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

このシナリオの数値・キャッシュフローを開く →

やや弱気（確率 20.0%）

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

事業別の前提

内容を開く

id: consolidated
数量: 1
価格・単価: 207.39323426843
営業利益: 8.1043020590381
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: 1.0324373846
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: -1.0335
company_equity_effect_oku: -1.0335
company_buyback_cost_oku: 1.0335
shares_purchased: 1000000
shares_from_old_cohort: 998971.828343
assumed_buyback_price_eur: 103.35
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: 0.8268
company_equity_effect_oku: 0.8268
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 82.68
cash_received_by_company_oku: 0.8268
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: -4.575111529
declared_total_dividend_liability_oku: 4.57511153
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: 4.5234158942
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: -4.575111529
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: 4.704
company_dividend_oku: 4.575111529
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: 1.39214992
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1362419
old_cohort_delta_shares: -1347024.596032
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2102395
economic_shares_before: 97260024
economic_shares_after: 95897605
old_cohort_before: 96161052.171657
old_cohort_after: 94814027.575625
old_holder_equivalence_factor_after: 0.988700683147
company_cash_change_oku: -1.4080600365
company_equity_effect_oku: -1.4080600365
company_buyback_cost_oku: 1.4080600365
shares_purchased: 1362419
shares_from_old_cohort: 1347024.596032
assumed_buyback_price_eur: 103.35
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: -1362419
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2102395
treasury_after: 739976
economic_shares_before: 95897605
economic_shares_after: 97260024
old_cohort_before: 94814027.575625
old_cohort_after: 94814027.575625
old_holder_equivalence_factor_after: 0.974850958042
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1362419
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.61476
market_value_of_grants_oku: 1.40806004
discount_on_employee_subscription_oku: 0.2067
sbc_expense_minus_neutralization_cash_oku: -3.65E-8

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year: 1.35523613963
想定日: 2028-03-15
金額: 0.9823207535
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -974850.958042
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 94814027.575625
old_cohort_after: 93839176.617582
old_holder_equivalence_factor_after: 0.974850958042
company_cash_change_oku: -1.0076625
company_equity_effect_oku: -1.0076625
company_buyback_cost_oku: 1.0076625
shares_purchased: 1000000
shares_from_old_cohort: 974850.958042
assumed_buyback_price_eur: 100.76625
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 93839176.617582
old_cohort_after: 93839176.617582
old_holder_equivalence_factor_after: 0.964827816797
company_cash_change_oku: 0.80613
company_equity_effect_oku: 0.80613
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 80.613
cash_received_by_company_oku: 0.80613
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 93839176.617582
old_cohort_after: 93839176.617582
old_holder_equivalence_factor_after: 0.964827816797
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 93839176.617582
old_cohort_after: 93839176.617582
old_holder_equivalence_factor_after: 0.964827816797
company_cash_change_oku: 0
company_equity_effect_oku: -4.4836092984
declared_total_dividend_liability_oku: 4.4836093
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: 4.3259109707
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: 93839176.617582
old_cohort_after: 93839176.617582
old_holder_equivalence_factor_after: 0.964827816797
company_cash_change_oku: -4.4836092984
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: 4.60992
company_dividend_oku: 4.4836092984
old_cohort_entitled_shares: 93839176.617582
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.964827816797
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: 1.3977968584
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1437736
old_cohort_delta_shares: -1387167.686011
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2177712
economic_shares_before: 97260024
economic_shares_after: 95822288
old_cohort_before: 93839176.617582
old_cohort_after: 92452008.931571
old_holder_equivalence_factor_after: 0.964827816797
company_cash_change_oku: -1.4487526521
company_equity_effect_oku: -1.4487526521
company_buyback_cost_oku: 1.4487526521
shares_purchased: 1437736
shares_from_old_cohort: 1387167.686011
assumed_buyback_price_eur: 100.76625
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: -1437736
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2177712
treasury_after: 739976
economic_shares_before: 95822288
economic_shares_after: 97260024
old_cohort_before: 92452008.931571
old_cohort_after: 92452008.931571
old_holder_equivalence_factor_after: 0.95056535182
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1437736
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.65028472
market_value_of_grants_oku: 1.44875265
discount_on_employee_subscription_oku: 0.2015325
sbc_expense_minus_neutralization_cash_oku: -4.321E-7

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year: 2.354551676934
想定日: 2029-03-15
金額: 0.9339028324
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -950565.35182
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 92452008.931571
old_cohort_after: 91501443.579751
old_holder_equivalence_factor_after: 0.95056535182
company_cash_change_oku: -0.9824709375
company_equity_effect_oku: -0.9824709375
company_buyback_cost_oku: 0.9824709375
shares_purchased: 1000000
shares_from_old_cohort: 950565.35182
assumed_buyback_price_eur: 98.24709375
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 91501443.579751
old_cohort_after: 91501443.579751
old_holder_equivalence_factor_after: 0.940791908295
company_cash_change_oku: 0.78597675
company_equity_effect_oku: 0.78597675
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 78.597675
cash_received_by_company_oku: 0.78597675
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 91501443.579751
old_cohort_after: 91501443.579751
old_holder_equivalence_factor_after: 0.940791908295
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 91501443.579751
old_cohort_after: 91501443.579751
old_holder_equivalence_factor_after: 0.940791908295
company_cash_change_oku: 0
company_equity_effect_oku: -4.3939371124
declared_total_dividend_liability_oku: 4.39393711
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: 4.1337804809
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: 91501443.579751
old_cohort_after: 91501443.579751
old_holder_equivalence_factor_after: 0.940791908295
company_cash_change_oku: -4.3939371124
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: 4.5177216
company_dividend_oku: 4.3939371124
old_cohort_entitled_shares: 91501443.579751
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.940791908295
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: 1.4018711709
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1516683
old_cohort_delta_shares: -1426883.093848
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2256659
economic_shares_before: 97260024
economic_shares_after: 95743341
old_cohort_before: 91501443.579751
old_cohort_after: 90074560.485903
old_holder_equivalence_factor_after: 0.940791908295
company_cash_change_oku: -1.4900969689
company_equity_effect_oku: -1.4900969689
company_buyback_cost_oku: 1.4900969689
shares_purchased: 1516683
shares_from_old_cohort: 1426883.093848
assumed_buyback_price_eur: 98.24709375
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: -1516683
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2256659
treasury_after: 739976
economic_shares_before: 95743341
economic_shares_after: 97260024
old_cohort_before: 90074560.485903
old_cohort_after: 90074560.485903
old_holder_equivalence_factor_after: 0.926121100751
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1516683
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.68659098
market_value_of_grants_oku: 1.49009697
discount_on_employee_subscription_oku: 0.19649419
sbc_expense_minus_neutralization_cash_oku: -1.726E-7

