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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | €62.68 - €94.69 | €75.48 |
| Upside | 38.5% - 109.2% | 66.7% |
| 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 | 1,072 | 1,049 | 1,238 | 1,462 | 1,831 | 2,263 | 2,263 | |
| % Growth | 62.9% | -2.1% | 17.9% | 18.1% | 25.2% | 23.6% | ||
| Payout Ratio | 15.0% | 30.0% | 45.0% | 60.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 161 | 315 | 557 | 877 | 1,373 | 2,036 | 2,093 | |
| % Growth | 95.5% | 76.9% | 57.5% | 56.6% | 48.3% | |||
| 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 | 80 | 0 | 79 | 81 | 161 | 0 | 6 | |
| % Growth | -100% | NM | 3% | 99% | NM | |||
| Net Income to Common | 241 | 586 | 927 | 658 | 1,072 | 447 | 377 | |
| % Growth | 143% | 58% | -29% | 63% | -16% | |||
| Payout Ratio | 33% | 0% | 9% | 12% | 15% | 0% | 2% | |
| Retention Ratio | 67% | 100% | 91% | 88% | 85% | 100% | 98% | |
| Adjusted EBITDA | 1,294 | 1,347 | 1,386 | 1,473 | 1,862 | 341 | 351 | |
| % Growth | 4% | 3% | 6% | 26% | 3% | |||
| Total Debt | 5,730 | 5,684 | 4,614 | 4,930 | 4,700 | 4,966 | 4,206 | |
| Shareholder's Equity | 5,267 | 6,428 | 7,183 | 7,800 | 8,990 | 8,327 | 9,328 | |
| Debt / EBITDA | 4.4 | 4.2 | 3.3 | 3.3 | 2.5 | 2.2 | ||
| Debt / Equity | 109% | 88% | 64% | 63% | 52% | 60% | 45% | |
| 3-Yr Avg. Dividend Growth | 50.6% | |||||||
| 5-Yr Median Payout Ratio | 12.3% | |||||||