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

このシナリオの数値・キャッシュフローを開く →

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

事業別の前提

内容を開く

id: consolidated
数量: 1
価格・単価: 313.76487234975
営業利益: 20.966173591454
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: 1.0906774422
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: -1.0918
company_equity_effect_oku: -1.0918
company_buyback_cost_oku: 1.0918
shares_purchased: 1000000
shares_from_old_cohort: 998971.828343
assumed_buyback_price_eur: 109.18
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: 0.87344
company_equity_effect_oku: 0.87344
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 87.344
cash_received_by_company_oku: 0.87344
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: -4.8318779923
declared_total_dividend_liability_oku: 4.83187799
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: 4.7772810719
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: -4.8318779923
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: 4.968
company_dividend_oku: 4.8318779923
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: 1.380621822
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1278989
old_cohort_delta_shares: -1264537.298037
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2018965
economic_shares_before: 97260024
economic_shares_after: 95981035
old_cohort_before: 96161052.171657
old_cohort_after: 94896514.87362
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: -1.3964001902
company_equity_effect_oku: -1.3964001902
company_buyback_cost_oku: 1.3964001902
shares_purchased: 1278989
shares_from_old_cohort: 1264537.298037
assumed_buyback_price_eur: 109.18
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: -1278989
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2018965
treasury_after: 739976
economic_shares_before: 95981035
economic_shares_after: 97260024
old_cohort_before: 94896514.87362
old_cohort_after: 94896514.87362
old_holder_equivalence_factor_after: 0.975699069061
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1278989
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.61476
market_value_of_grants_oku: 1.39640019
discount_on_employee_subscription_oku: 0.21836
sbc_expense_minus_neutralization_cash_oku: -1.902E-7

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year: 0.856947296372
想定日: 2027-09-15
金額: 0.1278321892
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -117083.888287
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 859976
economic_shares_before: 97260024
economic_shares_after: 97140024
old_cohort_before: 94896514.87362
old_cohort_after: 94779430.985332
old_holder_equivalence_factor_after: 0.975699069061
company_cash_change_oku: -0.131016
company_equity_effect_oku: -0.131016
company_buyback_cost_oku: 0.131016
shares_purchased: 120000
shares_from_old_cohort: 117083.888287
assumed_buyback_price_eur: 109.18
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: 1.0972262909
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -975699.069061
issued_before: 98000000
issued_after: 98000000
treasury_before: 859976
treasury_after: 1859976
economic_shares_before: 97140024
economic_shares_after: 96140024
old_cohort_before: 94779430.985332
old_cohort_after: 93803731.916272
old_holder_equivalence_factor_after: 0.975699069061
company_cash_change_oku: -1.124554
company_equity_effect_oku: -1.124554
company_buyback_cost_oku: 1.124554
shares_purchased: 1000000
shares_from_old_cohort: 975699.069061
assumed_buyback_price_eur: 112.4554
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: 1859976
treasury_after: 1859976
economic_shares_before: 96140024
economic_shares_after: 97140024
old_cohort_before: 93803731.916272
old_cohort_after: 93803731.916272
old_holder_equivalence_factor_after: 0.965654815118
company_cash_change_oku: 0.8996432
company_equity_effect_oku: 0.8996432
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 89.96432
cash_received_by_company_oku: 0.8996432
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: 1859976
treasury_after: 859976
economic_shares_before: 97140024
economic_shares_after: 97140024
old_cohort_before: 93803731.916272
old_cohort_after: 93803731.916272
old_holder_equivalence_factor_after: 0.965654815118
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: 859976
treasury_after: 859976
economic_shares_before: 97140024
economic_shares_after: 97140024
old_cohort_before: 93803731.916272
old_cohort_after: 93803731.916272
old_holder_equivalence_factor_after: 0.965654815118
company_cash_change_oku: 0
company_equity_effect_oku: -4.9948234661
declared_total_dividend_liability_oku: 4.99482347
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: 4.8232753307
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: 859976
treasury_after: 859976
economic_shares_before: 97140024
economic_shares_after: 97140024
old_cohort_before: 93803731.916272
old_cohort_after: 93803731.916272
old_holder_equivalence_factor_after: 0.965654815118
company_cash_change_oku: -4.9948234661
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: 5.14188
company_dividend_oku: 4.9948234661
old_cohort_entitled_shares: 93803731.916272
shares_entitled_total: 97140024
old_cohort_holder_ratio_at_ex_date: 0.965654815118
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: 1.3764196953
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1267502
old_cohort_delta_shares: -1223969.409472
issued_before: 98000000
issued_after: 98000000
treasury_before: 859976
treasury_after: 2127478
economic_shares_before: 97140024
economic_shares_after: 95872522
old_cohort_before: 93803731.916272
old_cohort_after: 92579762.5068
old_holder_equivalence_factor_after: 0.965654815118
company_cash_change_oku: -1.4253744441
company_equity_effect_oku: -1.4253744441
company_buyback_cost_oku: 1.4253744441
shares_purchased: 1267502
shares_from_old_cohort: 1223969.409472
assumed_buyback_price_eur: 112.4554
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: -1267502
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2127478
treasury_after: 859976
economic_shares_before: 95872522
economic_shares_after: 97140024
old_cohort_before: 92579762.5068
old_cohort_after: 92579762.5068
old_holder_equivalence_factor_after: 0.953054762544
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1267502
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.65028472
market_value_of_grants_oku: 1.42537444
discount_on_employee_subscription_oku: 0.2249108
sbc_expense_minus_neutralization_cash_oku: -5.241E-7

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year: 1.859000684463
想定日: 2028-09-15
金額: 0.1286113855
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -114366.571505
issued_before: 98000000
issued_after: 98000000
treasury_before: 859976
treasury_after: 979976
economic_shares_before: 97140024
economic_shares_after: 97020024
old_cohort_before: 92579762.5068
old_cohort_after: 92465395.935295
old_holder_equivalence_factor_after: 0.953054762544
company_cash_change_oku: -0.13494648
company_equity_effect_oku: -0.13494648
company_buyback_cost_oku: 0.13494648
shares_purchased: 120000
shares_from_old_cohort: 114366.571505
assumed_buyback_price_eur: 112.4554
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: 1.1039143918
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -953054.762544
issued_before: 98000000
issued_after: 98000000
treasury_before: 979976
treasury_after: 1979976
economic_shares_before: 97020024
economic_shares_after: 96020024
old_cohort_before: 92465395.935295
old_cohort_after: 91512341.172751
old_holder_equivalence_factor_after: 0.953054762544
company_cash_change_oku: -1.15829062
company_equity_effect_oku: -1.15829062
company_buyback_cost_oku: 1.15829062
shares_purchased: 1000000
shares_from_old_cohort: 953054.762544
assumed_buyback_price_eur: 115.829062
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: 1979976
treasury_after: 1979976
economic_shares_before: 96020024
economic_shares_after: 97020024
old_cohort_before: 91512341.172751
old_cohort_after: 91512341.172751
old_holder_equivalence_factor_after: 0.943231483562
company_cash_change_oku: 0.926632496
company_equity_effect_oku: 0.926632496
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 92.6632496
cash_received_by_company_oku: 0.9266325
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: 1979976
treasury_after: 979976
economic_shares_before: 97020024
economic_shares_after: 97020024
old_cohort_before: 91512341.172751
old_cohort_after: 91512341.172751
old_holder_equivalence_factor_after: 0.943231483562
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: 979976
treasury_after: 979976
economic_shares_before: 97020024
economic_shares_after: 97020024
old_cohort_before: 91512341.172751
old_cohort_after: 91512341.172751
old_holder_equivalence_factor_after: 0.943231483562
company_cash_change_oku: 0
company_equity_effect_oku: -5.1632560724
declared_total_dividend_liability_oku: 5.16325607
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: 4.8701456852
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: 979976
treasury_after: 979976
economic_shares_before: 97020024
economic_shares_after: 97020024
old_cohort_before: 91512341.172751
old_cohort_after: 91512341.172751
old_holder_equivalence_factor_after: 0.943231483562
company_cash_change_oku: -5.1632560724
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: 5.3218458
company_dividend_oku: 5.1632560724
old_cohort_entitled_shares: 91512341.172751
shares_entitled_total: 97020024
old_cohort_holder_ratio_at_ex_date: 0.943231483562
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: 1.3723379732
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1256103
old_cohort_delta_shares: -1184795.896197
issued_before: 98000000
issued_after: 98000000
treasury_before: 979976
treasury_after: 2236079
economic_shares_before: 97020024
economic_shares_after: 95763921
old_cohort_before: 91512341.172751
old_cohort_after: 90327545.276554
old_holder_equivalence_factor_after: 0.943231483562
company_cash_change_oku: -1.4549323227
company_equity_effect_oku: -1.4549323227
company_buyback_cost_oku: 1.4549323227
shares_purchased: 1256103
shares_from_old_cohort: 1184795.896197
assumed_buyback_price_eur: 115.829062
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: -1256103
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2236079
treasury_after: 979976
economic_shares_before: 95763921
economic_shares_after: 97020024
old_cohort_before: 90327545.276554
old_cohort_after: 90327545.276554
old_holder_equivalence_factor_after: 0.931019613812
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1256103
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.68659098
market_value_of_grants_oku: 1.45493232
discount_on_employee_subscription_oku: 0.23165812
sbc_expense_minus_neutralization_cash_oku: 5.372E-7

