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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Fair Value | €155.58 - €226.47 | €184.38 |
| Upside | -9.0% - 32.4% | 7.8% |
| 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 | 3,194 | 2,568 | 2,777 | 2,980 | 3,146 | 3,372 | 3,372 | |
| % Growth | 67.8% | -19.6% | 8.1% | 7.3% | 5.6% | 7.2% | ||
| Payout Ratio | 23.8% | 37.0% | 50.0% | 63.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 760 | 950 | 1,388 | 1,877 | 2,391 | 3,035 | 3,119 | |
| % Growth | 25.0% | 46.1% | 35.2% | 27.3% | 26.9% | |||
| 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 | 625 | 647 | 685 | 725 | 760 | 564 | 594 | |
| % Growth | 4% | 6% | 6% | 5% | 5% | |||
| Net Income to Common | (259) | 2,255 | 2,427 | 1,904 | 3,194 | 2,918 | 1,179 | |
| % Growth | NM | 8% | -22% | 68% | -60% | |||
| Payout Ratio | -241% | 29% | 28% | 38% | 24% | 19% | 50% | |
| Retention Ratio | 341% | 71% | 72% | 62% | 76% | 81% | 50% | |
| Adjusted EBITDA | 2,456 | 3,479 | 3,768 | 3,452 | 3,762 | 2,797 | 3,025 | |
| % Growth | 42% | 8% | -8% | 9% | 8% | |||
| Total Debt | 4,704 | 4,633 | 4,640 | 4,619 | 4,743 | 4,225 | 6,056 | |
| Shareholder's Equity | 9,383 | 10,634 | 10,802 | 11,551 | 12,355 | 12,632 | 12,381 | |
| Debt / EBITDA | 1.9 | 1.3 | 1.2 | 1.3 | 1.3 | 1.5 | ||
| Debt / Equity | 50% | 44% | 43% | 40% | 38% | 33% | 49% | |
| 3-Yr Avg. Dividend Growth | 5.5% | |||||||
| 5-Yr Median Payout Ratio | 28.2% | |||||||