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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 17.0% - 16.0% | 16.5% |
| Fair Value | €3.66 - €4.10 | €3.86 |
| Upside | 83.8% - 105.8% | 94.0% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 33 | 291 | 341 | 352 | 306 | 306 | 306 | |
| % Growth | -87.3% | 780.9% | 17.3% | 3.3% | -13.1% | 0.0% | ||
| Payout Ratio | 254.5% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 84 | 262 | 307 | 317 | 275 | 275 | 283 | |
| % Growth | 211.5% | 17.3% | 3.3% | -13.1% | 0.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 0 | 0 | 85 | 84 | 0 | 0 | |
| % Growth | NM | NM | NM | -1% | NM | |||
| Net Income to Common | (135) | 13 | 536 | 259 | 33 | (126) | 70 | |
| % Growth | NM | 4023% | -52% | -87% | NM | |||
| Payout Ratio | 0% | 0% | 0% | 33% | 255% | 0% | 0% | |
| Retention Ratio | 100% | 100% | 100% | 67% | -155% | 100% | 100% | |
| Adjusted EBITDA | 300 | 475 | 1,045 | 835 | 540 | (52) | 190 | |
| % Growth | 58% | 120% | -20% | -35% | NM | |||
| Total Debt | 2,245 | 2,318 | 1,943 | 1,686 | 1,739 | 1,749 | 1,689 | |
| Shareholder's Equity | 1,632 | 1,970 | 2,358 | 2,445 | 2,578 | 2,261 | 2,461 | |
| Debt / EBITDA | 7.5 | 4.9 | 1.9 | 2.0 | 3.2 | 2.2 | ||
| Debt / Equity | 138% | 118% | 82% | 69% | 67% | 77% | 69% | |
| 3-Yr Avg. Dividend Growth | -1.2% | |||||||
| 5-Yr Median Payout Ratio | 0.0% | |||||||