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Metrics | Range | Conclusion |
---|---|---|
Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
Discount Rate | 13.1% - 12.1% | 12.6% |
Fair Value | €18.96 - €25.31 | €21.67 |
Upside | 2.5% - 36.9% | 17.2% |
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 | 354 | 267 | 384 | 442 | 451 | 460 | 460 | |
% Growth | -1.6% | -24.5% | 43.6% | 15.2% | 2.0% | 2.0% | ||
Payout Ratio | 22.2% | 36.0% | 50.0% | 64.0% | 78.0% | 90.0% | 92.5% | |
Projected Dividends | 79 | 96 | 192 | 283 | 352 | 414 | 426 | |
% Growth | 22.4% | 99.5% | 47.5% | 24.3% | 17.7% |
Historical Performance | ||||||||
Fiscal Year Ending | YTD | YTD | ||||||
(USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
Cash Dividends Paid | 0 | 51 | 55 | 75 | 79 | 19 | 0 | |
% Growth | NM | 8% | 36% | 5% | -100% | |||
Net Income to Common | 338 | 643 | 766 | 360 | 354 | 59 | 21 | |
% Growth | 90% | 19% | -53% | -2% | -64% | |||
Payout Ratio | 0% | 8% | 7% | 21% | 22% | 33% | 0% | |
Retention Ratio | 100% | 92% | 93% | 79% | 78% | 67% | 100% | |
Adjusted EBITDA | 986 | 1,328 | 1,511 | 1,101 | 1,033 | 218 | 185 | |
% Growth | 35% | 14% | -27% | -6% | -15% | |||
Total Debt | 1,301 | 1,317 | 1,490 | 1,399 | 1,423 | 1,334 | 1,403 | |
Shareholder's Equity | 2,326 | 2,942 | 3,669 | 3,962 | 4,150 | 3,997 | 4,156 | |
Debt / EBITDA | 1.3 | 1.0 | 1.0 | 1.3 | 1.4 | 1.4 | ||
Debt / Equity | 56% | 45% | 41% | 35% | 34% | 33% | 34% | |
3-Yr Avg. Dividend Growth | 16.1% | |||||||
5-Yr Median Payout Ratio | 8.0% |