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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.9% - 10.9% | 11.4% |
| Fair Value | $103.58 - $138.55 | $118.38 |
| Upside | 63.2% - 118.3% | 86.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Terminal | |
| Net Income to Common | 738 | 798 | 846 | 892 | 929 | 980 | 980 | |
| % Growth | 31.8% | 8.1% | 6.0% | 5.4% | 4.1% | 5.5% | ||
| Payout Ratio | 186.0% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,373 | 718 | 761 | 803 | 836 | 882 | 906 | |
| % Growth | -47.7% | 6.0% | 5.4% | 4.1% | 5.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Aug-20 | Aug-21 | Aug-22 | Aug-23 | Aug-24 | Feb-24 | Feb-25 | |
| Cash Dividends Paid | 383 | 0 | 294 | 352 | 1,373 | 456 | 388 | |
| % Growth | -100% | NM | 20% | 290% | -15% | |||
| Net Income to Common | (315) | 139 | 514 | 560 | 738 | 496 | 434 | |
| % Growth | NM | 270% | 9% | 32% | -13% | |||
| Payout Ratio | -121% | 0% | 57% | 63% | 186% | 92% | 89% | |
| Retention Ratio | 221% | 100% | 43% | 37% | -86% | 8% | 11% | |
| Adjusted EBITDA | 929 | 854 | 1,001 | 1,167 | 1,313 | 734 | 767 | |
| % Growth | -8% | 17% | 17% | 13% | 4% | |||
| Total Debt | 6,378 | 7,034 | 6,695 | 6,424 | 5,467 | 5,582 | 5,606 | |
| Shareholder's Equity | 2,758 | 3,168 | 4,415 | 4,542 | 3,782 | 4,413 | 3,999 | |
| Debt / EBITDA | 6.9 | 8.2 | 6.7 | 5.5 | 4.2 | 4.2 | ||
| Debt / Equity | 231% | 222% | 152% | 141% | 145% | 126% | 140% | |
| 3-Yr Avg. Dividend Growth | 154.9% | |||||||
| 5-Yr Median Payout Ratio | 57.2% | |||||||