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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €3.86 - €4.45 | €4.21 |
| Adjusted Dividend Yield | 2.3% - 2.6% | 2.5% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | €81.68 - €188.97 | €119.08 |
| Upside | -52.0% - 11.1% | -30.0% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 3,765 | |||||||
| (-) Cash Dividends Paid | (785) | |||||||
| (=) Cash Retained | 2,980 | 79.2% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 3,765 | 3,765 | 3,765 | |||||
| (=) Cash Required | 753 | 471 | 282 | |||||
| Cash Retained | 2,980 | 2,980 | 2,980 | |||||
| (-) Cash Required | (753) | (471) | (282) | |||||
| (=) Excess Retained | 2,227 | 2,509 | 2,698 | |||||
| (/) FX Rate Adjustment | 1.13 | 1.13 | 1.13 | |||||
| (=) Excess Retained (EUR) | 1,979 | 2,230 | 2,397 | |||||
| (/) Shares Outstanding | 715.7 | 715.7 | 715.7 | |||||
| (=) Excess Retained per Share | 2.77 | 3.12 | 3.35 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.10 | 1.10 | 1.10 | |||||
| (+) Excess Retained per Share | 2.77 | 3.12 | 3.35 | |||||
| Adjusted Dividend | 3.86 | 4.21 | 4.45 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4.21 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.8% | 9.3% | 9.8% | 10.3% | 10.8% | |||
| 4.0% | 92.23 | 83.45 | 76.19 | 70.10 | 64.91 | |||
| 5.0% | 117.95 | 104.08 | 93.12 | 84.25 | 76.93 | |||
| 6.0% | 162.38 | 137.40 | 119.08 | 105.07 | 94.01 | |||
| 7.0% | 257.57 | 200.33 | 163.91 | 138.69 | 120.20 | |||
| 8.0% | 606.61 | 363.97 | 259.98 | 202.20 | 165.44 | |||