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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.4% - 9.4% | 9.9% |
| Fair Value | €21.05 - €31.09 | €25.10 |
| Upside | -5.5% - 39.5% | 12.7% |
| 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 | 112 | 125 | 143 | 176 | 188 | 147 | 147 | |
| % Growth | 55.2% | 12.1% | 14.6% | 23.0% | 6.7% | -21.8% | ||
| Payout Ratio | 0.0% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 23 | 52 | 95 | 135 | 132 | 136 | |
| % Growth | NM | 129.2% | 84.5% | 42.3% | -2.3% | |||
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| % Growth | NM | NM | NM | NM | NM | |||
| Net Income to Common | 50 | 52 | 106 | 72 | 112 | 72 | 112 | |
| % Growth | 3% | 106% | -32% | 55% | 55% | |||
| Payout Ratio | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| Retention Ratio | 100% | 100% | 100% | 100% | 100% | 100% | 100% | |
| Adjusted EBITDA | 98 | 112 | 145 | 154 | 203 | NA | NA | |
| % Growth | 14% | 29% | 6% | 31% | NA | |||
| Total Debt | 126 | 181 | 125 | 113 | NA | NA | NA | |
| Shareholder's Equity | 445 | 499 | 608 | 674 | NA | NA | NA | |
| Debt / EBITDA | 1.3 | 1.6 | 0.9 | 0.7 | NM | NM | ||
| Debt / Equity | 28% | 36% | 21% | 17% | NA | NA | NA | |
| 3-Yr Avg. Dividend Growth | NA | |||||||
| 5-Yr Median Payout Ratio | 0.0% | |||||||