Lotus Bakeries: what are investors/the market seeing that my DCF misses?

I like the Biscoff business and their products, but I’m struggling to find the value apprantly seen by to broader market.

Lotus Bakeries made 1,3600m in revenue in 2025 at a 16,8% operating margin.
Sales grew 14% in the first half of 2026, and the company plans to spend at least €500m expanding Biscoff production through 2030.

At the 6 October close, the shares were €12.300. My five-year DCF comes out around €5.555. I’ve used 10% annual sales growth, a 17% margin and a 5,34% discount rate, so I don’t think the gap is simply because I’ve assumed a weak business or underestimated certain values.

What I may be missing is something is **after 2030**. My model assumes new investment eventually earns only its cost of capital. Standard DCF approach >5 yrs, and little guidance from Lotus-Bakeries at this point, which is logical I guess.

If Lotus Bakeries can keep opening markets and create additional value yr on yr, that assumption could be the underestimated part in my logic. The impact is rather large, 89% of the operating value in my model comes from beyond year five.

As reference, changing *only* the margin would require 34,92% every year and in the long run to reach that share price. This seems unlikely to me, unless they hyperscale volume and revenue.

I had a similar DCF issue with KPN and after 5 yr numbers, but in this case i dont see the gap with my DCF estimate.

Any suggestions why the market is paying/valueing >12k today ?