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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 15.6% - 14.6% | 15.1% |
| Fair Value | €2.35 - €2.77 | €2.54 |
| Upside | -7.0% - 9.4% | 0.4% |
| 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 | 268 | 308 | 325 | 342 | 365 | 352 | 352 | |
| % Growth | 5.4% | 14.7% | 5.5% | 5.2% | 6.7% | -3.6% | ||
| Payout Ratio | 70.7% | 75.0% | 79.0% | 83.0% | 87.0% | 90.0% | 92.5% | |
| Projected Dividends | 190 | 231 | 257 | 284 | 318 | 317 | 326 | |
| % Growth | 21.7% | 11.1% | 10.6% | 11.9% | -0.2% | |||
| 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 | 149 | 149 | 158 | 177 | 190 | 177 | 190 | |
| % Growth | 0% | 5% | 12% | 7% | 7% | |||
| Net Income to Common | 239 | 303 | 226 | 255 | 268 | 255 | 268 | |
| % Growth | 27% | -25% | 13% | 5% | 5% | |||
| Payout Ratio | 62% | 49% | 70% | 69% | 71% | 69% | 71% | |
| Retention Ratio | 38% | 51% | 30% | 31% | 29% | 31% | 29% | |
| Adjusted EBITDA | 839 | 913 | 949 | 1,040 | 1,148 | 1,040 | 1,148 | |
| % Growth | 9% | 4% | 10% | 10% | 10% | |||
| Total Debt | 4,109 | 4,016 | 4,561 | 4,785 | 5,117 | 4,785 | 5,117 | |
| Shareholder's Equity | 2,388 | 2,571 | 2,745 | 2,806 | 2,876 | 2,806 | 2,876 | |
| Debt / EBITDA | 4.9 | 4.4 | 4.8 | 4.6 | 4.5 | 4.1 | ||
| Debt / Equity | 172% | 156% | 166% | 171% | 178% | 171% | 178% | |
| 3-Yr Avg. Dividend Growth | 8.3% | |||||||
| 5-Yr Median Payout Ratio | 69.3% | |||||||