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SNYNF · 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	40,561	41,618	44,286	46,716
Net income	8,371	5,400	5,560	7,813
Gross margin	70.7%	69.7%	70.2%	72.1%
Operating margin	26.9%	20.9%	20.1%	20.5%
Net margin	20.6%	13.0%	12.6%	16.7%
EPS	5.37	4.31	4.59	6.4
Free cash flow	8,423	7,352	5,886	7,212
Net debt	7,813	9,442	9,979	11,862
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

196.46 USD

Upside to the estimate

+117.8%

Margin of safety 54.1%: investors often want 20–30% for forecast errors.

Growth priced in

-7.7%

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

	rate 5.3%	rate 6.3%	rate 7.3%
Bear · growth -0.2%	194.86	144.74	115.33
Base · growth 4.8%	266.81	196.46	155.24
Bull · growth 9.8%	362.12	264.69	207.7

FCF to shareholders 7,646 mln USD (operating cash flow − capex, after interest), shares 1,198 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.