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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 11.6% - 10.6% | 11.1% |
| Fair Value | €13.32 - €15.31 | €14.24 |
| Upside | 1.8% - 17.1% | 8.9% |
| 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 | 106 | 78 | 93 | 125 | 396 | 189 | 189 | |
| % Growth | -26.8% | -26.4% | 19.4% | 33.4% | 217.8% | -52.3% | ||
| Payout Ratio | 42.4% | 52.0% | 62.0% | 72.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 45 | 41 | 58 | 90 | 325 | 170 | 175 | |
| % Growth | -9.6% | 42.3% | 54.9% | 262.0% | -47.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (EUR in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 0 | 12 | 34 | 35 | 45 | 45 | 17 | |
| % Growth | NM | 174% | 3% | 29% | -62% | |||
| Net Income to Common | 35 | 96 | 100 | 145 | 106 | 22 | 24 | |
| % Growth | 174% | 5% | 45% | -27% | 11% | |||
| Payout Ratio | 0% | 13% | 34% | 24% | 42% | 205% | 70% | |
| Retention Ratio | 100% | 87% | 66% | 76% | 58% | -105% | 30% | |
| Adjusted EBITDA | 41 | 111 | 110 | 161 | 144 | 31 | 39 | |
| % Growth | 170% | 0% | 46% | -11% | 24% | |||
| Total Debt | 3 | 4 | 8 | 6 | 5 | 4 | 4 | |
| Shareholder's Equity | 495 | 592 | 663 | 777 | 848 | 758 | 849 | |
| Debt / EBITDA | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | ||
| Debt / Equity | 1% | 1% | 1% | 1% | 1% | 0% | 0% | |
| 3-Yr Avg. Dividend Growth | 68.8% | |||||||
| 5-Yr Median Payout Ratio | 24.0% | |||||||