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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.8% - 4.3% | 4.0% |
| Discount Rate | 15.9% - 14.9% | 15.4% |
| Fair Value | €13.46 - €15.24 | €14.29 |
| Upside | -20.0% - -9.4% | -15.0% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 | Terminal | |
| Net Income to Common | 844 | 840 | 868 | 941 | 968 | 942 | 942 | |
| % Growth | 68.1% | -0.5% | 3.3% | 8.4% | 2.9% | -2.7% | ||
| Payout Ratio | 26.7% | 39.0% | 52.0% | 65.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 225 | 328 | 451 | 611 | 755 | 848 | 871 | |
| % Growth | 45.6% | 37.8% | 35.4% | 23.5% | 12.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Feb-21 | Feb-22 | Feb-23 | Feb-24 | Feb-25 | May-24 | May-25 | |
| Cash Dividends Paid | 0 | 226 | 220 | 222 | 225 | 56 | 61 | |
| % Growth | NM | -3% | 1% | 1% | 9% | |||
| Net Income to Common | (665) | 256 | (202) | 502 | 844 | 158 | 193 | |
| % Growth | NM | NM | NM | 68% | 22% | |||
| Payout Ratio | 0% | 88% | -109% | 44% | 27% | 35% | 32% | |
| Retention Ratio | 100% | 12% | 209% | 56% | 73% | 65% | 68% | |
| Adjusted EBITDA | 229 | 1,382 | 476 | 1,129 | 1,615 | 329 | 381 | |
| % Growth | 503% | -66% | 137% | 43% | 16% | |||
| Total Debt | 7,664 | 6,251 | 6,020 | 5,441 | 5,475 | 5,500 | 5,486 | |
| Shareholder's Equity | 2,614 | 2,722 | 2,233 | 2,595 | 3,264 | 2,707 | 3,321 | |
| Debt / EBITDA | 33.5 | 4.5 | 12.6 | 4.8 | 3.4 | 3.3 | ||
| Debt / Equity | 293% | 230% | 270% | 210% | 168% | 203% | 165% | |
| 3-Yr Avg. Dividend Growth | -0.1% | |||||||
| 5-Yr Median Payout Ratio | 26.7% | |||||||