cohort_delta_shares: -842382.291381
issued_before: 98000000
issued_after: 98000000
treasury_before: 3059976
treasury_after: 4079984
economic_shares_before: 94940024
economic_shares_after: 93920016
old_cohort_before: 78407027.161425
old_cohort_after: 77564644.870044
old_holder_equivalence_factor_after: 0.825858514228
company_cash_change_oku: -1.6067786679
company_equity_effect_oku: -1.6067786679
company_buyback_cost_oku: 1.6067786679
shares_purchased: 1020008
shares_from_old_cohort: 842382.291381
assumed_buyback_price_eur: 157.52608488
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: -1020008
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4079984
treasury_after: 3059976
economic_shares_before: 93920016
economic_shares_after: 94940024
old_cohort_before: 77564644.870044
old_cohort_after: 77564644.870044
old_holder_equivalence_factor_after: 0.816985730592
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1020008
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.9218308
market_value_of_grants_oku: 1.60677867
discount_on_employee_subscription_oku: 0.31505217
sbc_expense_minus_neutralization_cash_oku: -3.83E-8

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year: 8.862422997947
想定日: 2035-09-17
金額: 0.3732200343
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -236925.861872
issued_before: 98000000
issued_after: 98000000
treasury_before: 3059976
treasury_after: 3349976
economic_shares_before: 94940024
economic_shares_after: 94650024
old_cohort_before: 77564644.870044
old_cohort_after: 77327719.008173
old_holder_equivalence_factor_after: 0.816985730592
company_cash_change_oku: -0.4568256462
company_equity_effect_oku: -0.4568256462
company_buyback_cost_oku: 0.4568256462
shares_purchased: 290000
shares_from_old_cohort: 236925.861872
assumed_buyback_price_eur: 157.52608488
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: 1.3448790891
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -816985.730592
issued_before: 98000000
issued_after: 98000000
treasury_before: 3349976
treasury_after: 4349976
economic_shares_before: 94650024
economic_shares_after: 93650024
old_cohort_before: 77327719.008173
old_cohort_after: 76510733.277581
old_holder_equivalence_factor_after: 0.816985730592
company_cash_change_oku: -1.646147587
company_equity_effect_oku: -1.646147587
company_buyback_cost_oku: 1.646147587
shares_purchased: 1000000
shares_from_old_cohort: 816985.730592
assumed_buyback_price_eur: 164.6147587
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: 4349976
treasury_after: 4349976
economic_shares_before: 93650024
economic_shares_after: 94650024
old_cohort_before: 76510733.277581
old_cohort_after: 76510733.277581
old_holder_equivalence_factor_after: 0.808354082167
company_cash_change_oku: 1.3169180696
company_equity_effect_oku: 1.3169180696
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 131.69180696
cash_received_by_company_oku: 1.31691807
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: 4349976
treasury_after: 3349976
economic_shares_before: 94650024
economic_shares_after: 94650024
old_cohort_before: 76510733.277581
old_cohort_after: 76510733.277581
old_holder_equivalence_factor_after: 0.808354082167
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: 3349976
treasury_after: 3349976
economic_shares_before: 94650024
economic_shares_after: 94650024
old_cohort_before: 76510733.277581
old_cohort_after: 76510733.277581
old_holder_equivalence_factor_after: 0.808354082167
company_cash_change_oku: 0
company_equity_effect_oku: -7.0554524658
declared_total_dividend_liability_oku: 7.05545247
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。

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year: 9.541409993155
想定日: 2036-05-22
金額: 5.7033038023
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: 3349976
treasury_after: 3349976
economic_shares_before: 94650024
economic_shares_after: 94650024
old_cohort_before: 76510733.277581
old_cohort_after: 76510733.277581
old_holder_equivalence_factor_after: 0.808354082167
company_cash_change_oku: -7.0554524658
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: 7.45425322
company_dividend_oku: 7.0554524658
old_cohort_entitled_shares: 76510733.277581
shares_entitled_total: 94650024
old_cohort_holder_ratio_at_ex_date: 0.808354082167
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: 1.0829751933
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 813857
old_cohort_delta_shares: -657884.62825
issued_before: 98000000
issued_after: 98000000
treasury_before: 3349976
treasury_after: 4163833
economic_shares_before: 94650024
economic_shares_after: 93836167
old_cohort_before: 76510733.277581
old_cohort_after: 75852848.649331
old_holder_equivalence_factor_after: 0.808354082167
company_cash_change_oku: -1.3397287367
company_equity_effect_oku: -1.3397287367
company_buyback_cost_oku: 1.3397287367
shares_purchased: 813857
shares_from_old_cohort: 657884.62825
assumed_buyback_price_eur: 164.6147587
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: -813857
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 4163833
treasury_after: 3349976
economic_shares_before: 93836167
economic_shares_after: 94650024
old_cohort_before: 75852848.649331
old_cohort_after: 75852848.649331
old_holder_equivalence_factor_after: 0.801403374703
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 813857
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.66895777
market_value_of_grants_oku: 1.33972874
discount_on_employee_subscription_oku: 0.32922952
sbc_expense_minus_neutralization_cash_oku: -4.811E-7

