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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 18.6% - 17.6% | 18.1% |
| Fair Value | €20.32 - €21.77 | €20.92 |
| Upside | -14.3% - -8.2% | -11.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (EUR in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 70 | 48 | 71 | 84 | 114 | 115 | 115 | |
| % Growth | -31.1% | -31.6% | 47.1% | 18.6% | 35.7% | 0.8% | ||
| Payout Ratio | 61.6% | 67.0% | 73.0% | 79.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 43 | 32 | 52 | 66 | 97 | 103 | 106 | |
| % Growth | -25.6% | 60.3% | 28.4% | 46.0% | 6.8% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 27 | 12 | 31 | 43 | 43 | 43 | 28 | |
| % Growth | -55% | 150% | 40% | 0% | -34% | |||
| Net Income to Common | 31 | 73 | 103 | 102 | 70 | 53 | 35 | |
| % Growth | 133% | 40% | -1% | -31% | -35% | |||
| Payout Ratio | 86% | 17% | 30% | 42% | 62% | 82% | 82% | |
| Retention Ratio | 14% | 83% | 70% | 58% | 38% | 18% | 18% | |
| Adjusted EBITDA | 124 | 165 | 190 | 212 | 196 | 147 | 141 | |
| % Growth | 34% | 15% | 12% | -8% | -5% | |||
| Total Debt | 362 | 332 | 290 | 291 | 821 | 852 | 811 | |
| Shareholder's Equity | 462 | 539 | 666 | 684 | 650 | 676 | 615 | |
| Debt / EBITDA | 2.9 | 2.0 | 1.5 | 1.4 | 4.2 | 4.3 | ||
| Debt / Equity | 78% | 62% | 44% | 43% | 126% | 126% | 132% | |
| 3-Yr Avg. Dividend Growth | 63.3% | |||||||
| 5-Yr Median Payout Ratio | 42.5% | |||||||