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year: 2.86379192334
想定日: 2029-09-17
金額: 0.1294069543
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -111722.353657
issued_before: 98000000
issued_after: 98000000
treasury_before: 979976
treasury_after: 1099976
economic_shares_before: 97020024
economic_shares_after: 96900024
old_cohort_before: 90327545.276554
old_cohort_after: 90215822.922897
old_holder_equivalence_factor_after: 0.931019613812
company_cash_change_oku: -0.1389948744
company_equity_effect_oku: -0.1389948744
company_buyback_cost_oku: 0.1389948744
shares_purchased: 120000
shares_from_old_cohort: 111722.353657
assumed_buyback_price_eur: 115.829062
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: 1.1107430243
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -931019.613812
issued_before: 98000000
issued_after: 98000000
treasury_before: 1099976
treasury_after: 2099976
economic_shares_before: 96900024
economic_shares_after: 95900024
old_cohort_before: 90215822.922897
old_cohort_after: 89284803.309084
old_holder_equivalence_factor_after: 0.931019613812
company_cash_change_oku: -1.1930393386
company_equity_effect_oku: -1.1930393386
company_buyback_cost_oku: 1.1930393386
shares_purchased: 1000000
shares_from_old_cohort: 931019.613812
assumed_buyback_price_eur: 119.30393386
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: 2099976
treasury_after: 2099976
economic_shares_before: 95900024
economic_shares_after: 96900024
old_cohort_before: 89284803.309084
old_cohort_after: 89284803.309084
old_holder_equivalence_factor_after: 0.921411570642
company_cash_change_oku: 0.9544314709
company_equity_effect_oku: 0.9544314709
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 95.44314709
cash_received_by_company_oku: 0.95443147
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: 2099976
treasury_after: 1099976
economic_shares_before: 96900024
economic_shares_after: 96900024
old_cohort_before: 89284803.309084
old_cohort_after: 89284803.309084
old_holder_equivalence_factor_after: 0.921411570642
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: 1099976
treasury_after: 1099976
economic_shares_before: 96900024
economic_shares_after: 96900024
old_cohort_before: 89284803.309084
old_cohort_after: 89284803.309084
old_holder_equivalence_factor_after: 0.921411570642
company_cash_change_oku: 0
company_equity_effect_oku: -5.3373603025
declared_total_dividend_liability_oku: 5.3373603
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: 4.9179055394
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: 1099976
treasury_after: 1099976
economic_shares_before: 96900024
economic_shares_after: 96900024
old_cohort_before: 89284803.309084
old_cohort_after: 89284803.309084
old_holder_equivalence_factor_after: 0.921411570642
company_cash_change_oku: -5.3373603025
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: 5.5081104
company_dividend_oku: 5.3373603025
old_cohort_entitled_shares: 89284803.309084
shares_entitled_total: 96900024
old_cohort_holder_ratio_at_ex_date: 0.921411570642
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: 1.3683774605
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1244794
old_cohort_delta_shares: -1146967.594666
issued_before: 98000000
issued_after: 98000000
treasury_before: 1099976
treasury_after: 2344770
economic_shares_before: 96900024
economic_shares_after: 95655230
old_cohort_before: 89284803.309084
old_cohort_after: 88137835.714419
old_holder_equivalence_factor_after: 0.921411570642
company_cash_change_oku: -1.4850882105
company_equity_effect_oku: -1.4850882105
company_buyback_cost_oku: 1.4850882105
shares_purchased: 1244794
shares_from_old_cohort: 1146967.594666
assumed_buyback_price_eur: 119.30393386
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: -1244794
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2344770
treasury_after: 1099976
economic_shares_before: 95655230
economic_shares_after: 96900024
old_cohort_before: 88137835.714419
old_cohort_after: 88137835.714419
old_holder_equivalence_factor_after: 0.90957496269
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1244794
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.72369599
market_value_of_grants_oku: 1.48508821
discount_on_employee_subscription_oku: 0.23860787
sbc_expense_minus_neutralization_cash_oku: -9.27E-8

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year: 3.860369609856
想定日: 2030-09-16
金額: 0.1302190454
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -109148.995523
issued_before: 98000000
issued_after: 98000000
treasury_before: 1099976
treasury_after: 1219976
economic_shares_before: 96900024
economic_shares_after: 96780024
old_cohort_before: 88137835.714419
old_cohort_after: 88028686.718896
old_holder_equivalence_factor_after: 0.90957496269
company_cash_change_oku: -0.1431647206
company_equity_effect_oku: -0.1431647206
company_buyback_cost_oku: 0.1431647206
shares_purchased: 120000
shares_from_old_cohort: 109148.995523
assumed_buyback_price_eur: 119.30393386
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: 1.1177134733
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -909574.96269
issued_before: 98000000
issued_after: 98000000
treasury_before: 1219976
treasury_after: 2219976
economic_shares_before: 96780024
economic_shares_after: 95780024
old_cohort_before: 88028686.718896
old_cohort_after: 87119111.756206
old_holder_equivalence_factor_after: 0.90957496269
company_cash_change_oku: -1.2288305188
company_equity_effect_oku: -1.2288305188
company_buyback_cost_oku: 1.2288305188
shares_purchased: 1000000
shares_from_old_cohort: 909574.96269
assumed_buyback_price_eur: 122.88305188
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: 2219976
treasury_after: 2219976
economic_shares_before: 95780024
economic_shares_after: 96780024
old_cohort_before: 87119111.756206
old_cohort_after: 87119111.756206
old_holder_equivalence_factor_after: 0.900176587642
company_cash_change_oku: 0.983064415
company_equity_effect_oku: 0.983064415
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 98.3064415
cash_received_by_company_oku: 0.98306442
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: 2219976
treasury_after: 1219976
economic_shares_before: 96780024
economic_shares_after: 96780024
old_cohort_before: 87119111.756206
old_cohort_after: 87119111.756206
old_holder_equivalence_factor_after: 0.900176587642
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: 1219976
treasury_after: 1219976
economic_shares_before: 96780024
economic_shares_after: 96780024
old_cohort_before: 87119111.756206
old_cohort_after: 87119111.756206
old_holder_equivalence_factor_after: 0.900176587642
company_cash_change_oku: 0
company_equity_effect_oku: -5.5173268399
declared_total_dividend_liability_oku: 5.51732684
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: 4.9665684477
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: 1219976
treasury_after: 1219976
economic_shares_before: 96780024
economic_shares_after: 96780024
old_cohort_before: 87119111.756206
old_cohort_after: 87119111.756206
old_holder_equivalence_factor_after: 0.900176587642
company_cash_change_oku: -5.5173268399
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: 5.70089427
company_dividend_oku: 5.5173268399
old_cohort_entitled_shares: 87119111.756206
shares_entitled_total: 96780024
old_cohort_holder_ratio_at_ex_date: 0.900176587642
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: 1.3645335092
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1233572
old_cohort_delta_shares: -1110432.63357
issued_before: 98000000
issued_after: 98000000
treasury_before: 1219976
treasury_after: 2453548
economic_shares_before: 96780024
economic_shares_after: 95546452
old_cohort_before: 87119111.756206
old_cohort_after: 86008679.122636
old_holder_equivalence_factor_after: 0.900176587642
company_cash_change_oku: -1.5158509207
company_equity_effect_oku: -1.5158509207
company_buyback_cost_oku: 1.5158509207
shares_purchased: 1233572
shares_from_old_cohort: 1110432.63357
assumed_buyback_price_eur: 122.88305188
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: -1233572
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2453548
treasury_after: 1219976
economic_shares_before: 95546452
economic_shares_after: 96780024
old_cohort_before: 86008679.122636
old_cohort_after: 86008679.122636
old_holder_equivalence_factor_after: 0.888702808367
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1233572
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.7616173
market_value_of_grants_oku: 1.51585092
discount_on_employee_subscription_oku: 0.2457661
sbc_expense_minus_neutralization_cash_oku: 2.727E-7

