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CHDRF · Financials

Annual reports: Yahoo, amounts in millions of EUR. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	79,183	86,153	84,682	80,807
Net income	5,797	6,304	5,208	4,531
Gross margin	68.4%	68.8%	67.0%	66.2%
Operating margin	26.5%	26.3%	22.6%	21.0%
Net margin	7.3%	7.3%	6.2%	5.6%
EPS	32.11	34.93	28.86	25.11
Free cash flow	12,747	10,590	13,367	14,190
Net debt	24,281	27,415	27,444	23,035
P/E	—	—	—	—

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

1,106.72 USD

Upside to the estimate

+139.3%

Margin of safety 58.2%: investors often want 20–30% for forecast errors.

Growth priced in

-14.5%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 8.1%	rate 9.1%	rate 10.1%
Bear · growth -4.3%	969.1	831.37	729.57
Base · growth 0.7%	1,301.22	1,106.72	963.38
Bull · growth 5.7%	1,739.58	1,468.61	1,269.39

FCF to shareholders 14,223 mln USD (operating cash flow − capex, after interest), shares 180 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.