101

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year: 9.859000684463
想定日: 2036-09-15
金額: 0.3825761871
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 290000
old_cohort_delta_shares: -232406.978664
issued_before: 98000000
issued_after: 98000000
treasury_before: 3349976
treasury_after: 3639976
economic_shares_before: 94650024
economic_shares_after: 94360024
old_cohort_before: 75852848.649331
old_cohort_after: 75620441.670667
old_holder_equivalence_factor_after: 0.801403374703
company_cash_change_oku: -0.4773828002
company_equity_effect_oku: -0.4773828002
company_buyback_cost_oku: 0.4773828002
shares_purchased: 290000
shares_from_old_cohort: 232406.978664
assumed_buyback_price_eur: 164.6147587
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

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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

266.0591

ordinary_operating_profit_after_sbc_oku

27.35611477

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

28.97087477

sbc_expense_already_deducted_oku

1.61476

sbc_non_cash_equity_reserve_credit_oku

1.61476

sbc_covered_grant_share_market_value_oku

1.39321964

employee_subscription_discount_cost_oku

0.22154

sbc_expense_minus_share_neutralization_net_cash_oku

3.557E-7

finance_cost_net_oku

2.91848957

other_financial_oku

-0.1

equity_method_profit_oku

0.808402

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

24.9035272

tax_expense_oku

7.22853756

parent_net_profit_after_sbc_oku

13.24526955

nci_net_profit_oku

4.42972008

group_net_profit_oku

17.67498964

parent_dividend_per_share_eur

5.016

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

4.8785628

parent_dividends_old_cohort_oku

4.82343838

nci_dividends_company_oku

3.36658726

buyback_company_oku

2.82215264

buyback_old_cohort_received_oku

2.79753437

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1257759

actual_buyback_total_shares

2547759

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.88616

employee_existing_treasury_grants_shares

1257759

treasury_cancellation_shares

1000000

parent_equity_open_oku

85.0790704

parent_equity_end_oku

93.12454451

nci_equity_open_oku

15.355555

nci_equity_end_oku

16.41868782

cash_open_oku

53.9222009

cash_end_oku

55.45367627

gross_financial_debt_open_oku

137

gross_financial_debt_end_oku

128.4

net_financial_debt_end_oku

72.94632373

associate_equity_method_profit_non_cash_oku

0.808402

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.4012

depreciation_and_amortization_non_cash_oku

16.7546184

maintenance_capex_company_oku

7.80647985

growth_capex_company_oku

6.76806811

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

20.31261808

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

739976

treasury_shares_end

1029976

economic_outstanding_shares_end

96970024

old_cohort_shares_open

97160024

old_cohort_shares_end

94634489.672914

old_holder_fraction_end

0.975914883479

old_holder_cash_receipts_oku

7.62097275

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: 43.9984
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0388
営業利益（株式報酬控除後）: 1.70713792
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: 93.2668
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0363
営業利益（株式報酬控除後）: 3.38558484
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: 88.8894
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0654
営業利益（株式報酬控除後）: 5.81336676
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: 26.468
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.457
営業利益（株式報酬控除後）: 12.095876
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: 5.599
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.457
営業利益（株式報酬控除後）: 2.558743
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: 7.8375
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3335
営業利益（株式報酬控除後）: 2.61380625
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