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year: 4.856947296372
想定日: 2031-09-15
金額: 0.131047816
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -106644.337004
issued_before: 98000000
issued_after: 98000000
treasury_before: 1219976
treasury_after: 1339976
economic_shares_before: 96780024
economic_shares_after: 96660024
old_cohort_before: 86008679.122636
old_cohort_after: 85902034.785632
old_holder_equivalence_factor_after: 0.888702808367
company_cash_change_oku: -0.1474596623
company_equity_effect_oku: -0.1474596623
company_buyback_cost_oku: 0.1474596623
shares_purchased: 120000
shares_from_old_cohort: 106644.337004
assumed_buyback_price_eur: 122.88305188
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: 1.124827087
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -888702.808367
issued_before: 98000000
issued_after: 98000000
treasury_before: 1339976
treasury_after: 2339976
economic_shares_before: 96660024
economic_shares_after: 95660024
old_cohort_before: 85902034.785632
old_cohort_after: 85013331.977265
old_holder_equivalence_factor_after: 0.888702808367
company_cash_change_oku: -1.2656954343
company_equity_effect_oku: -1.2656954343
company_buyback_cost_oku: 1.2656954343
shares_purchased: 1000000
shares_from_old_cohort: 888702.808367
assumed_buyback_price_eur: 126.56954343
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: 2339976
treasury_after: 2339976
economic_shares_before: 95660024
economic_shares_after: 96660024
old_cohort_before: 85013331.977265
old_cohort_after: 85013331.977265
old_holder_equivalence_factor_after: 0.879508699245
company_cash_change_oku: 1.0125563475
company_equity_effect_oku: 1.0125563475
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 101.25563475
cash_received_by_company_oku: 1.01255635
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: 2339976
treasury_after: 1339976
economic_shares_before: 96660024
economic_shares_after: 96660024
old_cohort_before: 85013331.977265
old_cohort_after: 85013331.977265
old_holder_equivalence_factor_after: 0.879508699245
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: 1339976
treasury_after: 1339976
economic_shares_before: 96660024
economic_shares_after: 96660024
old_cohort_before: 85013331.977265
old_cohort_after: 85013331.977265
old_holder_equivalence_factor_after: 0.879508699245
company_cash_change_oku: 0
company_equity_effect_oku: -5.7033527686
declared_total_dividend_liability_oku: 5.70335277
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: 5.0161483749
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: 1339976
treasury_after: 1339976
economic_shares_before: 96660024
economic_shares_after: 96660024
old_cohort_before: 85013331.977265
old_cohort_after: 85013331.977265
old_holder_equivalence_factor_after: 0.879508699245
company_cash_change_oku: -5.7033527686
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: 5.90042557
company_dividend_oku: 5.7033527686
old_cohort_entitled_shares: 85013331.977265
shares_entitled_total: 96660024
old_cohort_holder_ratio_at_ex_date: 0.879508699245
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: 1.3608059346
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1222438
old_cohort_delta_shares: -1075144.855288
issued_before: 98000000
issued_after: 98000000
treasury_before: 1339976
treasury_after: 2562414
economic_shares_before: 96660024
economic_shares_after: 95437586
old_cohort_before: 85013331.977265
old_cohort_after: 83938187.121977
old_holder_equivalence_factor_after: 0.879508699245
company_cash_change_oku: -1.5472341953
company_equity_effect_oku: -1.5472341953
company_buyback_cost_oku: 1.5472341953
shares_purchased: 1222438
shares_from_old_cohort: 1075144.855288
assumed_buyback_price_eur: 126.56954343
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: -1222438
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2562414
treasury_after: 1339976
economic_shares_before: 95437586
economic_shares_after: 96660024
old_cohort_before: 83938187.121977
old_cohort_after: 83938187.121977
old_holder_equivalence_factor_after: 0.868385746749
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1222438
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.80037288
market_value_of_grants_oku: 1.5472342
discount_on_employee_subscription_oku: 0.25313909
sbc_expense_minus_neutralization_cash_oku: -4.045E-7

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year: 5.859000684463
想定日: 2032-09-15
金額: 0.131893425
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -104206.28961
issued_before: 98000000
issued_after: 98000000
treasury_before: 1339976
treasury_after: 1459976
economic_shares_before: 96660024
economic_shares_after: 96540024
old_cohort_before: 83938187.121977
old_cohort_after: 83833980.832367
old_holder_equivalence_factor_after: 0.868385746749
company_cash_change_oku: -0.1518834521
company_equity_effect_oku: -0.1518834521
company_buyback_cost_oku: 0.1518834521
shares_purchased: 120000
shares_from_old_cohort: 104206.28961
assumed_buyback_price_eur: 126.56954343
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: 1.1320852311
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -868385.746749
issued_before: 98000000
issued_after: 98000000
treasury_before: 1459976
treasury_after: 2459976
economic_shares_before: 96540024
economic_shares_after: 95540024
old_cohort_before: 83833980.832367
old_cohort_after: 82965595.085618
old_holder_equivalence_factor_after: 0.868385746749
company_cash_change_oku: -1.3036662974
company_equity_effect_oku: -1.3036662974
company_buyback_cost_oku: 1.3036662974
shares_purchased: 1000000
shares_from_old_cohort: 868385.746749
assumed_buyback_price_eur: 130.36662974
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: 2459976
treasury_after: 2459976
economic_shares_before: 95540024
economic_shares_after: 96540024
old_cohort_before: 82965595.085618
old_cohort_after: 82965595.085618
old_holder_equivalence_factor_after: 0.85939066149
company_cash_change_oku: 1.0429330379
company_equity_effect_oku: 1.0429330379
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 104.29330379
cash_received_by_company_oku: 1.04293304
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: 2459976
treasury_after: 1459976
economic_shares_before: 96540024
economic_shares_after: 96540024
old_cohort_before: 82965595.085618
old_cohort_after: 82965595.085618
old_holder_equivalence_factor_after: 0.85939066149
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: 1459976
treasury_after: 1459976
economic_shares_before: 96540024
economic_shares_after: 96540024
old_cohort_before: 82965595.085618
old_cohort_after: 82965595.085618
old_holder_equivalence_factor_after: 0.85939066149
company_cash_change_oku: 0
company_equity_effect_oku: -5.895641787
declared_total_dividend_liability_oku: 5.89564179
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: 5.0666594952
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: 1459976
treasury_after: 1459976
economic_shares_before: 96540024
economic_shares_after: 96540024
old_cohort_before: 82965595.085618
old_cohort_after: 82965595.085618
old_holder_equivalence_factor_after: 0.85939066149
company_cash_change_oku: -5.895641787
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: 6.10694046
company_dividend_oku: 5.895641787
old_cohort_entitled_shares: 82965595.085618
shares_entitled_total: 96540024
old_cohort_holder_ratio_at_ex_date: 0.85939066149
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: 1.3571912549
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1211390
old_cohort_delta_shares: -1041057.253422
issued_before: 98000000
issued_after: 98000000
treasury_before: 1459976
treasury_after: 2671366
economic_shares_before: 96540024
economic_shares_after: 95328634
old_cohort_before: 82965595.085618
old_cohort_after: 81924537.832196
old_holder_equivalence_factor_after: 0.85939066149
company_cash_change_oku: -1.5792483159
company_equity_effect_oku: -1.5792483159
company_buyback_cost_oku: 1.5792483159
shares_purchased: 1211390
shares_from_old_cohort: 1041057.253422
assumed_buyback_price_eur: 130.36662974
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: -1211390
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2671366
treasury_after: 1459976
economic_shares_before: 95328634
economic_shares_after: 96540024
old_cohort_before: 81924537.832196
old_cohort_after: 81924537.832196
old_holder_equivalence_factor_after: 0.848606976027
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1211390
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.83998108
market_value_of_grants_oku: 1.57924832
discount_on_employee_subscription_oku: 0.26073326
sbc_expense_minus_neutralization_cash_oku: -4.944E-7

