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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 9.6% | 10.1% |
| Fair Value | €45.29 - €64 | €52.94 |
| Upside | 67.7% - 137.0% | 96.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 226 | 255 | 285 | 310 | 318 | 325 | 325 | |
| % Growth | -12.2% | 12.8% | 11.6% | 8.8% | 2.5% | 2.5% | ||
| Payout Ratio | 86.7% | 87.0% | 88.0% | 89.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 196 | 222 | 251 | 276 | 286 | 293 | 301 | |
| % Growth | 13.3% | 12.9% | 10.0% | 3.6% | 2.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 90 | 102 | 182 | 195 | 196 | 195 | 196 | |
| % Growth | 13% | 79% | 7% | 0% | 0% | |||
| Net Income to Common | 161 | 192 | 202 | 258 | 226 | 258 | 226 | |
| % Growth | 19% | 5% | 27% | -12% | -12% | |||
| Payout Ratio | 56% | 53% | 90% | 76% | 87% | 76% | 87% | |
| Retention Ratio | 44% | 47% | 10% | 24% | 13% | 24% | 13% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 1,309 | 1,269 | 3,823 | 3,797 | 2,566 | 3,797 | 2,566 | |
| Shareholder's Equity | 1,960 | 1,987 | 3,074 | 3,228 | 3,304 | 3,228 | 3,304 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 67% | 64% | 124% | 118% | 78% | 118% | 78% | |
| 3-Yr Avg. Dividend Growth | 28.9% | |||||||
| 5-Yr Median Payout Ratio | 75.8% | |||||||