276.9031627

ordinary_operating_profit_after_sbc_oku

28.62970282

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

30.27998754

sbc_expense_already_deducted_oku

1.65028472

sbc_non_cash_equity_reserve_credit_oku

1.65028472

sbc_covered_grant_share_market_value_oku

1.41877581

employee_subscription_discount_cost_oku

0.2315093

sbc_expense_minus_share_neutralization_net_cash_oku

-3.864E-7

finance_cost_net_oku

2.59428236

other_financial_oku

-0.1

equity_method_profit_oku

0.82618684

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

26.51910731

tax_expense_oku

7.70787614

parent_net_profit_after_sbc_oku

14.27355744

nci_net_profit_oku

4.53767373

group_net_profit_oku

18.81123117

parent_dividend_per_share_eur

5.24172

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

5.08289714

parent_dividends_old_cohort_oku

4.90932025

nci_dividends_company_oku

3.44863204

buyback_company_oku

2.91201079

buyback_old_cohort_received_oku

2.82011947

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1225675

actual_buyback_total_shares

2515675

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.9260372

employee_existing_treasury_grants_shares

1225675

treasury_cancellation_shares

1000000

parent_equity_open_oku

93.12454451

parent_equity_end_oku

101.97951593

nci_equity_open_oku

16.41868782

nci_equity_end_oku

17.50772952

cash_open_oku

55.45367627

cash_end_oku

57.73572673

gross_financial_debt_open_oku

128.4

gross_financial_debt_end_oku

119.8

net_financial_debt_end_oku

62.06427327

associate_equity_method_profit_non_cash_oku

0.82618684

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.4194156

depreciation_and_amortization_non_cash_oku

16.79427508

maintenance_capex_company_oku

7.84494682

growth_capex_company_oku

6.85451967

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

21.39955323

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1029976

treasury_shares_end

1319976

economic_outstanding_shares_end

96680024

old_cohort_shares_open

94634489.672914

old_cohort_shares_end

92198199.23272

old_holder_fraction_end

0.95364270113

old_holder_cash_receipts_oku

7.72943972

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: 45.2303552
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0396
営業利益（株式報酬控除後）: 1.79112207
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: 96.4378712
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0376
営業利益（株式報酬控除後）: 3.62606396
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: 94.4005428
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0668
営業利益（株式報酬控除後）: 6.30595626
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: 26.944424
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.459
営業利益（株式報酬控除後）: 12.36749062
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: 5.699782
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.459
営業利益（株式報酬控除後）: 2.61619994
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: 8.1901875
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.337
営業利益（株式報酬控除後）: 2.76009319
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

288.25748807

ordinary_operating_profit_after_sbc_oku

29.97236737

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

31.65895835

sbc_expense_already_deducted_oku

1.68659098

sbc_non_cash_equity_reserve_credit_oku

1.68659098

sbc_covered_grant_share_market_value_oku

1.44466355

employee_subscription_discount_cost_oku

0.24192722

sbc_expense_minus_share_neutralization_net_cash_oku

2.186E-7

finance_cost_net_oku

2.24605674

other_financial_oku

-0.1

equity_method_profit_oku

0.84436295

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

28.22817358

tax_expense_oku

8.21514319

parent_net_profit_after_sbc_oku

15.36461743

nci_net_profit_oku

4.64841296

group_net_profit_oku

20.01303039

parent_dividend_per_share_eur

5.4775974

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

5.29574248

parent_dividends_old_cohort_oku

4.99800946

nci_dividends_company_oku

3.53279385

buyback_company_oku

3.00509411

buyback_old_cohort_received_oku

2.84398607

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1194296

actual_buyback_total_shares

2484296

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.96770887

employee_existing_treasury_grants_shares

1194296

treasury_cancellation_shares

1000000

parent_equity_open_oku

101.97951593

parent_equity_end_oku

111.69759663

nci_equity_open_oku

17.50772952

nci_equity_end_oku

18.62334863

cash_open_oku

57.73572673

cash_end_oku

60.8183159

gross_financial_debt_open_oku

119.8

gross_financial_debt_end_oku

111.2

net_financial_debt_end_oku

50.3816841

associate_equity_method_profit_non_cash_oku

0.84436295

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.437868

depreciation_and_amortization_non_cash_oku

16.83586776

maintenance_capex_company_oku

7.88529173

growth_capex_company_oku

6.94519172

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

22.54851073

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1319976

treasury_shares_end

1609976

economic_outstanding_shares_end

96390024

old_cohort_shares_open

92198199.23272

old_cohort_shares_end

89847090.428124

old_holder_fraction_end

0.932120220534

old_holder_cash_receipts_oku

7.84199552

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: 46.49680515
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
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）: 1.87847093
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: 99.71675882
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0389
営業利益（株式報酬控除後）: 3.87898192
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: 100.25337645
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
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）: 6.83728027
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: 27.42942363
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.461
営業利益（株式報酬控除後）: 12.64496429
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: 5.80237808
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.461
営業利益（株式報酬控除後）: 2.67489629
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: 8.55874594
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3405
営業利益（株式報酬控除後）: 2.91425299
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

