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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €4.29 - €4.96 | €4.69 |
| Adjusted Dividend Yield | 6.1% - 7.1% | 6.7% |
| Perpetuity Growth Rate | 1.8% - 2.3% | 2.0% |
| Discount Rate | 8.9% - 6.9% | 7.9% |
| Fair Value | €61.22 - €109.59 | €81.41 |
| Upside | -12.8% - 56.1% | 16.0% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 378 | |||||||
| (-) Cash Dividends Paid | (74) | |||||||
| (=) Cash Retained | 305 | 80.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 378 | 378 | 378 | |||||
| (=) Cash Required | 76 | 47 | 28 | |||||
| Cash Retained | 305 | 305 | 305 | |||||
| (-) Cash Required | (76) | (47) | (28) | |||||
| (=) Excess Retained | 229 | 257 | 276 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 229 | 257 | 276 | |||||
| (/) Shares Outstanding | 70.5 | 70.5 | 70.5 | |||||
| (=) Excess Retained per Share | 3.24 | 3.65 | 3.91 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.04 | 1.04 | 1.04 | |||||
| (+) Excess Retained per Share | 3.24 | 3.65 | 3.91 | |||||
| Adjusted Dividend | 4.29 | 4.69 | 4.96 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4.69 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 6.9% | 7.4% | 7.9% | 8.4% | 8.9% | |||
| 0.0% | 68.20 | 63.58 | 59.54 | 55.99 | 52.83 | |||
| 1.0% | 80.61 | 74.29 | 68.89 | 64.22 | 60.14 | |||
| 2.0% | 98.11 | 88.98 | 81.41 | 75.02 | 69.57 | |||
| 3.0% | 124.64 | 110.39 | 99.07 | 89.85 | 82.21 | |||
| 4.0% | 169.62 | 144.49 | 125.85 | 111.46 | 100.03 | |||