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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 8.8% - 9.3% | 9.0% |
| Discount Rate | 15.3% - 14.3% | 14.8% |
| Fair Value | €4.17 - €5.43 | €4.72 |
| Upside | 31.7% - 71.3% | 48.9% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 189 | 356 | 405 | 414 | 422 | 431 | 431 | |
| % Growth | 40.7% | 88.5% | 13.9% | 2.2% | 2.0% | 2.0% | ||
| Payout Ratio | 0.0% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 64 | 146 | 224 | 304 | 388 | 398 | |
| % Growth | NM | 127.8% | 53.3% | 36.0% | 27.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 27 | 49 | 54 | 56 | 0 | 56 | 0 | |
| % Growth | 81% | 10% | 3% | -100% | -100% | |||
| Net Income to Common | 143 | (305) | 28 | 134 | 189 | 134 | 189 | |
| % Growth | NM | NM | 381% | 41% | 41% | |||
| Payout Ratio | 19% | -16% | 195% | 42% | 0% | 42% | 0% | |
| Retention Ratio | 81% | 116% | -95% | 58% | 100% | 58% | 100% | |
| Adjusted EBITDA | 68 | (34) | 240 | 254 | 786 | 254 | 786 | |
| % Growth | NM | NM | 6% | 209% | 209% | |||
| Total Debt | 3,559 | 2,655 | 2,619 | 2,609 | 2,940 | 2,609 | 2,940 | |
| Shareholder's Equity | 1,420 | 1,587 | 1,579 | 1,512 | 1,713 | 1,512 | 1,713 | |
| Debt / EBITDA | 52.1 | (77.7) | 10.9 | 10.3 | 3.7 | 2.2 | ||
| Debt / Equity | 251% | 167% | 166% | 172% | 172% | 172% | 172% | |
| 3-Yr Avg. Dividend Growth | -28.8% | |||||||
| 5-Yr Median Payout Ratio | 18.9% | |||||||