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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €6.70 - €7.68 | €7.29 |
| Adjusted Dividend Yield | 2.8% - 3.3% | 3.1% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.4% - 9.4% | 10.4% |
| Fair Value | €125.93 - €261.06 | €176.54 |
| Upside | -46.6% - 10.6% | -25.2% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 763 | |||||||
| (-) Cash Dividends Paid | (242) | |||||||
| (=) Cash Retained | 521 | 68.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 763 | 763 | 763 | |||||
| (=) Cash Required | 153 | 95 | 57 | |||||
| Cash Retained | 521 | 521 | 521 | |||||
| (-) Cash Required | (153) | (95) | (57) | |||||
| (=) Excess Retained | 369 | 426 | 464 | |||||
| (/) FX Rate Adjustment | 1.17 | 1.17 | 1.17 | |||||
| (=) Excess Retained (EUR) | 315 | 363 | 396 | |||||
| (/) Shares Outstanding | 83.1 | 83.1 | 83.1 | |||||
| (=) Excess Retained per Share | 3.79 | 4.37 | 4.76 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.91 | 2.91 | 2.91 | |||||
| (+) Excess Retained per Share | 3.79 | 4.37 | 4.76 | |||||
| Adjusted Dividend | 6.70 | 7.29 | 7.68 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 7.29 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.4% | 9.9% | 10.4% | 10.9% | 11.4% | |||
| 4.0% | 140.98 | 128.98 | 118.87 | 110.22 | 102.75 | |||
| 5.0% | 174.87 | 156.94 | 142.34 | 130.22 | 120.01 | |||
| 6.0% | 228.85 | 199.32 | 176.54 | 158.43 | 143.69 | |||
| 7.0% | 328.27 | 271.18 | 231.01 | 201.20 | 178.20 | |||
| 8.0% | 572.31 | 419.70 | 331.34 | 273.71 | 233.16 | |||