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year: 6.858316221766
想定日: 2033-09-15
金額: 0.1327560377
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -101832.837123
issued_before: 98000000
issued_after: 98000000
treasury_before: 1459976
treasury_after: 1579976
economic_shares_before: 96540024
economic_shares_after: 96420024
old_cohort_before: 81924537.832196
old_cohort_after: 81822704.995073
old_holder_equivalence_factor_after: 0.848606976027
company_cash_change_oku: -0.1564399557
company_equity_effect_oku: -0.1564399557
company_buyback_cost_oku: 0.1564399557
shares_purchased: 120000
shares_from_old_cohort: 101832.837123
assumed_buyback_price_eur: 130.36662974
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: 1.1394893238
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -848606.976027
issued_before: 98000000
issued_after: 98000000
treasury_before: 1579976
treasury_after: 2579976
economic_shares_before: 96420024
economic_shares_after: 95420024
old_cohort_before: 81822704.995073
old_cohort_after: 80974098.019046
old_holder_equivalence_factor_after: 0.848606976027
company_cash_change_oku: -1.3427762863
company_equity_effect_oku: -1.3427762863
company_buyback_cost_oku: 1.3427762863
shares_purchased: 1000000
shares_from_old_cohort: 848606.976027
assumed_buyback_price_eur: 134.27762863
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: 2579976
treasury_after: 2579976
economic_shares_before: 95420024
economic_shares_after: 96420024
old_cohort_before: 80974098.019046
old_cohort_after: 80974098.019046
old_holder_equivalence_factor_after: 0.839805827253
company_cash_change_oku: 1.074221029
company_equity_effect_oku: 1.074221029
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 107.4221029
cash_received_by_company_oku: 1.07422103
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: 2579976
treasury_after: 1579976
economic_shares_before: 96420024
economic_shares_after: 96420024
old_cohort_before: 80974098.019046
old_cohort_after: 80974098.019046
old_holder_equivalence_factor_after: 0.839805827253
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: 1579976
treasury_after: 1579976
economic_shares_before: 96420024
economic_shares_after: 96420024
old_cohort_before: 80974098.019046
old_cohort_after: 80974098.019046
old_holder_equivalence_factor_after: 0.839805827253
company_cash_change_oku: 0
company_equity_effect_oku: -6.0944044295
declared_total_dividend_liability_oku: 6.09440443
ex_date: 未確認
ex_date_assumed: 2034-05-22
pay_date: 2034-05-24
recheck_before_ex_date: 2034-05-05
legal_recognition: assumed_AGM_approval_parent_equity_debit_on_declaration

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

内容を開く

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

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year: 7.545516769336
想定日: 2034-05-24
金額: 5.1181163535
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: 1579976
treasury_after: 1579976
economic_shares_before: 96420024
economic_shares_after: 96420024
old_cohort_before: 80974098.019046
old_cohort_after: 80974098.019046
old_holder_equivalence_factor_after: 0.839805827253
company_cash_change_oku: -6.0944044295
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: 6.32068338
company_dividend_oku: 6.0944044295
old_cohort_entitled_shares: 80974098.019046
shares_entitled_total: 96420024
old_cohort_holder_ratio_at_ex_date: 0.839805827253
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: 1.3536871356
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1200427
old_cohort_delta_shares: -1008125.589791
issued_before: 98000000
issued_after: 98000000
treasury_before: 1579976
treasury_after: 2780403
economic_shares_before: 96420024
economic_shares_after: 95219597
old_cohort_before: 80974098.019046
old_cohort_after: 79965972.429254
old_holder_equivalence_factor_after: 0.839805827253
company_cash_change_oku: -1.611904909
company_equity_effect_oku: -1.611904909
company_buyback_cost_oku: 1.611904909
shares_purchased: 1200427
shares_from_old_cohort: 1008125.589791
assumed_buyback_price_eur: 134.27762863
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: -1200427
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2780403
treasury_after: 1579976
economic_shares_before: 95219597
economic_shares_after: 96420024
old_cohort_before: 79965972.429254
old_cohort_after: 79965972.429254
old_holder_equivalence_factor_after: 0.829350264726
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1200427
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.88046066
market_value_of_grants_oku: 1.61190491
discount_on_employee_subscription_oku: 0.26855526
sbc_expense_minus_neutralization_cash_oku: 4.985E-7

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year: 7.857631759069
想定日: 2034-09-15
金額: 0.1336358242
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -99522.031767
issued_before: 98000000
issued_after: 98000000
treasury_before: 1579976
treasury_after: 1699976
economic_shares_before: 96420024
economic_shares_after: 96300024
old_cohort_before: 79965972.429254
old_cohort_after: 79866450.397487
old_holder_equivalence_factor_after: 0.829350264726
company_cash_change_oku: -0.1611331544
company_equity_effect_oku: -0.1611331544
company_buyback_cost_oku: 0.1611331544
shares_purchased: 120000
shares_from_old_cohort: 99522.031767
assumed_buyback_price_eur: 134.27762863
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: 1.1470408245
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -829350.264726
issued_before: 98000000
issued_after: 98000000
treasury_before: 1699976
treasury_after: 2699976
economic_shares_before: 96300024
economic_shares_after: 95300024
old_cohort_before: 79866450.397487
old_cohort_after: 79037100.132762
old_holder_equivalence_factor_after: 0.829350264726
company_cash_change_oku: -1.3830595749
company_equity_effect_oku: -1.3830595749
company_buyback_cost_oku: 1.3830595749
shares_purchased: 1000000
shares_from_old_cohort: 829350.264726
assumed_buyback_price_eur: 138.30595749
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: 2699976
treasury_after: 2699976
economic_shares_before: 95300024
economic_shares_after: 96300024
old_cohort_before: 79037100.132762
old_cohort_after: 79037100.132762
old_holder_equivalence_factor_after: 0.82073811459
company_cash_change_oku: 1.1064476599
company_equity_effect_oku: 1.1064476599
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 110.64476599
cash_received_by_company_oku: 1.10644766
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: 2699976
treasury_after: 1699976
economic_shares_before: 96300024
economic_shares_after: 96300024
old_cohort_before: 79037100.132762
old_cohort_after: 79037100.132762
old_holder_equivalence_factor_after: 0.82073811459
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: 1699976
treasury_after: 1699976
economic_shares_before: 96300024
economic_shares_after: 96300024
old_cohort_before: 79037100.132762
old_cohort_after: 79037100.132762
old_holder_equivalence_factor_after: 0.82073811459
company_cash_change_oku: 0
company_equity_effect_oku: -6.2998582958
declared_total_dividend_liability_oku: 6.2998583
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: 5.1705338198
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: 1699976
treasury_after: 1699976
economic_shares_before: 96300024
economic_shares_after: 96300024
old_cohort_before: 79037100.132762
old_cohort_after: 79037100.132762
old_holder_equivalence_factor_after: 0.82073811459
company_cash_change_oku: -6.2998582958
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: 6.5419073
company_dividend_oku: 6.2998582958
old_cohort_entitled_shares: 79037100.132762
shares_entitled_total: 96300024
old_cohort_holder_ratio_at_ex_date: 0.82073811459
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: 1.350293544
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1189550
old_cohort_delta_shares: -976309.024211
issued_before: 98000000
issued_after: 98000000
treasury_before: 1699976
treasury_after: 2889526
economic_shares_before: 96300024
economic_shares_after: 95110474
old_cohort_before: 79037100.132762
old_cohort_after: 78060791.108551
old_holder_equivalence_factor_after: 0.82073811459
company_cash_change_oku: -1.6452185173
company_equity_effect_oku: -1.6452185173
company_buyback_cost_oku: 1.6452185173
shares_purchased: 1189550
shares_from_old_cohort: 976309.024211
assumed_buyback_price_eur: 138.30595749
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: -1189550
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2889526
treasury_after: 1699976
economic_shares_before: 95110474
economic_shares_after: 96300024
old_cohort_before: 78060791.108551
old_cohort_after: 78060791.108551
old_holder_equivalence_factor_after: 0.810599913335
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1189550
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.9218308
market_value_of_grants_oku: 1.64521852
discount_on_employee_subscription_oku: 0.27661191
sbc_expense_minus_neutralization_cash_oku: 3.672E-7

