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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Fair Value | €71.94 - €95.15 | €81.81 |
| Upside | 30.8% - 73.0% | 48.7% |
| 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 | 53 | 89 | 103 | 121 | 83 | 83 | 83 | |
| % Growth | 0.6% | 69.2% | 15.2% | 17.8% | -31.3% | 0.2% | ||
| Payout Ratio | 42.5% | 52.0% | 62.0% | 72.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 22 | 46 | 64 | 87 | 68 | 75 | 77 | |
| % Growth | 107.1% | 37.3% | 36.8% | -21.8% | 9.9% | |||
| 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 | 0 | 15 | 16 | 21 | 22 | 21 | 22 | |
| % Growth | NM | 5% | 33% | 7% | 7% | |||
| Net Income to Common | 19 | 44 | 60 | 52 | 53 | 52 | 53 | |
| % Growth | 127% | 36% | -13% | 1% | 1% | |||
| Payout Ratio | 0% | 34% | 26% | 40% | 42% | 40% | 42% | |
| Retention Ratio | 100% | 66% | 74% | 60% | 58% | 60% | 58% | |
| Adjusted EBITDA | 88 | 124 | 157 | 163 | 118 | 163 | 118 | |
| % Growth | 40% | 27% | 4% | -27% | -27% | |||
| Total Debt | 352 | 324 | 333 | 320 | 266 | 320 | 266 | |
| Shareholder's Equity | 265 | 307 | 360 | 382 | 405 | 382 | 405 | |
| Debt / EBITDA | 4.0 | 2.6 | 2.1 | 2.0 | 2.2 | 3.6 | ||
| Debt / Equity | 133% | 105% | 92% | 84% | 66% | 84% | 66% | |
| 3-Yr Avg. Dividend Growth | 15.2% | |||||||
| 5-Yr Median Payout Ratio | 34.0% | |||||||