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year: 3.353867214237
想定日: 2030-03-15
金額: 0.8871398894
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -926121.100751
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 90074560.485903
old_cohort_after: 89148439.385153
old_holder_equivalence_factor_after: 0.926121100751
company_cash_change_oku: -0.9579091641
company_equity_effect_oku: -0.9579091641
company_buyback_cost_oku: 0.9579091641
shares_purchased: 1000000
shares_from_old_cohort: 926121.100751
assumed_buyback_price_eur: 95.79091641
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 89148439.385153
old_cohort_after: 89148439.385153
old_holder_equivalence_factor_after: 0.916598986087
company_cash_change_oku: 0.7663273312
company_equity_effect_oku: 0.7663273312
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 76.63273313
cash_received_by_company_oku: 0.76632733
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 89148439.385153
old_cohort_after: 89148439.385153
old_holder_equivalence_factor_after: 0.916598986087
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 89148439.385153
old_cohort_after: 89148439.385153
old_holder_equivalence_factor_after: 0.916598986087
company_cash_change_oku: 0
company_equity_effect_oku: -4.3060583702
declared_total_dividend_liability_oku: 4.30605837
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: 3.9469287361
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: 89148439.385153
old_cohort_after: 89148439.385153
old_holder_equivalence_factor_after: 0.916598986087
company_cash_change_oku: -4.3060583702
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: 4.42736717
company_dividend_oku: 4.3060583702
old_cohort_entitled_shares: 89148439.385153
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.916598986087
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: 1.4043345072
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1599436
old_cohort_delta_shares: -1466041.41591
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2339412
economic_shares_before: 97260024
economic_shares_after: 95660588
old_cohort_before: 89148439.385153
old_cohort_after: 87682397.969242
old_holder_equivalence_factor_after: 0.916598986087
company_cash_change_oku: -1.5321144017
company_equity_effect_oku: -1.5321144017
company_buyback_cost_oku: 1.5321144017
shares_purchased: 1599436
shares_from_old_cohort: 1466041.41591
assumed_buyback_price_eur: 95.79091641
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: -1599436
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2339412
treasury_after: 739976
economic_shares_before: 95660588
economic_shares_after: 97260024
old_cohort_before: 87682397.969242
old_cohort_after: 87682397.969242
old_holder_equivalence_factor_after: 0.901525563774
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1599436
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.72369599
market_value_of_grants_oku: 1.5321144
discount_on_employee_subscription_oku: 0.19158183
sbc_expense_minus_neutralization_cash_oku: -2.491E-7

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year: 4.358658453114
想定日: 2031-03-17
金額: 0.8419901092
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -901525.563774
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 87682397.969242
old_cohort_after: 86780872.405469
old_holder_equivalence_factor_after: 0.901525563774
company_cash_change_oku: -0.933961435
company_equity_effect_oku: -0.933961435
company_buyback_cost_oku: 0.933961435
shares_purchased: 1000000
shares_from_old_cohort: 901525.563774
assumed_buyback_price_eur: 93.3961435
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 86780872.405469
old_cohort_after: 86780872.405469
old_holder_equivalence_factor_after: 0.89225633345
company_cash_change_oku: 0.747169148
company_equity_effect_oku: 0.747169148
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 74.7169148
cash_received_by_company_oku: 0.74716915
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 86780872.405469
old_cohort_after: 86780872.405469
old_holder_equivalence_factor_after: 0.89225633345
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 86780872.405469
old_cohort_after: 86780872.405469
old_holder_equivalence_factor_after: 0.89225633345
company_cash_change_oku: 0
company_equity_effect_oku: -4.2199372028
declared_total_dividend_liability_oku: 4.2199372
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: 3.7652656959
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: 86780872.405469
old_cohort_after: 86780872.405469
old_holder_equivalence_factor_after: 0.89225633345
company_cash_change_oku: -4.2199372028
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: 4.33881982
company_dividend_oku: 4.2199372028
old_cohort_entitled_shares: 86780872.405469
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.89225633345
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: 1.4051477806
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1686178
old_cohort_delta_shares: -1504502.999824
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2426154
economic_shares_before: 97260024
economic_shares_after: 95573846
old_cohort_before: 86780872.405469
old_cohort_after: 85276369.405645
old_holder_equivalence_factor_after: 0.89225633345
company_cash_change_oku: -1.5748252245
company_equity_effect_oku: -1.5748252245
company_buyback_cost_oku: 1.5748252245
shares_purchased: 1686178
shares_from_old_cohort: 1504502.999824
assumed_buyback_price_eur: 93.3961435
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: -1686178
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2426154
treasury_after: 739976
economic_shares_before: 95573846
economic_shares_after: 97260024
old_cohort_before: 85276369.405645
old_cohort_after: 85276369.405645
old_holder_equivalence_factor_after: 0.876787460032
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1686178
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.7616173
market_value_of_grants_oku: 1.57482522
discount_on_employee_subscription_oku: 0.18679229
sbc_expense_minus_neutralization_cash_oku: -2.143E-7

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year: 5.35523613963
想定日: 2032-03-15
金額: 0.7984135325
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -876787.460032
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 85276369.405645
old_cohort_after: 84399581.945613
old_holder_equivalence_factor_after: 0.876787460032
company_cash_change_oku: -0.9106123991
company_equity_effect_oku: -0.9106123991
company_buyback_cost_oku: 0.9106123991
shares_purchased: 1000000
shares_from_old_cohort: 876787.460032
assumed_buyback_price_eur: 91.06123991
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 84399581.945613
old_cohort_after: 84399581.945613
old_holder_equivalence_factor_after: 0.867772579879
company_cash_change_oku: 0.7284899193
company_equity_effect_oku: 0.7284899193
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 72.84899193
cash_received_by_company_oku: 0.72848992
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 84399581.945613
old_cohort_after: 84399581.945613
old_holder_equivalence_factor_after: 0.867772579879
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 84399581.945613
old_cohort_after: 84399581.945613
old_holder_equivalence_factor_after: 0.867772579879
company_cash_change_oku: 0
company_equity_effect_oku: -4.1355384587
declared_total_dividend_liability_oku: 4.13553846
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: 3.5887068775
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: 84399581.945613
old_cohort_after: 84399581.945613
old_holder_equivalence_factor_after: 0.867772579879
company_cash_change_oku: -4.1355384587
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: 4.25204343
company_dividend_oku: 4.1355384587
old_cohort_entitled_shares: 84399581.945613
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.867772579879
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: 1.4042731553
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1777101
old_cohort_delta_shares: -1542119.519476
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2517077
economic_shares_before: 97260024
economic_shares_after: 95482923
old_cohort_before: 84399581.945613
old_cohort_after: 82857462.426137
old_holder_equivalence_factor_after: 0.867772579879
company_cash_change_oku: -1.618250205
company_equity_effect_oku: -1.618250205
company_buyback_cost_oku: 1.618250205
shares_purchased: 1777101
shares_from_old_cohort: 1542119.519476
assumed_buyback_price_eur: 91.06123991
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: -1777101
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2517077
treasury_after: 739976
economic_shares_before: 95482923
economic_shares_after: 97260024
old_cohort_before: 82857462.426137
old_cohort_after: 82857462.426137
old_holder_equivalence_factor_after: 0.851916944069
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1777101
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.80037288
market_value_of_grants_oku: 1.61825021
discount_on_employee_subscription_oku: 0.18212248
sbc_expense_minus_neutralization_cash_oku: 1.929E-7

