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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.1% - 10.1% | 10.6% |
| Fair Value | €129.70 - €186.62 | €152.98 |
| Upside | -17.8% - 18.3% | -3.0% |
| 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 | 2,754 | 3,841 | 4,276 | 4,710 | 5,035 | 5,594 | 5,594 | |
| % Growth | 16.3% | 39.5% | 11.3% | 10.1% | 6.9% | 11.1% | ||
| Payout Ratio | 37.7% | 48.0% | 58.0% | 68.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,039 | 1,844 | 2,480 | 3,203 | 3,927 | 5,035 | 5,174 | |
| % Growth | 77.4% | 34.5% | 29.1% | 22.6% | 28.2% | |||
| 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 | 669 | 747 | 853 | 955 | 1,039 | 955 | 1,039 | |
| % Growth | 12% | 14% | 12% | 9% | 9% | |||
| Net Income to Common | 2,089 | 4,058 | 1,446 | 2,368 | 2,754 | 2,368 | 2,754 | |
| % Growth | 94% | -64% | 64% | 16% | 16% | |||
| Payout Ratio | 32% | 18% | 59% | 40% | 38% | 40% | 38% | |
| Retention Ratio | 68% | 82% | 41% | 60% | 62% | 60% | 62% | |
| Adjusted EBITDA | 3,699 | 4,347 | 4,515 | 4,896 | 5,635 | 4,896 | 5,635 | |
| % Growth | 18% | 4% | 8% | 15% | 15% | |||
| Total Debt | 16,926 | 14,242 | 18,441 | 22,972 | 20,740 | 22,972 | 20,740 | |
| Shareholder's Equity | 19,498 | 22,709 | 22,706 | 25,717 | 27,647 | 25,717 | 27,647 | |
| Debt / EBITDA | 4.6 | 3.3 | 4.1 | 4.7 | 3.7 | 3.3 | ||
| Debt / Equity | 87% | 63% | 81% | 89% | 75% | 89% | 75% | |
| 3-Yr Avg. Dividend Growth | 11.6% | |||||||
| 5-Yr Median Payout Ratio | 37.7% | |||||||