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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.8% - 4.3% | 4.0% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | €39.13 - €51.39 | €44.38 |
| Upside | 18.6% - 55.7% | 34.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (CAD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 4,011 | 4,408 | 4,684 | 4,855 | 4,067 | 4,317 | 4,317 | |
| % Growth | 40.1% | 9.9% | 6.3% | 3.7% | -16.2% | 6.1% | ||
| Payout Ratio | 51.6% | 59.0% | 67.0% | 75.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 2,069 | 2,601 | 3,138 | 3,641 | 3,376 | 3,885 | 3,993 | |
| % Growth | 25.7% | 20.7% | 16.0% | -7.3% | 15.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CAD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 1,626 | 1,677 | 1,826 | 1,937 | 2,069 | 1,035 | 1,134 | |
| % Growth | 3% | 9% | 6% | 7% | 10% | |||
| Net Income to Common | 2,943 | 3,128 | 3,628 | 2,862 | 4,011 | 2,036 | 1,754 | |
| % Growth | 6% | 16% | -21% | 40% | -14% | |||
| Payout Ratio | 55% | 54% | 50% | 68% | 52% | 51% | 65% | |
| Retention Ratio | 45% | 46% | 50% | 32% | 48% | 49% | 35% | |
| Adjusted EBITDA | 3,931 | 4,740 | 8,049 | 7,606 | 9,817 | 3,071 | 2,732 | |
| % Growth | 21% | 70% | -6% | 29% | -11% | |||
| Total Debt | 10,705 | 9,733 | 11,290 | 13,098 | 14,359 | 9,142 | 9,292 | |
| Shareholder's Equity | 21,314 | 24,496 | 23,189 | 24,116 | 26,821 | 25,136 | 26,824 | |
| Debt / EBITDA | 2.7 | 2.1 | 1.4 | 1.7 | 1.5 | 1.0 | ||
| Debt / Equity | 50% | 40% | 49% | 54% | 54% | 36% | 35% | |
| 3-Yr Avg. Dividend Growth | 7.3% | |||||||
| 5-Yr Median Payout Ratio | 53.6% | |||||||