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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 3.3% - 3.8% | 3.5% |
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Fair Value | €12.94 - €15.91 | €14.27 |
| Upside | 74.3% - 114.4% | 92.3% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 263 | 251 | 288 | 326 | 418 | 441 | 441 | |
| % Growth | -13.9% | -4.3% | 14.4% | 13.4% | 28.2% | 5.4% | ||
| Payout Ratio | 36.4% | 47.0% | 58.0% | 69.0% | 80.0% | 90.0% | 92.5% | |
| Projected Dividends | 96 | 118 | 167 | 225 | 334 | 397 | 408 | |
| % Growth | 23.5% | 41.2% | 34.9% | 48.6% | 18.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 71 | 87 | 91 | 96 | 91 | 96 | |
| % Growth | NM | 23% | 4% | 5% | 5% | |||
| Net Income to Common | 137 | 216 | 293 | 305 | 263 | 305 | 263 | |
| % Growth | 58% | 36% | 4% | -14% | -14% | |||
| Payout Ratio | 0% | 33% | 30% | 30% | 36% | 30% | 36% | |
| Retention Ratio | 100% | 67% | 70% | 70% | 64% | 70% | 64% | |
| Adjusted EBITDA | 339 | 441 | 558 | 597 | 591 | 597 | 591 | |
| % Growth | 30% | 26% | 7% | -1% | -1% | |||
| Total Debt | 938 | 975 | 952 | 990 | 1,243 | 990 | 1,243 | |
| Shareholder's Equity | 1,450 | 1,763 | 1,914 | 2,068 | 2,294 | 2,068 | 2,294 | |
| Debt / EBITDA | 2.8 | 2.2 | 1.7 | 1.7 | 2.1 | 2.1 | ||
| Debt / Equity | 65% | 55% | 50% | 48% | 54% | 48% | 54% | |
| 3-Yr Avg. Dividend Growth | 10.7% | |||||||
| 5-Yr Median Payout Ratio | 29.8% | |||||||