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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.3% - 8.2% | 8.8% |
| Fair Value | €205.84 - €330.46 | €253.76 |
| Upside | 45.8% - 134.0% | 79.7% |
| 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 | 54 | 60 | 70 | 86 | 105 | 112 | 112 | |
| % Growth | 56.2% | 11.0% | 16.7% | 22.9% | 21.6% | 7.5% | ||
| Payout Ratio | 22.6% | 36.0% | 49.0% | 62.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 12 | 22 | 34 | 53 | 78 | 101 | 104 | |
| % Growth | 76.9% | 58.8% | 55.5% | 47.1% | 29.0% | |||
| 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 | 8 | 8 | 10 | 11 | 12 | 12 | 18 | |
| % Growth | 2% | 30% | 5% | 14% | 49% | |||
| Net Income to Common | 20 | 28 | 30 | 35 | 54 | 27 | 30 | |
| % Growth | 40% | 9% | 15% | 56% | 14% | |||
| Payout Ratio | 39% | 28% | 34% | 31% | 23% | 46% | 60% | |
| Retention Ratio | 61% | 72% | 66% | 69% | 77% | 54% | 40% | |
| Adjusted EBITDA | 52 | 59 | 52 | 77 | 98 | 50 | 57 | |
| % Growth | 13% | -11% | 48% | 28% | 15% | |||
| Total Debt | 69 | 56 | 100 | 62 | 53 | 58 | 48 | |
| Shareholder's Equity | 67 | 88 | 144 | 162 | 206 | 181 | 217 | |
| Debt / EBITDA | 1.3 | 0.9 | 1.9 | 0.8 | 0.5 | 0.5 | ||
| Debt / Equity | 103% | 63% | 70% | 39% | 26% | 32% | 22% | |
| 3-Yr Avg. Dividend Growth | 16.4% | |||||||
| 5-Yr Median Payout Ratio | 30.9% | |||||||