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AI 銘柄分析 · 10年

IMCD N.V.

IMCD · EUR · 分析基準日 2026-11-06

IMCD：専門化学品流通の10年評価

10年期待年率4.58%
資本コスト9.50%
直近終値102.75 EUR2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

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

要約の補足

assessment

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

judgement_2026_11_06

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

data_limitations

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

terminal_reinvestment_2037_revision

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

value_conclusion

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

結論の補足

holder_expected_IRR
0.0458194173
fair_value_per_share_eur
68.6644846
entry_price_eur
102.75
price_gap
-0.3317325
owner_outlook

terminal_reinvestment_high_sensitivity; no_proven_margin_of_safety

valuation_quality

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

safety_conclusion

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

事業

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

競争力・事業の質

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

業界と環境

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

財務・資本配分

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

評価の前提と確認

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

資本コストの前提

資本コスト
9.50%
k_type

common_equity_required_return_assumption

terminal_method

2037-2046_explicit_EQUITY_owner_FCFE_with_PPA_runoff_then_2047_Gordon_terminal_and_SBC_share_neutral_hedge

terminal_year_discount_exponent
10.001368925394
holder_cashflow_year_basis

ACT/365.25

calendar_anniversary_ending
はい
end_actual_days
3653
end_ACT36525_year
10.001368925394
no_halfway_year5_lump_used_for_timed_cashflows
はい
terminal_is_calendar_10_year_anniversary_but_ACT_365_25_exponent
はい

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億EUR。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ確率株主還元・追加負担終価
強気10.0%24.27149.76
やや強気20.0%20.3393.67
中立45.0%18.2268.19
やや弱気20.0%12.3538.97
弱気5.0%7.4824.63

強気（確率 10.0%）

全地域で数量回復、APACの技術営業と買収の高収益化が進展。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

やや強気（確率 20.0%）

特産品物流の付加価値と新興国拡大が継続。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

中立（確率 45.0%）

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

確率の根拠

シナリオ確率は分析上の仮定。

事業別の前提

1
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名称

EMEA

数量
1
価格・単価
39.833733506
営業利益
未確認
2
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名称

Americas

数量
1
価格・単価
20.545162461
営業利益
未確認
3
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名称

Asia_Pacific

数量
1
価格・単価
26.841627701
営業利益
未確認

日付別キャッシュフロー

1
内容を開く
想定日

2027-02-19

year
0.287474332649
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

2
内容を開く
想定日

2027-04-29

year
0.476386036961
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

3
内容を開く
想定日

2027-05-04

year
0.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2027-05-05

payment_date

2027-05-07

ex_date_model_context

2027-05-04

4
内容を開く
想定日

2027-05-05

year
0.492813141684
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

5
内容を開く
想定日

2027-05-07

year
0.498288843258
種類

cash_dividend_to_original_cohort

金額
1.257121356482
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2026配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.2571213565
eligible_float_shares
59044962
old_cohort_shares_at_ex
59044962
old_share_fraction_ex
1
ex_date

2027-05-04

record_date

2027-05-05

payment_date

2027-05-07

payment_right_assumption

hold_at_ex_date

6
内容を開く
想定日

2027-06-15

year
0.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
59044962
treasury_shares_after
48037
old_ownership_before
1
old_ownership_after
0.999746020832
7
内容を開く
想定日

2027-09-15

year
0.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.053673239652
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.053686875
corporate_shares_repur
50000
buyback_eur_per_share_assumed
107.37375
old_cohort_tendered_shares
49987.3010416
old_cohort_shares_remaining
58994974.698958
fraction_before
0.999746020832
fraction_after
0.999746020832
8
内容を開く
想定日

2028-02-17

year
1.281314168378
種類

annual_results_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

9
内容を開く
想定日

2028-04-26

year
1.47022587269
種類

assumed_dividend_approval_reassessment

金額
0
date_status

calendar_announced

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

10
内容を開く
想定日

2028-05-04

year
1.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2028-05-05

payment_date

2028-05-09

ex_date_model_context

2028-05-04

11
内容を開く
想定日

2028-05-05

year
1.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

12
内容を開く
想定日

2028-05-09

year
1.505817932923
種類

cash_dividend_to_original_cohort

金額
1.362548709188
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2027配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.3628948561
eligible_float_shares
59009962
old_cohort_shares_at_ex
58994974.69896
old_share_fraction_ex
0.999746020832
ex_date

2028-05-04

record_date

2028-05-05

payment_date

2028-05-09

payment_right_assumption

hold_at_ex_date

13
内容を開く
想定日

2028-06-15

year
1.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58994974.69896
treasury_shares_after
83037
old_ownership_before
0.999746020832
old_ownership_after
0.999491955606
14
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想定日

2028-09-15

year
1.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.05607428167
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0561027844
corporate_shares_repur
50000
buyback_eur_per_share_assumed
112.205569
old_cohort_tendered_shares
49974.5977803
old_cohort_shares_remaining
58945000.101178
fraction_before
0.999491955606
fraction_after
0.999491955606
15
内容を開く
想定日

2029-02-19

year
2.288843258042
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

16
内容を開く
想定日

2029-04-30

year
2.480492813142
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

17
内容を開く
想定日

2029-05-04

year
2.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2029-05-07

payment_date

2029-05-09

ex_date_model_context

2029-05-04

18
内容を開く
想定日

2029-05-07

year
2.499657768652
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

19
内容を開く
想定日

2029-05-09

year
2.505133470226
種類

cash_dividend_to_original_cohort

金額
1.46354237405
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2028配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.4642862965
eligible_float_shares
58974962
old_cohort_shares_at_ex
58945000.10118
old_share_fraction_ex
0.999491955606
ex_date

2029-05-04

record_date

2029-05-07

payment_date

2029-05-09

payment_right_assumption

hold_at_ex_date

20
内容を開く
想定日

2029-06-15

year
2.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58945000.10118
treasury_shares_after
118037
old_ownership_before
0.999491955606
old_ownership_after
0.999237804242
21
内容を開く
想定日

2029-09-17

year
2.86379192334
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.058582724109
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0586274097
corporate_shares_repur
50000
buyback_eur_per_share_assumed
117.254819
old_cohort_tendered_shares
49961.8902121
old_cohort_shares_remaining
58895038.210966
fraction_before
0.999237804242
fraction_after
0.999237804242
22
内容を開く
想定日

2030-02-19

year
3.288158795346
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

23
内容を開く
想定日

2030-04-29

year
3.477070499658
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

24
内容を開く
想定日

2030-05-06

year
3.496235455168
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2030-05-07

payment_date

2030-05-09

ex_date_model_context

2030-05-06

25
内容を開く
想定日

2030-05-07

year
3.498973305955
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

26
内容を開く
想定日

2030-05-09

year
3.504449007529
種類

cash_dividend_to_original_cohort

金額
1.569414082167
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2029配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.5706111954
eligible_float_shares
58939962
old_cohort_shares_at_ex
58895038.21097
old_share_fraction_ex
0.999237804242
ex_date

2030-05-06

record_date

2030-05-07

payment_date

2030-05-09

payment_right_assumption

hold_at_ex_date

27
内容を開く
想定日

2030-06-17

year
3.611225188227
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58895038.21097
treasury_shares_after
153037
old_ownership_before
0.999237804242
old_ownership_after
0.998983566658
28
内容を開く
想定日

2030-09-16

year
3.860369609856
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.061203370665
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0612656431
corporate_shares_repur
50000
buyback_eur_per_share_assumed
122.531286
old_cohort_tendered_shares
49949.1783329
old_cohort_shares_remaining
58845089.032633
fraction_before
0.998983566658
fraction_after
0.998983566658
29
内容を開く
想定日

2031-02-19

year
4.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

30
内容を開く
想定日

2031-04-28

year
4.473648186174
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

31
内容を開く
想定日

2031-05-05

year
4.492813141684
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2031-05-06

payment_date

2031-05-08

ex_date_model_context

2031-05-05

32
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想定日

2031-05-06

year
4.495550992471
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

33
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想定日

2031-05-08

year
4.501026694045
種類

cash_dividend_to_original_cohort

金額
1.680118749613
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2030配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.6818282159
eligible_float_shares
58904962
old_cohort_shares_at_ex
58845089.03263
old_share_fraction_ex
0.998983566658
ex_date

2031-05-05

record_date

2031-05-06

payment_date

2031-05-08

payment_right_assumption

hold_at_ex_date

34
内容を開く
想定日

2031-06-16

year
4.607802874743
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58845089.03263
treasury_shares_after
188037
old_ownership_before
0.998983566658
old_ownership_after
0.998729242776
35
内容を開く
想定日

