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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.50 - €0.50 | €0.50 |
| Adjusted Dividend Yield | 6.7% - 6.7% | 6.7% |
| Perpetuity Growth Rate | 12.3% - 12.8% | 12.5% |
| Discount Rate | 22.0% - 20.0% | 21.0% |
| Fair Value | €5.74 - €7.76 | €6.60 |
| Upside | -23.4% - 3.5% | -11.9% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | (185) | |||||||
| (-) Cash Dividends Paid | (98) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 0 | 0 | 0 | |||||
| (=) Cash Required | 0 | 0 | 0 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | 0 | 0 | 0 | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 196.8 | 196.8 | 196.8 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.50 | 0.50 | 0.50 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.50 | 0.50 | 0.50 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.50 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 20.0% | 20.5% | 21.0% | 21.5% | 22.0% | |||
| 10.5% | 5.80 | 5.51 | 5.25 | 5.01 | 4.79 | |||
| 11.5% | 6.54 | 6.18 | 5.86 | 5.56 | 5.30 | |||
| 12.5% | 7.48 | 7.02 | 6.60 | 6.24 | 5.91 | |||
| 13.5% | 8.71 | 8.09 | 7.55 | 7.08 | 6.66 | |||
| 14.5% | 10.39 | 9.52 | 8.79 | 8.16 | 7.62 | |||