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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €1.57 - €1.81 | €1.71 |
| Adjusted Dividend Yield | 5.1% - 5.9% | 5.6% |
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 16.9% - 14.9% | 15.9% |
| Fair Value | €11.43 - €16.07 | €13.71 |
| Upside | -62.6% - -47.5% | -55.2% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 23 | |||||||
| (-) Cash Dividends Paid | (7) | |||||||
| (=) Cash Retained | 16 | 70.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 23 | 23 | 23 | |||||
| (=) Cash Required | 5 | 3 | 2 | |||||
| Cash Retained | 16 | 16 | 16 | |||||
| (-) Cash Required | (5) | (3) | (2) | |||||
| (=) Excess Retained | 12 | 13 | 15 | |||||
| (/) FX Rate Adjustment | 1.08 | 1.08 | 1.08 | |||||
| (=) Excess Retained (EUR) | 11 | 12 | 13 | |||||
| (/) Shares Outstanding | 11.1 | 11.1 | 11.1 | |||||
| (=) Excess Retained per Share | 0.97 | 1.11 | 1.21 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.60 | 0.60 | 0.60 | |||||
| (+) Excess Retained per Share | 0.97 | 1.11 | 1.21 | |||||
| Adjusted Dividend | 1.57 | 1.71 | 1.81 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.71 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 14.9% | 15.4% | 15.9% | 16.4% | 16.9% | |||
| 1.0% | 12.48 | 12.05 | 11.64 | 11.26 | 10.91 | |||
| 2.0% | 13.58 | 13.07 | 12.60 | 12.16 | 11.76 | |||
| 3.0% | 14.87 | 14.27 | 13.71 | 13.20 | 12.73 | |||
| 4.0% | 16.39 | 15.67 | 15.01 | 14.41 | 13.85 | |||
| 5.0% | 18.23 | 17.35 | 16.55 | 15.82 | 15.16 | |||