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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.8% - 4.3% | 4.0% |
| Discount Rate | 12.8% - 11.8% | 12.3% |
| Fair Value | €38.43 - €45.76 | €41.76 |
| Upside | -17.2% - -1.4% | -10.0% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 199 | 168 | 203 | 225 | 230 | 234 | 234 | |
| % Growth | 18.5% | -15.6% | 20.7% | 11.1% | 2.0% | 2.0% | ||
| Payout Ratio | 39.2% | 49.0% | 59.0% | 69.0% | 79.0% | 90.0% | 92.5% | |
| Projected Dividends | 78 | 82 | 120 | 155 | 182 | 211 | 217 | |
| % Growth | 5.5% | 45.4% | 29.9% | 16.8% | 16.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 66 | 70 | 70 | 76 | 78 | 59 | 57 | |
| % Growth | 6% | 0% | 9% | 3% | -3% | |||
| Net Income to Common | (555) | 173 | 181 | 168 | 199 | 180 | (855) | |
| % Growth | NM | 5% | -7% | 18% | NM | |||
| Payout Ratio | -12% | 40% | 39% | 45% | 39% | 33% | -7% | |
| Retention Ratio | 112% | 60% | 61% | 55% | 61% | 67% | 107% | |
| Adjusted EBITDA | 354 | 439 | 551 | 409 | 388 | 288 | 247 | |
| % Growth | 24% | 26% | -26% | -5% | -14% | |||
| Total Debt | 1,989 | 2,103 | 1,383 | 1,458 | 1,468 | 1,446 | 1,485 | |
| Shareholder's Equity | 3,036 | 2,752 | 3,220 | 3,097 | 2,868 | 2,967 | 1,889 | |
| Debt / EBITDA | 5.6 | 4.8 | 2.5 | 3.6 | 3.8 | 4.3 | ||
| Debt / Equity | 66% | 76% | 43% | 47% | 51% | 49% | 79% | |
| 3-Yr Avg. Dividend Growth | 3.7% | |||||||
| 5-Yr Median Payout Ratio | 39.2% | |||||||