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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 1.8% - 2.3% | 2.0% |
| Discount Rate | 20.1% - 19.1% | 19.6% |
| Fair Value | €9.61 - €10.47 | €10.02 |
| Upside | 18.3% - 28.9% | 23.4% |
| 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 | 5,879 | 5,189 | 6,249 | 6,248 | 10,677 | 11,667 | 11,667 | |
| % Growth | 35.2% | -11.7% | 20.4% | 0.0% | 70.9% | 9.3% | ||
| Payout Ratio | 40.8% | 51.0% | 61.0% | 71.0% | 81.0% | 90.0% | 92.5% | |
| Projected Dividends | 2,398 | 2,646 | 3,812 | 4,436 | 8,648 | 10,500 | 10,792 | |
| % Growth | 10.3% | 44.0% | 16.4% | 94.9% | 21.4% | |||
| 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 | 596 | 403 | 2,009 | 2,398 | 2,398 | 2,398 | 2,398 | |
| % Growth | -32% | 399% | 19% | 0% | 0% | |||
| Net Income to Common | (1,279) | 17,937 | (1,981) | 4,347 | 5,879 | 4,347 | 5,879 | |
| % Growth | NM | NM | NM | 35% | 35% | |||
| Payout Ratio | -47% | 2% | -101% | 55% | 41% | 55% | 41% | |
| Retention Ratio | 147% | 98% | 201% | 45% | 59% | 45% | 59% | |
| Adjusted EBITDA | 3,197 | 12,677 | 14,573 | 11,916 | 11,067 | 11,916 | 11,067 | |
| % Growth | 297% | 15% | -18% | -7% | -7% | |||
| Total Debt | 162,998 | 139,485 | 140,474 | 151,107 | 160,862 | 151,107 | 160,862 | |
| Shareholder's Equity | 30,690 | 48,519 | 43,242 | 42,773 | 44,835 | 42,773 | 44,835 | |
| Debt / EBITDA | 51.0 | 11.0 | 9.6 | 12.7 | 14.5 | 15.7 | ||
| Debt / Equity | 531% | 287% | 325% | 353% | 359% | 353% | 359% | |
| 3-Yr Avg. Dividend Growth | 139.3% | |||||||
| 5-Yr Median Payout Ratio | 2.2% | |||||||