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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.27 - €0.31 | €0.29 |
| Adjusted Dividend Yield | 8.2% - 9.4% | 8.9% |
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 10.4% - 8.4% | 9.4% |
| Fair Value | €4.56 - €8.95 | €6.28 |
| Upside | 39.0% - 172.9% | 91.5% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 1,027 | |||||||
| (-) Cash Dividends Paid | 0 | |||||||
| (=) Cash Retained | 1,027 | 100.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 1,027 | 1,027 | 1,027 | |||||
| (=) Cash Required | 205 | 128 | 77 | |||||
| Cash Retained | 1,027 | 1,027 | 1,027 | |||||
| (-) Cash Required | (205) | (128) | (77) | |||||
| (=) Excess Retained | 822 | 899 | 950 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 822 | 899 | 950 | |||||
| (/) Shares Outstanding | 3,067.4 | 3,067.4 | 3,067.4 | |||||
| (=) Excess Retained per Share | 0.27 | 0.29 | 0.31 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
| (+) Excess Retained per Share | 0.27 | 0.29 | 0.31 | |||||
| Adjusted Dividend | 0.27 | 0.29 | 0.31 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.29 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.4% | 8.9% | 9.4% | 9.9% | 10.4% | |||
| 2.5% | 5.11 | 4.71 | 4.37 | 4.07 | 3.81 | |||
| 3.5% | 6.22 | 5.64 | 5.16 | 4.76 | 4.41 | |||
| 4.5% | 7.90 | 7.00 | 6.28 | 5.70 | 5.21 | |||
| 5.5% | 10.75 | 9.16 | 7.98 | 7.07 | 6.34 | |||
| 6.5% | NM | 13.14 | 10.85 | 9.25 | 8.05 | |||