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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.3% - 3.8% | 3.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | €67.32 - €87.25 | €75.98 |
| Upside | -34.6% - -15.3% | -26.2% |
| 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 | 810 | 739 | 723 | 780 | 847 | 877 | 877 | |
| % Growth | 7.6% | -8.8% | -2.1% | 7.9% | 8.5% | 3.6% | ||
| Payout Ratio | 25.2% | 38.0% | 51.0% | 64.0% | 77.0% | 90.0% | 92.5% | |
| Projected Dividends | 204 | 281 | 369 | 499 | 652 | 790 | 812 | |
| % Growth | 37.6% | 31.4% | 35.4% | 30.6% | 21.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 175 | 196 | 214 | 202 | 204 | 0 | 0 | |
| % Growth | 12% | 9% | -6% | 1% | NM | |||
| Net Income to Common | 696 | 1,415 | 1,357 | 753 | 810 | 169 | 204 | |
| % Growth | 103% | -4% | -45% | 8% | 20% | |||
| Payout Ratio | 25% | 14% | 16% | 27% | 25% | 0% | 0% | |
| Retention Ratio | 75% | 86% | 84% | 73% | 75% | 100% | 100% | |
| Adjusted EBITDA | 997 | 1,961 | 1,947 | 1,008 | 1,102 | 230 | 280 | |
| % Growth | 97% | -1% | -48% | 9% | 22% | |||
| Total Debt | 438 | 468 | 518 | 528 | 569 | 565 | 588 | |
| Shareholder's Equity | 2,660 | 3,494 | 3,110 | 2,390 | 2,223 | 2,195 | 2,286 | |
| Debt / EBITDA | 0.4 | 0.2 | 0.3 | 0.5 | 0.5 | 0.5 | ||
| Debt / Equity | 16% | 13% | 17% | 22% | 26% | 26% | 26% | |
| 3-Yr Avg. Dividend Growth | 1.6% | |||||||
| 5-Yr Median Payout Ratio | 25.1% | |||||||