300.14879375

ordinary_operating_profit_after_sbc_oku

31.38825969

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

33.11195567

sbc_expense_already_deducted_oku

1.72369599

sbc_non_cash_equity_reserve_credit_oku

1.72369599

sbc_covered_grant_share_market_value_oku

1.47088163

employee_subscription_discount_cost_oku

0.25281394

sbc_expense_minus_share_neutralization_net_cash_oku

4.073E-7

finance_cost_net_oku

1.87221389

other_financial_oku

-0.1

equity_method_profit_oku

0.86293894

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

30.03648473

tax_expense_oku

8.75206374

parent_net_profit_after_sbc_oku

16.52240087

nci_net_profit_oku

4.76202013

group_net_profit_oku

21.284421

parent_dividend_per_share_eur

5.72408928

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

5.51745103

parent_dividends_old_cohort_oku

5.08957228

nci_dividends_company_oku

3.6191353

buyback_company_oku

3.10153157

buyback_old_cohort_received_oku

2.86914936

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1163608

actual_buyback_total_shares

2453608

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.01125577

employee_existing_treasury_grants_shares

1163608

treasury_cancellation_shares

1000000

parent_equity_open_oku

111.69759663

parent_equity_end_oku

122.33596666

nci_equity_open_oku

18.62334863

nci_equity_end_oku

19.76623346

cash_open_oku

60.8183159

cash_end_oku

64.7547677

gross_financial_debt_open_oku

111.2

gross_financial_debt_end_oku

102.6

net_financial_debt_end_oku

37.8452323

associate_equity_method_profit_non_cash_oku

0.86293894

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.45656029

depreciation_and_amortization_non_cash_oku

16.87949972

maintenance_capex_company_oku

7.92761473

growth_capex_company_oku

7.04030939

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

23.76331393

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1609976

treasury_shares_end

1899976

economic_outstanding_shares_end

96100024

old_cohort_shares_open

89847090.428124

old_cohort_shares_end

87577318.972214

old_holder_fraction_end

0.911314225813

old_holder_cash_receipts_oku

7.95872164

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: 47.79871569
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0412
営業利益（株式報酬控除後）: 1.96930709
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: 103.10712862
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0402
営業利益（株式報酬控除後）: 4.14490657
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: 106.46908579
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0696
営業利益（株式報酬控除後）: 7.41024837
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: 27.92315326
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.463
営業利益（株式報酬控除後）: 12.92841996
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: 5.90682088
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.463
営業利益（株式報酬控除後）: 2.73485807
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: 8.9438895
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.344
営業利益（株式報酬控除後）: 3.07669799
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

312.60529804

ordinary_operating_profit_after_sbc_oku

32.88179542

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

34.64341272

sbc_expense_already_deducted_oku

1.7616173

sbc_non_cash_equity_reserve_credit_oku

1.7616173

sbc_covered_grant_share_market_value_oku

1.49742687

employee_subscription_discount_cost_oku

0.26419057

sbc_expense_minus_share_neutralization_net_cash_oku

-1.45E-7

finance_cost_net_oku

1.47104743

other_financial_oku

-0.1

equity_method_profit_oku

0.8819236

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

31.95017159

tax_expense_oku

9.3204744

parent_net_profit_after_sbc_oku

17.75111663

nci_net_profit_oku

4.87858056

group_net_profit_oku

22.62969719

parent_dividend_per_share_eur

5.9816733

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

5.74838948

parent_dividends_old_cohort_oku

5.18407727

nci_dividends_company_oku

3.70772122

buyback_company_oku

3.20145605

buyback_old_cohort_received_oku

2.89562451

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1133596

actual_buyback_total_shares

2423596

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.05676228

employee_existing_treasury_grants_shares

1133596

treasury_cancellation_shares

1000000

parent_equity_open_oku

122.33596666

parent_equity_end_oku

133.95561734

nci_equity_open_oku

19.76623346

nci_equity_end_oku

20.93709279

cash_open_oku

64.7547677

cash_end_oku

69.60199752

gross_financial_debt_open_oku

102.6

gross_financial_debt_end_oku

net_financial_debt_end_oku

24.39800248

associate_equity_method_profit_non_cash_oku

0.8819236

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.47549557

depreciation_and_amortization_non_cash_oku

16.92528008

maintenance_capex_company_oku

7.97202168

growth_capex_company_oku

7.14011057

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

25.04803429

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1899976

treasury_shares_end

2189976

economic_outstanding_shares_end

95810024

old_cohort_shares_open

87577318.972214

old_cohort_shares_end

85385246.40729

old_holder_fraction_end

0.891193247246

old_holder_cash_receipts_oku

8.07970178

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: 49.13707973
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.042
営業利益（株式報酬控除後）: 2.06375735
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: 106.61277099
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0415
営業利益（株式報酬控除後）: 4.42443
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: 113.07016911
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.071
営業利益（株式報酬控除後）: 8.02798201
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: 28.42577002
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.465
営業利益（株式報酬控除後）: 13.21798306
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: 6.01314366
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.465
営業利益（株式報酬控除後）: 2.7961118
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: 9.34636453
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3475
営業利益（株式報酬控除後）: 3.24786168
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

