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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €9.54 - €10.90 | €10.35 |
| Adjusted Dividend Yield | 4.3% - 5.0% | 4.7% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | €200.73 - €461.10 | €291.32 |
| Upside | -8.6% - 110.0% | 32.7% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 7,949 | |||||||
| (-) Cash Dividends Paid | (3,583) | |||||||
| (=) Cash Retained | 4,366 | 54.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 7,949 | 7,949 | 7,949 | |||||
| (=) Cash Required | 1,590 | 994 | 596 | |||||
| Cash Retained | 4,366 | 4,366 | 4,366 | |||||
| (-) Cash Required | (1,590) | (994) | (596) | |||||
| (=) Excess Retained | 2,776 | 3,372 | 3,770 | |||||
| (/) FX Rate Adjustment | 1.16 | 1.16 | 1.16 | |||||
| (=) Excess Retained (EUR) | 2,387 | 2,899 | 3,241 | |||||
| (/) Shares Outstanding | 626.0 | 626.0 | 626.0 | |||||
| (=) Excess Retained per Share | 3.81 | 4.63 | 5.18 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 5.72 | 5.72 | 5.72 | |||||
| (+) Excess Retained per Share | 3.81 | 4.63 | 5.18 | |||||
| Adjusted Dividend | 9.54 | 10.35 | 10.90 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 10.35 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.3% | 8.8% | 9.3% | 9.8% | 10.3% | |||
| 3.5% | 225.63 | 204.14 | 186.39 | 171.48 | 158.77 | |||
| 4.5% | 288.55 | 254.61 | 227.81 | 206.11 | 188.19 | |||
| 5.5% | 397.25 | 336.13 | 291.32 | 257.04 | 229.99 | |||
| 6.5% | 630.16 | 490.13 | 401.01 | 339.32 | 294.08 | |||
| 7.5% | NM | 890.51 | 636.08 | 494.73 | 404.78 | |||