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year: 8.862422997947
想定日: 2035-09-17
金額: 0.1345329566
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -97271.9896
issued_before: 98000000
issued_after: 98000000
treasury_before: 1699976
treasury_after: 1819976
economic_shares_before: 96300024
economic_shares_after: 96180024
old_cohort_before: 78060791.108551
old_cohort_after: 77963519.118951
old_holder_equivalence_factor_after: 0.810599913335
company_cash_change_oku: -0.165967149
company_equity_effect_oku: -0.165967149
company_buyback_cost_oku: 0.165967149
shares_purchased: 120000
shares_from_old_cohort: 97271.9896
assumed_buyback_price_eur: 138.30595749
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: 1.1547412107
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -810599.913335
issued_before: 98000000
issued_after: 98000000
treasury_before: 1819976
treasury_after: 2819976
economic_shares_before: 96180024
economic_shares_after: 95180024
old_cohort_before: 77963519.118951
old_cohort_after: 77152919.205616
old_holder_equivalence_factor_after: 0.810599913335
company_cash_change_oku: -1.4245513621
company_equity_effect_oku: -1.4245513621
company_buyback_cost_oku: 1.4245513621
shares_purchased: 1000000
shares_from_old_cohort: 810599.913335
assumed_buyback_price_eur: 142.45513621
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: 2819976
treasury_after: 2819976
economic_shares_before: 95180024
economic_shares_after: 96180024
old_cohort_before: 77152919.205616
old_cohort_after: 77152919.205616
old_holder_equivalence_factor_after: 0.802171968741
company_cash_change_oku: 1.1396410897
company_equity_effect_oku: 1.1396410897
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 113.96410897
cash_received_by_company_oku: 1.13964109
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: 2819976
treasury_after: 1819976
economic_shares_before: 96180024
economic_shares_after: 96180024
old_cohort_before: 77152919.205616
old_cohort_after: 77152919.205616
old_holder_equivalence_factor_after: 0.802171968741
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: 1819976
treasury_after: 1819976
economic_shares_before: 96180024
economic_shares_after: 96180024
old_cohort_before: 77152919.205616
old_cohort_after: 77152919.205616
old_holder_equivalence_factor_after: 0.802171968741
company_cash_change_oku: 0
company_equity_effect_oku: -6.5122282872
declared_total_dividend_liability_oku: 6.51222829
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: 5.2239269861
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: 1819976
treasury_after: 1819976
economic_shares_before: 96180024
economic_shares_after: 96180024
old_cohort_before: 77152919.205616
old_cohort_after: 77152919.205616
old_holder_equivalence_factor_after: 0.802171968741
company_cash_change_oku: -6.5122282872
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: 6.77087405
company_dividend_oku: 6.5122282872
old_cohort_entitled_shares: 77152919.205616
shares_entitled_total: 96180024
old_cohort_holder_ratio_at_ex_date: 0.802171968741
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: 1.1102437816
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 971567
old_cohort_delta_shares: -779363.813154
issued_before: 98000000
issued_after: 98000000
treasury_before: 1819976
treasury_after: 2791543
economic_shares_before: 96180024
economic_shares_after: 95208457
old_cohort_before: 77152919.205616
old_cohort_after: 76373555.392462
old_holder_equivalence_factor_after: 0.802171968741
company_cash_change_oku: -1.3840470932
company_equity_effect_oku: -1.3840470932
company_buyback_cost_oku: 1.3840470932
shares_purchased: 971567
shares_from_old_cohort: 779363.813154
assumed_buyback_price_eur: 142.45513621
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: -971567
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2791543
treasury_after: 1819976
economic_shares_before: 95208457
economic_shares_after: 96180024
old_cohort_before: 76373555.392462
old_cohort_after: 76373555.392462
old_holder_equivalence_factor_after: 0.794068791171
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 971567
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.66895777
market_value_of_grants_oku: 1.38404709
discount_on_employee_subscription_oku: 0.28491027
sbc_expense_minus_neutralization_cash_oku: 4.074E-7

101

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year: 9.859000684463
想定日: 2036-09-15
金額: 0.1357430134
種類: discretionary_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 120000
old_cohort_delta_shares: -95288.254941
issued_before: 98000000
issued_after: 98000000
treasury_before: 1819976
treasury_after: 1939976
economic_shares_before: 96180024
economic_shares_after: 96060024
old_cohort_before: 76373555.392462
old_cohort_after: 76278267.137522
old_holder_equivalence_factor_after: 0.794068791171
company_cash_change_oku: -0.1709461635
company_equity_effect_oku: -0.1709461635
company_buyback_cost_oku: 0.1709461635
shares_purchased: 120000
shares_from_old_cohort: 95288.254941
assumed_buyback_price_eur: 142.45513621
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

その他の数値・前提

probability_assessment

subjective_not_calibrated

initial_cashflow_2026_partial

内容を開く

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

annual

内容を開く

year

2027

period_start

2027-01-01

期間末

2027-12-31

days

365

year_fraction

period_type

full_calendar_year

状態

scenario_projection

売上高

263.0961

ordinary_operating_profit_after_sbc_oku

26.83367494

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

28.44843494

sbc_expense_already_deducted_oku

1.61476

sbc_non_cash_equity_reserve_credit_oku

1.61476

sbc_covered_grant_share_market_value_oku

1.39640019

employee_subscription_discount_cost_oku

0.21836

sbc_expense_minus_share_neutralization_net_cash_oku

-1.902E-7

finance_cost_net_oku

3.16772297

other_financial_oku

-0.1

equity_method_profit_oku

0.7154

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

24.03135197

tax_expense_oku

7.22794511

parent_net_profit_after_sbc_oku

12.43488411

nci_net_profit_oku

4.36852275

group_net_profit_oku

16.80340686

parent_dividend_per_share_eur

4.968

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

4.83187799

parent_dividends_old_cohort_oku

4.77728107

nci_dividends_company_oku

3.40744774

buyback_company_oku

2.61921619

buyback_old_cohort_received_oku

2.59913145

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1278989

actual_buyback_total_shares

2398989

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.87344

employee_existing_treasury_grants_shares

1278989

treasury_cancellation_shares

1000000

parent_equity_open_oku

85.0790704

parent_equity_end_oku

92.55106033

nci_equity_open_oku

15.355555

nci_equity_end_oku

16.31663001

cash_open_oku

53.9222009

cash_end_oku

54.64141703

gross_financial_debt_open_oku

137

gross_financial_debt_end_oku

129

net_financial_debt_end_oku

74.35858297

associate_equity_method_profit_non_cash_oku

0.7154

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.24

depreciation_and_amortization_non_cash_oku

16.7442244

maintenance_capex_company_oku

7.9942244

growth_capex_company_oku

6.1884488

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

18.70431806

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

739976

treasury_shares_end

859976

economic_outstanding_shares_end

97140024

old_cohort_shares_open

97160024

old_cohort_shares_end

94779430.985332

old_holder_fraction_end

0.975699069061

old_holder_cash_receipts_oku

7.37641253

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: 43.5704
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0383
営業利益（株式報酬控除後）: 1.66874632
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: 92.1844
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0356
営業利益（株式報酬控除後）: 3.28176464
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: 87.8013
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0646
営業利益（株式報酬控除後）: 5.67196398
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: 26.26
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 11.9483
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: 5.555
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.527525
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: 7.725
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.331
営業利益（株式報酬控除後）: 2.556975
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

270.7605877

ordinary_operating_profit_after_sbc_oku

27.54617449

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

29.19645921

sbc_expense_already_deducted_oku

1.65028472

sbc_non_cash_equity_reserve_credit_oku

1.65028472

sbc_covered_grant_share_market_value_oku

1.42537444

employee_subscription_discount_cost_oku

0.2249108

sbc_expense_minus_share_neutralization_net_cash_oku

-5.241E-7

finance_cost_net_oku

2.8625504

other_financial_oku

-0.1

equity_method_profit_oku

0.7311388

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

25.06476289

tax_expense_oku

7.54342347

parent_net_profit_after_sbc_oku

13.1035173

nci_net_profit_oku

4.41782212

group_net_profit_oku

17.52133942

parent_dividend_per_share_eur

5.14188

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

4.99482347

parent_dividends_old_cohort_oku

4.82327533

nci_dividends_company_oku

3.44590125

buyback_company_oku

2.68487492

buyback_old_cohort_received_oku

2.60225737

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1267502

actual_buyback_total_shares

2387502

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.8996432

employee_existing_treasury_grants_shares

1267502

treasury_cancellation_shares

1000000

parent_equity_open_oku

92.55106033

parent_equity_end_oku

100.52480716

nci_equity_open_oku

16.31663001

nci_equity_end_oku

17.28855087

cash_open_oku

54.64141703

cash_end_oku

55.81670043

gross_financial_debt_open_oku

129

gross_financial_debt_end_oku

121

net_financial_debt_end_oku

65.18329957

associate_equity_method_profit_non_cash_oku

0.7311388

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.25612

depreciation_and_amortization_non_cash_oku

16.77268275

maintenance_capex_company_oku

8.02268275

growth_capex_company_oku

6.2453655

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

19.40123984

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

859976

treasury_shares_end

979976

economic_outstanding_shares_end

97020024

old_cohort_shares_open

94779430.985332

old_cohort_shares_end

92465395.935295

old_holder_fraction_end

0.953054762544

old_holder_cash_receipts_oku

7.4255327

group_cash_bridge_residual_oku

parent_equity_bridge_residual_oku

share_arithmetic_residual_shares

segment_ledger

内容を開く

segment: construction
売上高: 44.3546672
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0386
営業利益（株式報酬控除後）: 1.71209015
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 94.2124568
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0362
営業利益（株式報酬控除後）: 3.41049094
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: 92.1035637
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0652
営業利益（株式報酬控除後）: 6.00515235
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: 26.5226
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.067783
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: 5.61055
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.55280025
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: 7.95675
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.332
営業利益（株式報酬控除後）: 2.641641
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

