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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 12.8% - 13.3% | 13.0% |
| Discount Rate | 21.8% - 20.8% | 21.3% |
| Fair Value | €48.90 - €57.83 | €52.96 |
| Upside | -1.4% - 16.6% | 6.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 378 | 416 | 452 | 511 | 521 | 532 | 532 | |
| % Growth | -3.3% | 10.0% | 8.7% | 13.1% | 2.0% | 2.0% | ||
| Payout Ratio | 37.6% | 48.0% | 58.0% | 68.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 142 | 200 | 262 | 347 | 407 | 478 | 492 | |
| % Growth | 40.5% | 31.4% | 32.5% | 17.0% | 17.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 138 | 109 | 135 | 136 | 142 | 73 | 78 | |
| % Growth | -21% | 24% | 1% | 4% | 7% | |||
| Net Income to Common | (253) | 313 | 356 | 391 | 378 | 163 | 181 | |
| % Growth | NM | 14% | 10% | -3% | 11% | |||
| Payout Ratio | -55% | 35% | 38% | 35% | 38% | 45% | 43% | |
| Retention Ratio | 155% | 65% | 62% | 65% | 62% | 55% | 57% | |
| Adjusted EBITDA | 205 | 773 | 798 | 860 | 867 | 395 | 424 | |
| % Growth | 277% | 3% | 8% | 1% | 7% | |||
| Total Debt | 6,575 | 5,449 | 5,753 | 5,733 | 5,670 | 5,661 | 5,669 | |
| Shareholder's Equity | (975) | (801) | (913) | (918) | (881) | (885) | (852) | |
| Debt / EBITDA | 32.1 | 7.0 | 7.2 | 6.7 | 6.5 | 6.3 | ||
| Debt / Equity | NM | NM | NM | NM | NM | NM | NM | |
| 3-Yr Avg. Dividend Growth | 9.7% | |||||||
| 5-Yr Median Payout Ratio | 34.8% | |||||||