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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 7.8% - 8.3% | 8.0% |
| Discount Rate | 13.5% - 12.5% | 13.0% |
| Fair Value | €292.60 - €394.91 | €336.08 |
| Upside | 63.5% - 120.6% | 87.8% |
| 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 | 512 | 715 | 778 | 813 | 796 | 816 | 816 | |
| % Growth | -24.0% | 39.8% | 8.8% | 4.4% | -2.1% | 2.5% | ||
| Payout Ratio | 0.3% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 1 | 129 | 280 | 439 | 573 | 734 | 755 | |
| % Growth | 9098.5% | 117.6% | 56.7% | 30.5% | 28.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 17 | 2 | 2 | 2 | 1 | 1 | 0 | |
| % Growth | -90% | -6% | -6% | -7% | -100% | |||
| Net Income to Common | 202 | 566 | 1,146 | 673 | 512 | 226 | 157 | |
| % Growth | 180% | 103% | -41% | -24% | -31% | |||
| Payout Ratio | 8% | 0% | 0% | 0% | 0% | 0% | 0% | |
| Retention Ratio | 92% | 100% | 100% | 100% | 100% | 100% | 100% | |
| Adjusted EBITDA | 770 | 945 | 838 | 746 | 709 | 364 | 305 | |
| % Growth | 23% | -11% | -11% | -5% | -16% | |||
| Total Debt | 2,312 | 2,490 | 2,535 | 2,538 | 2,798 | 2,718 | 2,790 | |
| Shareholder's Equity | 2,780 | 2,786 | 3,230 | 3,588 | 3,345 | 3,331 | 3,239 | |
| Debt / EBITDA | 3.0 | 2.6 | 3.0 | 3.4 | 3.9 | 4.3 | ||
| Debt / Equity | 83% | 89% | 78% | 71% | 84% | 82% | 86% | |
| 3-Yr Avg. Dividend Growth | -6.3% | |||||||
| 5-Yr Median Payout Ratio | 0.3% | |||||||