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year: 6.354551676934
想定日: 2033-03-15
金額: 0.756371979
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -851916.944069
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 82857462.426137
old_cohort_after: 82005545.482068
old_holder_equivalence_factor_after: 0.851916944069
company_cash_change_oku: -0.8878470891
company_equity_effect_oku: -0.8878470891
company_buyback_cost_oku: 0.8878470891
shares_purchased: 1000000
shares_from_old_cohort: 851916.944069
assumed_buyback_price_eur: 88.78470891
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 82005545.482068
old_cohort_after: 82005545.482068
old_holder_equivalence_factor_after: 0.843157775512
company_cash_change_oku: 0.7102776713
company_equity_effect_oku: 0.7102776713
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 71.02776713
cash_received_by_company_oku: 0.71027767
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 82005545.482068
old_cohort_after: 82005545.482068
old_holder_equivalence_factor_after: 0.843157775512
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 82005545.482068
old_cohort_after: 82005545.482068
old_holder_equivalence_factor_after: 0.843157775512
company_cash_change_oku: 0
company_equity_effect_oku: -4.0528276895
declared_total_dividend_liability_oku: 4.05282769
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: 3.4171731792
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: 82005545.482068
old_cohort_after: 82005545.482068
old_holder_equivalence_factor_after: 0.843157775512
company_cash_change_oku: -4.0528276895
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: 4.16700256
company_dividend_oku: 4.0528276895
old_cohort_entitled_shares: 82005545.482068
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.843157775512
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: 1.4016755975
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1872408
old_cohort_delta_shares: -1578735.364131
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2612384
economic_shares_before: 97260024
economic_shares_after: 95387616
old_cohort_before: 82005545.482068
old_cohort_after: 80426810.117937
old_holder_equivalence_factor_after: 0.843157775512
company_cash_change_oku: -1.6624119924
company_equity_effect_oku: -1.6624119924
company_buyback_cost_oku: 1.6624119924
shares_purchased: 1872408
shares_from_old_cohort: 1578735.364131
assumed_buyback_price_eur: 88.78470891
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: -1872408
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2612384
treasury_after: 739976
economic_shares_before: 95387616
economic_shares_after: 97260024
old_cohort_before: 80426810.117937
old_cohort_after: 80426810.117937
old_holder_equivalence_factor_after: 0.826925665965
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1872408
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.83998108
market_value_of_grants_oku: 1.66241199
discount_on_employee_subscription_oku: 0.17756942
sbc_expense_minus_neutralization_cash_oku: -3.292E-7

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year: 7.353867214237
想定日: 2034-03-15
金額: 0.7158289568
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -826925.665965
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 80426810.117937
old_cohort_after: 79599884.451973
old_holder_equivalence_factor_after: 0.826925665965
company_cash_change_oku: -0.8656509119
company_equity_effect_oku: -0.8656509119
company_buyback_cost_oku: 0.8656509119
shares_purchased: 1000000
shares_from_old_cohort: 826925.665965
assumed_buyback_price_eur: 86.56509119
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 79599884.451973
old_cohort_after: 79599884.451973
old_holder_equivalence_factor_after: 0.818423450646
company_cash_change_oku: 0.6925207295
company_equity_effect_oku: 0.6925207295
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 69.25207295
cash_received_by_company_oku: 0.69252073
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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 79599884.451973
old_cohort_after: 79599884.451973
old_holder_equivalence_factor_after: 0.818423450646
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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 79599884.451973
old_cohort_after: 79599884.451973
old_holder_equivalence_factor_after: 0.818423450646
company_cash_change_oku: 0
company_equity_effect_oku: -3.9717711357
declared_total_dividend_liability_oku: 3.97177114
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。

内容を開く

year: 7.545516769336
想定日: 2034-05-24
金額: 3.2505906381
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: 79599884.451973
old_cohort_after: 79599884.451973
old_holder_equivalence_factor_after: 0.818423450646
company_cash_change_oku: -3.9717711357
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: 4.08366251
company_dividend_oku: 3.9717711357
old_cohort_entitled_shares: 79599884.451973
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.818423450646
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: 1.397319089
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1972308
old_cohort_delta_shares: -1614183.119096
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2712284
economic_shares_before: 97260024
economic_shares_after: 95287716
old_cohort_before: 79599884.451973
old_cohort_after: 77985701.332876
old_holder_equivalence_factor_after: 0.818423450646
company_cash_change_oku: -1.7073302187
company_equity_effect_oku: -1.7073302187
company_buyback_cost_oku: 1.7073302187
shares_purchased: 1972308
shares_from_old_cohort: 1614183.119096
assumed_buyback_price_eur: 86.56509119
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: -1972308
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2712284
treasury_after: 739976
economic_shares_before: 95287716
economic_shares_after: 97260024
old_cohort_before: 77985701.332876
old_cohort_after: 77985701.332876
old_holder_equivalence_factor_after: 0.801826877329
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1972308
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.88046066
market_value_of_grants_oku: 1.70733022
discount_on_employee_subscription_oku: 0.17313018
sbc_expense_minus_neutralization_cash_oku: 2.637E-7

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year: 8.35318275154
想定日: 2035-03-15
金額: 0.6767496133
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -801826.877329
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 77985701.332876
old_cohort_after: 77183874.455547
old_holder_equivalence_factor_after: 0.801826877329
company_cash_change_oku: -0.8440096391
company_equity_effect_oku: -0.8440096391
company_buyback_cost_oku: 0.8440096391
shares_purchased: 1000000
shares_from_old_cohort: 801826.877329
assumed_buyback_price_eur: 84.40096391
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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 77183874.455547
old_cohort_after: 77183874.455547
old_holder_equivalence_factor_after: 0.793582720641
company_cash_change_oku: 0.6752077113
company_equity_effect_oku: 0.6752077113
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 67.52077113
cash_received_by_company_oku: 0.67520771
old_holders_cash_received_oku: 0

内容を開く

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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 77183874.455547
old_cohort_after: 77183874.455547
old_holder_equivalence_factor_after: 0.793582720641
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

内容を開く

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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 77183874.455547
old_cohort_after: 77183874.455547
old_holder_equivalence_factor_after: 0.793582720641
company_cash_change_oku: 0
company_equity_effect_oku: -3.892335713
declared_total_dividend_liability_oku: 3.89233571
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

内容を開く

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。

内容を開く

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。

内容を開く

year: 8.542094455852
想定日: 2035-05-23
金額: 3.0888903648
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: 77183874.455547
old_cohort_after: 77183874.455547
old_holder_equivalence_factor_after: 0.793582720641
company_cash_change_oku: -3.892335713
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: 4.00198926
company_dividend_oku: 3.892335713
old_cohort_entitled_shares: 77183874.455547
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.793582720641
declaration_date_assumed: 2035-04-23
recheck_before_ex_date: 2035-05-07

