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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.25 - €0.28 | €0.27 |
| Adjusted Dividend Yield | 4.4% - 4.8% | 4.7% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.4% - 9.4% | 10.4% |
| Fair Value | €4.78 - €9.56 | €6.55 |
| Upside | -17.6% - 64.8% | 12.9% |
| Calculate Adjusted Dividend | ||||||||
| (CAD in millions) | Latest | Notes | ||||||
| Net Income To Common | 8 | |||||||
| (-) Cash Dividends Paid | (5) | |||||||
| (=) Cash Retained | 3 | 35.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 8 | 8 | 8 | |||||
| (=) Cash Required | 2 | 1 | 1 | |||||
| Cash Retained | 3 | 3 | 3 | |||||
| (-) Cash Required | (2) | (1) | (1) | |||||
| (=) Excess Retained | 1 | 2 | 2 | |||||
| (/) FX Rate Adjustment | 1.58 | 1.58 | 1.58 | |||||
| (=) Excess Retained (EUR) | 1 | 1 | 1 | |||||
| (/) Shares Outstanding | 24.3 | 24.3 | 24.3 | |||||
| (=) Excess Retained per Share | 0.03 | 0.05 | 0.06 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.22 | 0.22 | 0.22 | |||||
| (+) Excess Retained per Share | 0.03 | 0.05 | 0.06 | |||||
| Adjusted Dividend | 0.25 | 0.27 | 0.28 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.27 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.4% | 9.9% | 10.4% | 10.9% | 11.4% | |||
| 4.0% | 5.23 | 4.79 | 4.41 | 4.09 | 3.81 | |||
| 5.0% | 6.49 | 5.82 | 5.28 | 4.83 | 4.45 | |||
| 6.0% | 8.49 | 7.40 | 6.55 | 5.88 | 5.33 | |||
| 7.0% | 12.18 | 10.06 | 8.57 | 7.47 | 6.61 | |||
| 8.0% | 21.24 | 15.57 | 12.29 | 10.16 | 8.65 | |||