278.70475438

ordinary_operating_profit_after_sbc_oku

28.28643073

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

29.97302171

sbc_expense_already_deducted_oku

1.68659098

sbc_non_cash_equity_reserve_credit_oku

1.68659098

sbc_covered_grant_share_market_value_oku

1.45493232

employee_subscription_discount_cost_oku

0.23165812

sbc_expense_minus_share_neutralization_net_cash_oku

5.372E-7

finance_cost_net_oku

2.54141549

other_financial_oku

-0.1

equity_method_profit_oku

0.74722385

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

26.1422391

tax_expense_oku

7.87245473

parent_net_profit_after_sbc_oku

13.80198634

nci_net_profit_oku

4.46779803

group_net_profit_oku

18.26978437

parent_dividend_per_share_eur

5.3218458

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

5.16325607

parent_dividends_old_cohort_oku

4.87014569

nci_dividends_company_oku

3.48488246

buyback_company_oku

2.75221782

buyback_old_cohort_received_oku

2.60565932

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1256103

actual_buyback_total_shares

2376103

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.9266325

employee_existing_treasury_grants_shares

1256103

treasury_cancellation_shares

1000000

parent_equity_open_oku

100.52480716

parent_equity_end_oku

109.02454309

nci_equity_open_oku

17.28855087

nci_equity_end_oku

18.27146644

cash_open_oku

55.81670043

cash_end_oku

57.47013907

gross_financial_debt_open_oku

121

gross_financial_debt_end_oku

113

net_financial_debt_end_oku

55.52986093

associate_equity_method_profit_non_cash_oku

0.74722385

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.27244956

depreciation_and_amortization_non_cash_oku

16.80221928

maintenance_capex_company_oku

8.05221928

growth_capex_company_oku

6.30443856

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

20.1271625

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

979976

treasury_shares_end

1099976

economic_outstanding_shares_end

96900024

old_cohort_shares_open

92465395.935295

old_cohort_shares_end

90215822.922897

old_holder_fraction_end

0.931019613812

old_holder_cash_receipts_oku

7.475805

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: 45.15305121
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0389
営業利益（株式報酬控除後）: 1.75645369
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: 96.28513085
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0368
営業利益（株式報酬控除後）: 3.54329282
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: 96.61663832
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0658
営業利益（株式報酬控除後）: 6.3573748
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: 26.787826
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.18846083
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: 5.6666555
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.57832825
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: 8.1954525
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.333
営業利益（株式報酬控除後）: 2.72908568
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

286.94040585

ordinary_operating_profit_after_sbc_oku

29.05573751

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

30.7794335

sbc_expense_already_deducted_oku

1.72369599

sbc_non_cash_equity_reserve_credit_oku

1.72369599

sbc_covered_grant_share_market_value_oku

1.48508821

employee_subscription_discount_cost_oku

0.23860787

sbc_expense_minus_share_neutralization_net_cash_oku

-9.27E-8

finance_cost_net_oku

2.20354513

other_financial_oku

-0.1

equity_method_profit_oku

0.76366278

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

27.26585516

tax_expense_oku

8.21567964

parent_net_profit_after_sbc_oku

14.53171232

nci_net_profit_oku

4.5184632

group_net_profit_oku

19.05017552

parent_dividend_per_share_eur

5.5081104

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

5.3373603

parent_dividends_old_cohort_oku

4.91790554

nci_dividends_company_oku

3.52440129

buyback_company_oku

2.82129227

buyback_old_cohort_received_oku

2.60933953

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1244794

actual_buyback_total_shares

2364794

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.95443147

employee_existing_treasury_grants_shares

1244794

treasury_cancellation_shares

1000000

parent_equity_open_oku

109.02454309

parent_equity_end_oku

118.0757303

nci_equity_open_oku

18.27146644

nci_equity_end_oku

19.26552834

cash_open_oku

57.47013907

cash_end_oku

59.6249563

gross_financial_debt_open_oku

113

gross_financial_debt_end_oku

105

net_financial_debt_end_oku

45.3750437

associate_equity_method_profit_non_cash_oku

0.76366278

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.2889914

depreciation_and_amortization_non_cash_oku

16.83288025

maintenance_capex_company_oku

8.08288025

growth_capex_company_oku

6.36576051

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

20.88343962

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1099976

treasury_shares_end

1219976

economic_outstanding_shares_end

96780024

old_cohort_shares_open

90215822.922897

old_cohort_shares_end

88028686.718896

old_holder_fraction_end

0.90957496269

old_holder_cash_receipts_oku

7.52724507

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: 45.96580613
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0392
営業利益（株式報酬控除後）: 1.8018596
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 98.40340373
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0374
営業利益（株式報酬控除後）: 3.6802873
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: 101.3508536
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0664
営業利益（株式報酬控除後）: 6.72969668
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: 27.05570426
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.31034544
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: 5.72332206
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.60411154
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: 8.44131608
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.334
営業利益（株式報酬控除後）: 2.81939957
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

295.47988681

ordinary_operating_profit_after_sbc_oku

29.85545371

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

31.61707101

sbc_expense_already_deducted_oku

1.7616173

sbc_non_cash_equity_reserve_credit_oku

1.7616173

sbc_covered_grant_share_market_value_oku

1.51585092

employee_subscription_discount_cost_oku

0.2457661

sbc_expense_minus_share_neutralization_net_cash_oku

2.727E-7

finance_cost_net_oku

1.84812653

other_financial_oku

-0.1

equity_method_profit_oku

0.78046336

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

28.43779054

tax_expense_oku

8.57377143

parent_net_profit_after_sbc_oku

15.29418845

nci_net_profit_oku

4.56983067

group_net_profit_oku

19.86401912

parent_dividend_per_share_eur

5.70089427

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

5.51732684

parent_dividends_old_cohort_oku

4.96656845

nci_dividends_company_oku

3.56446792

buyback_company_oku

2.8921411

buyback_old_cohort_received_oku

2.6132948

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1233572

actual_buyback_total_shares

2353572

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.98306442

employee_existing_treasury_grants_shares

1233572

treasury_cancellation_shares

1000000

parent_equity_open_oku

118.0757303

parent_equity_end_oku

127.70513252

nci_equity_open_oku

19.26552834

nci_equity_end_oku

20.27089109

cash_open_oku

59.6249563

cash_end_oku

62.30557808

gross_financial_debt_open_oku

105

gross_financial_debt_end_oku

net_financial_debt_end_oku

34.69442192

associate_equity_method_profit_non_cash_oku

0.78046336

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.30574829

depreciation_and_amortization_non_cash_oku

16.86471406

maintenance_capex_company_oku

8.11471406

growth_capex_company_oku

6.42942812

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

21.67149323

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1219976

treasury_shares_end

1339976

economic_outstanding_shares_end

96660024

old_cohort_shares_open

88028686.718896

old_cohort_shares_end

85902034.785632

old_holder_fraction_end

0.888702808367

old_holder_cash_receipts_oku

7.57986325

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: 46.79319064
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0395
営業利益（株式報酬控除後）: 1.84833103
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: 100.56827861
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.038
営業利益（株式報酬控除後）: 3.82159459
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: 106.31704543
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.067
営業利益（株式報酬控除後）: 7.12324204
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: 27.3262613
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.43344889
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: 5.78055528
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.63015265
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: 8.69455556
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.335
営業利益（株式報酬控除後）: 2.91267611
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