325.65680782

ordinary_operating_profit_after_sbc_oku

34.45767192

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

36.2580448

sbc_expense_already_deducted_oku

1.80037288

sbc_non_cash_equity_reserve_credit_oku

1.80037288

sbc_covered_grant_share_market_value_oku

1.52429371

employee_subscription_discount_cost_oku

0.27607915

sbc_expense_minus_share_neutralization_net_cash_oku

2.62E-8

finance_cost_net_oku

1.04073608

other_financial_oku

-0.1

equity_method_profit_oku

0.90132592

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

33.97576176

tax_expense_oku

9.92233075

parent_net_profit_after_sbc_oku

19.05524842

nci_net_profit_oku

4.99818258

group_net_profit_oku

24.05343101

parent_dividend_per_share_eur

6.2508486

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

5.98893954

parent_dividends_old_cohort_oku

5.28159534

nci_dividends_company_oku

3.79861876

buyback_company_oku

3.3050042

buyback_old_cohort_received_oku

2.92342651

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1104244

actual_buyback_total_shares

2394244

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.10431659

employee_existing_treasury_grants_shares

1104244

treasury_cancellation_shares

1000000

parent_equity_open_oku

133.95561734

parent_equity_end_oku

146.62161148

nci_equity_open_oku

20.93709279

nci_equity_end_oku

22.13665661

cash_open_oku

69.60199752

cash_end_oku

75.42075961

gross_financial_debt_open_oku

gross_financial_debt_end_oku

85.4

net_financial_debt_end_oku

9.97924039

associate_equity_method_profit_non_cash_oku

0.90132592

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.49467701

depreciation_and_amortization_non_cash_oku

16.97332417

maintenance_capex_company_oku

8.01862445

growth_capex_company_oku

7.24484669

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

26.40700801

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2189976

treasury_shares_end

2479976

economic_outstanding_shares_end

95520024

old_cohort_shares_open

85385246.40729

old_cohort_shares_end

83267428.711602

old_holder_fraction_end

0.87172746849

old_holder_cash_receipts_oku

8.20502185

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: 50.51291796
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
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）: 2.16195289
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: 110.23760521
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0428
営業利益（株式報酬控除後）: 4.7181695
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: 120.0805196
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
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）: 8.69382962
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: 28.93743388
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.467
営業利益（株式報酬控除後）: 13.51378162
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: 6.12138024
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.467
営業利益（株式報酬控除後）: 2.85868457
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: 9.76695094
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.351
営業利益（株式報酬控除後）: 3.42819978
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

