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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Fair Value | €44.44 - €60.55 | €51.15 |
| Upside | 20.8% - 64.5% | 39.0% |
| 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 | 4 | 69 | 73 | 75 | 76 | 78 | 78 | |
| % Growth | -87.2% | 1502.3% | 6.6% | 2.0% | 2.0% | 2.0% | ||
| Payout Ratio | 276.7% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 12 | 62 | 66 | 67 | 69 | 70 | 72 | |
| % Growth | 421.1% | 6.6% | 2.0% | 2.0% | 2.0% | |||
| 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 | 10 | 10 | 11 | 12 | 12 | 6 | 6 | |
| % Growth | 2% | 10% | 5% | 1% | 0% | |||
| Net Income to Common | 46 | 16 | (0) | 34 | 4 | (11) | 31 | |
| % Growth | -66% | NM | NM | -87% | NM | |||
| Payout Ratio | 22% | 65% | -11200% | 35% | 277% | -56% | 19% | |
| Retention Ratio | 78% | 35% | 11300% | 65% | -177% | 156% | 81% | |
| Adjusted EBITDA | 76 | 61 | 70 | 115 | 114 | 47 | 67 | |
| % Growth | -19% | 14% | 65% | -1% | 44% | |||
| Total Debt | 9 | 9 | 99 | 92 | 126 | 138 | 97 | |
| Shareholder's Equity | 643 | 651 | 627 | 653 | 638 | 633 | 675 | |
| Debt / EBITDA | 0.1 | 0.1 | 1.4 | 0.8 | 1.1 | 0.7 | ||
| Debt / Equity | 1% | 1% | 16% | 14% | 20% | 22% | 14% | |
| 3-Yr Avg. Dividend Growth | 5.3% | |||||||
| 5-Yr Median Payout Ratio | 35.2% | |||||||