304.33610643

ordinary_operating_profit_after_sbc_oku

30.68700659

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

32.48737947

sbc_expense_already_deducted_oku

1.80037288

sbc_non_cash_equity_reserve_credit_oku

1.80037288

sbc_covered_grant_share_market_value_oku

1.5472342

employee_subscription_discount_cost_oku

0.25313909

sbc_expense_minus_share_neutralization_net_cash_oku

-4.045E-7

finance_cost_net_oku

1.47430477

other_financial_oku

-0.1

equity_method_profit_oku

0.79763355

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

29.66033538

tax_expense_oku

8.94743756

parent_net_profit_after_sbc_oku

16.09098399

nci_net_profit_oku

4.62191382

group_net_profit_oku

20.71289781

parent_dividend_per_share_eur

5.90042557

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

5.70335277

parent_dividends_old_cohort_oku

5.01614837

nci_dividends_company_oku

3.60509278

buyback_company_oku

2.96481308

buyback_old_cohort_received_oku

2.61752645

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1222438

actual_buyback_total_shares

2342438

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.01255635

employee_existing_treasury_grants_shares

1222438

treasury_cancellation_shares

1000000

parent_equity_open_oku

127.70513252

parent_equity_end_oku

137.94087988

nci_equity_open_oku

20.27089109

nci_equity_end_oku

21.28771213

cash_open_oku

62.30557808

cash_end_oku

65.53769331

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

23.46230669

associate_equity_method_profit_non_cash_oku

0.79763355

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.32272302

depreciation_and_amortization_non_cash_oku

16.89777132

maintenance_capex_company_oku

8.14777132

growth_capex_company_oku

6.49554264

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

22.49281752

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1339976

treasury_shares_end

1459976

economic_outstanding_shares_end

96540024

old_cohort_shares_open

85902034.785632

old_cohort_shares_end

83833980.832367

old_holder_fraction_end

0.868385746749

old_holder_cash_receipts_oku

7.63367482

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: 47.63546807
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0398
営業利益（株式報酬控除後）: 1.89589163
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: 102.78078074
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0386
営業利益（株式報酬控除後）: 3.96733814
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: 111.52658065
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0676
営業利益（株式報酬控除後）: 7.53919685
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: 27.59952392
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.55778338
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: 5.83836083
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.65645418
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: 8.95539222
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.336
営業利益（株式報酬控除後）: 3.00901179
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

313.5225651

ordinary_operating_profit_after_sbc_oku

31.55189531

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

33.39187639

sbc_expense_already_deducted_oku

1.83998108

sbc_non_cash_equity_reserve_credit_oku

1.83998108

sbc_covered_grant_share_market_value_oku

1.57924832

employee_subscription_discount_cost_oku

0.26073326

sbc_expense_minus_share_neutralization_net_cash_oku

-4.944E-7

finance_cost_net_oku

1.08118073

other_financial_oku

-0.1

equity_method_profit_oku

0.81518149

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

30.93589607

tax_expense_oku

9.33742152

parent_net_profit_after_sbc_oku

16.92374818

nci_net_profit_oku

4.67472637

group_net_profit_oku

21.59847455

parent_dividend_per_share_eur

6.10694046

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

5.89564179

parent_dividends_old_cohort_oku

5.0666595

nci_dividends_company_oku

3.64628657

buyback_company_oku

3.03935457

buyback_old_cohort_received_oku

2.62203252

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1211390

actual_buyback_total_shares

2331390

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.04293304

employee_existing_treasury_grants_shares

1211390

treasury_cancellation_shares

1000000

parent_equity_open_oku

137.94087988

parent_equity_end_oku

148.81254582

nci_equity_open_oku

21.28771213

nci_equity_end_oku

22.31615193

cash_open_oku

65.53769331

cash_end_oku

69.348326

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

11.651674

associate_equity_method_profit_non_cash_oku

0.81518149

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.33991842

depreciation_and_amortization_non_cash_oku

16.93210499

maintenance_capex_company_oku

8.18210499

growth_capex_company_oku

6.56420998

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

23.34898258

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1459976

treasury_shares_end

1579976

economic_outstanding_shares_end

96420024

old_cohort_shares_open

83833980.832367

old_cohort_shares_end

81822704.995073

old_holder_fraction_end

0.848606976027

old_holder_cash_receipts_oku

7.68869202

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: 48.4929065
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0401
営業利益（株式報酬控除後）: 1.94456555
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: 105.04195792
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0392
営業利益（株式報酬控除後）: 4.11764475
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: 116.9913831
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
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）: 7.97881233
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: 27.87551915
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.68336122
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: 5.89674444
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.68301872
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: 9.22405399
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
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）: 3.10850619
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

323.05338252

ordinary_operating_profit_after_sbc_oku

32.45169471

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

34.33215538

sbc_expense_already_deducted_oku

1.88046066

sbc_non_cash_equity_reserve_credit_oku

1.88046066

sbc_covered_grant_share_market_value_oku

1.61190491

employee_subscription_discount_cost_oku

0.26855526

sbc_expense_minus_share_neutralization_net_cash_oku

4.985E-7

finance_cost_net_oku

0.66780859

other_financial_oku

-0.1

equity_method_profit_oku

0.83311548

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

32.26700161

tax_expense_oku

9.7445047

parent_net_profit_after_sbc_oku

17.79421454

nci_net_profit_oku

4.72828237

group_net_profit_oku

22.52249691

parent_dividend_per_share_eur

6.32068338

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

6.09440443

parent_dividends_old_cohort_oku

5.11811635

nci_dividends_company_oku

3.68806025

buyback_company_oku

3.11581435

buyback_old_cohort_received_oku

2.62681228

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1200427

actual_buyback_total_shares

2320427

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.07422103

employee_existing_treasury_grants_shares

1200427

treasury_cancellation_shares

1000000

parent_equity_open_oku

148.81254582

parent_equity_end_oku

160.35122328

nci_equity_open_oku

22.31615193

nci_equity_end_oku

23.35637405

cash_open_oku

69.348326

cash_end_oku

73.76590649

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-0.76590649

associate_equity_method_profit_non_cash_oku

0.83311548

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.35733736

depreciation_and_amortization_non_cash_oku

16.96777048

maintenance_capex_company_oku

8.21777048

growth_capex_company_oku

6.63554097

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

24.24163848

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1579976

treasury_shares_end

1699976

economic_outstanding_shares_end

96300024

old_cohort_shares_open

81822704.995073

old_cohort_shares_end

79866450.397487

old_holder_fraction_end

0.829350264726

old_holder_cash_receipts_oku

7.74492864

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: 49.36577882
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
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）: 1.99437746
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: infrastructure
売上高: 107.35288099
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0398
営業利益（株式報酬控除後）: 4.27264466
year_is_partial: いいえ
concession_expiry: 未確認
expiry_month_end_assumed: 未確認
legal_available_year_fraction_before_horizon_2036_or_2035: 1

内容を開く

segment: energy
売上高: 122.72396088
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0688
営業利益（株式報酬控除後）: 8.44340851
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: 28.15427435
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 12.81019483
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: 5.95571188
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.70984891
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: 9.50077561
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.338
営業利益（株式報酬控除後）: 3.21126216
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

330.52823034

ordinary_operating_profit_after_sbc_oku

32.2891902

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

34.211021

sbc_expense_already_deducted_oku

1.9218308

sbc_non_cash_equity_reserve_credit_oku

1.9218308

sbc_covered_grant_share_market_value_oku

1.64521852

employee_subscription_discount_cost_oku

0.27661191

sbc_expense_minus_share_neutralization_net_cash_oku

3.672E-7

finance_cost_net_oku

0.26

other_financial_oku

-0.1

equity_method_profit_oku

0.85144403

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

32.53063422

tax_expense_oku

9.82054896

parent_net_profit_after_sbc_oku

18.2406667

nci_net_profit_oku

4.46941856

group_net_profit_oku

22.71008526

parent_dividend_per_share_eur

6.5419073

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

6.2998583

parent_dividends_old_cohort_oku

5.17053382

nci_dividends_company_oku

3.48614648

buyback_company_oku

3.19424524

buyback_old_cohort_received_oku

2.63186733

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

1189550

actual_buyback_total_shares

2309550

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.10644766

employee_existing_treasury_grants_shares

1189550

treasury_cancellation_shares

1000000

parent_equity_open_oku

160.35122328

parent_equity_end_oku

172.12606489

nci_equity_open_oku

23.35637405

nci_equity_end_oku

24.33964614

cash_open_oku

73.76590649

cash_end_oku

67.64242792

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

-12.64242792

associate_equity_method_profit_non_cash_oku

0.85144403

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.37498274

depreciation_and_amortization_non_cash_oku

16.35934632

maintenance_capex_company_oku

8.25482577

growth_capex_company_oku

6.70965154

estimated_acquisitions_cash_oku

1.8

working_capital_cash_absorption_oku

consolidated_fcf_before_distributions_and_principal_oku

23.75032379

scheduled_project_and_group_debt_principal_repaid_oku

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1699976

treasury_shares_end

1819976

economic_outstanding_shares_end

96180024

old_cohort_shares_open

79866450.397487

old_cohort_shares_end

77963519.118951

old_holder_fraction_end

0.810599913335

old_holder_cash_receipts_oku

7.80240114

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: 50.25436283
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0407
営業利益（株式報酬控除後）: 2.04535257
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: 109.71464437
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0404
営業利益（株式報酬控除後）: 4.43247163
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: 128.73743496
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0694
営業利益（株式報酬控除後）: 8.93437799
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: 26.0207203
revenue_2026_base_oku: 26
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 11.83942773
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: 6.015269
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.73694739
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: 9.78579888
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.339
営業利益（株式報酬控除後）: 3.31738582
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

