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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €4.64 - €5.35 | €5.06 |
| Adjusted Dividend Yield | 2.5% - 2.8% | 2.7% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | €98.13 - €227.19 | €143.12 |
| Upside | -48.1% - 20.2% | -24.3% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 381 | |||||||
| (-) Cash Dividends Paid | (61) | |||||||
| (=) Cash Retained | 320 | 83.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 381 | 381 | 381 | |||||
| (=) Cash Required | 76 | 48 | 29 | |||||
| Cash Retained | 320 | 320 | 320 | |||||
| (-) Cash Required | (76) | (48) | (29) | |||||
| (=) Excess Retained | 244 | 272 | 291 | |||||
| (/) FX Rate Adjustment | 1.14 | 1.14 | 1.14 | |||||
| (=) Excess Retained (EUR) | 215 | 240 | 257 | |||||
| (/) Shares Outstanding | 59.5 | 59.5 | 59.5 | |||||
| (=) Excess Retained per Share | 3.61 | 4.03 | 4.31 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.03 | 1.03 | 1.03 | |||||
| (+) Excess Retained per Share | 3.61 | 4.03 | 4.31 | |||||
| Adjusted Dividend | 4.64 | 5.06 | 5.35 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 5.06 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.8% | 9.3% | 9.8% | 10.3% | 10.8% | |||
| 4.0% | 110.86 | 100.30 | 91.58 | 84.25 | 78.01 | |||
| 5.0% | 141.77 | 125.09 | 111.93 | 101.27 | 92.46 | |||
| 6.0% | 195.17 | 165.14 | 143.12 | 126.29 | 112.99 | |||
| 7.0% | 309.59 | 240.79 | 197.01 | 166.70 | 144.47 | |||
| 8.0% | 729.12 | 437.47 | 312.48 | 243.04 | 198.85 | |||