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Metrics | Range | Conclusion |
---|---|---|
Adjusted Dividend | €2.53 - €2.92 | €2.76 |
Adjusted Dividend Yield | 2.9% - 3.4% | 3.2% |
Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
Discount Rate | 12.0% - 10.0% | 11.0% |
Fair Value | €46.67 - €95.93 | €65.38 |
Upside | -45.6% - 11.8% | -23.8% |
Calculate Adjusted Dividend | ||||||||
(EUR in millions) | Latest | Notes | ||||||
Net Income To Common | 61 | |||||||
(-) Cash Dividends Paid | 0 | |||||||
(=) Cash Retained | 61 | 100.0% | ||||||
Low | Mid | High | ||||||
Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
Adj Net Income | 61 | 61 | 61 | |||||
(=) Cash Required | 12 | 8 | 5 | |||||
Cash Retained | 61 | 61 | 61 | |||||
(-) Cash Required | (12) | (8) | (5) | |||||
(=) Excess Retained | 49 | 53 | 56 | |||||
(/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
(=) Excess Retained (EUR) | 49 | 53 | 56 | |||||
(/) Shares Outstanding | 19.3 | 19.3 | 19.3 | |||||
(=) Excess Retained per Share | 2.53 | 2.76 | 2.92 | |||||
Low | Mid | High | ||||||
LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
(+) Excess Retained per Share | 2.53 | 2.76 | 2.92 | |||||
Adjusted Dividend | 2.53 | 2.76 | 2.92 |
Sensitivity Analysis | ||||||||
Adjusted Dividend | 2.76 | |||||||
Cost of Equity | ||||||||
Growth Rate | 10.0% | 10.5% | 11.0% | 11.5% | 12.0% | |||
4.5% | 52.49 | 48.12 | 44.41 | 41.24 | 38.49 | |||
5.5% | 64.77 | 58.29 | 52.99 | 48.58 | 44.84 | |||
6.5% | 84.06 | 73.55 | 65.38 | 58.84 | 53.49 | |||
7.5% | 118.79 | 98.99 | 84.85 | 74.24 | 66.00 | |||
8.5% | 199.83 | 149.87 | 119.90 | 99.91 | 85.64 |