266.61441339

ordinary_operating_profit_after_sbc_oku

17.81551909

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

19.48447686

sbc_expense_already_deducted_oku

1.66895777

sbc_non_cash_equity_reserve_credit_oku

1.66895777

sbc_covered_grant_share_market_value_oku

1.38404709

employee_subscription_discount_cost_oku

0.28491027

sbc_expense_minus_share_neutralization_net_cash_oku

4.074E-7

finance_cost_net_oku

0.22092896

other_financial_oku

-0.08497268

equity_method_profit_oku

0.73941167

extraordinary_operating_cost_oku

0.21243169

pretax_profit_oku

18.03659743

tax_expense_oku

5.36212758

parent_net_profit_after_sbc_oku

11.80803315

nci_net_profit_oku

0.86643669

group_net_profit_oku

12.67446984

parent_dividend_per_share_eur

6.77087405

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

6.51222829

parent_dividends_old_cohort_oku

5.22392699

nci_dividends_company_oku

0.67582062

buyback_company_oku

2.97954462

buyback_old_cohort_received_oku

2.40072801

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

120000

buyback_sbc_treasury_replenishment_shares

971567

actual_buyback_total_shares

2091567

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

1.13964109

employee_existing_treasury_grants_shares

971567

treasury_cancellation_shares

1000000

parent_equity_open_oku

172.12606489

parent_equity_end_oku

177.250924

nci_equity_open_oku

24.33964614

nci_equity_end_oku

24.53026221

cash_open_oku

67.64242792

cash_end_oku

63.70665297

gross_financial_debt_open_oku

gross_financial_debt_end_oku

51.5

net_financial_debt_end_oku

-12.20665297

associate_equity_method_profit_non_cash_oku

0.73941167

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

1.18354833

depreciation_and_amortization_non_cash_oku

7.73334914

maintenance_capex_company_oku

6.0874475

growth_capex_company_oku

5.46205346

estimated_acquisitions_cash_oku

1.5295082

working_capital_cash_absorption_oku

0.84972678

consolidated_fcf_before_distributions_and_principal_oku

8.59217748

scheduled_project_and_group_debt_principal_repaid_oku

3.5

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

1819976

treasury_shares_end

1939976

economic_outstanding_shares_end

96060024

old_cohort_shares_open

77963519.118951

old_cohort_shares_end

76278267.137522

old_holder_fraction_end

0.794068791171

old_holder_cash_receipts_oku

7.62465499

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: 43.47112231
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: 0.018
revenue_volume_growth_assumed: 0.001968504
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.041
営業利益（株式報酬控除後）: 1.78231601
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: 95.2784754
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: 0.022
revenue_volume_growth_assumed: 0.006896552
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.041
営業利益（株式報酬控除後）: 3.90641749
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: 114.75183618
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.049
revenue_volume_growth_assumed: 0.033497537
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.07
営業利益（株式報酬控除後）: 8.03262853
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: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
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: 4.54826651
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: 0.01
revenue_volume_growth_assumed: -0.007858546
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.455
営業利益（株式報酬控除後）: 2.06946126
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: 8.56471299
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: 0.03
revenue_volume_growth_assumed: 0.016781836
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.34
営業利益（株式報酬控除後）: 2.91200242
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

313.76487234975

営業利益

20.966173591454

純利益

13.896270523799

equity_oku

177.250924

期間内の親会社利益合計（億）

152.50995585

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

303.4045361

core_operating_profit_after_sbc_2037_oku

15.36050731

core_tax_rate

0.31

core_after_tax_operating_profit_2037_oku

10.59875004

core_required_net_reinvestment_2037_oku

2.11975001

core_cash_flow_before_issuer_sbc_share_coverage_oku

10.48632155

core_sustainable_unlevered_FCFF_2037_oku

8.47899981

core_WACC

0.082

core_post2036_growth

0.017

core_2036_dec31_EV_oku

130.44615086

stub_2036_nov06_to_dec31_years

0.150581793292

core_EV_oku

128.90722707

other_concessions_finite_EV_oku

16.65732215

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: 0.78020393
fcff_2037_100pct_oku: 0.2114064
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 2.90969373
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
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: 1.06764749
fcff_2037_100pct_oku: 0.27433843
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 3.36086242
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
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: 1.09502307
fcff_2037_100pct_oku: 0.30827089
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 4.19567555
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: 0.94445739
fcff_2037_100pct_oku: 0.27448576
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 4.11048986
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: 0.95814518
fcff_2037_100pct_oku: 0.18841925
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 1.13850062
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: 0.18573627
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: 2.21742171
fcff_2037_100pct_oku: 0.08147362
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 0.58375931
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: 0.11690303
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: 0.45169701
fcff_2037_100pct_oku: 0.01009814
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 0.04829347
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: 0.00107935
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: 0.42432144
fcff_2037_100pct_oku: 0.05709245
discount_rate: 0.079
annual_growth_assumed: 0.0185
remaining_lifetime_ev_100pct_oku: 0.3100472
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

17.09688921

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

1.31483261

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

15.50553049

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

0.11953024

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

1.1366848

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

0.04781209

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

0.45467392

出典番号

1: s16

equity_accounted_100pct_EV_double_count_oku

net_financial_debt_once_oku

-12.20665297

assigned_remaining_project_net_debt_proxy_within_group_oku

18.26705894

group_debt_not_assigned_to_listed_subsidiaries_oku

33.23294106

nci_book_proxy_oku

24.53026221

identified_project_NCI_book_proxy_oku

3.78305413

residual_nonproject_and_legacy_NCI_book_proxy_oku

20.74720808

residual_NCI_fair_proxy_factor

residual_NCI_economic_oku

20.74720808

identified_project_NCI_equity_fair_oku

0.30371864

nci_economic_value_deduction_oku

21.05092672

nci_double_debt_deduction_oku

parent_equity_terminal_oku

153.81716468

old_holder_fraction_at_terminal

0.794068791171

old_cohort_terminal_mcap_oku

122.14141002

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: 146.7287903
employee_new_subscriptions_shares: 1000000
employee_subscription_cash_oku: 1.17383032
employee_subscription_cover_buyback_oku: 1.4672879
employee_share_discount_cash_shortfall_oku: 0.29345758
granted_treasury_award_shares: 1168049
grant_replenishment_buyback_cash_oku: 1.71386417
total_net_company_buyback_funding_oku: 2.00732175
expense_minus_net_funding_reconciliation_oku: -2.277E-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: 0.79528802
repurchase_price_fixed_qty_25pct_lower_net_cash_saved_oku: 0.79528802
company_EV_sensitivity_25pct_buyback_price_oku: 12.09085687
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

153.81716468

終価

122.14141002

期間内株主受取

75.87921016

payout_dividends_old_cohort_oku

49.9505611

payout_buybacks_old_cohort_oku

25.92864906

issuer_total_buybacks_oku

29.06351416

issuer_total_parent_dividends_oku

56.35013024

issuer_total_employee_subscription_cash_oku

10.01301075

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）

100.77991934

npv_oku

-2.2097061

intrinsic_price_eur

103.725704

market_value_ratio

0.978544382

ten_year_annualized_irr

0.08872005572

pv_cashflows_check_oku

50.1293628

pv_terminal_check_oku

50.65055653

irr_residual_oku

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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