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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 | €1,680 - €2,544 | €2,025 |
| Upside | 23.2% - 86.6% | 48.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 804 | 1,318 | 1,925 | 2,710 | 3,446 | 4,655 | 4,655 | |
| % Growth | 38.9% | 63.9% | 46.1% | 40.8% | 27.2% | 35.1% | ||
| Payout Ratio | 30.8% | 43.0% | 55.0% | 67.0% | 79.0% | 90.0% | 92.5% | |
| Projected Dividends | 248 | 567 | 1,059 | 1,816 | 2,722 | 4,190 | 4,306 | |
| % Growth | 128.5% | 86.8% | 71.5% | 49.9% | 53.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 104 | 87 | 143 | 187 | 248 | 187 | 248 | |
| % Growth | -16% | 64% | 31% | 33% | 33% | |||
| Net Income to Common | 256 | 391 | 468 | 579 | 804 | 579 | 804 | |
| % Growth | 53% | 20% | 24% | 39% | 39% | |||
| Payout Ratio | 41% | 22% | 31% | 32% | 31% | 32% | 31% | |
| Retention Ratio | 59% | 78% | 69% | 68% | 69% | 68% | 69% | |
| Adjusted EBITDA | 663 | 802 | 922 | 1,113 | 1,754 | 1,113 | 1,754 | |
| % Growth | 21% | 15% | 21% | 58% | 58% | |||
| Total Debt | 1,023 | 921 | 971 | 1,913 | 2,423 | 1,913 | 2,423 | |
| Shareholder's Equity | 1,888 | 2,418 | 2,819 | 3,316 | 4,050 | 3,316 | 4,050 | |
| Debt / EBITDA | 1.5 | 1.1 | 1.1 | 1.7 | 1.4 | 1.0 | ||
| Debt / Equity | 54% | 38% | 34% | 58% | 60% | 58% | 60% | |
| 3-Yr Avg. Dividend Growth | 42.6% | |||||||
| 5-Yr Median Payout Ratio | 30.8% | |||||||