内容を開く

year: 8.566735112936
想定日: 2035-06-01
金額: 1.3911736189
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 2077025
old_cohort_delta_shares: -1648291.15034
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2817001
economic_shares_before: 97260024
economic_shares_after: 95182999
old_cohort_before: 77183874.455547
old_cohort_after: 75535583.305207
old_holder_equivalence_factor_after: 0.793582720641
company_cash_change_oku: -1.7530291206
company_equity_effect_oku: -1.7530291206
company_buyback_cost_oku: 1.7530291206
shares_purchased: 2077025
shares_from_old_cohort: 1648291.15034
assumed_buyback_price_eur: 84.40096391
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

内容を開く

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: -2077025
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2817001
treasury_after: 739976
economic_shares_before: 95182999
economic_shares_after: 97260024
old_cohort_before: 75535583.305207
old_cohort_after: 75535583.305207
old_holder_equivalence_factor_after: 0.776635458215
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 2077025
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.9218308
market_value_of_grants_oku: 1.75302912
discount_on_employee_subscription_oku: 0.16880193
sbc_expense_minus_neutralization_cash_oku: -2.49E-7

内容を開く

year: 9.360711841205
想定日: 2036-03-17
金額: 0.6391006175
種類: employee_plan_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1000000
old_cohort_delta_shares: -776635.458215
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 1739976
economic_shares_before: 97260024
economic_shares_after: 96260024
old_cohort_before: 75535583.305207
old_cohort_after: 74758947.846993
old_holder_equivalence_factor_after: 0.776635458215
company_cash_change_oku: -0.8229093981
company_equity_effect_oku: -0.8229093981
company_buyback_cost_oku: 0.8229093981
shares_purchased: 1000000
shares_from_old_cohort: 776635.458215
assumed_buyback_price_eur: 82.29093981
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

内容を開く

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: 1739976
treasury_after: 1739976
economic_shares_before: 96260024
economic_shares_after: 97260024
old_cohort_before: 74758947.846993
old_cohort_after: 74758947.846993
old_holder_equivalence_factor_after: 0.768650312558
company_cash_change_oku: 0.6583275185
company_equity_effect_oku: 0.6583275185
shares_new_to_employees: 1000000
subscription_price_80pct_of_assumed_market_eur: 65.83275185
cash_received_by_company_oku: 0.65832752
old_holders_cash_received_oku: 0

内容を開く

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: 1739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 74758947.846993
old_cohort_after: 74758947.846993
old_holder_equivalence_factor_after: 0.768650312558
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

内容を開く

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: 739976
treasury_after: 739976
economic_shares_before: 97260024
economic_shares_after: 97260024
old_cohort_before: 74758947.846993
old_cohort_after: 74758947.846993
old_holder_equivalence_factor_after: 0.768650312558
company_cash_change_oku: 0
company_equity_effect_oku: -3.8144889988
declared_total_dividend_liability_oku: 3.814489
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

内容を開く

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

内容を開く

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

内容を開く

year: 9.541409993155
想定日: 2036-05-22
金額: 2.9320081612
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: 74758947.846993
old_cohort_after: 74758947.846993
old_holder_equivalence_factor_after: 0.768650312558
company_cash_change_oku: -3.8144889988
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: 3.92194947
company_dividend_oku: 3.8144889988
old_cohort_entitled_shares: 74758947.846993
shares_entitled_total: 97260024
old_cohort_holder_ratio_at_ex_date: 0.768650312558
declaration_date_assumed: 2036-04-22
recheck_before_ex_date: 2036-05-06

内容を開く

year: 9.571526351814
想定日: 2036-06-02
金額: 1.1563386853
種類: sbc_share_neutral_coverage_buyback_proportional_tender
状態: forecast_assumption
issued_delta_shares: 0
treasury_delta_shares: 1828118
old_cohort_delta_shares: -1405183.472093
issued_before: 98000000
issued_after: 98000000
treasury_before: 739976
treasury_after: 2568094
economic_shares_before: 97260024
economic_shares_after: 95431906
old_cohort_before: 74758947.846993
old_cohort_after: 73353764.3749
old_holder_equivalence_factor_after: 0.768650312558
company_cash_change_oku: -1.5043754831
company_equity_effect_oku: -1.5043754831
company_buyback_cost_oku: 1.5043754831
shares_purchased: 1828118
shares_from_old_cohort: 1405183.472093
assumed_buyback_price_eur: 82.29093981
policy: old cohort pro-rata tender at assumed execution price; no cash assigned to non-tenderers

内容を開く

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: -1828118
old_cohort_delta_shares: 0
issued_before: 98000000
issued_after: 98000000
treasury_before: 2568094
treasury_after: 739976
economic_shares_before: 95431906
economic_shares_after: 97260024
old_cohort_before: 73353764.3749
old_cohort_after: 73353764.3749
old_holder_equivalence_factor_after: 0.754202614374
company_cash_change_oku: 0
company_equity_effect_oku: 0
grant_shares: 1828118
expense_included_in_operating_profit: はい
old_shareholder_cash: 0
accounting_expense_oku: 1.66895777
market_value_of_grants_oku: 1.50437548
discount_on_employee_subscription_oku: 0.16458188
sbc_expense_minus_neutralization_cash_oku: 4.104E-7

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

252.7535

ordinary_operating_profit_after_sbc_oku

25.0848471

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

26.6996071

sbc_expense_already_deducted_oku

1.61476

sbc_non_cash_equity_reserve_credit_oku

1.61476

sbc_covered_grant_share_market_value_oku

1.40806004

employee_subscription_discount_cost_oku

0.2067

sbc_expense_minus_share_neutralization_net_cash_oku

-3.65E-8

finance_cost_net_oku

4.82927895

other_financial_oku

-0.1

equity_method_profit_oku

0.39347

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

20.29903815

tax_expense_oku

6.96694885

parent_net_profit_after_sbc_oku

9.17979492

nci_net_profit_oku

4.15229438

group_net_profit_oku

13.3320893

parent_dividend_per_share_eur

4.704

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

4.57511153

parent_dividends_old_cohort_oku

4.52341589

nci_dividends_company_oku

3.65401906

buyback_company_oku

2.44156004

buyback_old_cohort_received_oku

2.4245873

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1362419

actual_buyback_total_shares

2362419

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.8268

employee_existing_treasury_grants_shares

1362419

treasury_cancellation_shares

1000000

parent_equity_open_oku

85.0790704

parent_equity_end_oku

89.68375375

nci_equity_open_oku

15.355555

nci_equity_end_oku

15.85383033

cash_open_oku

53.9222009

cash_end_oku

51.47591328

gross_financial_debt_open_oku

137

gross_financial_debt_end_oku

131

net_financial_debt_end_oku

79.52408672

associate_equity_method_profit_non_cash_oku

0.39347

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.682

depreciation_and_amortization_non_cash_oku

16.707834

maintenance_capex_company_oku

8.9415091

growth_capex_company_oku

5.5041012

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

13.397603

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

97160024

old_cohort_shares_end

94814027.575625

old_holder_fraction_end

0.974850958042

old_holder_cash_receipts_oku

6.9480032

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: 41.944
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0364
営業利益（株式報酬控除後）: 1.5267616
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: 88.396
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0335
営業利益（株式報酬控除後）: 2.961266
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: 84.1185
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.062
営業利益（株式報酬控除後）: 5.215347
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: 25.48
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.448
営業利益（株式報酬控除後）: 11.41504
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: 5.39
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.448
営業利益（株式報酬控除後）: 2.41472
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: 7.425
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3205
営業利益（株式報酬控除後）: 2.3797125
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

