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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 9.8% - 10.3% | 10.0% |
| Discount Rate | 17.3% - 16.2% | 16.8% |
| Fair Value | €61.21 - €74.49 | €67.11 |
| Upside | 53.0% - 86.2% | 67.8% |
| 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 | 68 | 603 | 635 | 668 | 689 | 727 | 727 | |
| % Growth | -82.1% | 790.2% | 5.3% | 5.2% | 3.1% | 5.5% | ||
| Payout Ratio | 300.4% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 203 | 543 | 571 | 601 | 620 | 654 | 672 | |
| % Growth | 166.7% | 5.3% | 5.2% | 3.1% | 5.5% | |||
| 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 | 173 | 179 | 187 | 197 | 203 | 50 | 51 | |
| % Growth | 3% | 5% | 6% | 3% | 2% | |||
| Net Income to Common | 207 | (85) | 378 | 379 | 68 | 35 | 49 | |
| % Growth | NM | NM | 0% | -82% | 39% | |||
| Payout Ratio | 83% | -209% | 49% | 52% | 300% | 141% | 104% | |
| Retention Ratio | 17% | 309% | 51% | 48% | -200% | -41% | -4% | |
| Adjusted EBITDA | 754 | 198 | 988 | 903 | 895 | 196 | 290 | |
| % Growth | -74% | 398% | -9% | -1% | 48% | |||
| Total Debt | 2,014 | 1,891 | 3,526 | 3,274 | 7,351 | 3,422 | 7,461 | |
| Shareholder's Equity | 1,900 | 1,837 | 2,066 | 2,424 | 2,272 | 2,420 | 2,448 | |
| Debt / EBITDA | 2.7 | 9.5 | 3.6 | 3.6 | 8.2 | 7.5 | ||
| Debt / Equity | 106% | 103% | 171% | 135% | 324% | 141% | 305% | |
| 3-Yr Avg. Dividend Growth | 4.4% | |||||||
| 5-Yr Median Payout Ratio | 52.1% | |||||||