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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | kr9.64 - kr12.01 | kr11.06 |
| Adjusted Dividend Yield | 4.1% - 5.1% | 4.7% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.4% - 8.4% | 9.4% |
| Fair Value | kr197.92 - kr483.87 | kr301.16 |
| Upside | -16.6% - 103.9% | 26.9% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 530 | |||||||
| (-) Cash Dividends Paid | (179) | |||||||
| (=) Cash Retained | 351 | 66.2% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 530 | 530 | 530 | |||||
| (=) Cash Required | 106 | 66 | 40 | |||||
| Cash Retained | 351 | 351 | 351 | |||||
| (-) Cash Required | (106) | (66) | (40) | |||||
| (=) Excess Retained | 245 | 285 | 311 | |||||
| (/) FX Rate Adjustment | 0.13 | 0.13 | 0.13 | |||||
| (=) Excess Retained (DKK) | 1,829 | 2,126 | 2,323 | |||||
| (/) Shares Outstanding | 208.3 | 208.3 | 208.3 | |||||
| (=) Excess Retained per Share | 8.78 | 10.20 | 11.15 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.86 | 0.86 | 0.86 | |||||
| (+) Excess Retained per Share | 8.78 | 10.20 | 11.15 | |||||
| Adjusted Dividend | 9.64 | 11.06 | 12.01 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 11.06 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.4% | 8.9% | 9.4% | 9.9% | 10.4% | |||
| 3.5% | 234.84 | 213.00 | 194.87 | 179.59 | 166.53 | |||
| 4.5% | 298.30 | 264.21 | 237.11 | 215.06 | 196.75 | |||
| 5.5% | 405.91 | 345.77 | 301.16 | 266.74 | 239.38 | |||
| 6.5% | 628.29 | 496.02 | 409.75 | 349.05 | 304.01 | |||
| 7.5% | NM | 864.80 | 634.19 | 500.68 | 413.60 | |||