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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 14.8% - 13.8% | 14.3% |
| Fair Value | €2.13 - €2.30 | €2.20 |
| Upside | -43.4% - -39.0% | -41.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 801 | 1,236 | 1,230 | 1,177 | 1,231 | 1,318 | 1,318 | |
| % Growth | -15.9% | 54.3% | -0.5% | -4.3% | 4.6% | 7.0% | ||
| Payout Ratio | 101.3% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 812 | 1,112 | 1,107 | 1,059 | 1,108 | 1,186 | 1,219 | |
| % Growth | 37.1% | -0.5% | -4.3% | 4.6% | 7.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 691 | 750 | 750 | 791 | 812 | 0 | 0 | |
| % Growth | 9% | 0% | 6% | 3% | NM | |||
| Net Income to Common | 801 | 657 | 679 | 952 | 801 | 354 | 428 | |
| % Growth | -18% | 3% | 40% | -16% | 21% | |||
| Payout Ratio | 86% | 114% | 110% | 83% | 101% | 0% | 0% | |
| Retention Ratio | 14% | -14% | -10% | 17% | -1% | 100% | 100% | |
| Adjusted EBITDA | 2,748 | 2,434 | 3,443 | 3,883 | 3,885 | 1,041 | 1,212 | |
| % Growth | -11% | 41% | 13% | 0% | 16% | |||
| Total Debt | 17,939 | 18,349 | 22,146 | 22,683 | 23,608 | 22,293 | 23,694 | |
| Shareholder's Equity | 9,583 | 9,323 | 8,883 | 11,553 | 11,548 | 11,845 | 11,838 | |
| Debt / EBITDA | 6.5 | 7.5 | 6.4 | 5.8 | 6.1 | 5.8 | ||
| Debt / Equity | 187% | 197% | 249% | 196% | 204% | 188% | 200% | |
| 3-Yr Avg. Dividend Growth | 2.7% | |||||||
| 5-Yr Median Payout Ratio | 101.3% | |||||||