339.33481176

ordinary_operating_profit_after_sbc_oku

36.12088672

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

37.9608678

sbc_expense_already_deducted_oku

1.83998108

sbc_non_cash_equity_reserve_credit_oku

1.83998108

sbc_covered_grant_share_market_value_oku

1.55147813

employee_subscription_discount_cost_oku

0.28850271

sbc_expense_minus_share_neutralization_net_cash_oku

2.449E-7

finance_cost_net_oku

0.57933569

other_financial_oku

-0.1

equity_method_profit_oku

0.92115509

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

36.12020612

tax_expense_oku

10.55971531

parent_net_profit_after_sbc_oku

20.43957308

nci_net_profit_oku

5.12091773

group_net_profit_oku

25.56049081

parent_dividend_per_share_eur

6.53213679

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

6.23949863

parent_dividends_old_cohort_oku

5.38219991

nci_dividends_company_oku

3.89189747

buyback_company_oku

3.4123206

buyback_old_cohort_received_oku

2.95257378

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1075538

actual_buyback_total_shares

2365538

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.15401083

employee_existing_treasury_grants_shares

1075538

treasury_cancellation_shares

1000000

parent_equity_open_oku

146.62161148

parent_equity_end_oku

160.40335725

nci_equity_open_oku

22.13665661

nci_equity_end_oku

23.36567686

cash_open_oku

75.42075961

cash_end_oku

82.27590748

gross_financial_debt_open_oku

85.4

gross_financial_debt_end_oku

76.8

net_financial_debt_end_oku

-5.47590748

associate_equity_method_profit_non_cash_oku

0.92115509

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.51410781

depreciation_and_amortization_non_cash_oku

17.0237539

maintenance_capex_company_oku

8.06754128

growth_capex_company_oku

7.3547835

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

27.84485373

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2479976

treasury_shares_end

2769976

economic_outstanding_shares_end

95230024

old_cohort_shares_open

83267428.711602

old_cohort_shares_end

81220603.019399

old_holder_fraction_end

0.852888612308

old_holder_cash_receipts_oku

8.33477369

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: 51.92727966
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0436
営業利益（株式報酬控除後）: 2.26402939
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: 113.98568378
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0441
営業利益（株式報酬控除後）: 5.02676865
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: 127.52551181
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0738
営業利益（株式報酬控除後）: 9.41138277
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: 29.45830769
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.469
営業利益（株式報酬控除後）: 13.8159463
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: 6.23156509
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.469
営業利益（株式報酬控除後）: 2.92260403
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: 10.20646373
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3545
営業利益（株式報酬控除後）: 3.61819139
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

353.67257915

ordinary_operating_profit_after_sbc_oku

37.87675731

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

39.75721797

sbc_expense_already_deducted_oku

1.88046066

sbc_non_cash_equity_reserve_credit_oku

1.88046066

sbc_covered_grant_share_market_value_oku

1.57897515

employee_subscription_discount_cost_oku

0.30148533

sbc_expense_minus_share_neutralization_net_cash_oku

1.868E-7

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

0.9414205

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

38.21567781

tax_expense_oku

11.18227719

parent_net_profit_after_sbc_oku

21.78651981

nci_net_profit_oku

5.2468808

group_net_profit_oku

27.03340061

parent_dividend_per_share_eur

6.82608294

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

6.50048042

parent_dividends_old_cohort_oku

5.48596684

nci_dividends_company_oku

3.98762941

buyback_company_oku

3.52355553

buyback_old_cohort_received_oku

2.9830858

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1047464

actual_buyback_total_shares

2337464

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.20594132

employee_existing_treasury_grants_shares

1047464

treasury_cancellation_shares

1000000

parent_equity_open_oku

160.40335725

parent_equity_end_oku

175.2522431

nci_equity_open_oku

23.36567686

nci_equity_end_oku

24.62492826

cash_open_oku

82.27590748

cash_end_oku

90.11401445

gross_financial_debt_open_oku

76.8

gross_financial_debt_end_oku

68.2

net_financial_debt_end_oku

-21.91401445

associate_equity_method_profit_non_cash_oku

0.9414205

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.53379122

depreciation_and_amortization_non_cash_oku

17.07669814

maintenance_capex_company_oku

8.11889719

growth_capex_company_oku

7.47020194

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

29.243831

scheduled_project_and_group_debt_principal_repaid_oku

8.6

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

2769976

treasury_shares_end

3059976

economic_outstanding_shares_end

94940024

old_cohort_shares_open

81220603.019399

old_cohort_shares_end

79241677.013776

old_holder_fraction_end

0.834649852351

old_holder_cash_receipts_oku

8.46905264

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: 53.38124349
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0444
営業利益（株式報酬控除後）: 2.37012721
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: 117.86119703
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0454
営業利益（株式報酬控除後）: 5.35089835
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: 135.43209355
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0752
営業利益（株式報酬控除後）: 10.18449343
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: 29.98855722
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
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）: 14.12461045
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: 6.34373326
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
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）: 2.98789836
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: 10.6657546
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.358
営業利益（株式報酬控除後）: 3.81834015
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