2031-09-15

year
4.856947296372
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.063941239869
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.064022597
corporate_shares_repur
50000
buyback_eur_per_share_assumed
128.045194
old_cohort_tendered_shares
49936.4621388
old_cohort_shares_remaining
58795152.570494
fraction_before
0.998729242776
fraction_after
0.998729242776
36
内容を開く
想定日

2032-02-19

year
5.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

37
内容を開く
想定日

2032-04-28

year
5.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

38
内容を開く
想定日

2032-05-04

year
5.492128678987
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2032-05-05

payment_date

2032-05-07

ex_date_model_context

2032-05-04

39
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想定日

2032-05-05

year
5.494866529774
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

40
内容を開く
想定日

2032-05-07

year
5.500342231348
種類

cash_dividend_to_original_cohort

金額
1.795590701421
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2031配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.7978753645
eligible_float_shares
58869962
old_cohort_shares_at_ex
58795152.57049
old_share_fraction_ex
0.998729242776
ex_date

2032-05-04

record_date

2032-05-05

payment_date

2032-05-07

payment_right_assumption

hold_at_ex_date

41
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想定日

2032-06-15

year
5.607118412047
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58795152.57049
treasury_shares_after
223037
old_ownership_before
0.998729242776
old_ownership_after
0.998474832513
42
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想定日

2032-09-15

year
5.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.066801574697
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0669036139
corporate_shares_repur
50000
buyback_eur_per_share_assumed
133.807228
old_cohort_tendered_shares
49923.7416257
old_cohort_shares_remaining
58745228.828869
fraction_before
0.998474832513
fraction_after
0.998474832513
43
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想定日

2033-02-21

year
6.294318959617
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

44
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想定日

2033-04-28

year
6.475017111567
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

45
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想定日

2033-05-04

year
6.49144421629
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2033-05-05

payment_date

2033-05-09

ex_date_model_context

2033-05-04

46
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想定日

2033-05-05

year
6.494182067077
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

47
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想定日

2033-05-09

year
6.505133470226
種類

cash_dividend_to_original_cohort

金額
1.915734542857
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2032配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
1.918660822
eligible_float_shares
58834962
old_cohort_shares_at_ex
58745228.82887
old_share_fraction_ex
0.998474832513
ex_date

2033-05-04

record_date

2033-05-05

payment_date

2033-05-09

payment_right_assumption

hold_at_ex_date

48
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想定日

2033-06-15

year
6.60643394935
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58745228.82887
treasury_shares_after
258037
old_ownership_before
0.998474832513
old_ownership_after
0.99822033579
49
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想定日

2033-09-15

year
6.858316221766
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.069789852604
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0699142765
corporate_shares_repur
50000
buyback_eur_per_share_assumed
139.828553
old_cohort_tendered_shares
49911.0167895
old_cohort_shares_remaining
58695317.812079
fraction_before
0.99822033579
fraction_after
0.99822033579
50
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想定日

2034-02-20

year
7.290896646133
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

51
内容を開く
想定日

2034-04-28

year
7.474332648871
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

52
内容を開く
想定日

2034-05-04

year
7.490759753593
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2034-05-05

payment_date

2034-05-09

ex_date_model_context

2034-05-04

53
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想定日

2034-05-05

year
7.493497604381
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

54
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想定日

2034-05-09

year
7.504449007529
種類

cash_dividend_to_original_cohort

金額
2.040423865007
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2033配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.0440616083
eligible_float_shares
58799962
old_cohort_shares_at_ex
58695317.81208
old_share_fraction_ex
0.99822033579
ex_date

2034-05-04

record_date

2034-05-05

payment_date

2034-05-09

payment_right_assumption

hold_at_ex_date

55
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想定日

2034-06-15

year
7.605749486653
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58695317.81208
treasury_shares_after
293037
old_ownership_before
0.99822033579
old_ownership_after
0.997965752525
56
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想定日

2034-09-15

year
7.857631759069
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.072911796012
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.073060419
corporate_shares_repur
50000
buyback_eur_per_share_assumed
146.120838
old_cohort_tendered_shares
49898.2876263
old_cohort_shares_remaining
58645419.524453
fraction_before
0.997965752525
fraction_after
0.997965752525
57
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想定日

2035-02-19

year
8.287474332649
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

58
内容を開く
想定日

2035-04-30

year
8.479123887748
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

59
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想定日

2035-05-04

year
8.490075290897
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2035-05-07

payment_date

2035-05-09

ex_date_model_context

2035-05-04

60
内容を開く
想定日

2035-05-07

year
8.498288843258
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

61
内容を開く
想定日

2035-05-09

year
8.503764544832
種類

cash_dividend_to_original_cohort

金額
2.169500253796
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2034配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.1739225503
eligible_float_shares
58764962
old_cohort_shares_at_ex
58645419.52445
old_share_fraction_ex
0.997965752525
ex_date

2035-05-04

record_date

2035-05-07

payment_date

2035-05-09

payment_right_assumption

hold_at_ex_date

62
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想定日

2035-06-15

year
8.605065023956
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58645419.52445
treasury_shares_after
328037
old_ownership_before
0.997965752525
old_ownership_after
0.997711082638
63
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想定日

2035-09-17

year
8.862422997947
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.076173383261
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.0763481378
corporate_shares_repur
50000
buyback_eur_per_share_assumed
152.696276
old_cohort_tendered_shares
49885.5541319
old_cohort_shares_remaining
58595533.970321
fraction_before
0.997711082638
fraction_after
0.997711082638
64
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想定日

2036-02-19

year
9.286789869952
種類

annual_results_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

公表予定到来時に予測配当・利益を再評価。非現金、IRRへの額はゼロ

65
内容を開く
想定日

2036-04-28

year
9.475701574264
種類

assumed_dividend_approval_reassessment

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

AGM日（2027-28は開示予定、配当議決内容は全年度未確定）

66
内容を開く
想定日

2036-05-05

year
9.494866529774
種類

dividend_ex_date_entitlement_lock

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

record_date

2036-05-06

payment_date

2036-05-08

ex_date_model_context

2036-05-05

67
内容を開く
想定日

2036-05-06

year
9.497604380561
種類

dividend_record_date

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

配当権利株数記録日。IRRの現金イベントではない

68
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想定日

2036-05-08

year
9.503080082136
種類

cash_dividend_to_original_cohort

金額
2.302772546626
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

FY2035配当予測。権利落ち時点の旧株主持分で受領

corporate_dividend_oku
2.3080554949
eligible_float_shares
58729962
old_cohort_shares_at_ex
58595533.97032
old_share_fraction_ex
0.997711082638
ex_date

2036-05-05

record_date

2036-05-06

payment_date

2036-05-08

payment_right_assumption

hold_at_ex_date

69
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想定日

2036-06-16

year
9.609856262834
種類

treasury_to_employee_SBC_delivery_non_cash

金額
0
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

自己株を社員へ交付。現金CF=0、浮動株増加と旧株主持分希薄化のみ

employee_award_shares
15000
old_cohort_shares_after
58595533.97032
treasury_shares_after
363037
old_ownership_before
0.997711082638
old_ownership_after
0.997456326048
70
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想定日

2036-09-15

year
9.859000684463
種類

issuer_treasury_repurchase_pro_rata_old_cohort_tender

金額
0.079580860057
date_status

assumed

cashflow_unit

oku_EUR

scenario

base

memo

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

corporate_buyback_cash_oku
0.079783804
corporate_shares_repur
50000
buyback_eur_per_share_assumed
159.567608
old_cohort_tendered_shares
49872.8163024
old_cohort_shares_remaining
58545661.154019
fraction_before
0.997456326048
fraction_after
0.997456326048

