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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.4% - 8.4% | 8.9% |
| Fair Value | €29.74 - €46.11 | €36.10 |
| Upside | -4.0% - 48.8% | 16.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 1,404 | 2,224 | 2,507 | 2,735 | 2,925 | 3,130 | 3,130 | |
| % Growth | -12.6% | 58.4% | 12.7% | 9.1% | 6.9% | 7.0% | ||
| Payout Ratio | 68.6% | 73.0% | 77.0% | 81.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 963 | 1,623 | 1,930 | 2,216 | 2,486 | 2,817 | 2,895 | |
| % Growth | 68.6% | 18.9% | 14.8% | 12.2% | 13.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 551 | 0 | 467 | 796 | 963 | 606 | 670 | |
| % Growth | -100% | NM | 71% | 21% | 11% | |||
| Net Income to Common | 172 | 481 | 1,243 | 1,607 | 1,404 | 861 | 919 | |
| % Growth | 180% | 158% | 29% | -13% | 7% | |||
| Payout Ratio | 321% | 0% | 38% | 50% | 69% | 70% | 73% | |
| Retention Ratio | -221% | 100% | 62% | 50% | 31% | 30% | 27% | |
| Adjusted EBITDA | 1,181 | 1,729 | 1,977 | 2,927 | 3,374 | 1,697 | 1,882 | |
| % Growth | 46% | 14% | 48% | 15% | 11% | |||
| Total Debt | 6,106 | 6,038 | 5,623 | 5,444 | 6,012 | 5,840 | 7,116 | |
| Shareholder's Equity | 6,181 | 6,591 | 6,560 | 6,263 | 6,829 | 6,499 | 6,965 | |
| Debt / EBITDA | 5.2 | 3.5 | 2.8 | 1.9 | 1.8 | 2.0 | ||
| Debt / Equity | 99% | 92% | 86% | 87% | 88% | 90% | 102% | |
| 3-Yr Avg. Dividend Growth | 45.8% | |||||||
| 5-Yr Median Payout Ratio | 49.5% | |||||||