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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Fair Value | €42.73 - €61.07 | €50.19 |
| Upside | -31.6% - -2.3% | -19.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Terminal | |
| Net Income to Common | 462 | 497 | 537 | 567 | 602 | 514 | 514 | |
| % Growth | 5.4% | 7.4% | 8.2% | 5.5% | 6.2% | -14.6% | ||
| Payout Ratio | 64.6% | 70.0% | 75.0% | 80.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 299 | 348 | 403 | 454 | 512 | 463 | 476 | |
| % Growth | 16.5% | 15.9% | 12.6% | 12.8% | -9.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (AUD in millions) | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Jun-25 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 172 | 310 | 310 | 383 | 299 | 126 | 200 | |
| % Growth | 80% | 0% | 23% | -22% | 59% | |||
| Net Income to Common | 506 | 545 | 525 | 439 | 462 | 439 | 462 | |
| % Growth | 8% | -4% | -16% | 5% | 5% | |||
| Payout Ratio | 34% | 57% | 59% | 87% | 65% | 29% | 43% | |
| Retention Ratio | 66% | 43% | 41% | 13% | 35% | 71% | 57% | |
| Adjusted EBITDA | 800 | 848 | 819 | 699 | 751 | 699 | 751 | |
| % Growth | 6% | -3% | -15% | 7% | 7% | |||
| Total Debt | 631 | 604 | 655 | 657 | 714 | 657 | 714 | |
| Shareholder's Equity | 1,308 | 1,280 | 1,420 | 1,559 | 1,617 | 1,559 | 1,617 | |
| Debt / EBITDA | 0.8 | 0.7 | 0.8 | 0.9 | 1.0 | 0.9 | ||
| Debt / Equity | 48% | 47% | 46% | 42% | 44% | 42% | 44% | |
| 3-Yr Avg. Dividend Growth | 0.5% | |||||||
| 5-Yr Median Payout Ratio | 59.1% | |||||||