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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 8.3% - 8.8% | 8.5% |
| Discount Rate | 14.9% - 13.9% | 14.4% |
| Fair Value | kr91.19 - kr118.43 | kr103.07 |
| Upside | 8.0% - 40.3% | 22.1% |
| 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 | 17 | 10 | 16 | 22 | 24 | 25 | 25 | |
| % Growth | 13.2% | -42.4% | 68.1% | 39.6% | 9.4% | 2.7% | ||
| Payout Ratio | 0.0% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 2 | 6 | 12 | 18 | 23 | 23 | |
| % Growth | NM | 236.1% | 109.3% | 45.8% | 28.3% | |||
| 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 | 1 | 11 | 8 | 3 | 0 | 3 | 0 | |
| % Growth | 1101% | -30% | -64% | -100% | -100% | |||
| Net Income to Common | 43 | 29 | 15 | 15 | 17 | 15 | 17 | |
| % Growth | -32% | -48% | -4% | 13% | 13% | |||
| Payout Ratio | 2% | 37% | 50% | 19% | 0% | 19% | 0% | |
| Retention Ratio | 98% | 63% | 50% | 81% | 100% | 81% | 100% | |
| Adjusted EBITDA | 11 | 19 | 24 | 25 | 14 | 25 | 14 | |
| % Growth | 75% | 27% | 6% | -43% | -43% | |||
| Total Debt | 78 | 53 | 62 | 111 | 124 | 111 | 124 | |
| Shareholder's Equity | 80 | 110 | 115 | 121 | 134 | 121 | 134 | |
| Debt / EBITDA | 7.2 | 2.8 | 2.6 | 4.4 | 8.7 | 36.8 | ||
| Debt / Equity | 96% | 48% | 54% | 92% | 93% | 92% | 93% | |
| 3-Yr Avg. Dividend Growth | -64.7% | |||||||
| 5-Yr Median Payout Ratio | 18.6% | |||||||