Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.1% - 11.1% | 11.6% |
| Fair Value | $10.71 - $14.56 | $12.32 |
| Upside | 12.3% - 52.6% | 29.2% |
| 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 | 507 | 508 | 597 | 629 | 671 | 713 | 713 | |
| % Growth | -23.2% | 0.3% | 17.5% | 5.4% | 6.7% | 6.3% | ||
| Payout Ratio | 113.0% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 572 | 457 | 537 | 566 | 604 | 642 | 660 | |
| % Growth | -20.1% | 17.5% | 5.4% | 6.7% | 6.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 567 | 539 | 544 | 565 | 572 | 147 | 119 | |
| % Growth | -5% | 1% | 4% | 1% | -19% | |||
| Net Income to Common | 621 | 681 | 665 | 660 | 507 | 265 | 269 | |
| % Growth | 10% | -2% | -1% | -23% | 2% | |||
| Payout Ratio | 91% | 79% | 82% | 86% | 113% | 56% | 44% | |
| Retention Ratio | 9% | 21% | 18% | 14% | -13% | 44% | 56% | |
| Adjusted EBITDA | 1,519 | 1,434 | 1,409 | 1,327 | 1,156 | 579 | 603 | |
| % Growth | -6% | -2% | -6% | -13% | 4% | |||
| Total Debt | 6,707 | 7,319 | 6,239 | 5,800 | 6,421 | 6,240 | 6,195 | |
| Shareholder's Equity | 3,436 | 3,631 | 4,790 | 5,409 | 5,154 | 5,240 | 5,105 | |
| Debt / EBITDA | 4.4 | 5.1 | 4.4 | 4.4 | 5.6 | 5.3 | ||
| Debt / Equity | 195% | 202% | 130% | 107% | 125% | 119% | 121% | |
| 3-Yr Avg. Dividend Growth | 2.0% | |||||||
| 5-Yr Median Payout Ratio | 85.7% | |||||||