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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.72 - €0.73 | €0.72 |
| Adjusted Dividend Yield | 3.8% - 3.9% | 3.8% |
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.9% - 10.9% | 11.9% |
| Fair Value | €12.56 - €21.61 | €15.82 |
| Upside | -33.3% - 14.8% | -16.0% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 46 | |||||||
| (-) Cash Dividends Paid | (42) | |||||||
| (=) Cash Retained | 4 | 8.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 46 | 46 | 46 | |||||
| (=) Cash Required | 9 | 6 | 3 | |||||
| Cash Retained | 4 | 4 | 4 | |||||
| (-) Cash Required | (9) | (6) | (3) | |||||
| (=) Excess Retained | 0 | 0 | 1 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 0 | 0 | 1 | |||||
| (/) Shares Outstanding | 58.1 | 58.1 | 58.1 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.01 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.72 | 0.72 | 0.72 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.01 | |||||
| Adjusted Dividend | 0.72 | 0.72 | 0.73 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.72 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.9% | 11.4% | 11.9% | 12.4% | 12.9% | |||
| 5.0% | 12.88 | 11.87 | 11.01 | 10.26 | 9.61 | |||
| 6.0% | 15.67 | 14.21 | 13.00 | 11.98 | 11.11 | |||
| 7.0% | 19.90 | 17.63 | 15.82 | 14.35 | 13.13 | |||
| 8.0% | 27.08 | 23.06 | 20.09 | 17.79 | 15.97 | |||
| 9.0% | 41.90 | 33.08 | 27.33 | 23.28 | 20.27 | |||