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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | €17.68 - €20.21 | €18.65 |
| Upside | -17.4% - -5.6% | -12.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| Net Income to Common | 3,870 | 3,577 | 3,735 | 3,930 | 4,527 | 5,121 | 5,121 | |
| % Growth | -12.9% | -7.6% | 4.4% | 5.2% | 15.2% | 13.1% | ||
| Payout Ratio | 57.9% | 64.0% | 70.0% | 76.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 2,242 | 2,289 | 2,614 | 2,987 | 3,712 | 4,609 | 4,737 | |
| % Growth | 2.1% | 14.2% | 14.3% | 24.3% | 24.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 2,040 | 2,277 | 2,300 | 2,065 | 2,242 | 1,348 | 1,399 | |
| % Growth | 12% | 1% | -10% | 9% | 4% | |||
| Net Income to Common | 1,746 | 3,679 | 4,280 | 4,445 | 3,870 | 2,210 | 1,935 | |
| % Growth | 111% | 16% | 4% | -13% | -12% | |||
| Payout Ratio | 117% | 62% | 54% | 46% | 58% | 61% | 72% | |
| Retention Ratio | -17% | 38% | 46% | 54% | 42% | 39% | 28% | |
| Adjusted EBITDA | 5,634 | 5,807 | 7,038 | 6,801 | 6,497 | 3,773 | 3,561 | |
| % Growth | 3% | 21% | -3% | -4% | -6% | |||
| Total Debt | 21,398 | 21,003 | 19,385 | 21,831 | 22,481 | 22,345 | 22,593 | |
| Shareholder's Equity | 8,391 | 9,540 | 9,435 | 9,856 | 10,032 | 9,791 | 10,284 | |
| Debt / EBITDA | 3.8 | 3.6 | 2.8 | 3.2 | 3.5 | 3.6 | ||
| Debt / Equity | 255% | 220% | 205% | 221% | 224% | 228% | 220% | |
| 3-Yr Avg. Dividend Growth | -0.2% | |||||||
| 5-Yr Median Payout Ratio | 57.9% | |||||||