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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 11.3% - 11.8% | 11.5% |
| Discount Rate | 19.8% - 18.8% | 19.3% |
| Fair Value | €2.84 - €3.35 | €3.07 |
| Upside | -5.8% - 11.0% | 1.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 170 | 1,322 | 1,371 | 1,515 | 1,589 | 1,682 | 1,682 | |
| % Growth | -60.9% | 677.6% | 3.7% | 10.5% | 4.9% | 5.9% | ||
| Payout Ratio | 740.0% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,258 | 1,258 | 1,234 | 1,363 | 1,430 | 1,514 | 1,556 | |
| % Growth | 0.0% | -1.9% | 10.5% | 4.9% | 5.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 1,055 | 1,091 | 1,144 | 1,200 | 1,258 | 1,200 | 1,258 | |
| % Growth | 3% | 5% | 5% | 5% | 5% | |||
| Net Income to Common | 1,311 | 2,027 | 760 | 435 | 170 | 435 | 170 | |
| % Growth | 55% | -63% | -43% | -61% | -61% | |||
| Payout Ratio | 80% | 54% | 151% | 276% | 740% | 276% | 740% | |
| Retention Ratio | 20% | 46% | -51% | -176% | -640% | -176% | -640% | |
| Adjusted EBITDA | 1,837 | 2,991 | 2,962 | 1,491 | 895 | 1,491 | 895 | |
| % Growth | 63% | -1% | -50% | -40% | -40% | |||
| Total Debt | 75,888 | 62,723 | 75,206 | 65,661 | 71,939 | 65,661 | 71,939 | |
| Shareholder's Equity | 9,997 | 10,981 | 5,562 | 4,826 | 3,548 | 4,826 | 3,548 | |
| Debt / EBITDA | 41.3 | 21.0 | 25.4 | 44.0 | 80.4 | 240.6 | ||
| Debt / Equity | 759% | 571% | 1352% | 1361% | 2028% | 1361% | 2028% | |
| 3-Yr Avg. Dividend Growth | 4.9% | |||||||
| 5-Yr Median Payout Ratio | 150.5% | |||||||