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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.6% - 10.6% | 11.1% |
| Fair Value | €65.46 - €90.65 | €76.01 |
| Upside | 9.4% - 51.5% | 27.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 822 | 739 | 834 | 969 | 1,105 | 1,191 | 1,191 | |
| % Growth | -9.5% | -10.1% | 12.8% | 16.2% | 14.1% | 7.8% | ||
| Payout Ratio | 30.9% | 43.0% | 55.0% | 67.0% | 79.0% | 90.0% | 92.5% | |
| Projected Dividends | 254 | 318 | 458 | 649 | 873 | 1,072 | 1,102 | |
| % Growth | 25.1% | 44.3% | 41.6% | 34.5% | 22.8% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 145 | 211 | 258 | 257 | 254 | 64 | 66 | |
| % Growth | 46% | 22% | 0% | -1% | 3% | |||
| Net Income to Common | 801 | 406 | 842 | 908 | 822 | 215 | 186 | |
| % Growth | -49% | 107% | 8% | -9% | -13% | |||
| Payout Ratio | 18% | 52% | 31% | 28% | 31% | 30% | 35% | |
| Retention Ratio | 82% | 48% | 69% | 72% | 69% | 70% | 65% | |
| Adjusted EBITDA | 1,393 | 1,185 | 1,468 | 1,525 | 1,522 | 356 | 321 | |
| % Growth | -15% | 24% | 4% | 0% | -10% | |||
| Total Debt | 2,983 | 3,169 | 3,445 | 3,250 | 3,214 | 3,249 | 3,306 | |
| Shareholder's Equity | 195 | (179) | (480) | (126) | (279) | (75) | (254) | |
| Debt / EBITDA | 2.1 | 2.7 | 2.3 | 2.1 | 2.1 | 2.2 | ||
| Debt / Equity | 1530% | NM | NM | NM | NM | NM | NM | |
| 3-Yr Avg. Dividend Growth | 6.9% | |||||||
| 5-Yr Median Payout Ratio | 30.6% | |||||||