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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.81 - 0.96 | 0.89 |
| Cost Equity | 8.3% - 9.5% | 8.9% |
| Tax Rate | 24.0% - 24.0% | 24.0% |
| Cost Debt Aftax | 4.2% - 4.6% | 4.4% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.81 | 0.96 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 4.1% | 4.8% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.13% | 0.25% | Size & Country Default Risk | |||
| Cost of Equity | 8.25% | 9.50% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 141 | 141 | 156 | 198 | 253 |
| Total Debt | total_debt | 11,895 | 13,016 | 12,204 | 11,657 | 13,216 |
| Effective Interest Rate | 1.1% | 1.2% | 1.7% | 2.0% | ||
| Average Effective Interest Rate | 1.6% | |||||