Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 8.8% - 9.3% | 9.0% |
| Discount Rate | 15.8% - 14.8% | 15.3% |
| Fair Value | €17.85 - €22.14 | €19.74 |
| Upside | 56.6% - 94.2% | 73.1% |
| 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 | 303 | 387 | 460 | 542 | 563 | 585 | 585 | |
| % Growth | -6.8% | 27.9% | 18.7% | 17.8% | 3.9% | 4.0% | ||
| Payout Ratio | 142.6% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 432 | 432 | 414 | 487 | 506 | 527 | 541 | |
| % Growth | 0.0% | -4.2% | 17.8% | 3.9% | 4.0% | |||
| 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 | 381 | 365 | 205 | 422 | 432 | 422 | 432 | |
| % Growth | -4% | -44% | 106% | 2% | 2% | |||
| Net Income to Common | (98) | 586 | 342 | 325 | 303 | 325 | 303 | |
| % Growth | NM | -42% | -5% | -7% | -7% | |||
| Payout Ratio | -389% | 62% | 60% | 130% | 143% | 130% | 143% | |
| Retention Ratio | 489% | 38% | 40% | -30% | -43% | -30% | -43% | |
| Adjusted EBITDA | 627 | 984 | 875 | 916 | 748 | 916 | 748 | |
| % Growth | 57% | -11% | 5% | -18% | -18% | |||
| Total Debt | 2,313 | 3,516 | 3,786 | 3,753 | 3,559 | 3,753 | 3,559 | |
| Shareholder's Equity | 3,209 | 3,790 | 3,881 | 3,595 | 3,576 | 3,595 | 3,576 | |
| Debt / EBITDA | 3.7 | 3.6 | 4.3 | 4.1 | 4.8 | 6.1 | ||
| Debt / Equity | 72% | 93% | 98% | 104% | 100% | 104% | 100% | |
| 3-Yr Avg. Dividend Growth | 21.6% | |||||||
| 5-Yr Median Payout Ratio | 62.3% | |||||||