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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Fair Value | €21.26 - €24.82 | €22.63 |
| Upside | 10.2% - 28.6% | 17.3% |
| 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 | 23 | 20 | 21 | 22 | 25 | 25 | 25 | |
| % Growth | -50.9% | -12.8% | 4.0% | 3.8% | 16.1% | 0.0% | ||
| Payout Ratio | 23.5% | 37.0% | 50.0% | 63.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 5 | 7 | 11 | 14 | 19 | 23 | 23 | |
| % Growth | 37.1% | 40.5% | 30.8% | 40.0% | 18.4% | |||
| 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 | 4 | 4 | 3 | 10 | 5 | 10 | 5 | |
| % Growth | 0% | -29% | 253% | -43% | -43% | |||
| Net Income to Common | 4 | 9 | 16 | 47 | 23 | 47 | 23 | |
| % Growth | 119% | 70% | 198% | -51% | -51% | |||
| Payout Ratio | 90% | 41% | 17% | 20% | 24% | 20% | 24% | |
| Retention Ratio | 10% | 59% | 83% | 80% | 76% | 80% | 76% | |
| Adjusted EBITDA | 11 | 16 | 19 | 55 | 31 | 55 | 31 | |
| % Growth | 42% | 19% | 190% | -44% | -44% | |||
| Total Debt | 93 | 52 | 38 | 24 | 18 | 24 | 18 | |
| Shareholder's Equity | 261 | 270 | 287 | 318 | 340 | 318 | 340 | |
| Debt / EBITDA | 8.3 | 3.3 | 2.0 | 0.4 | 0.6 | 2.8 | ||
| Debt / Equity | 36% | 19% | 13% | 8% | 5% | 8% | 5% | |
| 3-Yr Avg. Dividend Growth | 60.5% | |||||||
| 5-Yr Median Payout Ratio | 23.5% | |||||||