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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €2.71 - €3.11 | €2.95 |
| Adjusted Dividend Yield | 3.7% - 4.2% | 4.0% |
| Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
| Discount Rate | 13.8% - 11.8% | 12.8% |
| Fair Value | €44.69 - €83.84 | €60.42 |
| Upside | -39.0% - 14.4% | -17.6% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 424 | |||||||
| (-) Cash Dividends Paid | (119) | |||||||
| (=) Cash Retained | 305 | 71.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 424 | 424 | 424 | |||||
| (=) Cash Required | 85 | 53 | 32 | |||||
| Cash Retained | 305 | 305 | 305 | |||||
| (-) Cash Required | (85) | (53) | (32) | |||||
| (=) Excess Retained | 220 | 252 | 273 | |||||
| (/) FX Rate Adjustment | 1.13 | 1.13 | 1.13 | |||||
| (=) Excess Retained (EUR) | 194 | 222 | 241 | |||||
| (/) Shares Outstanding | 115.6 | 115.6 | 115.6 | |||||
| (=) Excess Retained per Share | 1.68 | 1.92 | 2.08 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.03 | 1.03 | 1.03 | |||||
| (+) Excess Retained per Share | 1.68 | 1.92 | 2.08 | |||||
| Adjusted Dividend | 2.71 | 2.95 | 3.11 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 2.95 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 11.8% | 12.3% | 12.8% | 13.3% | 13.8% | |||
| 5.5% | 49.81 | 46.12 | 42.94 | 40.17 | 37.73 | |||
| 6.5% | 59.86 | 54.65 | 50.28 | 46.56 | 43.35 | |||
| 7.5% | 74.64 | 66.78 | 60.42 | 55.17 | 50.75 | |||
| 8.5% | 98.51 | 85.38 | 75.33 | 67.40 | 60.98 | |||
| 9.5% | 143.61 | 117.50 | 99.42 | 86.16 | 76.03 | |||