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Metrics | Range | Conclusion |
---|---|---|
Adjusted Dividend | €2.21 - €2.54 | €2.40 |
Adjusted Dividend Yield | 7.0% - 8.1% | 7.7% |
Perpetuity Growth Rate | 9.3% - 9.8% | 9.5% |
Discount Rate | 17.1% - 15.1% | 16.1% |
Fair Value | €30.61 - €51.78 | €39.74 |
Upside | -2.5% - 64.9% | 26.6% |
Calculate Adjusted Dividend | ||||||||
(USD in millions) | Latest | Notes | ||||||
Net Income To Common | 305 | |||||||
(-) Cash Dividends Paid | (67) | |||||||
(=) Cash Retained | 238 | 78.0% | ||||||
Low | Mid | High | ||||||
Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
Adj Net Income | 305 | 305 | 305 | |||||
(=) Cash Required | 61 | 38 | 23 | |||||
Cash Retained | 238 | 238 | 238 | |||||
(-) Cash Required | (61) | (38) | (23) | |||||
(=) Excess Retained | 177 | 200 | 215 | |||||
(/) FX Rate Adjustment | 1.17 | 1.17 | 1.17 | |||||
(=) Excess Retained (EUR) | 151 | 171 | 184 | |||||
(/) Shares Outstanding | 99.1 | 99.1 | 99.1 | |||||
(=) Excess Retained per Share | 1.53 | 1.73 | 1.86 | |||||
Low | Mid | High | ||||||
LTM Dividend per Share | 0.68 | 0.68 | 0.68 | |||||
(+) Excess Retained per Share | 1.53 | 1.73 | 1.86 | |||||
Adjusted Dividend | 2.21 | 2.40 | 2.54 |
Sensitivity Analysis | ||||||||
Adjusted Dividend | 2.40 | |||||||
Cost of Equity | ||||||||
Growth Rate | 15.1% | 15.6% | 16.1% | 16.6% | 17.1% | |||
7.5% | 33.90 | 31.81 | 29.97 | 28.32 | 26.85 | |||
8.5% | 39.37 | 36.61 | 34.21 | 32.11 | 30.24 | |||
9.5% | 46.80 | 42.98 | 39.74 | 36.95 | 34.53 | |||
10.5% | 57.44 | 51.84 | 47.23 | 43.37 | 40.10 | |||
11.5% | 73.95 | 64.99 | 57.96 | 52.31 | 47.66 |