249.8756425

ordinary_operating_profit_after_sbc_oku

24.04540214

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

25.69568686

sbc_expense_already_deducted_oku

1.65028472

sbc_non_cash_equity_reserve_credit_oku

1.65028472

sbc_covered_grant_share_market_value_oku

1.44875265

employee_subscription_discount_cost_oku

0.2015325

sbc_expense_minus_share_neutralization_net_cash_oku

-4.321E-7

finance_cost_net_oku

4.63382477

other_financial_oku

-0.1

equity_method_profit_oku

0.40212634

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

19.46370371

tax_expense_oku

6.67155208

parent_net_profit_after_sbc_oku

8.7873352

nci_net_profit_oku

4.00481643

group_net_profit_oku

12.79215163

parent_dividend_per_share_eur

4.60992

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

4.4836093

parent_dividends_old_cohort_oku

4.32591097

nci_dividends_company_oku

3.52423846

buyback_company_oku

2.45641515

buyback_old_cohort_received_oku

2.38011761

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1437736

actual_buyback_total_shares

2437736

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.80613

employee_existing_treasury_grants_shares

1437736

treasury_cancellation_shares

1000000

parent_equity_open_oku

89.68375375

parent_equity_end_oku

93.98747922

nci_equity_open_oku

15.85383033

nci_equity_end_oku

16.3344083

cash_open_oku

51.47591328

cash_end_oku

48.72823249

gross_financial_debt_open_oku

131

gross_financial_debt_end_oku

125

net_financial_debt_end_oku

76.27176751

associate_equity_method_profit_non_cash_oku

0.40212634

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.690866

depreciation_and_amortization_non_cash_oku

16.69908917

maintenance_capex_company_oku

8.93145255

growth_capex_company_oku

5.48836051

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

12.91045213

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

94814027.575625

old_cohort_shares_end

92452008.931571

old_holder_fraction_end

0.95056535182

old_holder_cash_receipts_oku

6.70602858

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: 41.10512
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0348
営業利益（株式報酬控除後）: 1.43045818
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: 86.62808
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.032
営業利益（株式報酬控除後）: 2.77209856
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: 84.5390925
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.06
営業利益（株式報酬控除後）: 5.07234555
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: 24.9704
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.441
営業利益（株式報酬控除後）: 11.0119464
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: 5.2822
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.441
営業利益（株式報酬控除後）: 2.3294502
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: 7.35075
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.311
営業利益（株式報酬控除後）: 2.28608325
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

247.06511446

ordinary_operating_profit_after_sbc_oku

23.02864334

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

24.71523433

sbc_expense_already_deducted_oku

1.68659098

sbc_non_cash_equity_reserve_credit_oku

1.68659098

sbc_covered_grant_share_market_value_oku

1.49009697

employee_subscription_discount_cost_oku

0.19649419

sbc_expense_minus_share_neutralization_net_cash_oku

-1.726E-7

finance_cost_net_oku

4.45494721

other_financial_oku

-0.1

equity_method_profit_oku

0.41097312

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

18.63466925

tax_expense_oku

6.37829365

parent_net_profit_after_sbc_oku

8.39490157

nci_net_profit_oku

3.86147404

group_net_profit_oku

12.2563756

parent_dividend_per_share_eur

4.5177216

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

4.39393711

parent_dividends_old_cohort_oku

4.13378048

nci_dividends_company_oku

3.39809715

buyback_company_oku

2.47256791

buyback_old_cohort_received_oku

2.335774

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1516683

actual_buyback_total_shares

2516683

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.78597675

employee_existing_treasury_grants_shares

1516683

treasury_cancellation_shares

1000000

parent_equity_open_oku

93.98747922

parent_equity_end_oku

97.9884435

nci_equity_open_oku

16.3344083

nci_equity_end_oku

16.79778518

cash_open_oku

48.72823249

cash_end_oku

45.67735327

gross_financial_debt_open_oku

125

gross_financial_debt_end_oku

119

net_financial_debt_end_oku

73.32264673

associate_equity_method_profit_non_cash_oku

0.41097312

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.69984726

depreciation_and_amortization_non_cash_oku

16.6905613

maintenance_capex_company_oku

8.92164549

growth_capex_company_oku

5.47301033

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

12.4277462

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

92452008.931571

old_cohort_shares_end

90074560.485903

old_holder_fraction_end

0.926121100751

old_holder_cash_receipts_oku

6.46955448

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: 40.2830176
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0332
営業利益（株式報酬控除後）: 1.33739618
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: 84.8955184
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0305
営業利益（株式報酬控除後）: 2.58931331
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: 84.96178796
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.058
営業利益（株式報酬控除後）: 4.9277837
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: 24.470992
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.434
営業利益（株式報酬控除後）: 10.62041053
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: 5.176556
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.434
営業利益（株式報酬控除後）: 2.2466253
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: 7.2772425
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.3015
営業利益（株式報酬控除後）: 2.19408861
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

244.3206293

ordinary_operating_profit_after_sbc_oku

22.03386435

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

23.75756033

sbc_expense_already_deducted_oku

1.72369599

sbc_non_cash_equity_reserve_credit_oku

1.72369599

sbc_covered_grant_share_market_value_oku

1.5321144

employee_subscription_discount_cost_oku

0.19158183

sbc_expense_minus_share_neutralization_net_cash_oku

-2.491E-7

finance_cost_net_oku

4.29274557

other_financial_oku

-0.1

equity_method_profit_oku

0.42001453

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

17.8111333

tax_expense_oku

6.08689157

parent_net_profit_after_sbc_oku

8.00208056

nci_net_profit_oku

3.72216118

group_net_profit_oku

11.72424173

parent_dividend_per_share_eur

4.42736717

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

4.30605837

parent_dividends_old_cohort_oku

3.94692874

nci_dividends_company_oku

3.27550184

buyback_company_oku

2.49002357

buyback_old_cohort_received_oku

2.2914744

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1599436

actual_buyback_total_shares

2599436

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.76632733

employee_existing_treasury_grants_shares

1599436

treasury_cancellation_shares

1000000

parent_equity_open_oku

97.9884435

parent_equity_end_oku

101.68446544

nci_equity_open_oku

16.79778518

nci_equity_end_oku

17.24444452

cash_open_oku

45.67735327

cash_end_oku

42.32108511

gross_financial_debt_open_oku

119

gross_financial_debt_end_oku

113

net_financial_debt_end_oku

70.67891489

associate_equity_method_profit_non_cash_oku

0.42001453

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.70894527

depreciation_and_amortization_non_cash_oku

16.68224625

maintenance_capex_company_oku

8.91208319

growth_capex_company_oku

5.45804325

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

11.94898828

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

90074560.485903

old_cohort_shares_end

87682397.969242

old_holder_fraction_end

0.901525563774

old_holder_cash_receipts_oku

6.23840313

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: 39.47735725
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0316
営業利益（株式報酬控除後）: 1.24748449
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: 83.19760803
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.029
営業利益（株式報酬控除後）: 2.41273063
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: 85.3865969
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.056
営業利益（株式報酬控除後）: 4.78164943
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: 23.98157216
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.427
営業利益（株式報酬控除後）: 10.24013131
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: 5.07302488
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.427
営業利益（株式報酬控除後）: 2.16618162
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: 7.20447007
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.292
営業利益（株式報酬控除後）: 2.10370526
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

