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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.3% - 3.8% | 3.5% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | €43.58 - €55.83 | €48.92 |
| Upside | 3.9% - 33.1% | 16.7% |
| 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 | 942 | 965 | 1,009 | 743 | 689 | 663 | 663 | |
| % Growth | -2.5% | 2.4% | 4.6% | -26.4% | -7.2% | -3.8% | ||
| Payout Ratio | 11.8% | 27.0% | 43.0% | 59.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 111 | 260 | 434 | 438 | 517 | 597 | 613 | |
| % Growth | 134.7% | 66.6% | 1.0% | 17.9% | 15.4% | |||
| 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 | 32 | 192 | 73 | 83 | 111 | 83 | 111 | |
| % Growth | 504% | -62% | 13% | 33% | 33% | |||
| Net Income to Common | 560 | 542 | 459 | 967 | 942 | 967 | 942 | |
| % Growth | -3% | -15% | 111% | -3% | -3% | |||
| Payout Ratio | 6% | 35% | 16% | 9% | 12% | 9% | 12% | |
| Retention Ratio | 94% | 65% | 84% | 91% | 88% | 91% | 88% | |
| Adjusted EBITDA | 742 | 754 | 971 | 1,205 | 1,276 | 1,205 | 1,276 | |
| % Growth | 2% | 29% | 24% | 6% | 6% | |||
| Total Debt | 1,322 | 1,215 | 1,293 | 685 | 608 | 685 | 608 | |
| Shareholder's Equity | 3,598 | 4,369 | 4,906 | 5,626 | 6,603 | 5,626 | 6,603 | |
| Debt / EBITDA | 1.8 | 1.6 | 1.3 | 0.6 | 0.5 | 0.5 | ||
| Debt / Equity | 37% | 28% | 26% | 12% | 9% | 12% | 9% | |
| 3-Yr Avg. Dividend Growth | -5.1% | |||||||
| 5-Yr Median Payout Ratio | 11.8% | |||||||