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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 9.3% - 9.8% | 9.5% |
| Discount Rate | 16.3% - 15.3% | 15.8% |
| Fair Value | €17.76 - €22.46 | €19.83 |
| Upside | 71.0% - 116.1% | 90.9% |
| 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 | 225 | 113 | 316 | 375 | 433 | 470 | 470 | |
| % Growth | -1.4% | -49.8% | 179.6% | 18.7% | 15.4% | 8.7% | ||
| Payout Ratio | 68.7% | 73.0% | 77.0% | 81.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 155 | 82 | 243 | 304 | 368 | 423 | 435 | |
| % Growth | -46.6% | 195.0% | 24.8% | 21.1% | 15.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 135 | 135 | 130 | 75 | 155 | 77 | 77 | |
| % Growth | 0% | -4% | -42% | 107% | 0% | |||
| Net Income to Common | 49 | 572 | 556 | 228 | 225 | 114 | (18) | |
| % Growth | 1066% | -3% | -59% | -1% | NM | |||
| Payout Ratio | 276% | 24% | 23% | 33% | 69% | 67% | -441% | |
| Retention Ratio | -176% | 76% | 77% | 67% | 31% | 33% | 541% | |
| Adjusted EBITDA | 399 | 978 | 1,262 | 714 | 355 | 236 | 208 | |
| % Growth | 145% | 29% | -43% | -50% | -12% | |||
| Total Debt | 1,716 | 1,871 | 2,004 | 2,154 | 2,401 | 2,386 | 2,365 | |
| Shareholder's Equity | 1,572 | 2,155 | 2,474 | 2,408 | 2,527 | 2,528 | 2,154 | |
| Debt / EBITDA | 4.3 | 1.9 | 1.6 | 3.0 | 6.8 | 7.3 | ||
| Debt / Equity | 109% | 87% | 81% | 89% | 95% | 94% | 110% | |
| 3-Yr Avg. Dividend Growth | 20.1% | |||||||
| 5-Yr Median Payout Ratio | 32.8% | |||||||