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Metrics | Range | Conclusion |
---|---|---|
Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
Discount Rate | 10.9% - 9.9% | 10.4% |
Fair Value | €271.03 - €380.98 | €316.57 |
Upside | 13.9% - 60.1% | 33.0% |
Project Adjusted Dividends | ||||||||
Fiscal Year Ending | ||||||||
(USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
Net Income to Common | 746 | 1,365 | 1,460 | 1,574 | 1,697 | 1,816 | 1,816 | |
% Growth | 96.7% | 83.0% | 7.0% | 7.8% | 7.8% | 7.0% | ||
Payout Ratio | 32.6% | 44.0% | 55.0% | 66.0% | 77.0% | 90.0% | 92.5% | |
Projected Dividends | 243 | 601 | 803 | 1,039 | 1,307 | 1,634 | 1,680 | |
% Growth | 147.0% | 33.7% | 29.4% | 25.8% | 25.1% |
Historical Performance | ||||||||
Fiscal Year Ending | YTD | YTD | ||||||
(USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
Cash Dividends Paid | 0 | 0 | 195 | 254 | 243 | 123 | 122 | |
% Growth | NM | NM | 30% | -4% | -1% | |||
Net Income to Common | 1,556 | 2,195 | 1,002 | 379 | 746 | 433 | 451 | |
% Growth | 41% | -54% | -62% | 97% | 4% | |||
Payout Ratio | 0% | 0% | 19% | 67% | 33% | 28% | 27% | |
Retention Ratio | 100% | 100% | 81% | 33% | 67% | 72% | 73% | |
Adjusted EBITDA | 3,478 | 3,664 | 2,222 | 1,621 | 1,701 | 947 | 1,068 | |
% Growth | 5% | -39% | -27% | 5% | 13% | |||
Total Debt | 6,756 | 6,343 | 6,246 | 6,024 | 7,350 | 6,055 | 6,603 | |
Shareholder's Equity | 9,437 | 10,273 | 10,097 | 7,875 | 8,052 | 8,006 | 8,473 | |
Debt / EBITDA | 1.9 | 1.7 | 2.8 | 3.7 | 4.3 | 3.6 | ||
Debt / Equity | 72% | 62% | 62% | 76% | 91% | 76% | 78% | |
3-Yr Avg. Dividend Growth | 12.9% | |||||||
5-Yr Median Payout Ratio | 19.5% |