Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €4.38 - €5.05 | €4.78 |
| Adjusted Dividend Yield | 5.8% - 6.7% | 6.4% |
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.4% - 8.4% | 9.4% |
| Fair Value | €42.26 - €62.31 | €51.03 |
| Upside | -43.7% - -17.0% | -32.0% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 420 | |||||||
| (-) Cash Dividends Paid | (74) | |||||||
| (=) Cash Retained | 346 | 82.4% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 420 | 420 | 420 | |||||
| (=) Cash Required | 84 | 53 | 32 | |||||
| Cash Retained | 346 | 346 | 346 | |||||
| (-) Cash Required | (84) | (53) | (32) | |||||
| (=) Excess Retained | 262 | 294 | 315 | |||||
| (/) FX Rate Adjustment | 1.13 | 1.13 | 1.13 | |||||
| (=) Excess Retained (EUR) | 231 | 259 | 278 | |||||
| (/) Shares Outstanding | 69.6 | 69.6 | 69.6 | |||||
| (=) Excess Retained per Share | 3.32 | 3.72 | 3.99 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.06 | 1.06 | 1.06 | |||||
| (+) Excess Retained per Share | 3.32 | 3.72 | 3.99 | |||||
| Adjusted Dividend | 4.38 | 4.78 | 5.05 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4.78 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.4% | 8.9% | 9.4% | 9.9% | 10.4% | |||
| 0.0% | 57.12 | 53.90 | 51.03 | 48.44 | 46.11 | |||
| 0.0% | 57.12 | 53.90 | 51.03 | 48.44 | 46.11 | |||
| 0.0% | 57.12 | 53.90 | 51.03 | 48.44 | 46.11 | |||
| 1.0% | 65.51 | 61.35 | 57.69 | 54.44 | 51.54 | |||
| 2.0% | 76.54 | 70.97 | 66.16 | 61.96 | 58.26 | |||