More points than 98% of the 3,075 companies with complete grades
Quality points: four grades for balance sheet, profitability, cash flow and growth, 0 to 5 each.
No range
No price yet for European companies. The reason is given under Valuation.
Many of the quality rules are met.
What this means. The quality points show how many of the published rules for balance sheet, profitability, cash flow and growth the latest reports meet. Separately, the range shows how the latest closing share price compares with the company’s own valuation history.
What it does not mean. Neither the points nor the range is a price target, a forecast or a recommendation to buy or sell. A company with many points can be richly valued, and a price below its range often has a reason.
When a new report changes a grade, Pro tells you why. You do not have to check every report yourself.
Watchlist and alertsOther companies in Consumer goods, analysed under the same rules. With Plus you filter by grades and figures and put them side by side.
Companies in Consumer goodsEvery figure with its five thresholds and the rounding to the grade. With a free account for every company, over 5 years.
To the calculationAll values come from the annual financial reports in the European single electronic format ESEF (consolidated IFRS accounts). Each figure is checked against five fixed thresholds; each threshold reached counts one point. The grade is the rounded mean of its figures.
How well the company can cover its financial obligations.
Net cash 12.21 bn €, no net debt · Current ratio 4.99
What is behind each grade
Every figure with its five thresholds, the distance to the next one and the rounding to the grade. With a free account: email only, no payment details.
Keep reading for freeHow effectively it turns revenue into operating profit.
Operating margin 41.1% · Return on equity 24.0%
How much cash remains after operating costs and investment.
Free cash flow to revenue 26.3% · Profit covered by cash flow 0.93× · Free cash flow positive 5 of 5 years
How quickly revenue and operating profit have increased.
Revenue growth per year 20.2% · Operating income per year 25.9%
The comparison is within the SEC industry “Leather & Leather Products”. Grades are absolute and are not adjusted to the industry: in a weak industry a weak grade stays weak.
More quality points do not mean a company is the better investment, only that more quality rules are met. It says nothing about the price.
No range is reported for this company. For European companies we do not show prices or a range yet: a licensed price series from the European exchanges is still missing. The grades are not affected, they only use the annual financial report.
Every figure comes from the annual report of that year and has not been revised afterwards. Amounts in EUR. Negative net debt means more cash than financial debt.
Amounts in EUR, as in the consolidated IFRS accounts the company publishes in the European single electronic format ESEF. Loaded via the XBRL International archive (filings.xbrl.org).
More than a snapshot
Revenue, earnings and cash flow by fiscal year show how steadily the company performs. With a free account over 5 years.
Keep reading for free10 of 10 points, measured over 7 years (2019 to 2025). Classification: broadly evidenced. These points are not part of the quality points.
| Feature | Points | Measured |
|---|---|---|
| Return on capital, level | 3/3 | The company earns on average 26.6% of its assets per year as operating profit, measured over 7 years. Comparable companies are around 10%. |
| Return on capital, consistency | 3/3 | 7 of 7 years above 10%. Consistency is the real evidence, because anyone has one good year. |
| Pricing power | 2/2 | Gross margin averaging 71%, trending +2.0 percentage points from the first third to the last. A margin that holds for a decade is pricing power. One that melts away is competition. |
| Stability in a downturn | 2/2 | Operating margin averaging 40%. Tested in 2020 and 2022: 2020 32%, 2022 40%. Holding counts from two thirds of the company's own average. |
What is measured is the trace of a moat: a durably high return on capital and margins that survive a downturn. The causes (switching costs, network effects, brand, licences, economies of scale) appear in no filing and are not claimed here.
See when something changed
When each grade changed and why, since the first analysis. With Pro, plus an alert for each new report that changes a grade on your watchlist.
Discover ProHow the company developed over time
Every earlier analysis with its date: quality points, the four grades, position against the range and how many companies had fewer points that day. With Plus.
Discover Plus| Company figures | Annual financial reports in the European single electronic format ESEF, machine-readable version (inline XBRL) of the consolidated IFRS accounts, loaded via the XBRL International archive (filings.xbrl.org). LEI 969500Y4IJGHJE2MTJ13. Not estimated, not smoothed. |
|---|---|
| Prices | For European companies we do not show prices or a range yet: a licensed price series from the European exchanges is still missing. The grades are not affected, they only use the annual financial report. |
| Latest filing | ESEF as of 31 Dec 2026 fiscal year to 31 Dec 2026 · fiscal year to 31 Dec 2024 · fiscal year to 31 Dec 2023 · fiscal year to 31 Dec 2022 · fiscal year to 31 Dec 2021 · fiscal year to 31 Dec 2020 |
| Rule set | Version 3.1.0 |
| Time horizon | The grades describe a state that can change with every annual report, so roughly quarterly. The forward test is first evaluated after 36 months. |
| Editor | Florian Maier |
| Produced on | 25.10.2026 21:17 |
| Conflicts of interest | see the transparency note |
Not investment advice and not an investment recommendation. Limits of the method and assumptions: risk notice.