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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | kr117.48 - kr141.83 | kr132.09 |
| Adjusted Dividend Yield | 4.6% - 5.6% | 5.2% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 8.6% | 9.6% |
| Fair Value | kr2,549 - kr6,345 | kr3,863 |
| Upside | 0.4% - 150.0% | 52.2% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 550 | |||||||
| (-) Cash Dividends Paid | (125) | |||||||
| (=) Cash Retained | 425 | 77.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 550 | 550 | 550 | |||||
| (=) Cash Required | 110 | 69 | 41 | |||||
| Cash Retained | 425 | 425 | 425 | |||||
| (-) Cash Required | (110) | (69) | (41) | |||||
| (=) Excess Retained | 315 | 356 | 384 | |||||
| (/) FX Rate Adjustment | 0.13 | 0.13 | 0.13 | |||||
| (=) Excess Retained (DKK) | 2,351 | 2,659 | 2,864 | |||||
| (/) Shares Outstanding | 21.1 | 21.1 | 21.1 | |||||
| (=) Excess Retained per Share | 111.55 | 126.16 | 135.90 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 5.93 | 5.93 | 5.93 | |||||
| (+) Excess Retained per Share | 111.55 | 126.16 | 135.90 | |||||
| Adjusted Dividend | 117.48 | 132.09 | 141.83 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 132.09 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.6% | 9.1% | 9.6% | 10.1% | 10.6% | |||
| 4.0% | 2,970.30 | 2,680.51 | 2,442.24 | 2,242.88 | 2,073.60 | |||
| 5.0% | 3,826.13 | 3,362.36 | 2,998.86 | 2,706.29 | 2,465.73 | |||
| 6.0% | 5,334.02 | 4,480.58 | 3,862.57 | 3,394.38 | 3,027.42 | |||
| 7.0% | 8,697.79 | 6,651.25 | 5,384.34 | 4,522.85 | 3,899.01 | |||
| 8.0% | NM | 12,680.88 | 8,779.07 | 6,713.41 | 5,434.66 | |||