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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Fair Value | €19.12 - €28.17 | €22.74 |
| Upside | 68.0% - 147.5% | 99.8% |
| 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 | 9 | 19 | 28 | 36 | 44 | 33 | 33 | |
| % Growth | NM | 102.6% | 48.3% | 29.5% | 23.1% | -26.4% | ||
| Payout Ratio | 52.8% | 60.0% | 67.0% | 74.0% | 81.0% | 90.0% | 92.5% | |
| Projected Dividends | 5 | 11 | 19 | 27 | 36 | 29 | 30 | |
| % Growth | 130.1% | 65.6% | 43.0% | 34.7% | -18.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 2 | 6 | 6 | 6 | 5 | 6 | 5 | |
| % Growth | 157% | -4% | 10% | -20% | -20% | |||
| Net Income to Common | 32 | 4 | 6 | (9) | 9 | (9) | 9 | |
| % Growth | -88% | 56% | NM | NM | NM | |||
| Payout Ratio | 7% | 149% | 92% | -67% | 53% | -67% | 53% | |
| Retention Ratio | 93% | -49% | 8% | 167% | 47% | 167% | 47% | |
| Adjusted EBITDA | 47 | 17 | 13 | 11 | 32 | 11 | 32 | |
| % Growth | -64% | -24% | -14% | 182% | 182% | |||
| Total Debt | 86 | 69 | 41 | 42 | 44 | 42 | 44 | |
| Shareholder's Equity | 142 | 126 | 116 | 106 | 111 | 106 | 111 | |
| Debt / EBITDA | 1.8 | 4.0 | 3.1 | 3.7 | 1.4 | 0.8 | ||
| Debt / Equity | 61% | 55% | 35% | 39% | 39% | 39% | 39% | |
| 3-Yr Avg. Dividend Growth | -4.7% | |||||||
| 5-Yr Median Payout Ratio | 52.8% | |||||||