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E · 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	132,512	93,717	88,797	82,151
Net income	13,887	4,771	2,624	2,608
Gross margin	17.2%	13.2%	11.4%	9.4%
Operating margin	14.9%	9.6%	7.5%	5.5%
Net margin	10.5%	5.1%	3.0%	3.2%
EPS	7.9	2.8	1.56	1.56
Free cash flow	9,401	5,904	4,602	4,101
Net debt	13,559	17,295	21,917	19,112
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

65.47 USD

Upside to the estimate

+7.7%

Margin of safety 7.1%: investors often want 20–30% for forecast errors.

Growth priced in

-6.2%

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

	rate 5.2%	rate 6.2%	rate 7.2%
Bear · growth -10.0%	63.11	47.59	38.56
Base · growth -5.0%	87.93	65.47	52.42
Bull · growth 0.0%	121.52	89.51	70.97

FCF to shareholders 5,446 mln USD (operating cash flow − capex, after interest), shares 1,426 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.