Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Fair Value | €8.21 - €11.63 | €9.60 |
| Upside | 54.4% - 118.9% | 80.6% |
| 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 | 8,666 | 9,339 | 9,787 | 10,069 | 9,215 | 8,597 | 8,597 | |
| % Growth | 12.2% | 7.8% | 4.8% | 2.9% | -8.5% | -6.7% | ||
| Payout Ratio | 67.3% | 72.0% | 77.0% | 82.0% | 87.0% | 90.0% | 92.5% | |
| Projected Dividends | 5,830 | 6,724 | 7,536 | 8,257 | 8,017 | 7,737 | 7,952 | |
| % Growth | 15.3% | 12.1% | 9.6% | -2.9% | -3.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 12 | 4,041 | 2,966 | 4,293 | 5,830 | 2,807 | 0 | |
| % Growth | 33575% | -27% | 45% | 36% | -100% | |||
| Net Income to Common | 2,141 | 4,185 | 4,379 | 7,724 | 8,666 | 4,766 | 5,216 | |
| % Growth | 95% | 5% | 76% | 12% | 9% | |||
| Payout Ratio | 1% | 97% | 68% | 56% | 67% | 59% | 0% | |
| Retention Ratio | 99% | 3% | 32% | 44% | 33% | 41% | 100% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 256,066 | 292,525 | 258,310 | 269,267 | 232,111 | 221,368 | 106,786 | |
| Shareholder's Equity | 65,871 | 63,775 | 61,103 | 63,963 | 65,176 | 65,275 | 66,519 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 389% | 459% | 423% | 421% | 356% | 339% | 161% | |
| 3-Yr Avg. Dividend Growth | 18.0% | |||||||
| 5-Yr Median Payout Ratio | 67.3% | |||||||