その他の数値・前提

scenario_assumptions_ref

assumptions.all_scenario_parameters.base

annual_ledger
内容を開く
1
内容を開く
period_id

post_cutoff_partial_2026

対象年度
2026
開始日

2026-11-07

終了日

2026-12-31

days_included
55
annual_denominator_days
365
portion_of_fy
0.150684931507
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.216526283
nci
0.01327
gross
18.08295
cash
2.84595
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
15.237
old_fraction
1
売上高
7.9290410959
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
24.193652667
売上高
3.645618895
operating_ebita_oku
0.419246173
gross_profit_oku
0.977025864
margin
0.115
Americas
内容を開く
annualized_revenue_oku
14.731476353
売上高
2.219811505
operating_ebita_oku
0.210882093
gross_profit_oku
0.532754761
margin
0.095
Asia_Pacific
内容を開く
annualized_revenue_oku
13.69487098
売上高
2.063610696
operating_ebita_oku
0.272396612
gross_profit_oku
0.472566849
margin
0.132
gross_profit_oku
1.9823474744
ebita_oku
0.8494003024
holding_cost_ebita_oku
-0.0531245753
acquired_customer_relationship_amortisation_oku
0.1585808219
oneoff_adjustments_oku
0.0014272274
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
0.6893922531
net_finance_expense_oku
0.1134008836
equity_associate_income_oku
0.0001506849
ifrs_profit_before_tax_oku
0.5761420545
ifrs_income_tax_expense_oku
0.1526776444
nci_net_income_oku
5.27397E-5
ifrs_parent_net_income_oku
0.4234116703
ppe_depreciation_oku
0.0634323288
sbc_expense_equity_settled_included_in_ni_oku
0.0059467808
sbc_cash_settled_cost_included_in_ni_oku
0.0014272274
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.0475742466
cash_tax_and_misc_timing_oku
0.0158580822
operating_cash_flow_after_interest_tax_oku
0.5879920128
maintenance_and_digital_capex_oku
0.0356806849
free_cash_flow_post_interest_tax_pre_MA_oku
0.5523113278
acquisition_and_earnout_cash_paid_oku
0
issuer_cash_dividends_oku
0
issuer_buyback_cash_oku
0
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
4.52055E-5
free_cash_after_acq_and_capex_pre_distributions_oku
0.5523113278
gross_new_borrowing_net_of_repayment_oku
-0.7672161224
treasury_shares_to_employees_non_cash
0
corporate_shares_repur
0
corporate_buyback_assumed_price_eur
未確認
old_cohort_buyback_cash_received_oku
0
old_cohort_dividend_received_oku
0
old_holder_actual_cash_received_in_period_oku
0
old_holder_ownership_at_dividend_ex_date
未確認
old_cohort_eligible_shares_at_ex
0
end
内容を開く
親会社持分（億）
22.6458847344
非支配持分資本（億）
0.0132775342
gross_borrowings_oku
17.3157338776
現金（億）
2.631
net_debt_oku
14.6847338776
shares_issued
59107999
自己株式数
63037
float_shares
59044962
old_holder_cohort_shares
59044962
old_holder_fraction_of_float
1
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

2
内容を開く
period_id

FY2027

対象年度
2027
開始日

2027-01-01

終了日

2027-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
22.645884734
nci
0.013277534
gross
17.315733878
cash
2.631
発行済み
59107999
own
63037
old_shares
59044962
float
59044962
net_debt
14.684733878
old_fraction
1
売上高
55.9743962186
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
25.737936062
売上高
25.737936062
operating_ebita_oku
2.970157822
gross_profit_oku
6.897766865
margin
0.1154
Americas
内容を開く
annualized_revenue_oku
15.366820681
売上高
15.366820681
operating_ebita_oku
1.465994693
gross_profit_oku
3.688036963
margin
0.0954
Asia_Pacific
内容を開く
annualized_revenue_oku
14.869639476
売上高
14.869639476
operating_ebita_oku
1.968740267
gross_profit_oku
3.40514744
margin
0.1324
gross_profit_oku
13.990951268
ebita_oku
6.0298643264
holding_cost_ebita_oku
-0.3750284547
acquired_customer_relationship_amortisation_oku
1.1194879244
oneoff_adjustments_oku
0.0100753913
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
4.9003010108
net_finance_expense_oku
0.7223735567
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.178927454
ifrs_income_tax_expense_oku
1.1074157753
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.0711616787
ppe_depreciation_oku
0.4477951697
sbc_expense_equity_settled_included_in_ni_oku
0.0419807972
sbc_cash_settled_cost_included_in_ni_oku
0.0100753913
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.5519291276
cash_tax_and_misc_timing_oku
0.1119487924
operating_cash_flow_after_interest_tax_oku
4.01689765
maintenance_and_digital_capex_oku
0.251884783
free_cash_flow_post_interest_tax_pre_MA_oku
3.765012867
acquisition_and_earnout_cash_paid_oku
1.9
issuer_cash_dividends_oku
1.2571213565
issuer_buyback_cash_oku
0.053686875
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
1.865012867
gross_new_borrowing_net_of_repayment_oku
-0.3861848246
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
107.37375
old_cohort_buyback_cash_received_oku
0.0536732397
old_cohort_dividend_received_oku
1.2571213565
old_holder_actual_cash_received_in_period_oku
1.3107945961
old_holder_ownership_at_dividend_ex_date
1
old_cohort_eligible_shares_at_ex
59044962
end
内容を開く
親会社持分（億）
24.4482189788
非支配持分資本（億）
0.0133275342
gross_borrowings_oku
16.9295490531
現金（億）
2.7987198109
net_debt_oku
14.1308292421
shares_issued
59107999
自己株式数
98037
float_shares
59009962
old_holder_cohort_shares
58994974.698958
old_holder_fraction_of_float
0.999746020832
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

3
内容を開く
period_id

FY2028

対象年度
2028
開始日

2028-01-01

終了日

2028-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
24.448218979
nci
0.013327534
gross
16.929549053
cash
2.798719811
発行済み
59107999
own
98037
old_shares
58994974.698958
float
59009962
net_debt
14.130829242
old_fraction
0.999746021
売上高
59.1382115805
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
27.188849431
売上高
27.188849431
operating_ebita_oku
3.148468764
gross_profit_oku
7.286611648
margin
0.1158
Americas
内容を開く
annualized_revenue_oku
15.927965108
売上高
15.927965108
operating_ebita_oku
1.525899057
gross_profit_oku
3.822711626
margin
0.0958
Asia_Pacific
内容を開く
annualized_revenue_oku
16.021397041
売上高
16.021397041
operating_ebita_oku
2.127641527
gross_profit_oku
3.668899922
margin
0.1328
gross_profit_oku
14.7782231959
ebita_oku
6.405783331
holding_cost_ebita_oku
-0.3962260176
acquired_customer_relationship_amortisation_oku
1.1827642316
oneoff_adjustments_oku
0.0106448781
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.2123742213
net_finance_expense_oku
0.7035872517
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.5097869695
ifrs_income_tax_expense_oku
1.1950935469
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.3143434226
ppe_depreciation_oku
0.4731056926
sbc_expense_equity_settled_included_in_ni_oku
0.0443536587
sbc_cash_settled_cost_included_in_ni_oku
0.0106448781
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.5694867651
cash_tax_and_misc_timing_oku
0.1182764232
operating_cash_flow_after_interest_tax_oku
4.3271538172
maintenance_and_digital_capex_oku
0.2661219521
free_cash_flow_post_interest_tax_pre_MA_oku
4.0610318651
acquisition_and_earnout_cash_paid_oku
1.9608
issuer_cash_dividends_oku
1.3628948561
issuer_buyback_cash_oku
0.0561027844
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.1002318651
gross_new_borrowing_net_of_repayment_oku
-0.5227434566
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
112.20556875
old_cohort_buyback_cash_received_oku
0.0560742817
old_cohort_dividend_received_oku
1.3625487092
old_holder_actual_cash_received_in_period_oku
1.4186229909
old_holder_ownership_at_dividend_ex_date
0.999746020832
old_cohort_eligible_shares_at_ex
58994974.698958
end
内容を開く
親会社持分（億）
26.3879184196
非支配持分資本（億）
0.0133775342
gross_borrowings_oku
16.4068055965
現金（億）
2.956910579
net_debt_oku
13.4498950175
shares_issued
59107999
自己株式数
133037
float_shares
58974962
old_holder_cohort_shares
58945000.101178
old_holder_fraction_of_float
0.999491955606
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

