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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.3% - 4.8% | 4.5% |
| Discount Rate | 11.9% - 10.9% | 11.4% |
| Fair Value | €0.87 - €1.07 | €0.96 |
| Upside | -54.7% - -44.3% | -50.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | (48) | 56 | 61 | 64 | 47 | 57 | 57 | |
| % Growth | NM | 272.1% | 7.6% | 5.5% | -27.3% | 23.4% | ||
| Payout Ratio | NM | 90.0% | 50.0% | 50.0% | 50.0% | 90.0% | 92.5% | |
| Projected Dividends | 19 | 51 | 30 | 32 | 23 | 52 | 53 | |
| % Growth | 170.3% | -40.2% | 5.5% | -27.3% | 122.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 0 | 0 | 0 | 19 | 0 | 19 | |
| % Growth | NM | NM | NM | NM | NM | |||
| Net Income to Common | (67) | (8) | (63) | 28 | (48) | 28 | (48) | |
| % Growth | NM | NM | NM | NM | NM | |||
| Payout Ratio | 0% | 0% | 0% | 0% | -39% | 0% | -39% | |
| Retention Ratio | 100% | 100% | 100% | 100% | 139% | 100% | 139% | |
| Adjusted EBITDA | 127 | 136 | 138 | 141 | 163 | 141 | 163 | |
| % Growth | 7% | 1% | 2% | 16% | 16% | |||
| Total Debt | 561 | 524 | 454 | 301 | 254 | 301 | 254 | |
| Shareholder's Equity | 860 | 901 | 784 | 847 | 757 | 847 | 757 | |
| Debt / EBITDA | 4.4 | 3.8 | 3.3 | 2.1 | 1.6 | 1.4 | ||
| Debt / Equity | 65% | 58% | 58% | 36% | 34% | 36% | 34% | |
| 3-Yr Avg. Dividend Growth | NA | |||||||
| 5-Yr Median Payout Ratio | 0.0% | |||||||