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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 11.9% - 10.9% | 11.4% |
| Fair Value | $48.96 - $57.22 | $52.73 |
| Upside | 40.7% - 64.4% | 51.5% |
| 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 | 223 | 435 | 458 | 491 | 460 | 467 | 467 | |
| % Growth | NM | 95.1% | 5.2% | 7.3% | -6.3% | 1.5% | ||
| Payout Ratio | 116.6% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 260 | 391 | 412 | 442 | 414 | 420 | 432 | |
| % Growth | 50.6% | 5.2% | 7.3% | -6.3% | 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 | 538 | 506 | 499 | 519 | 260 | 519 | 260 | |
| % Growth | -6% | -1% | 4% | -50% | -50% | |||
| Net Income to Common | (1,125) | 943 | 889 | (37) | 223 | (37) | 223 | |
| % Growth | NM | -6% | NM | NM | NM | |||
| Payout Ratio | -48% | 54% | 56% | -1403% | 117% | -1403% | 117% | |
| Retention Ratio | 148% | 46% | 44% | 1503% | -17% | 1503% | -17% | |
| Adjusted EBITDA | 1,716 | 1,946 | 1,898 | 1,550 | 821 | 1,550 | 821 | |
| % Growth | 13% | -2% | -18% | -47% | -47% | |||
| Total Debt | 3,520 | 3,349 | 2,960 | 2,192 | 2,138 | 2,192 | 2,138 | |
| Shareholder's Equity | 7,197 | 8,740 | 10,603 | 1,264 | 1,339 | 1,264 | 1,339 | |
| Debt / EBITDA | 2.1 | 1.7 | 1.6 | 1.4 | 2.6 | 23.2 | ||
| Debt / Equity | 49% | 38% | 28% | 173% | 160% | 173% | 160% | |
| 3-Yr Avg. Dividend Growth | -15.8% | |||||||
| 5-Yr Median Payout Ratio | 53.7% | |||||||