4
内容を開く
period_id

FY2029

対象年度
2029
開始日

2029-01-01

終了日

2029-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
26.38791842
nci
0.013377534
gross
16.406805596
cash
2.956910579
発行済み
59107999
own
133037
old_shares
58945000.101178
float
58974962
net_debt
13.449895017
old_fraction
0.999491956
売上高
62.3948862058
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
28.676341794
売上高
28.676341794
operating_ebita_oku
3.332190916
gross_profit_oku
7.685259601
margin
0.1162
Americas
内容を開く
annualized_revenue_oku
16.494775862
売上高
16.494775862
operating_ebita_oku
1.586797438
gross_profit_oku
3.958746207
margin
0.0962
Asia_Pacific
内容を開く
annualized_revenue_oku
17.223768549
売上高
17.223768549
operating_ebita_oku
2.294205971
gross_profit_oku
3.944242998
margin
0.1332
gross_profit_oku
15.5882488056
ebita_oku
6.7951485876
holding_cost_ebita_oku
-0.4180457376
acquired_customer_relationship_amortisation_oku
1.2478977241
oneoff_adjustments_oku
0.0112310795
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.536019784
net_finance_expense_oku
0.6790528031
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
4.8579669809
ifrs_income_tax_expense_oku
1.2873612499
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.5702557309
ppe_depreciation_oku
0.4991590896
sbc_expense_equity_settled_included_in_ni_oku
0.0467961647
sbc_cash_settled_cost_included_in_ni_oku
0.0112310795
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.5862014326
cash_tax_and_misc_timing_oku
0.1247897724
operating_cash_flow_after_interest_tax_oku
4.6534675044
maintenance_and_digital_capex_oku
0.2807769879
free_cash_flow_post_interest_tax_pre_MA_oku
4.3726905165
acquisition_and_earnout_cash_paid_oku
2.0235456
issuer_cash_dividends_oku
1.4642862965
issuer_buyback_cash_oku
0.0586274097
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.3491449165
gross_new_borrowing_net_of_repayment_oku
-0.663097479
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
117.2548193437
old_cohort_buyback_cash_received_oku
0.0585827241
old_cohort_dividend_received_oku
1.4635423741
old_holder_actual_cash_received_in_period_oku
1.5221250982
old_holder_ownership_at_dividend_ex_date
0.999491955606
old_cohort_eligible_shares_at_ex
58945000.101178
end
内容を開く
親会社持分（億）
28.482056609
非支配持分資本（億）
0.0134275342
gross_borrowings_oku
15.7437081174
現金（億）
3.1197443103
net_debt_oku
12.6239638072
shares_issued
59107999
自己株式数
168037
float_shares
58939962
old_holder_cohort_shares
58895038.210966
old_holder_fraction_of_float
0.999237804242
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

5
内容を開く
period_id

FY2030

対象年度
2030
開始日

2030-01-01

終了日

2030-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
28.482056609
nci
0.013427534
gross
15.743708117
cash
3.11974431
発行済み
59107999
own
168037
old_shares
58895038.210966
float
58939962
net_debt
12.623963807
old_fraction
0.999237804
売上高
65.7389031278
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
30.19756535
売上高
30.19756535
operating_ebita_oku
3.52103612
gross_profit_oku
8.092947514
margin
0.1166
Americas
内容を開く
annualized_revenue_oku
17.06641129
売上高
17.06641129
operating_ebita_oku
1.648615331
gross_profit_oku
4.09593871
margin
0.0966
Asia_Pacific
内容を開く
annualized_revenue_oku
18.474926488
売上高
18.474926488
operating_ebita_oku
2.468250179
gross_profit_oku
4.230758166
margin
0.1336
gross_profit_oku
16.4196443891
ebita_oku
7.1974509782
holding_cost_ebita_oku
-0.440450651
acquired_customer_relationship_amortisation_oku
1.3147780626
oneoff_adjustments_oku
0.0118330026
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
5.8708399131
net_finance_expense_oku
0.648422773
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
5.2234171401
ifrs_income_tax_expense_oku
1.3842055421
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
3.838861598
ppe_depreciation_oku
0.525911225
sbc_expense_equity_settled_included_in_ni_oku
0.0493041773
sbc_cash_settled_cost_included_in_ni_oku
0.0118330026
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.601923046
cash_tax_and_misc_timing_oku
0.1314778063
operating_cash_flow_after_interest_tax_oku
4.9958042107
maintenance_and_digital_capex_oku
0.2958250641
free_cash_flow_post_interest_tax_pre_MA_oku
4.6999791466
acquisition_and_earnout_cash_paid_oku
2.0882990592
issuer_cash_dividends_oku
1.5706111954
issuer_buyback_cash_oku
0.0612656431
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.6116800874
gross_new_borrowing_net_of_repayment_oku
-0.8123024029
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
122.5312862142
old_cohort_buyback_cash_received_oku
0.0612033707
old_cohort_dividend_received_oku
1.5694140822
old_holder_actual_cash_received_in_period_oku
1.6306174528
old_holder_ownership_at_dividend_ex_date
0.999237804242
old_cohort_eligible_shares_at_ex
58895038.210966
end
内容を開く
親会社持分（億）
30.7383455459
非支配持分資本（億）
0.0134775342
gross_borrowings_oku
14.9314057146
現金（億）
3.2869451564
net_debt_oku
11.6444605582
shares_issued
59107999
自己株式数
203037
float_shares
58904962
old_holder_cohort_shares
58845089.032633
old_holder_fraction_of_float
0.998983566658
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
-0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

6
内容を開く
period_id

FY2031

対象年度
2031
開始日

2031-01-01

終了日

2031-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
30.738345546
nci
0.013477534
gross
14.931405715
cash
3.286945156
発行済み
59107999
own
203037
old_shares
58845089.032633
float
58904962
net_debt
11.644460558
old_fraction
0.998983567
売上高
69.163894723
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
31.749349419
売上高
31.749349419
operating_ebita_oku
3.714673882
gross_profit_oku
8.508825644
margin
0.117
Americas
内容を開く
annualized_revenue_oku
17.641986211
売上高
17.641986211
operating_ebita_oku
1.711272662
gross_profit_oku
4.234076691
margin
0.097
Asia_Pacific
内容を開く
annualized_revenue_oku
19.772559093
売上高
19.772559093
operating_ebita_oku
2.649522919
gross_profit_oku
4.527916032
margin
0.134
gross_profit_oku
17.2708183672
ebita_oku
7.6120713683
holding_cost_ebita_oku
-0.4633980946
acquired_customer_relationship_amortisation_oku
1.3832778945
oneoff_adjustments_oku
0.0124495011
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.2163439728
net_finance_expense_oku
0.6113201587
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
5.6060238141
ifrs_income_tax_expense_oku
1.4855963107
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
4.1200775034
ppe_depreciation_oku
0.5533111578
sbc_expense_equity_settled_included_in_ni_oku
0.051872921
sbc_cash_settled_cost_included_in_ni_oku
0.0124495011
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.6164984871
cash_tax_and_misc_timing_oku
0.1383277894
operating_cash_flow_after_interest_tax_oku
5.3540632001
maintenance_and_digital_capex_oku
0.3112375263
free_cash_flow_post_interest_tax_pre_MA_oku
5.0428256738
acquisition_and_earnout_cash_paid_oku
2.1551246291
issuer_cash_dividends_oku
1.6818282159
issuer_buyback_cash_oku
0.064022597
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
2.8877010447
gross_new_borrowing_net_of_repayment_oku
-0.970300652
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
128.0451940939
old_cohort_buyback_cash_received_oku
0.0639412399
old_cohort_dividend_received_oku
1.6801187496
old_holder_actual_cash_received_in_period_oku
1.7440599895
old_holder_ownership_at_dividend_ex_date
0.998983566658
old_cohort_eligible_shares_at_ex
58845089.032633
end
内容を開く
親会社持分（億）
33.1644451574
非支配持分資本（億）
0.0135275342
gross_borrowings_oku
13.9611050626
現金（億）
3.4581947361
net_debt_oku
10.5029103264
shares_issued
59107999
自己株式数
238037
float_shares
58869962
old_holder_cohort_shares
58795152.570494
old_holder_fraction_of_float
0.998729242776
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

