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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 16.4% - 15.4% | 15.9% |
| Fair Value | €17.51 - €19.58 | €18.48 |
| Upside | -42.4% - -35.6% | -39.2% |
| 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 | 23 | 26 | 36 | 37 | 38 | 39 | 39 | |
| % Growth | -48.4% | 14.4% | 36.9% | 3.5% | 2.0% | 2.0% | ||
| Payout Ratio | 29.1% | 41.0% | 53.0% | 65.0% | 77.0% | 90.0% | 92.5% | |
| Projected Dividends | 7 | 11 | 19 | 24 | 29 | 35 | 36 | |
| % Growth | 61.4% | 76.9% | 26.9% | 20.8% | 19.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 1 | 1 | 4 | 6 | 7 | 6 | 7 | |
| % Growth | 0% | 352% | 39% | 20% | 20% | |||
| Net Income to Common | (6) | 121 | 91 | 45 | 23 | 45 | 23 | |
| % Growth | NM | -25% | -51% | -48% | -48% | |||
| Payout Ratio | -16% | 1% | 4% | 12% | 29% | 12% | 29% | |
| Retention Ratio | 116% | 99% | 96% | 88% | 71% | 88% | 71% | |
| Adjusted EBITDA | 20 | 193 | 153 | 110 | 78 | 110 | 78 | |
| % Growth | 861% | -20% | -29% | -29% | -29% | |||
| Total Debt | 195 | 360 | 196 | 228 | 313 | 228 | 313 | |
| Shareholder's Equity | 301 | 424 | 516 | 555 | 574 | 555 | 574 | |
| Debt / EBITDA | 9.7 | 1.9 | 1.3 | 2.1 | 4.0 | 6.7 | ||
| Debt / Equity | 65% | 85% | 38% | 41% | 55% | 41% | 55% | |
| 3-Yr Avg. Dividend Growth | 137.0% | |||||||
| 5-Yr Median Payout Ratio | 4.4% | |||||||