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Metrics | Range | Conclusion |
---|---|---|
Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
Discount Rate | 12.6% - 11.6% | 12.1% |
Fair Value | €64.06 - €87.45 | €73.86 |
Upside | -37.8% - -15.1% | -28.3% |
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 | 85 | 288 | 373 | 505 | 261 | 278 | 278 | |
% Growth | -34.6% | 240.1% | 29.6% | 35.5% | -48.4% | 6.7% | ||
Payout Ratio | 15.5% | 30.0% | 45.0% | 60.0% | 75.0% | 90.0% | 92.5% | |
Projected Dividends | 13 | 86 | 168 | 303 | 196 | 250 | 257 | |
% Growth | 558.9% | 94.3% | 80.6% | -35.5% | 28.0% |
Historical Performance | ||||||||
Fiscal Year Ending | YTD | YTD | ||||||
(USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
Cash Dividends Paid | 13 | 13 | 13 | 13 | 13 | 3 | 5 | |
% Growth | 0% | 2% | -2% | 2% | 66% | |||
Net Income to Common | 109 | 93 | 104 | 129 | 85 | 23 | (173) | |
% Growth | -15% | 12% | 25% | -35% | NM | |||
Payout Ratio | 12% | 14% | 13% | 10% | 15% | 14% | -3% | |
Retention Ratio | 88% | 86% | 87% | 90% | 85% | 86% | 103% | |
Adjusted EBITDA | 242 | 210 | 223 | 258 | 255 | 57 | (35) | |
% Growth | -13% | 6% | 16% | -1% | NM | |||
Total Debt | 554 | 710 | 1,019 | 688 | 1,288 | 651 | 1,990 | |
Shareholder's Equity | 637 | 751 | 905 | 1,489 | 1,544 | 1,491 | 4,107 | |
Debt / EBITDA | 2.3 | 3.4 | 4.6 | 2.7 | 5.1 | 12.2 | ||
Debt / Equity | 87% | 95% | 113% | 46% | 83% | 44% | 48% | |
3-Yr Avg. Dividend Growth | 0.8% | |||||||
5-Yr Median Payout Ratio | 12.6% |