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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | €260.04 - €387.06 | €310.84 |
| Upside | 26.8% - 88.8% | 51.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Terminal | |
| Net Income to Common | 7,265 | 8,141 | 8,682 | 9,364 | 10,286 | 11,005 | 11,005 | |
| % Growth | 5.7% | 12.1% | 6.6% | 7.9% | 9.8% | 7.0% | ||
| Payout Ratio | 44.6% | 54.0% | 63.0% | 72.0% | 81.0% | 90.0% | 92.5% | |
| Projected Dividends | 3,238 | 4,396 | 5,470 | 6,742 | 8,332 | 9,905 | 10,180 | |
| % Growth | 35.8% | 24.4% | 23.3% | 23.6% | 18.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Aug-20 | Aug-21 | Aug-22 | Aug-23 | Aug-24 | May-24 | May-25 | |
| Cash Dividends Paid | 2,035 | 2,234 | 2,455 | 2,824 | 3,238 | 2,431 | 2,776 | |
| % Growth | 10% | 10% | 15% | 15% | 14% | |||
| Net Income to Common | 5,108 | 5,907 | 6,877 | 6,872 | 7,265 | 5,580 | 6,264 | |
| % Growth | 16% | 16% | 0% | 6% | 12% | |||
| Payout Ratio | 40% | 38% | 36% | 41% | 45% | 44% | 44% | |
| Retention Ratio | 60% | 62% | 64% | 59% | 55% | 56% | 56% | |
| Adjusted EBITDA | 7,986 | 9,216 | 10,405 | 11,201 | 11,066 | 8,345 | 9,047 | |
| % Growth | 15% | 13% | 8% | -1% | 8% | |||
| Total Debt | 3,486 | 3,507 | 3,326 | 3,149 | 4,121 | 4,602 | 8,165 | |
| Shareholder's Equity | 17,001 | 19,529 | 22,106 | 25,693 | 28,289 | 27,744 | 30,555 | |
| Debt / EBITDA | 0.4 | 0.4 | 0.3 | 0.3 | 0.4 | 0.7 | ||
| Debt / Equity | 21% | 18% | 15% | 12% | 15% | 17% | 27% | |
| 3-Yr Avg. Dividend Growth | 13.2% | |||||||
| 5-Yr Median Payout Ratio | 39.8% | |||||||