241.64092633

ordinary_operating_profit_after_sbc_oku

21.06037372

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

22.82199102

sbc_expense_already_deducted_oku

1.7616173

sbc_non_cash_equity_reserve_credit_oku

1.7616173

sbc_covered_grant_share_market_value_oku

1.57482522

employee_subscription_discount_cost_oku

0.18679229

sbc_expense_minus_share_neutralization_net_cash_oku

-2.143E-7

finance_cost_net_oku

4.14734032

other_financial_oku

-0.1

equity_method_profit_oku

0.42925485

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

16.99228825

tax_expense_oku

5.79706169

parent_net_profit_after_sbc_oku

7.60845214

nci_net_profit_oku

3.58677441

group_net_profit_oku

11.19522656

parent_dividend_per_share_eur

4.33881982

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

4.2199372

parent_dividends_old_cohort_oku

3.7652657

nci_dividends_company_oku

3.15636149

buyback_company_oku

2.50878666

buyback_old_cohort_received_oku

2.24713789

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1686178

actual_buyback_total_shares

2686178

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.74716915

employee_existing_treasury_grants_shares

1686178

treasury_cancellation_shares

1000000

parent_equity_open_oku

101.68446544

parent_equity_end_oku

105.07298016

nci_equity_open_oku

17.24444452

nci_equity_end_oku

17.67485745

cash_open_oku

42.32108511

cash_end_oku

38.65684651

gross_financial_debt_open_oku

113

gross_financial_debt_end_oku

107

net_financial_debt_end_oku

68.34315349

associate_equity_method_profit_non_cash_oku

0.42925485

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.71816156

depreciation_and_amortization_non_cash_oku

16.67413998

maintenance_capex_company_oku

8.90276098

growth_capex_company_oku

5.44345197

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

11.4736776

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

87682397.969242

old_cohort_shares_end

85276369.405645

old_holder_fraction_end

0.876787460032

old_holder_cash_receipts_oku

6.01240359

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: 38.6878101
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.03
営業利益（株式報酬控除後）: 1.1606343
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: 81.53365587
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0275
営業利益（株式報酬控除後）: 2.24217554
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: 85.81352989
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.054
営業利益（株式報酬控除後）: 4.63393061
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: 23.50194072
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.42
営業利益（株式報酬控除後）: 9.8708151
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: 4.97156438
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.42
営業利益（株式報酬控除後）: 2.08805704
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: 7.13242537
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.2825
営業利益（株式報酬控除後）: 2.01491017
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

239.02477031

ordinary_operating_profit_after_sbc_oku

20.10749455

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

21.90786743

sbc_expense_already_deducted_oku

1.80037288

sbc_non_cash_equity_reserve_credit_oku

1.80037288

sbc_covered_grant_share_market_value_oku

1.61825021

employee_subscription_discount_cost_oku

0.18212248

sbc_expense_minus_share_neutralization_net_cash_oku

1.929E-7

finance_cost_net_oku

4.01887344

other_financial_oku

-0.1

equity_method_profit_oku

0.43869845

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

16.17731957

tax_expense_oku

5.50851739

parent_net_profit_after_sbc_oku

7.21358933

nci_net_profit_oku

3.45521285

group_net_profit_oku

10.66880218

parent_dividend_per_share_eur

4.25204343

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

4.13553846

parent_dividends_old_cohort_oku

3.58870688

nci_dividends_company_oku

3.0405873

buyback_company_oku

2.5288626

buyback_old_cohort_received_oku

2.20268669

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1777101

actual_buyback_total_shares

2777101

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.72848992

employee_existing_treasury_grants_shares

1777101

treasury_cancellation_shares

1000000

parent_equity_open_oku

105.07298016

parent_equity_end_oku

108.15103123

nci_equity_open_oku

17.67485745

nci_equity_end_oku

18.08948299

cash_open_oku

38.65684651

cash_end_oku

34.68165718

gross_financial_debt_open_oku

107

gross_financial_debt_end_oku

101

net_financial_debt_end_oku

66.31834282

associate_equity_method_profit_non_cash_oku

0.43869845

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.72749766

depreciation_and_amortization_non_cash_oku

16.66623854

maintenance_capex_company_oku

8.89367432

growth_capex_company_oku

5.42922937

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

11.00130911

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

85276369.405645

old_cohort_shares_end

82857462.426137

old_holder_fraction_end

0.851916944069

old_holder_cash_receipts_oku

5.79139357

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: 37.9140539
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0284
営業利益（株式報酬控除後）: 1.07675913
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: 79.90298275
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.026
営業利益（株式報酬控除後）: 2.07747755
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: 86.24259754
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.052
営業利益（株式報酬控除後）: 4.48461507
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: 23.0319019
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.413
営業利益（株式報酬控除後）: 9.51217549
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: 4.87213309
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.413
営業利益（株式報酬控除後）: 2.01219097
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: 7.06110112
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.273
営業利益（株式報酬控除後）: 1.92768061
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

236.47095085

ordinary_operating_profit_after_sbc_oku

19.17456403

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

21.01454511

sbc_expense_already_deducted_oku

1.83998108

sbc_non_cash_equity_reserve_credit_oku

1.83998108

sbc_covered_grant_share_market_value_oku

1.66241199

employee_subscription_discount_cost_oku

0.17756942

sbc_expense_minus_share_neutralization_net_cash_oku

-3.292E-7

finance_cost_net_oku

3.90750886

other_financial_oku

-0.1

equity_method_profit_oku

0.44834982

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

15.365405

tax_expense_oku

5.22096931

parent_net_profit_after_sbc_oku

6.81705766

nci_net_profit_oku

3.32737803

group_net_profit_oku

10.14443569

parent_dividend_per_share_eur

4.16700256

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

4.05282769

parent_dividends_old_cohort_oku

3.41717318

nci_dividends_company_oku

2.92809266

buyback_company_oku

2.55025908

buyback_old_cohort_received_oku

2.15804758

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1872408

actual_buyback_total_shares

2872408

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.71027767

employee_existing_treasury_grants_shares

1872408

treasury_cancellation_shares

1000000

parent_equity_open_oku

108.15103123

parent_equity_end_oku

110.91526087

nci_equity_open_oku

18.08948299

nci_equity_end_oku

18.48876836

cash_open_oku

34.68165718

cash_end_oku

30.39212834

gross_financial_debt_open_oku

101

gross_financial_debt_end_oku

net_financial_debt_end_oku

64.60787166

associate_equity_method_profit_non_cash_oku

0.44834982

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.73695513

depreciation_and_amortization_non_cash_oku

16.65853803

maintenance_capex_company_oku

8.88481873

growth_capex_company_oku

5.41536845

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

10.53137293

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

82857462.426137

old_cohort_shares_end

80426810.117937

old_holder_fraction_end

0.826925665965

old_holder_cash_receipts_oku

5.57522076

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: 37.15577282
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0268
営業利益（株式報酬控除後）: 0.99577471
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: 78.3049231
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0245
営業利益（株式報酬控除後）: 1.91847062
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: 86.67381052
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.05
営業利益（株式報酬控除後）: 4.33369053
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: 22.57126386
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.406
営業利益（株式報酬控除後）: 9.16393313
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: 4.77469043
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.406
営業利益（株式報酬控除後）: 1.93852432
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: 6.99049011
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.2635
営業利益（株式報酬控除後）: 1.84199414
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

