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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €14.50 - €14.50 | €14.50 |
| Adjusted Dividend Yield | 4.0% - 4.0% | 4.0% |
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | €134.85 - €170.97 | €148.68 |
| Upside | -62.5% - -52.5% | -58.7% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 57 | |||||||
| (-) Cash Dividends Paid | (97) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 57 | 57 | 57 | |||||
| (=) Cash Required | 11 | 7 | 4 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (11) | (7) | (4) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 6.7 | 6.7 | 6.7 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 14.50 | 14.50 | 14.50 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 14.50 | 14.50 | 14.50 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 14.50 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.8% | 9.3% | 9.8% | 10.3% | 10.8% | |||
| 0.0% | 165.67 | 156.72 | 148.68 | 141.43 | 134.85 | |||
| 0.0% | 165.67 | 156.72 | 148.68 | 141.43 | 134.85 | |||
| 0.0% | 165.67 | 156.72 | 148.68 | 141.43 | 134.85 | |||
| 1.0% | 188.92 | 177.47 | 167.33 | 158.29 | 150.17 | |||
| 2.0% | 219.06 | 203.95 | 190.79 | 179.23 | 168.99 | |||