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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 1.8% - 2.3% | 2.0% |
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Fair Value | €8.78 - €10.34 | €9.49 |
| Upside | 34.0% - 57.9% | 44.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Terminal | |
| Net Income to Common | 6 | 8 | 8 | 8 | 8 | 8 | 8 | |
| % Growth | -41.8% | 24.4% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 107.6% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 7 | 7 | 7 | 7 | 7 | 7 | 7 | |
| % Growth | 4.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Jun-23 | Jun-24 | |
| Cash Dividends Paid | 7 | 7 | 7 | 7 | 7 | 7 | 4 | |
| % Growth | 0% | 0% | 0% | -7% | -43% | |||
| Net Income to Common | 9 | 8 | 9 | 11 | 6 | 4 | 3 | |
| % Growth | -7% | 7% | 23% | -42% | -11% | |||
| Payout Ratio | 82% | 88% | 82% | 67% | 108% | 189% | 121% | |
| Retention Ratio | 18% | 12% | 18% | 33% | -8% | -89% | -21% | |
| Adjusted EBITDA | 16 | 16 | 17 | 20 | 14 | 7 | 7 | |
| % Growth | -1% | 5% | 21% | -34% | -10% | |||
| Total Debt | 16 | 15 | 12 | 16 | 13 | 15 | 12 | |
| Shareholder's Equity | 83 | 83 | 85 | 89 | 88 | 86 | 88 | |
| Debt / EBITDA | 1.0 | 0.9 | 0.7 | 0.8 | 1.0 | 0.9 | ||
| Debt / Equity | 19% | 18% | 15% | 18% | 15% | 17% | 14% | |
| 3-Yr Avg. Dividend Growth | -2.2% | |||||||
| 5-Yr Median Payout Ratio | 82.3% | |||||||