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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.093 - €0.11 | €0.10 |
| Adjusted Dividend Yield | 2.8% - 3.4% | 3.2% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.1% - 7.1% | 8.1% |
| Fair Value | €2.22 - €6.12 | €3.45 |
| Upside | -31.8% - 88.3% | 5.9% |
| Calculate Adjusted Dividend | ||||||||
| (GBP in millions) | Latest | Notes | ||||||
| Net Income To Common | 146 | |||||||
| (-) Cash Dividends Paid | (95) | |||||||
| (=) Cash Retained | 51 | 35.1% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 146 | 146 | 146 | |||||
| (=) Cash Required | 29 | 18 | 11 | |||||
| Cash Retained | 51 | 51 | 51 | |||||
| (-) Cash Required | (29) | (18) | (11) | |||||
| (=) Excess Retained | 22 | 33 | 40 | |||||
| (/) FX Rate Adjustment | 0.85 | 0.85 | 0.85 | |||||
| (=) Excess Retained (EUR) | 26 | 39 | 47 | |||||
| (/) Shares Outstanding | 1,301.0 | 1,301.0 | 1,301.0 | |||||
| (=) Excess Retained per Share | 0.02 | 0.03 | 0.04 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.07 | 0.07 | 0.07 | |||||
| (+) Excess Retained per Share | 0.02 | 0.03 | 0.04 | |||||
| Adjusted Dividend | 0.09 | 0.10 | 0.11 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.10 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.1% | 7.6% | 8.1% | 8.6% | 9.1% | |||
| 3.0% | 2.56 | 2.28 | 2.06 | 1.88 | 1.72 | |||
| 4.0% | 3.41 | 2.94 | 2.59 | 2.31 | 2.08 | |||
| 5.0% | 5.07 | 4.10 | 3.45 | 2.97 | 2.61 | |||
| 6.0% | 9.66 | 6.69 | 5.11 | 4.14 | 3.48 | |||
| 7.0% | NM | NM | 9.75 | 6.75 | 5.16 | |||