366.11244578

ordinary_operating_profit_after_sbc_oku

38.50453883

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

40.42636963

sbc_expense_already_deducted_oku

1.9218308

sbc_non_cash_equity_reserve_credit_oku

1.9218308

sbc_covered_grant_share_market_value_oku

1.60677867

employee_subscription_discount_cost_oku

0.31505217

sbc_expense_minus_share_neutralization_net_cash_oku

-3.83E-8

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

0.96213175

extraordinary_operating_cost_oku

0.2425

pretax_profit_oku

38.86417058

tax_expense_oku

11.37061165

parent_net_profit_after_sbc_oku

22.46691381

nci_net_profit_oku

5.02664513

group_net_profit_oku

27.49355893

parent_dividend_per_share_eur

7.13325667

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

6.7723156

parent_dividends_old_cohort_oku

5.5929745

nci_dividends_company_oku

3.8202503

buyback_company_oku

3.63886516

buyback_old_cohort_received_oku

3.01498311

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

1020008

actual_buyback_total_shares

2310008

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.26020868

employee_existing_treasury_grants_shares

1020008

treasury_cancellation_shares

1000000

parent_equity_open_oku

175.2522431

parent_equity_end_oku

190.49001562

nci_equity_open_oku

24.62492826

nci_equity_end_oku

25.83132309

cash_open_oku

90.11401445

cash_end_oku

90.1223709

gross_financial_debt_open_oku

68.2

gross_financial_debt_end_oku

52.2

net_financial_debt_end_oku

-37.9223709

associate_equity_method_profit_non_cash_oku

0.96213175

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.5537305

depreciation_and_amortization_non_cash_oku

16.48681367

maintenance_capex_company_oku

8.17282432

growth_capex_company_oku

7.591399

estimated_acquisitions_cash_oku

1.1

working_capital_cash_absorption_oku

0.65

consolidated_fcf_before_distributions_and_principal_oku

28.97957883

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

3059976

treasury_shares_end

3349976

economic_outstanding_shares_end

94650024

old_cohort_shares_open

79241677.013776

old_cohort_shares_end

77327719.008173

old_holder_fraction_end

0.816985730592

old_holder_cash_receipts_oku

8.60795761

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: 54.87591831
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
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）: 2.48039151
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: 121.86847773
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0467
営業利益（株式報酬控除後）: 5.69125791
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: 143.82888335
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
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）: 11.01729246
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: 27.93553238
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.473
営業利益（株式報酬控除後）: 13.21350682
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: 6.45792046
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.473
営業利益（株式報酬控除後）: 3.05459638
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: 11.14571355
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3615
営業利益（株式報酬控除後）: 4.02917545
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

299.62217772

ordinary_operating_profit_after_sbc_oku

22.56531432

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

24.23427209

sbc_expense_already_deducted_oku

1.66895777

sbc_non_cash_equity_reserve_credit_oku

1.66895777

sbc_covered_grant_share_market_value_oku

1.33972874

employee_subscription_discount_cost_oku

0.32922952

sbc_expense_minus_share_neutralization_net_cash_oku

-4.811E-7

finance_cost_net_oku

0.22092896

other_financial_oku

-0.08497268

equity_method_profit_oku

0.83553519

extraordinary_operating_cost_oku

0.20605874

pretax_profit_oku

22.88888912

tax_expense_oku

6.61600618

parent_net_profit_after_sbc_oku

15.25674539

nci_net_profit_oku

1.01613755

group_net_profit_oku

16.27288294

parent_dividend_per_share_eur

7.45425322

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

7.05545247

parent_dividends_old_cohort_oku

5.7033038

nci_dividends_company_oku

0.77226454

buyback_company_oku

3.46325912

buyback_old_cohort_received_oku

2.81043047

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

290000

buyback_sbc_treasury_replenishment_shares

813857

actual_buyback_total_shares

2103857

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.31691807

employee_existing_treasury_grants_shares

813857

treasury_cancellation_shares

1000000

parent_equity_open_oku

190.49001562

parent_equity_end_oku

198.21392527

nci_equity_open_oku

25.83132309

nci_equity_end_oku

26.0751961

cash_open_oku

90.1223709

cash_end_oku

89.73967677

gross_financial_debt_open_oku

52.2

gross_financial_debt_end_oku

49.2

net_financial_debt_end_oku

-40.53967677

associate_equity_method_profit_non_cash_oku

0.83553519

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.33740961

depreciation_and_amortization_non_cash_oku

7.83974208

maintenance_capex_company_oku

6.01949654

growth_capex_company_oku

6.1855749

estimated_acquisitions_cash_oku

0.93469945

working_capital_cash_absorption_oku

0.5523224

consolidated_fcf_before_distributions_and_principal_oku

12.59136392

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

3349976

treasury_shares_end

3639976

economic_outstanding_shares_end

94360024

old_cohort_shares_open

77327719.008173

old_cohort_shares_end

75620441.670667

old_holder_fraction_end

0.801403374703

old_holder_cash_receipts_oku

8.51373427

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: 47.93516419
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.028
revenue_volume_growth_assumed: 0.011811024
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.046
営業利益（株式報酬控除後）: 2.20501755
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: 107.07577557
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.034
revenue_volume_growth_assumed: 0.018719212
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.048
営業利益（株式報酬控除後）: 5.13963723
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: 129.79259904
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.062
revenue_volume_growth_assumed: 0.046305419
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.078
営業利益（株式報酬控除後）: 10.12382273
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: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.475
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: 4.92164117
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.475
営業利益（株式報酬控除後）: 2.33777956
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: 9.89699775
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.045
revenue_volume_growth_assumed: 0.031589339
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.365
営業利益（株式報酬控除後）: 3.61240418
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