233.978282

ordinary_operating_profit_after_sbc_oku

18.26093301

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

20.14139368

sbc_expense_already_deducted_oku

1.88046066

sbc_non_cash_equity_reserve_credit_oku

1.88046066

sbc_covered_grant_share_market_value_oku

1.70733022

employee_subscription_discount_cost_oku

0.17313018

sbc_expense_minus_share_neutralization_net_cash_oku

2.637E-7

finance_cost_net_oku

3.81343294

other_financial_oku

-0.1

equity_method_profit_oku

0.45821352

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

14.55571359

tax_expense_oku

4.93412503

parent_net_profit_after_sbc_oku

6.41841463

nci_net_profit_oku

3.20317393

group_net_profit_oku

9.62158856

parent_dividend_per_share_eur

4.08366251

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

3.97177114

parent_dividends_old_cohort_oku

3.25059064

nci_dividends_company_oku

2.81879306

buyback_company_oku

2.57298113

buyback_old_cohort_received_oku

2.11314805

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1972308

actual_buyback_total_shares

2972308

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.69252073

employee_existing_treasury_grants_shares

1972308

treasury_cancellation_shares

1000000

parent_equity_open_oku

110.91526087

parent_equity_end_oku

113.36190462

nci_equity_open_oku

18.48876836

nci_equity_end_oku

18.87314923

cash_open_oku

30.39212834

cash_end_oku

25.78445744

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

63.21554256

associate_equity_method_profit_non_cash_oku

0.45821352

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.74653555

depreciation_and_amortization_non_cash_oku

16.65103465

maintenance_capex_company_oku

8.87618984

growth_capex_company_oku

5.40186236

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

10.0633537

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

80426810.117937

old_cohort_shares_end

77985701.332876

old_holder_fraction_end

0.801826877329

old_holder_cash_receipts_oku

5.36373868

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: 36.41265737
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0252
営業利益（株式報酬控除後）: 0.91759897
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: 76.73882464
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.023
営業利益（株式報酬控除後）: 1.76499297
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: 87.10717958
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.048
営業利益（株式報酬控除後）: 4.18114462
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: 22.11983859
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.399
営業利益（株式報酬控除後）: 8.8258156
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: 4.67919662
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.399
営業利益（株式報酬控除後）: 1.86699945
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: 6.92058521
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.254
営業利益（株式報酬控除後）: 1.75782864
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

229.7045039

ordinary_operating_profit_after_sbc_oku

16.64425529

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

18.56608609

sbc_expense_already_deducted_oku

1.9218308

sbc_non_cash_equity_reserve_credit_oku

1.9218308

sbc_covered_grant_share_market_value_oku

1.75302912

employee_subscription_discount_cost_oku

0.16880193

sbc_expense_minus_share_neutralization_net_cash_oku

-2.49E-7

finance_cost_net_oku

3.73685484

other_financial_oku

-0.1

equity_method_profit_oku

0.46829421

extraordinary_operating_cost_oku

0.25

pretax_profit_oku

13.02569466

tax_expense_oku

4.39509016

parent_net_profit_after_sbc_oku

5.75378506

nci_net_profit_oku

2.87681944

group_net_profit_oku

8.6306045

parent_dividend_per_share_eur

4.00198926

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

3.89233571

parent_dividends_old_cohort_oku

3.08889036

nci_dividends_company_oku

2.53160111

buyback_company_oku

2.59703876

buyback_old_cohort_received_oku

2.06792323

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

2077025

actual_buyback_total_shares

3077025

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.67520771

employee_existing_treasury_grants_shares

2077025

treasury_cancellation_shares

1000000

parent_equity_open_oku

113.36190462

parent_equity_end_oku

115.22335373

nci_equity_open_oku

18.87314923

nci_equity_end_oku

19.21836756

cash_open_oku

25.78445744

cash_end_oku

13.92082861

gross_financial_debt_open_oku

gross_financial_debt_end_oku

net_financial_debt_end_oku

63.07917139

associate_equity_method_profit_non_cash_oku

0.46829421

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.75624051

depreciation_and_amortization_non_cash_oku

15.99824522

maintenance_capex_company_oku

8.86778337

growth_capex_company_oku

5.38870441

estimated_acquisitions_cash_oku

0.5

working_capital_cash_absorption_oku

3.6

consolidated_fcf_before_distributions_and_principal_oku

8.48213904

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

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

77985701.332876

old_cohort_shares_end

75535583.305207

old_holder_fraction_end

0.776635458215

old_holder_cash_receipts_oku

5.1568136

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: 35.68440422
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0236
営業利益（株式報酬控除後）: 0.84215194
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: 75.20404814
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.0215
営業利益（株式報酬控除後）: 1.61688704
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: 87.54271547
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.046
営業利益（株式報酬控除後）: 4.02696491
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: 19.83634402
revenue_2026_base_oku: 26
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.392
営業利益（株式報酬控除後）: 7.77584685
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: 4.58561269
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.392
営業利益（株式報酬控除後）: 1.79756018
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: 6.85137936
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.2445
営業利益（株式報酬控除後）: 1.67516225
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