7
内容を開く
period_id

FY2032

対象年度
2032
開始日

2032-01-01

終了日

2032-12-31

days_included
366
annual_denominator_days
366
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
33.164445157
nci
0.013527534
gross
13.961105063
cash
3.458194736
発行済み
59107999
own
238037
old_shares
58795152.570494
float
58869962
net_debt
10.502910326
old_fraction
0.998729243
売上高
72.662633058
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
33.328203568
売上高
33.328203568
operating_ebita_oku
3.912731099
gross_profit_oku
8.931958556
margin
0.1174
Americas
内容を開く
annualized_revenue_oku
18.220573636
売上高
18.220573636
operating_ebita_oku
1.774683872
gross_profit_oku
4.372937673
margin
0.0974
Asia_Pacific
内容を開く
annualized_revenue_oku
21.113855854
売上高
21.113855854
operating_ebita_oku
2.837702227
gross_profit_oku
4.835072991
margin
0.1344
gross_profit_oku
18.1399692194
ebita_oku
8.0382775563
holding_cost_ebita_oku
-0.4868396415
acquired_customer_relationship_amortisation_oku
1.4532526612
oneoff_adjustments_oku
0.013079274
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.5719456212
net_finance_expense_oku
0.5673709861
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
6.0055746351
ifrs_income_tax_expense_oku
1.5914772783
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
4.4137473568
ppe_depreciation_oku
0.5813010645
sbc_expense_equity_settled_included_in_ni_oku
0.0544969748
sbc_cash_settled_cost_included_in_ni_oku
0.013079274
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.6297729003
cash_tax_and_misc_timing_oku
0.1453252661
operating_cash_flow_after_interest_tax_oku
5.7280498908
maintenance_and_digital_capex_oku
0.3269818488
free_cash_flow_post_interest_tax_pre_MA_oku
5.401068042
acquisition_and_earnout_cash_paid_oku
2.2240886172
issuer_cash_dividends_oku
1.7978753645
issuer_buyback_cash_oku
0.0669036139
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.1769794248
gross_new_borrowing_net_of_repayment_oku
-1.1369635296
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
133.8072278281
old_cohort_buyback_cash_received_oku
0.0668015747
old_cohort_dividend_received_oku
1.7955907014
old_holder_actual_cash_received_in_period_oku
1.8623922761
old_holder_ownership_at_dividend_ex_date
0.998729242776
old_cohort_eligible_shares_at_ex
58795152.570494
end
内容を開く
親会社持分（億）
35.7679105105
非支配持分資本（億）
0.0135775342
gross_borrowings_oku
12.824141533
現金（億）
3.6331316529
net_debt_oku
9.1910098801
shares_issued
59107999
自己株式数
273037
float_shares
58834962
old_holder_cohort_shares
58745228.828869
old_holder_fraction_of_float
0.998474832513
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

8
内容を開く
period_id

FY2033

対象年度
2033
開始日

2033-01-01

終了日

2033-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
35.76791051
nci
0.013577534
gross
12.824141533
cash
3.633131653
発行済み
59107999
own
273037
old_shares
58745228.828869
float
58834962
net_debt
9.19100988
old_fraction
0.998474833
売上高
76.2270280905
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
34.930323531
売上高
34.930323531
operating_ebita_oku
4.114792112
gross_profit_oku
9.361326706
margin
0.1178
Americas
内容を開く
annualized_revenue_oku
18.801206732
売上高
18.801206732
operating_ebita_oku
1.838758018
gross_profit_oku
4.512289616
margin
0.0978
Asia_Pacific
内容を開く
annualized_revenue_oku
22.495497827
売上高
22.495497827
operating_ebita_oku
3.032393107
gross_profit_oku
5.151469002
margin
0.1348
gross_profit_oku
19.0250853245
ebita_oku
8.4752221493
holding_cost_ebita_oku
-0.5107210882
acquired_customer_relationship_amortisation_oku
1.5245405618
oneoff_adjustments_oku
0.0137208651
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.9369607224
net_finance_expense_oku
0.5162073744
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
6.421753348
ifrs_income_tax_expense_oku
1.7017646372
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
4.7196387108
ppe_depreciation_oku
0.6098162247
sbc_expense_equity_settled_included_in_ni_oku
0.0571702711
sbc_cash_settled_cost_included_in_ni_oku
0.0137208651
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.6415911059
cash_tax_and_misc_timing_oku
0.1524540562
operating_cash_flow_after_interest_tax_oku
6.1174706063
maintenance_and_digital_capex_oku
0.3430216264
free_cash_flow_post_interest_tax_pre_MA_oku
5.7744489799
acquisition_and_earnout_cash_paid_oku
2.295259453
issuer_cash_dividends_oku
1.918660822
issuer_buyback_cash_oku
0.0699142765
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.479189527
gross_new_borrowing_net_of_repayment_oku
-1.3120946768
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
139.8285530803
old_cohort_buyback_cash_received_oku
0.0697898526
old_cohort_dividend_received_oku
1.9157345429
old_holder_actual_cash_received_in_period_oku
1.9855243955
old_holder_ownership_at_dividend_ex_date
0.998474832513
old_cohort_eligible_shares_at_ex
58745228.828869
end
内容を開く
親会社持分（億）
38.5561443938
非支配持分資本（億）
0.0136275342
gross_borrowings_oku
11.5120468561
現金（億）
3.8113514045
net_debt_oku
7.7006954516
shares_issued
59107999
自己株式数
308037
float_shares
58799962
old_holder_cohort_shares
58695317.812079
old_holder_fraction_of_float
0.99822033579
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
-0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

9
内容を開く
period_id

FY2034

対象年度
2034
開始日

2034-01-01

終了日

2034-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
38.556144394
nci
0.013627534
gross
11.512046856
cash
3.811351405
発行済み
59107999
own
308037
old_shares
58695317.812079
float
58799962
net_debt
7.700695452
old_fraction
0.998220336
売上高
79.8481343065
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
36.551600003
売上高
36.551600003
operating_ebita_oku
4.32039912
gross_profit_oku
9.795828801
margin
0.1182
Americas
内容を開く
annualized_revenue_oku
19.382881046
売上高
19.382881046
operating_ebita_oku
1.903398919
gross_profit_oku
4.651891451
margin
0.0982
Asia_Pacific
内容を開く
annualized_revenue_oku
23.913653258
売上高
23.913653258
operating_ebita_oku
3.23312592
gross_profit_oku
5.476226596
margin
0.1352
gross_profit_oku
19.9239468478
ebita_oku
8.9219414596
holding_cost_ebita_oku
-0.5349824999
acquired_customer_relationship_amortisation_oku
1.5969626861
oneoff_adjustments_oku
0.0143726642
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
7.3106061093
net_finance_expense_oku
0.4574704466
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
6.8541356628
ifrs_income_tax_expense_oku
1.8163459506
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
5.0374397121
ppe_depreciation_oku
0.6387850745
sbc_expense_equity_settled_included_in_ni_oku
0.0598861007
sbc_cash_settled_cost_included_in_ni_oku
0.0143726642
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.6517991189
cash_tax_and_misc_timing_oku
0.1596962686
operating_cash_flow_after_interest_tax_oku
6.521928186
maintenance_and_digital_capex_oku
0.3593166044
free_cash_flow_post_interest_tax_pre_MA_oku
6.1626115816
acquisition_and_earnout_cash_paid_oku
2.3687077555
issuer_cash_dividends_oku
2.0440616083
issuer_buyback_cash_oku
0.073060419
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
3.7939038261
gross_new_borrowing_net_of_repayment_oku
-1.495426488
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
146.120837969
old_cohort_buyback_cash_received_oku
0.072911796
old_cohort_dividend_received_oku
2.040423865
old_holder_actual_cash_received_in_period_oku
2.113335661
old_holder_ownership_at_dividend_ex_date
0.99822033579
old_cohort_eligible_shares_at_ex
58695317.812079
end
内容を開く
親会社持分（億）
41.5363481794
非支配持分資本（億）
0.0136775342
gross_borrowings_oku
10.0166203681
現金（億）
3.9924067153
net_debt_oku
6.0242136528
shares_issued
59107999
自己株式数
343037
float_shares
58764962
old_holder_cohort_shares
58645419.524453
old_holder_fraction_of_float
0.997965752525
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

