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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | €54.80 - €81.51 | €65.48 |
| Upside | 62.9% - 142.3% | 94.7% |
| 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 | 853 | 821 | 829 | 855 | 885 | 903 | 903 | |
| % Growth | 42.4% | -3.7% | 0.9% | 3.1% | 3.5% | 2.0% | ||
| Payout Ratio | 31.9% | 44.0% | 56.0% | 68.0% | 80.0% | 90.0% | 92.5% | |
| Projected Dividends | 272 | 361 | 464 | 581 | 708 | 812 | 835 | |
| % Growth | 32.9% | 28.5% | 25.2% | 21.8% | 14.8% | |||
| 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 | 250 | 255 | 271 | 276 | 272 | 72 | 0 | |
| % Growth | 2% | 7% | 2% | -1% | -100% | |||
| Net Income to Common | 559 | 1,534 | 686 | 599 | 853 | 317 | 245 | |
| % Growth | 175% | -55% | -13% | 42% | -23% | |||
| Payout Ratio | 45% | 17% | 40% | 46% | 32% | 23% | 0% | |
| Retention Ratio | 55% | 83% | 60% | 54% | 68% | 77% | 100% | |
| Adjusted EBITDA | 759 | 2,006 | 952 | 862 | 1,186 | 423 | 336 | |
| % Growth | 164% | -53% | -10% | 38% | -21% | |||
| Total Debt | 1,214 | 1,825 | 1,819 | 1,811 | 1,793 | 1,988 | 1,589 | |
| Shareholder's Equity | 6,187 | 6,893 | 6,173 | 6,411 | 5,619 | 6,401 | 5,918 | |
| Debt / EBITDA | 1.6 | 0.9 | 1.9 | 2.1 | 1.5 | 1.4 | ||
| Debt / Equity | 20% | 26% | 29% | 28% | 32% | 31% | 27% | |
| 3-Yr Avg. Dividend Growth | 2.3% | |||||||
| 5-Yr Median Payout Ratio | 39.5% | |||||||