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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 16.0% - 15.0% | 15.5% |
| Fair Value | €4.98 - €5.70 | €5.31 |
| Upside | -59.6% - -53.8% | -56.9% |
| 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 | 26 | 50 | 57 | 60 | 29 | 24 | 24 | |
| % Growth | NM | 94.2% | 14.0% | 5.2% | -51.7% | -18.8% | ||
| Payout Ratio | 0.0% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 9 | 21 | 32 | 21 | 21 | 22 | |
| % Growth | NM | 128.0% | 57.7% | -35.5% | 1.5% | |||
| 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 | 16 | 18 | 23 | 28 | 0 | 28 | 0 | |
| % Growth | 18% | 22% | 23% | -100% | -100% | |||
| Net Income to Common | 20 | 60 | 89 | (6) | 26 | (6) | 26 | |
| % Growth | 200% | 49% | NM | NM | NM | |||
| Payout Ratio | 79% | 31% | 25% | -482% | 0% | -482% | 0% | |
| Retention Ratio | 21% | 69% | 75% | 582% | 100% | 582% | 100% | |
| Adjusted EBITDA | 31 | 36 | 43 | 53 | 59 | 53 | 59 | |
| % Growth | 16% | 20% | 24% | 10% | 10% | |||
| Total Debt | 360 | 447 | 590 | 561 | 585 | 561 | 585 | |
| Shareholder's Equity | 370 | 479 | 563 | 638 | 627 | 638 | 627 | |
| Debt / EBITDA | 11.8 | 12.6 | 13.8 | 10.6 | 10.0 | 9.1 | ||
| Debt / Equity | 97% | 93% | 105% | 88% | 93% | 88% | 93% | |
| 3-Yr Avg. Dividend Growth | -18.4% | |||||||
| 5-Yr Median Payout Ratio | 25.5% | |||||||