352.61002265452

営業利益

26.555964762453

純利益

17.954883642257

equity_oku

198.21392527

期間内の親会社利益合計（億）

178.6479832

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

341.53896787

core_operating_profit_after_sbc_2037_oku

19.92501418

core_tax_rate

0.3

core_after_tax_operating_profit_2037_oku

13.94750993

core_required_net_reinvestment_2037_oku

2.51055179

core_cash_flow_before_issuer_sbc_share_coverage_oku

13.44427966

core_sustainable_unlevered_FCFF_2037_oku

11.43695861

core_WACC

0.076

core_post2036_growth

0.019

core_2036_dec31_EV_oku

200.64839666

stub_2036_nov06_to_dec31_years

0.150581793292

core_EV_oku

198.44736874

other_concessions_finite_EV_oku

22.40043045

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: 0.90621589
fcff_2037_100pct_oku: 0.25423842
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 3.92546127
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: 0.05507029
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: 1.24008491
fcff_2037_100pct_oku: 0.33019245
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 4.44273858
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: 0.15553612
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: 1.27188196
fcff_2037_100pct_oku: 0.37072815
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 5.64675748
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: 1.09699819
fcff_2037_100pct_oku: 0.32996992
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 5.66916789
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: 1.11289671
fcff_2037_100pct_oku: 0.22815774
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 1.43041602
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: 0.25871512
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: 2.57556096
fcff_2037_100pct_oku: 0.1094446
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 0.82037454
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: 0.2352343
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: 0.52465131
fcff_2037_100pct_oku: 0.01467555
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 0.0721991
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: 0.00346991
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: 0.49285426
fcff_2037_100pct_oku: 0.07010014
discount_rate: 0.074
annual_growth_assumed: 0.02375
remaining_lifetime_ev_100pct_oku: 0.39331558
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

19.31948481

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

1.48576084

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

17.52124945

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

0.13506917

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

1.28445383

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

0.05402767

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

0.51378153

出典番号

1: s16

equity_accounted_100pct_EV_double_count_oku

net_financial_debt_once_oku

-40.53967677

assigned_remaining_project_net_debt_proxy_within_group_oku

18.26705894

group_debt_not_assigned_to_listed_subsidiaries_oku

30.93294106

nci_book_proxy_oku

26.0751961

identified_project_NCI_book_proxy_oku

3.78305413

residual_nonproject_and_legacy_NCI_book_proxy_oku

22.29214197

residual_NCI_fair_proxy_factor

0.98

residual_NCI_economic_oku

21.84629913

identified_project_NCI_equity_fair_oku

0.70802574

nci_economic_value_deduction_oku

22.55432488

nci_double_debt_deduction_oku

parent_equity_terminal_oku

258.15263589

old_holder_fraction_at_terminal

0.801403374703

old_cohort_terminal_mcap_oku

206.88439359

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: 172.02242285
employee_new_subscriptions_shares: 1000000
employee_subscription_cash_oku: 1.37617938
employee_subscription_cover_buyback_oku: 1.72022423
employee_share_discount_cash_shortfall_oku: 0.34404485
granted_treasury_award_shares: 966895
grant_replenishment_buyback_cash_oku: 1.66327621
total_net_company_buyback_funding_oku: 2.00732105
expense_minus_net_funding_reconciliation_oku: 4.696E-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: 0.84587511
repurchase_price_fixed_qty_25pct_lower_net_cash_saved_oku: 0.84587511
company_EV_sensitivity_25pct_buyback_price_oku: 14.67712661
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

258.15263589

終価

206.88439359

期間内株主受取

81.36137147

payout_dividends_old_cohort_oku

52.45045802

payout_buybacks_old_cohort_oku

28.91091345

issuer_total_buybacks_oku

32.38524977

issuer_total_parent_dividends_oku

59.07972959

issuer_total_employee_subscription_cash_oku

10.88931962

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）

139.18590298

npv_oku

36.19627754

intrinsic_price_eur

143.25429

market_value_ratio

1.35145557

ten_year_annualized_irr

0.13585994185

pv_cashflows_check_oku

53.3934623

pv_terminal_check_oku

85.79244068

irr_residual_oku

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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