Inderes is launching a new share buyback programme under which the company may repurchase up to 40,000 shares for a maximum of EUR 500,000. The programme runs from 16 November 2026 to 31 March 2027 and is smaller than the EUR 900,000 programme launched in February, which ended at the end of October. The binding constraint is the euro amount: at the current share price, EUR 500,000 buys roughly 30,000 shares, or just under 2% of the share capital.

The news is in line with the company’s distribution policy, which targets an annually increasing absolute distribution. Next year’s distribution level is therefore in line with our expectations, but its form differs from our forecast, as we had modelled the company shifting its emphasis back towards dividends. We nonetheless consider the company’s choice justified: the share trades at a discount of around 29% to our DCF valuation, meaning buybacks transfer value to the remaining shareholders. The dividend for the 2026 financial year will only be decided at the AGM in spring 2027, so the final form of the distribution remains open.

As expected, Inderes also announced that it will cancel all 67,086 treasury shares it holds, corresponding to around 4% of the share capital. Following the cancellation, the total number of shares will be 1,718,577.

We reiterate our estimates, our BUY recommendation and our EUR 20.2 target price.