10
内容を開く
period_id

FY2035

対象年度
2035
開始日

2035-01-01

終了日

2035-12-31

days_included
365
annual_denominator_days
365
portion_of_fy
1
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
41.536348179
nci
0.013677534
gross
10.016620368
cash
3.992406715
発行済み
59107999
own
343037
old_shares
58645419.524453
float
58764962
net_debt
6.024213653
old_fraction
0.997965753
売上高
83.5161662954
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
38.187630384
売上高
38.187630384
operating_ebita_oku
4.529052964
gross_profit_oku
10.234284943
margin
0.1186
Americas
内容を開く
annualized_revenue_oku
19.964556972
売上高
19.964556972
operating_ebita_oku
1.968505317
gross_profit_oku
4.791493673
margin
0.0986
Asia_Pacific
内容を開く
annualized_revenue_oku
25.363978939
売上高
25.363978939
operating_ebita_oku
3.439355544
gross_profit_oku
5.808351177
margin
0.1356
gross_profit_oku
20.8341297933
ebita_oku
9.377355511
holding_cost_ebita_oku
-0.5595583142
acquired_customer_relationship_amortisation_oku
1.6703233259
oneoff_adjustments_oku
0.0150329099
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
7.6919992751
net_finance_expense_oku
0.3908133885
equity_associate_income_oku
0.001
ifrs_profit_before_tax_oku
7.3021858866
ifrs_income_tax_expense_oku
1.93507926
nci_net_income_oku
0.00035
ifrs_parent_net_income_oku
5.3667566267
ppe_depreciation_oku
0.6681293304
sbc_expense_equity_settled_included_in_ni_oku
0.0626371247
sbc_cash_settled_cost_included_in_ni_oku
0.0150329099
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.660245758
cash_tax_and_misc_timing_oku
0.1670323326
operating_cash_flow_after_interest_tax_oku
6.9409183171
maintenance_and_digital_capex_oku
0.3758227483
free_cash_flow_post_interest_tax_pre_MA_oku
6.5650955687
acquisition_and_earnout_cash_paid_oku
2.4445064036
issuer_cash_dividends_oku
2.1739225503
issuer_buyback_cash_oku
0.0763481378
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.0003
free_cash_after_acq_and_capex_pre_distributions_oku
4.1205891651
gross_new_borrowing_net_of_repayment_oku
-1.6866168775
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
152.6962756776
old_cohort_buyback_cash_received_oku
0.0761733833
old_cohort_dividend_received_oku
2.1695002538
old_holder_actual_cash_received_in_period_oku
2.2456736371
old_holder_ownership_at_dividend_ex_date
0.997965752525
old_cohort_eligible_shares_at_ex
58645419.524453
end
内容を開く
親会社持分（億）
44.7154712427
非支配持分資本（億）
0.0137275342
gross_borrowings_oku
8.3300034906
現金（億）
4.1758083148
net_debt_oku
4.1541951758
shares_issued
59107999
自己株式数
378037
float_shares
58729962
old_holder_cohort_shares
58595533.970321
old_holder_fraction_of_float
0.997711082638
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

11
内容を開く
period_id

partial_2036_to_anniversary

対象年度
2036
開始日

2036-01-01

終了日

2036-11-06

days_included
311
annual_denominator_days
366
portion_of_fy
0.849726775956
data_status

forecast_hypothetical

opening
内容を開く
parent_equity
44.715471243
nci
0.013727534
gross
8.330003491
cash
4.175808315
発行済み
59107999
own
378037
old_shares
58595533.970321
float
58729962
net_debt
4.154195176
old_fraction
0.997711083
売上高
74.1136143741
regional_revenue_and_ebita_oku
EMEA
内容を開く
annualized_revenue_oku
39.833733506
売上高
33.847789946
operating_ebita_oku
4.027887004
gross_profit_oku
9.071207706
margin
0.119
Americas
内容を開く
annualized_revenue_oku
20.545162461
売上高
17.45777466
operating_ebita_oku
1.728319691
gross_profit_oku
4.189865918
margin
0.099
Asia_Pacific
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annualized_revenue_oku
26.841627701
売上高
22.808049768
operating_ebita_oku
3.101894768
gross_profit_oku
5.223043397
margin
0.136
gross_profit_oku
18.4841170208
ebita_oku
8.3615402471
holding_cost_ebita_oku
-0.4965612163
acquired_customer_relationship_amortisation_oku
1.4822722875
oneoff_adjustments_oku
0.0133404506
noncash_goodwill_impairment_oku
0
ifrs_operating_profit_oku
6.865927509
net_finance_expense_oku
0.268432633
equity_associate_income_oku
0.0008497268
ifrs_profit_before_tax_oku
6.5983446028
ifrs_income_tax_expense_oku
1.7485613197
nci_net_income_oku
0.0002974044
ifrs_parent_net_income_oku
4.8494858787
ppe_depreciation_oku
0.592908915
sbc_expense_equity_settled_included_in_ni_oku
0.0555852108
sbc_cash_settled_cost_included_in_ni_oku
0.0133404506
oci_parent_non_cash_oku
0
net_working_capital_cash_investment_oku
0.5665844966
cash_tax_and_misc_timing_oku
0.1482272287
operating_cash_flow_after_interest_tax_oku
6.265737971
maintenance_and_digital_capex_oku
0.3335112647
free_cash_flow_post_interest_tax_pre_MA_oku
5.9322267063
acquisition_and_earnout_cash_paid_oku
2.1436317466
issuer_cash_dividends_oku
2.3080554949
issuer_buyback_cash_oku
0.079783804
issuer_new_shares_cash_proceeds_oku
0
nci_dividend_paid_oku
0.000254918
free_cash_after_acq_and_capex_pre_distributions_oku
3.7885949597
gross_new_borrowing_net_of_repayment_oku
-1.215282874
treasury_shares_to_employees_non_cash
15000
corporate_shares_repur
50000
corporate_buyback_assumed_price_eur
159.5676080831
old_cohort_buyback_cash_received_oku
0.0795808601
old_cohort_dividend_received_oku
2.3027725466
old_holder_actual_cash_received_in_period_oku
2.3823534067
old_holder_ownership_at_dividend_ex_date
0.997711082638
old_cohort_eligible_shares_at_ex
58595533.970321
end
内容を開く
親会社持分（億）
47.2327030332
非支配持分資本（億）
0.0137700206
gross_borrowings_oku
7.1147206165
現金（億）
4.3610261834
net_debt_oku
2.7536944331
shares_issued
59107999
自己株式数
413037
float_shares
58694962
old_holder_cohort_shares
58545661.154019
old_holder_fraction_of_float
0.997456326048
checks
内容を開く
ebita_region_plus_holding_residual_oku
0
pbt_bridge_residual_oku
0
parent_equity_rollforward_residual_oku
0
cash_rollforward_residual_oku
0
net_debt_rollforward_residual_oku
0
shares_outstanding_residual_shares
0
nci_equity_rollforward_residual_oku
0
notes

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

period_count
11
期間内の親会社利益合計（億）
42.725179889
期間内株主受取
18.2154995038
終価
68.1902043833
売上高
87.2205236686
営業利益
8.0958587563
純利益
5.7071119987
equity_oku
47.2327030332
multiple
12.166727
multiple_definition

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

terminal_2036_11_06
内容を開く
日付

2036-11-06

end_old_share_count
58545661.154019
float_shares
58694962
old_holder_fraction
0.997456326048
2036_partial_year_net_income_oku
4.8494858787
full_year_FY2036_normalized_not_in_net_sum
内容を開く
period

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

売上高
87.2205236686
ebita_oku
9.8402692297
ifrs_parent_ni_oku
5.7071119987
amortisation_oku
1.7444104734
pp_and_e_depreciation_oku
0.6977641893
reporting

forecast normalized FY2036 for forward 2037 terminal only

modeled_2037_revenue_oku
88.964934142
modeled_2037_ebita_oku
10.0370746143
modeled_2037_net_finance_expense_oku
0.2612396461
modeled_2037_reported_parent_ni_oku
5.6189394225
modeled_2037_ppe_dep_oku
0.7117194731
modeled_2037_intangible_amort_oku
1.7792986828
modeled_2037_sbc_equity_addback_oku
0.0667237006
modeled_2037_maintenance_capex_oku
0.4448246707
modeled_2037_increase_NWC_oku
0.3314379899
modeled_2037_ongoing_acquisition_cash_oku
2.5227306085
modeled_2037_cash_tax_timing_reserve_oku
0.1779298683
sustainable_FCFE_before_stock_hedge_oku
4.6997581415
sbc_equity_shares_replenished_per_year
15000
implied_FCFE_valuation_based_eur_per_share
116.47354055
sbc_share_neutral_company_cash_repurchase_cost_oku
0.0174710311
sustainable_FCFE_after_stock_hedge_oku
4.6822871105
k_terminal
0.087
g_terminal
0.02
sustainable_excess_cash_oku
0
total_equity_value_oku
68.3641003647
old_cohort_terminal_equity_value_oku
68.1902043833
valuation_equation

