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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 14.6% - 13.6% | 14.1% |
| Fair Value | €1.74 - €1.88 | €1.80 |
| Upside | -9.8% - -2.4% | -6.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Terminal | |
| Net Income to Common | 855 | 1,883 | 1,796 | 1,716 | 2,162 | 2,202 | 2,202 | |
| % Growth | -55.1% | 120.2% | -4.6% | -4.5% | 26.0% | 1.9% | ||
| Payout Ratio | 88.8% | 89.0% | 89.0% | 89.0% | 89.0% | 90.0% | 92.5% | |
| Projected Dividends | 759 | 1,675 | 1,598 | 1,527 | 1,924 | 1,982 | 2,037 | |
| % Growth | 120.7% | -4.6% | -4.5% | 26.0% | 3.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Sep-23 | Sep-24 | |
| Cash Dividends Paid | 1,520 | 2 | 228 | 751 | 759 | 532 | 556 | |
| % Growth | -100% | 11300% | 229% | 1% | 5% | |||
| Net Income to Common | 1,734 | 1,472 | 1,274 | 1,905 | 855 | 844 | 755 | |
| % Growth | -15% | -13% | 50% | -55% | -11% | |||
| Payout Ratio | 88% | 0% | 18% | 39% | 89% | 63% | 74% | |
| Retention Ratio | 12% | 100% | 82% | 61% | 11% | 37% | 26% | |
| Adjusted EBITDA | 6,549 | 5,955 | 6,188 | 6,484 | 6,457 | 3,697 | 3,688 | |
| % Growth | -9% | 4% | 5% | 0% | 0% | |||
| Total Debt | 25,894 | 22,837 | 21,945 | 23,880 | 23,481 | 24,944 | 23,627 | |
| Shareholder's Equity | 14,763 | 11,679 | 15,296 | 14,514 | 12,518 | 13,639 | 12,527 | |
| Debt / EBITDA | 4.0 | 3.8 | 3.5 | 3.7 | 3.6 | 3.7 | ||
| Debt / Equity | 175% | 196% | 143% | 165% | 188% | 183% | 189% | |
| 3-Yr Avg. Dividend Growth | 3843.5% | |||||||
| 5-Yr Median Payout Ratio | 39.4% | |||||||