176.22758431

ordinary_operating_profit_after_sbc_oku

6.88644246

reported_ifrs_op_definition

ordinary_op_includes_non_cash_SBC; extraordinary_operating_items_separate

operating_profit_before_sbc_oku

8.55540024

sbc_expense_already_deducted_oku

1.66895777

sbc_non_cash_equity_reserve_credit_oku

1.66895777

sbc_covered_grant_share_market_value_oku

1.50437548

employee_subscription_discount_cost_oku

0.16458188

sbc_expense_minus_share_neutralization_net_cash_oku

4.104E-7

finance_cost_net_oku

3.16893231

other_financial_oku

-0.08497268

equity_method_profit_oku

0.40667642

extraordinary_operating_cost_oku

0.21243169

pretax_profit_oku

3.8267822

tax_expense_oku

1.19703702

parent_net_profit_after_sbc_oku

2.14061226

nci_net_profit_oku

0.48913291

group_net_profit_oku

2.62974518

parent_dividend_per_share_eur

3.92194947

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

3.814489

parent_dividends_old_cohort_oku

2.93200816

nci_dividends_company_oku

0.43043697

buyback_company_oku

2.32728488

buyback_old_cohort_received_oku

1.7954393

buyback_covered_employee_issue_shares

1000000

discretionary_buyback_shares

buyback_sbc_treasury_replenishment_shares

1828118

actual_buyback_total_shares

2828118

employee_subscription_new_shares

1000000

employee_cash_subscribed_to_issuer_oku

0.65832752

employee_existing_treasury_grants_shares

1828118

treasury_cancellation_shares

1000000

parent_equity_open_oku

115.22335373

parent_equity_end_oku

113.5494774

nci_equity_open_oku

19.21836756

nci_equity_end_oku

19.27706351

cash_open_oku

13.92082861

cash_end_oku

4.01299582

gross_financial_debt_open_oku

gross_financial_debt_end_oku

75.5

net_financial_debt_end_oku

71.48700418

associate_equity_method_profit_non_cash_oku

0.40667642

actual_assumed_cash_dividends_from_equity_accounted_investments_oku

0.65095158

depreciation_and_amortization_non_cash_oku

7.43967772

maintenance_capex_company_oku

6.60548594

growth_capex_company_oku

4.38723957

estimated_acquisitions_cash_oku

0.42486339

working_capital_cash_absorption_oku

3.05901639

consolidated_fcf_before_distributions_and_principal_oku

-2.49394946

scheduled_project_and_group_debt_principal_repaid_oku

1.5

emergency_debt_drawn_oku

share_issued_open

98000000

shares_issued_end

98000000

treasury_shares_open

739976

treasury_shares_end

739976

economic_outstanding_shares_end

97260024

old_cohort_shares_open

75535583.305207

old_cohort_shares_end

73353764.3749

old_holder_fraction_end

0.754202614374

old_holder_cash_receipts_oku

4.72744746

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: 29.71555387
revenue_2026_base_oku: 42.8
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.035433071
pricing_component_growth_assumed: 0.016
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.022
営業利益（株式報酬控除後）: 0.65374219
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: 62.6248355
revenue_2026_base_oku: 90.2
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.034482759
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.02
営業利益（株式報酬控除後）: 1.25249671
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: 74.75932633
revenue_2026_base_oku: 83.7
revenue_growth_total_assumed: 0.005
revenue_volume_growth_assumed: -0.009852217
pricing_component_growth_assumed: 0.015
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.044
営業利益（株式報酬控除後）: 3.28941036
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: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.385
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: 3.36428612
revenue_2026_base_oku: 5.5
revenue_growth_total_assumed: -0.02
revenue_volume_growth_assumed: -0.037328094
pricing_component_growth_assumed: 0.018
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.385
営業利益（株式報酬控除後）: 1.29525016
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: 5.76358249
revenue_2026_base_oku: 7.5
revenue_growth_total_assumed: -0.01
revenue_volume_growth_assumed: -0.022704837
pricing_component_growth_assumed: 0.013
price_times_volume_reconciliation: はい
operating_margin_after_sbc: 0.235
営業利益（株式報酬控除後）: 1.35444188
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

207.39323426843

営業利益

8.1043020590381

純利益

2.5191771291327

equity_oku

113.5494774

期間内の親会社利益合計（億）

72.8020441

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

197.63436793

core_operating_profit_after_sbc_2037_oku

5.01094504

core_tax_rate

0.35

core_after_tax_operating_profit_2037_oku

3.25711428

core_required_net_reinvestment_2037_oku

0.87942086

core_cash_flow_before_issuer_sbc_share_coverage_oku

4.38501494

core_sustainable_unlevered_FCFF_2037_oku

2.37769378

core_WACC

0.102

core_post2036_growth

0.005

core_2036_dec31_EV_oku

24.51230698

stub_2036_nov06_to_dec31_years

0.150581793292

core_EV_oku

24.15641081

other_concessions_finite_EV_oku

6.67746294

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: 0.51781752
fcff_2037_100pct_oku: 0.12074622
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 1.16787196
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: 0.7085924
fcff_2037_100pct_oku: 0.15608491
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 1.41795801
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: 0.72676144
fcff_2037_100pct_oku: 0.17607104
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 1.69380439
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: 0.62683174
fcff_2037_100pct_oku: 0.15705981
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 1.57324633
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: 0.63591626
fcff_2037_100pct_oku: 0.10413208
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 0.55303989
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: 0.03937108
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: 1.47169191
fcff_2037_100pct_oku: 0.02098684
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 0.12870957
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
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: 0.29978909
fcff_2037_100pct_oku: 0.00012627
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 0.00054593
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
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: 0.28162006
fcff_2037_100pct_oku: 0.02939868
discount_rate: 0.101
annual_growth_assumed: 0.0045
remaining_lifetime_ev_100pct_oku: 0.14228685
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

9.40328907

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

0.72315793

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

8.52804177

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

0.06574163

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

0.62517664

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

0.02629665

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

0.25007066

出典番号

1: s16

equity_accounted_100pct_EV_double_count_oku

net_financial_debt_once_oku

71.48700418

assigned_remaining_project_net_debt_proxy_within_group_oku

18.26705894

group_debt_not_assigned_to_listed_subsidiaries_oku

57.23294106

nci_book_proxy_oku

19.27706351

identified_project_NCI_book_proxy_oku

3.78305413

residual_nonproject_and_legacy_NCI_book_proxy_oku

15.49400938

residual_NCI_fair_proxy_factor

1.14

residual_NCI_economic_oku

17.6631707

identified_project_NCI_equity_fair_oku

0.03937108

nci_economic_value_deduction_oku

17.70254178

nci_double_debt_deduction_oku

parent_equity_terminal_oku

old_holder_fraction_at_terminal

0.754202614374

old_cohort_terminal_mcap_oku

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: 80.23366632
employee_new_subscriptions_shares: 1000000
employee_subscription_cash_oku: 0.64186933
employee_subscription_cover_buyback_oku: 0.80233666
employee_share_discount_cash_shortfall_oku: 0.16046733
granted_treasury_award_shares: 2301844
grant_replenishment_buyback_cash_oku: 1.84685383
total_net_company_buyback_funding_oku: 2.00732117
expense_minus_net_funding_reconciliation_oku: 3.54E-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: 0.66229762
repurchase_price_fixed_qty_25pct_lower_net_cash_saved_oku: 0.66229762
company_EV_sensitivity_25pct_buyback_price_oku: 6.72867703
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

終価

期間内株主受取

58.98900705

payout_dividends_old_cohort_oku

36.972671

payout_buybacks_old_cohort_oku

22.01633605

issuer_total_buybacks_oku

24.94577978

issuer_total_parent_dividends_oku

41.84561551

issuer_total_employee_subscription_cash_oku

7.39722678

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）

40.24525986

npv_oku

-62.74436558

intrinsic_price_eur

41.421624

market_value_ratio

0.390770038

ten_year_annualized_irr

-0.10277214541

pv_cashflows_check_oku

40.24525986

pv_terminal_check_oku

irr_residual_oku

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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