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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | €2.13 - €2.42 | €2.24 |
| Upside | -3.2% - 10.1% | 2.0% |
| 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 | 1,028 | 876 | 633 | 681 | 695 | 709 | 709 | |
| % Growth | 93.5% | -14.9% | -27.7% | 7.6% | 2.0% | 2.0% | ||
| Payout Ratio | 54.2% | 61.0% | 68.0% | 75.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 558 | 558 | 430 | 511 | 570 | 638 | 656 | |
| % Growth | 0.0% | -22.8% | 18.7% | 11.5% | 12.0% | |||
| 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 | 272 | 552 | 1,574 | 752 | 558 | 752 | 558 | |
| % Growth | 103% | 185% | -52% | -26% | -26% | |||
| Net Income to Common | 352 | 1,163 | 1,944 | 531 | 1,028 | 531 | 1,028 | |
| % Growth | 231% | 67% | -73% | 94% | 94% | |||
| Payout Ratio | 77% | 47% | 81% | 142% | 54% | 142% | 54% | |
| Retention Ratio | 23% | 53% | 19% | -42% | 46% | -42% | 46% | |
| Adjusted EBITDA | 417 | 1,243 | 1,896 | 584 | 1,109 | 584 | 1,109 | |
| % Growth | 198% | 53% | -69% | 90% | 90% | |||
| Total Debt | 584 | 544 | 516 | 371 | 389 | 371 | 389 | |
| Shareholder's Equity | 1,184 | 1,502 | 2,151 | 1,915 | 2,404 | 1,915 | 2,404 | |
| Debt / EBITDA | 1.4 | 0.4 | 0.3 | 0.6 | 0.4 | 0.2 | ||
| Debt / Equity | 49% | 36% | 24% | 19% | 16% | 19% | 16% | |
| 3-Yr Avg. Dividend Growth | 35.7% | |||||||
| 5-Yr Median Payout Ratio | 77.4% | |||||||