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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 14.9% - 13.9% | 14.4% |
| Fair Value | €67.77 - €77.65 | €72.34 |
| Upside | -21.5% - -10.1% | -16.2% |
| 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 | 310 | 493 | 507 | 513 | 631 | 675 | 675 | |
| % Growth | NM | 59.0% | 3.0% | 1.1% | 23.2% | 6.9% | ||
| Payout Ratio | 126.7% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 392 | 443 | 456 | 461 | 568 | 608 | 624 | |
| % Growth | 13.0% | 3.0% | 1.1% | 23.2% | 6.9% | |||
| 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 | 389 | 390 | 391 | 391 | 392 | 391 | 392 | |
| % Growth | 0% | 0% | 0% | 0% | 0% | |||
| Net Income to Common | 155 | 849 | 170 | (1,787) | 310 | (1,787) | 310 | |
| % Growth | 448% | -80% | NM | NM | NM | |||
| Payout Ratio | 251% | 46% | 231% | -22% | 127% | -22% | 127% | |
| Retention Ratio | -151% | 54% | -131% | 122% | -27% | 122% | -27% | |
| Adjusted EBITDA | 503 | 481 | 492 | 512 | 562 | 512 | 562 | |
| % Growth | -4% | 2% | 4% | 10% | 10% | |||
| Total Debt | 7,288 | 6,968 | 7,430 | 6,558 | 6,870 | 6,558 | 6,870 | |
| Shareholder's Equity | 12,477 | 12,956 | 12,757 | 10,583 | 10,506 | 10,583 | 10,506 | |
| Debt / EBITDA | 14.5 | 14.5 | 15.1 | 12.8 | 12.2 | 11.2 | ||
| Debt / Equity | 58% | 54% | 58% | 62% | 65% | 62% | 65% | |
| 3-Yr Avg. Dividend Growth | 0.2% | |||||||
| 5-Yr Median Payout Ratio | 126.7% | |||||||