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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.4% - 10.4% | 10.9% |
| Fair Value | €67.26 - €94.95 | €78.73 |
| Upside | -35.3% - -8.7% | -24.3% |
| 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 | 45 | 44 | 51 | 57 | 66 | 76 | 76 | |
| % Growth | 27.1% | -2.9% | 14.7% | 13.1% | 15.2% | 15.6% | ||
| Payout Ratio | 59.0% | 65.0% | 71.0% | 77.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 27 | 34 | 36 | 44 | 55 | 69 | 71 | |
| % Growth | 26.4% | 6.1% | 22.7% | 24.2% | 25.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 10 | 13 | 14 | 23 | 27 | 27 | 34 | |
| % Growth | 31% | 9% | 55% | 19% | 26% | |||
| Net Income to Common | 18 | 19 | 19 | 36 | 45 | 21 | 22 | |
| % Growth | 9% | 0% | 85% | 27% | 2% | |||
| Payout Ratio | 57% | 69% | 75% | 63% | 59% | 126% | 156% | |
| Retention Ratio | 43% | 31% | 25% | 37% | 41% | -26% | -56% | |
| Adjusted EBITDA | 27 | 28 | 32 | 53 | 65 | 31 | 33 | |
| % Growth | 5% | 11% | 67% | 23% | 6% | |||
| Total Debt | 10 | 11 | 10 | 8 | 7 | 7 | 7 | |
| Shareholder's Equity | 32 | 40 | 48 | 62 | 80 | 56 | 68 | |
| Debt / EBITDA | 0.4 | 0.4 | 0.3 | 0.2 | 0.1 | 0.1 | ||
| Debt / Equity | 32% | 27% | 21% | 14% | 8% | 13% | 11% | |
| 3-Yr Avg. Dividend Growth | 27.9% | |||||||
| 5-Yr Median Payout Ratio | 62.9% | |||||||