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Metrics | Range | Conclusion |
---|---|---|
Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
Discount Rate | 10.8% - 9.8% | 10.3% |
Fair Value | $723.81 - $1,034 | $851.53 |
Upside | -9.1% - 29.9% | 7.0% |
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 | 7,572 | 9,197 | 10,577 | 12,115 | 14,397 | 16,748 | 16,748 | |
% Growth | -3.4% | 21.5% | 15.0% | 14.5% | 18.8% | 16.3% | ||
Payout Ratio | 32.4% | 44.0% | 56.0% | 68.0% | 80.0% | 90.0% | 92.5% | |
Projected Dividends | 2,453 | 4,047 | 5,923 | 8,238 | 11,517 | 15,073 | 15,491 | |
% Growth | 65.0% | 46.4% | 39.1% | 39.8% | 30.9% |
Historical Performance | ||||||||
Fiscal Year Ending | YTD | YTD | ||||||
(EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
Cash Dividends Paid | 1,066 | 1,368 | 2,560 | 2,348 | 2,453 | 571 | 597 | |
% Growth | 28% | 87% | -8% | 4% | 5% | |||
Net Income to Common | 3,554 | 5,883 | 5,624 | 7,839 | 7,572 | 1,224 | 2,355 | |
% Growth | 66% | -4% | 39% | -3% | 92% | |||
Payout Ratio | 30% | 23% | 46% | 30% | 32% | 47% | 25% | |
Retention Ratio | 70% | 77% | 54% | 70% | 68% | 53% | 75% | |
Adjusted EBITDA | 4,527 | 6,991 | 7,081 | 9,699 | 9,861 | 1,606 | 2,979 | |
% Growth | 54% | 1% | 37% | 2% | 86% | |||
Total Debt | 4,855 | 4,746 | 4,684 | 4,990 | 5,065 | 4,612 | 3,681 | |
Shareholder's Equity | 13,865 | 10,141 | 8,811 | 13,452 | 18,477 | 13,794 | 17,501 | |
Debt / EBITDA | 1.1 | 0.7 | 0.7 | 0.5 | 0.5 | 0.3 | ||
Debt / Equity | 35% | 47% | 53% | 37% | 27% | 33% | 21% | |
3-Yr Avg. Dividend Growth | 27.8% | |||||||
5-Yr Median Payout Ratio | 30.0% |