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

do_not_add_terminal_to_timed_cashflows
はい
modeled_2037_amort_related_tax_credit_oku
0.2243844644
modeled_2037_IFRS_tax_expense_oku
2.3622331748
owner_equity_terminal_method

explicit_2037_2046_with_legacy_finite_amort_runoff_and_2047_perpetuity

2036_partial_acquisition_cash_oku
2.1436317466
2036_partial_acquisition_days
311
2036_FY_annualization_days
366
2036_annualized_acquisition_cash_oku
2.5227306085
2037_original_v3_MA_assumption_oku
1
ma_continuity_ratio_new_vs_v3
2.5227306085
2025_actual_acquisition_cash_oku
4.37216
2025_actual_annual_amort_oku
1.015
2025_actual_related_accounting_tax_credit_oku
0.128
2037_amortization_tax_credit_ratio_proxy
0.1261083744
2037_ifrs_net_income_legacy_full_statutory_tax_credit_v3_oku
5.8660691089
2037_net_income_tax_correction_vs_v3_oku
-0.2471296864
legacy_acquired_intangible_amort_runoff_years_assumed
10
future_MA_capitalized_finite_intangible_fraction_assumed
0.3
future_finite_intangible_amort_lifetime_years_assumed
10
future_FCFE_2037_to_2046_plus_2047_tail
内容を開く
1
内容を開く
fiscal_year_proxy
2037
year_index
1
売上高
88.964934142
ebita_oku
10.0370746143
finance_expense_oku
0.2612396461
acquired_intangibles_legacy_amort_oku
1.7792986828
acquisition_generated_finite_intangibles_amort_oku
0
total_amort_oku
1.7792986828
tax_full_rate_pre_amort_oku
2.5866176392
tax_credit_on_intangibles_oku
0.2243844644
reported_tax_oku
2.3622331748
ifrs_parent_NI_oku
5.6189394225
depreciation_ppe_oku
0.7117194731
sbc_noncash_oku
0.0667237006
capex_cash_oku
0.4448246707
working_capital_reinvestment_oku
0.3314379899
acquisition_cash_oku
2.5227306085
cash_tax_timing_oku
0.1779298683
owner_FCFE_before_SBC_cash_hedge_oku
4.6997581415
sbc_hedge_cash_cost_oku
0.0174710311
owner_FCFE_after_SBC_cash_hedge_oku
4.6822871105
2
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fiscal_year_proxy
2038
year_index
2
売上高
90.7442328248
ebita_oku
10.2378161066
finance_expense_oku
0.266464439
acquired_intangibles_legacy_amort_oku
1.6013688145
acquisition_generated_finite_intangibles_amort_oku
0.0756819183
total_amort_oku
1.6770507328
tax_full_rate_pre_amort_oku
2.638349992
tax_credit_on_intangibles_oku
0.2114901417
reported_tax_oku
2.4268598503
ifrs_parent_NI_oku
5.8517701225
depreciation_ppe_oku
0.7259538626
sbc_noncash_oku
0.0680581746
capex_cash_oku
0.4537211641
working_capital_reinvestment_oku
0.3380667497
acquisition_cash_oku
2.5731852207
cash_tax_timing_oku
0.1814884656
owner_FCFE_before_SBC_cash_hedge_oku
4.7763712923
sbc_hedge_cash_cost_oku
0.0178204517
owner_FCFE_after_SBC_cash_hedge_oku
4.7585508406
3
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fiscal_year_proxy
2039
year_index
3
売上高
92.5591174813
ebita_oku
10.4425724287
finance_expense_oku
0.2717937278
acquired_intangibles_legacy_amort_oku
1.4234389462
acquisition_generated_finite_intangibles_amort_oku
0.1528774749
total_amort_oku
1.5763164211
tax_full_rate_pre_amort_oku
2.6911169918
tax_credit_on_intangibles_oku
0.1987867014
reported_tax_oku
2.4923302905
ifrs_parent_NI_oku
6.0861476082
depreciation_ppe_oku
0.7404729399
sbc_noncash_oku
0.0694193381
capex_cash_oku
0.4627955874
working_capital_reinvestment_oku
0.3448280847
acquisition_cash_oku
2.6246489251
cash_tax_timing_oku
0.185118235
owner_FCFE_before_SBC_cash_hedge_oku
4.854965475
sbc_hedge_cash_cost_oku
0.0181768607
owner_FCFE_after_SBC_cash_hedge_oku
4.8367886143
4
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fiscal_year_proxy
2040
year_index
4
売上高
94.4102998309
ebita_oku
10.6514238773
finance_expense_oku
0.2772296024
acquired_intangibles_legacy_amort_oku
1.245509078
acquisition_generated_finite_intangibles_amort_oku
0.2316169426
total_amort_oku
1.4771260206
tax_full_rate_pre_amort_oku
2.7449393317
tax_credit_on_intangibles_oku
0.1862779612
reported_tax_oku
2.5586613705
ifrs_parent_NI_oku
6.3221028151
depreciation_ppe_oku
0.7552823986
sbc_noncash_oku
0.0708077249
capex_cash_oku
0.4720514992
working_capital_reinvestment_oku
0.3517246464
acquisition_cash_oku
2.6771419036
cash_tax_timing_oku
0.1888205997
owner_FCFE_before_SBC_cash_hedge_oku
4.9355803104
sbc_hedge_cash_cost_oku
0.018540398
owner_FCFE_after_SBC_cash_hedge_oku
4.9170399124
5
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fiscal_year_proxy
2041
year_index
5
売上高
96.2985058276
ebita_oku
10.8644523548
finance_expense_oku
0.2827741944
acquired_intangibles_legacy_amort_oku
1.0675792097
acquisition_generated_finite_intangibles_amort_oku
0.3119311997
total_amort_oku
1.3795104094
tax_full_rate_pre_amort_oku
2.7998381183
tax_credit_on_intangibles_oku
0.1739678152
reported_tax_oku
2.6258703031
ifrs_parent_NI_oku
6.5596672977
depreciation_ppe_oku
0.7703880466
sbc_noncash_oku
0.0722238794
capex_cash_oku
0.4814925291
working_capital_reinvestment_oku
0.3587591394
acquisition_cash_oku
2.7306847417
cash_tax_timing_oku
0.1925970117
owner_FCFE_before_SBC_cash_hedge_oku
5.0182562113
sbc_hedge_cash_cost_oku
0.0189112059
owner_FCFE_after_SBC_cash_hedge_oku
4.9993450054
6
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fiscal_year_proxy
2042
year_index
6
売上高
98.2244759441
ebita_oku
11.0817414019
finance_expense_oku
0.2884296783
acquired_intangibles_legacy_amort_oku
0.8896493414
acquisition_generated_finite_intangibles_amort_oku
0.393851742
total_amort_oku
1.2835010834
tax_full_rate_pre_amort_oku
2.8558348807
tax_credit_on_intangibles_oku
0.1618602351
reported_tax_oku
2.6939746455
ifrs_parent_NI_oku
6.7988732416
depreciation_ppe_oku
0.7857958076
sbc_noncash_oku
0.073668357
capex_cash_oku
0.4911223797
working_capital_reinvestment_oku
0.3659343221
acquisition_cash_oku
2.7852984365
cash_tax_timing_oku
0.1964489519
owner_FCFE_before_SBC_cash_hedge_oku
5.1030343992
sbc_hedge_cash_cost_oku
0.01928943
owner_FCFE_after_SBC_cash_hedge_oku
5.0837449692
7
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fiscal_year_proxy
2043
year_index
7
売上高
100.188965463
ebita_oku
11.30337623
finance_expense_oku
0.2941982719
acquired_intangibles_legacy_amort_oku
0.7117194731
acquisition_generated_finite_intangibles_amort_oku
0.4774106951
total_amort_oku
1.1891301682
tax_full_rate_pre_amort_oku
2.9129515783
tax_credit_on_intangibles_oku
0.1499592724
reported_tax_oku
2.7629923058
ifrs_parent_NI_oku
7.0397534758
depreciation_ppe_oku
0.8015117237
sbc_noncash_oku
0.0751417241
capex_cash_oku
0.5009448273
working_capital_reinvestment_oku
0.3732530086
acquisition_cash_oku
2.8410044053
cash_tax_timing_oku
0.2003779309
owner_FCFE_before_SBC_cash_hedge_oku
5.1899569198
sbc_hedge_cash_cost_oku
0.0196752186
owner_FCFE_after_SBC_cash_hedge_oku
5.1702817011
8
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fiscal_year_proxy
2044
year_index
8
売上高
102.1927447722
ebita_oku
11.5294437546
finance_expense_oku
0.3000822373
acquired_intangibles_legacy_amort_oku
0.5337896048
acquisition_generated_finite_intangibles_amort_oku
0.5626408272
total_amort_oku
1.0964304321
tax_full_rate_pre_amort_oku
2.9712106099
tax_credit_on_intangibles_oku
0.1382690594
reported_tax_oku
2.8329415504
ifrs_parent_NI_oku
7.2823414864
depreciation_ppe_oku
0.8175419582
sbc_noncash_oku
0.0766445586
capex_cash_oku
0.5109637239
working_capital_reinvestment_oku
0.3807180688
acquisition_cash_oku
2.8978244934
cash_tax_timing_oku
0.2043854895
owner_FCFE_before_SBC_cash_hedge_oku
5.2790666597
sbc_hedge_cash_cost_oku
0.020068723
owner_FCFE_after_SBC_cash_hedge_oku
5.2589979367
9
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fiscal_year_proxy
2045
year_index
9
売上高
104.2365996677
ebita_oku
11.7600326297
finance_expense_oku
0.306083882
acquired_intangibles_legacy_amort_oku
0.3558597366
acquisition_generated_finite_intangibles_amort_oku
0.649575562
total_amort_oku
1.0054352986
tax_full_rate_pre_amort_oku
3.030634822
tax_credit_on_intangibles_oku
0.1267938111
reported_tax_oku
2.903841011
ifrs_parent_NI_oku
7.5266714287
depreciation_ppe_oku
0.8338927973
sbc_noncash_oku
0.0781774498
capex_cash_oku
0.5211829983
working_capital_reinvestment_oku
0.3883324301
acquisition_cash_oku
2.9557809832
cash_tax_timing_oku
0.2084731993
owner_FCFE_before_SBC_cash_hedge_oku
5.3704073633
sbc_hedge_cash_cost_oku
0.0204700975
owner_FCFE_after_SBC_cash_hedge_oku
5.3499372659
10
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fiscal_year_proxy
2046
year_index
10
売上高
106.321331661
ebita_oku
11.9952332823
finance_expense_oku
0.3122055597
acquired_intangibles_legacy_amort_oku
0.1779298683
acquisition_generated_finite_intangibles_amort_oku
0.7382489915
total_amort_oku
0.9161788598
tax_full_rate_pre_amort_oku
3.0912475185
tax_credit_on_intangibles_oku
0.1155378267
reported_tax_oku
2.9757096918
ifrs_parent_NI_oku
7.7727781414
depreciation_ppe_oku
0.8505706533
sbc_noncash_oku
0.0797409987
capex_cash_oku
0.5316066583
working_capital_reinvestment_oku
0.3960990787
acquisition_cash_oku
3.0148966029
cash_tax_timing_oku
0.2126426633
owner_FCFE_before_SBC_cash_hedge_oku
5.46402365
sbc_hedge_cash_cost_oku
0.0208794994
owner_FCFE_after_SBC_cash_hedge_oku
5.4431441506
11
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fiscal_year_proxy
2047
year_index
11
売上高
108.4477582943
ebita_oku
12.2351379479
finance_expense_oku
0.3184496709
acquired_intangibles_legacy_amort_oku
0
acquisition_generated_finite_intangibles_amort_oku
0.8286958896
total_amort_oku
0.8286958896
tax_full_rate_pre_amort_oku
3.1530724689
tax_credit_on_intangibles_oku
0.1045054915
reported_tax_oku
3.0485669774
ifrs_parent_NI_oku
8.0206971599
depreciation_ppe_oku
0.8675820664
sbc_noncash_oku
0.0813358187
capex_cash_oku
0.5422387915
working_capital_reinvestment_oku
0.4040210603
acquisition_cash_oku
3.075194535
cash_tax_timing_oku
0.2168955166
owner_FCFE_before_SBC_cash_hedge_oku
5.5599610313
sbc_hedge_cash_cost_oku
0.0212970894
owner_FCFE_after_SBC_cash_hedge_oku
5.5386639419
terminal_unfloored_residual_equity_oku
68.3641003647
terminal_limited_liability_floor_applied
いいえ
PV_2037_2046_FCFE_pre_hedge_oku
32.5917722126
PV_2047_onward_pre_hedge_oku
36.03308981
PV_2037_onward_share_hedge_cash_oku
0.2607616579
2047_terminal_forward_annual_acquisition_oku
3.075194535
2047_sustainable_finite_intangible_amort_oku
0.8286958896
2047_owner_FCFE_pre_hedge_oku
5.5599610313
2047_owner_FCFE_after_hedge_oku
5.5386639419
zero_cash_2037_plus_hidden_in_terminal_not_in_timed_cashflows
はい
acquisition_productivity_crosscheck
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2036_full_year_EBITA_oku
9.8402692297
2037_EBITA_oku
10.0370746143
2037_EBITA_delta_oku
0.1968053846
prior_2036_annualized_MA_oku
2.5227306085
EBITA_yield_on_prior_2036_acquisition_assumed
0.08
potential_2037_incremental_EBITA_from_prior_MA_oku
0.2018184487
residual_organic_renegotiation_attrition_in_EBITA_oku
-0.0050130641
does_NOT_add_MA_generated_EBITA_twice
はい
caution

