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Metrics | Range | Conclusion |
---|---|---|
Adjusted Dividend | €0.081 - €0.093 | €0.088 |
Adjusted Dividend Yield | 2.0% - 2.4% | 2.2% |
Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
Discount Rate | 10.0% - 8.0% | 9.0% |
Fair Value | €1.79 - €4.39 | €2.67 |
Upside | -54.8% - 11.0% | -32.7% |
Calculate Adjusted Dividend | ||||||||
(EUR in millions) | Latest | Notes | ||||||
Net Income To Common | 0 | |||||||
(-) Cash Dividends Paid | 0 | |||||||
(=) Cash Retained | 0 | 100.0% | ||||||
Low | Mid | High | ||||||
Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
Adj Net Income | 0 | 0 | 0 | |||||
(=) Cash Required | 0 | 0 | 0 | |||||
Cash Retained | 0 | 0 | 0 | |||||
(-) Cash Required | (0) | (0) | (0) | |||||
(=) Excess Retained | 0 | 0 | 0 | |||||
(/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
(=) Excess Retained (EUR) | 0 | 0 | 0 | |||||
(/) Shares Outstanding | 2.4 | 2.4 | 2.4 | |||||
(=) Excess Retained per Share | 0.08 | 0.09 | 0.09 | |||||
Low | Mid | High | ||||||
LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
(+) Excess Retained per Share | 0.08 | 0.09 | 0.09 | |||||
Adjusted Dividend | 0.08 | 0.09 | 0.09 |
Sensitivity Analysis | ||||||||
Adjusted Dividend | 0.09 | |||||||
Cost of Equity | ||||||||
Growth Rate | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | |||
3.5% | 2.03 | 1.83 | 1.66 | 1.53 | 1.41 | |||
4.5% | 2.64 | 2.31 | 2.05 | 1.85 | 1.68 | |||
5.5% | 3.73 | 3.11 | 2.67 | 2.33 | 2.07 | |||
6.5% | 6.28 | 4.71 | 3.77 | 3.14 | 2.69 | |||
7.5% | 19.01 | 9.51 | 6.34 | 4.75 | 3.80 |