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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Fair Value | €438.22 - €627.44 | €516.12 |
| Upside | -0.6% - 42.3% | 17.1% |
| 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 | 686 | 785 | 902 | 1,063 | 1,345 | 1,524 | 1,524 | |
| % Growth | -8.8% | 14.5% | 14.9% | 17.9% | 26.5% | 13.3% | ||
| Payout Ratio | 19.8% | 34.0% | 48.0% | 62.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 135 | 267 | 433 | 659 | 1,022 | 1,372 | 1,410 | |
| % Growth | 97.0% | 62.2% | 52.2% | 55.1% | 34.2% | |||
| 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 | 99 | 97 | 122 | 123 | 135 | 0 | 0 | |
| % Growth | -2% | 26% | 1% | 10% | NM | |||
| Net Income to Common | 285 | 495 | 389 | 752 | 686 | 332 | 174 | |
| % Growth | 73% | -21% | 93% | -9% | -48% | |||
| Payout Ratio | 35% | 20% | 31% | 16% | 20% | 0% | 0% | |
| Retention Ratio | 65% | 80% | 69% | 84% | 80% | 100% | 100% | |
| Adjusted EBITDA | 384 | 536 | 695 | 770 | 907 | 424 | 596 | |
| % Growth | 40% | 30% | 11% | 18% | 40% | |||
| Total Debt | 19 | 23 | 28 | 34 | 35 | 20 | 0 | |
| Shareholder's Equity | 1,855 | 2,242 | 2,749 | 3,227 | 3,747 | 3,410 | 3,569 | |
| Debt / EBITDA | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Debt / Equity | 1% | 1% | 1% | 1% | 1% | 1% | 0% | |
| 3-Yr Avg. Dividend Growth | 12.3% | |||||||
| 5-Yr Median Payout Ratio | 19.8% | |||||||