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

valuation
内容を開く
initial_outlay_oku
60.668698455
discount_rate
0.095
pv_holder_cash_oku
11.3789831197
pv_terminal_oku
27.5122966366
pv_total_oku
38.8912797563
fair_value_per_original_share_eur
65.86722802
price_upside
-0.3589564183
scenario_IRR
0.040266124186
scenario_IRR_definition

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

terminal_discount_exponent_ACT36525
10.001368925394
valuation_revision_vs_v3

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

reconciliation
内容を開く
net_sum_from_11_periods_oku
42.725179889
payout_from_positive_timed_cashflows_oku
18.2154995038
mcap_from_old_cohort_fraction_oku
68.1902043833
final_parent_equity_oku
47.2327030332
final_gross_borrowing_oku
7.1147206165
final_cash_oku
4.3610261834
final_net_debt_oku
2.7536944331
final_nci_equity_oku
0.0137700206
forecast_2026_parent_NI_full_year_oku
2.8161573919
forecast_years

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

terminal_cashflow_event_count_check
はい
annual_ledger_count
11
terminal_ACT36525_exponent
10.001368925394
2037_acquisition_cash_annualized_link_to_2036_311d_oku
2.5227306085
retained_55_periods_exact
はい
segment_operating_profit_status

not_estimated

やや弱気（確率 20.0%）

北米低迷と調達コスト、買収収益低下。資金負担を抑制。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

弱気（確率 5.0%）

低成長、特産品需給悪化、買収のれん減損、金利高。

確率の根拠

シナリオ確率は分析上の仮定。

このシナリオの数値・キャッシュフローを開く →

金額の単位

oku_EUR

事業の詳細

owner_understanding

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

supply_relationships

多くの長期的かつ相互排他的な供給者契約。ただし契約再交渉や系列変更のリスク

customer_relation

多業種・地域の分散した顧客基盤。価格転嫁余地は数量・用途・競合次第

industrial_cyclicality

建設・自動車・エネルギー向けは循環的。高付加価値ライフサイエンス部門と区別

asset_light_qualification

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

競争力の詳細

競争優位性

medium_to_strong_but_not_irreplaceable

moat_rationale
1

分散した仕入先・需要家を結ぶ技術営業、配合ラボ、現地規制、長期取引関係

2

世界共通ITと技術サポートの規模・紹介密度が新規参入コストを高める

3

価格と数量、顧客別製品採用で循環・供給者の直販/乗換えリスクを持つ

capital_allocation

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

debt_guardrail

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

reported_cash_flow_warning

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

業界の詳細

drivers
内容を開く
1

特産化学品の数量/単価/製品ミックス

2

技術サポート/調合の継続性

3

買収倍率とシナジー

4

運転資本効率

5

欧米工業循環とアジア成長

risks
内容を開く
1

サプライヤーの販売代理契約変更

2

化学品規制と顧客景気

3

のれん減損

4

為替換算差とキャッシュ滞留

5

買収後の資金負担/金利高

財務・資本配分の詳細

dividend_policy

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

real_2026_paid_dividend
内容を開く
ex_date

2026-05-05

record_date

2026-05-06

payment_date

2026-05-08

eur_per_share
1.81
group_paid_oku
1.06869
treatment

paid_prior_to_asof_excluded_from_new_cohort_cashflows

repurchase

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

sbc

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

評価根拠の詳細

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

分析基準とデータ

価格・単価
102.75
price_currency

EUR_per_share

price_source_status

secondary_price_crosscheck_primary_close_unverified

株数
59044962
issued_shares_2025_12_31_actual
59107999
own_shares_2026_06_30_actual
63037
actual_share_count_2026_11_06
未確認
share_denominator_status

proxy_2026_06_30_no_confirmed_share_transactions_Jul-Nov

終価
60.668698455
start_original_cohort_shares
59044962
start_old_cohort_float_fraction
1
excluded_treasury_does_not_own_dividend
はい
price_status_warning

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

株価の出所

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

株数の出所

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

price_source_status_original

secondary_AMS_2026_11_06_date_row_two_independent_providers; original_Euronext_daily_price_record_NOT_verified

検証上の留意点

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

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

11

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

12

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

13

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

14

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

15

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

16

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

17

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

18

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

19

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

20

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

21

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

追加データ・検証記録

分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。

追加データを開く →

分析に使用した資料

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