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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Fair Value | €115.26 - €167.41 | €136.44 |
| Upside | 22.6% - 78.1% | 45.2% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | May-24 | May-25 | May-26 | May-27 | May-28 | May-29 | Terminal | |
| Net Income to Common | 586 | 664 | 731 | 803 | 977 | 1,058 | 1,058 | |
| % Growth | 22.9% | 13.3% | 10.2% | 9.9% | 21.6% | 8.3% | ||
| Payout Ratio | 39.6% | 50.0% | 60.0% | 70.0% | 80.0% | 90.0% | 92.5% | |
| Projected Dividends | 232 | 332 | 439 | 562 | 782 | 952 | 979 | |
| % Growth | 43.1% | 32.2% | 28.2% | 39.0% | 21.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | May-20 | May-21 | May-22 | May-23 | May-24 | Feb-24 | Feb-25 | |
| Cash Dividends Paid | 185 | 195 | 204 | 214 | 232 | 173 | 190 | |
| % Growth | 5% | 5% | 5% | 8% | 10% | |||
| Net Income to Common | 302 | 499 | 488 | 477 | 586 | 406 | 461 | |
| % Growth | 65% | -2% | -2% | 23% | 14% | |||
| Payout Ratio | 61% | 39% | 42% | 45% | 40% | 43% | 41% | |
| Retention Ratio | 39% | 61% | 58% | 55% | 60% | 57% | 59% | |
| Adjusted EBITDA | 715 | 873 | 808 | 917 | 1,056 | 732 | 751 | |
| % Growth | 22% | -7% | 13% | 15% | 3% | |||
| Total Debt | 2,845 | 2,702 | 3,010 | 3,029 | 2,475 | 2,471 | 2,394 | |
| Shareholder's Equity | 1,262 | 1,741 | 1,982 | 2,141 | 2,511 | 2,347 | 2,674 | |
| Debt / EBITDA | 4.0 | 3.1 | 3.7 | 3.3 | 2.3 | 2.2 | ||
| Debt / Equity | 225% | 155% | 152% | 141% | 99% | 105% | 90% | |
| 3-Yr Avg. Dividend Growth | 6.0% | |||||||
| 5-Yr Median Payout Ratio | 41.9% | |||||||