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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €8.62 - €9.97 | €9.43 |
| Adjusted Dividend Yield | 1.8% - 2.0% | 1.9% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | €165.81 - €353.13 | €235.24 |
| Upside | -66.3% - -28.2% | -52.2% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 527 | |||||||
| (-) Cash Dividends Paid | (147) | |||||||
| (=) Cash Retained | 380 | 72.1% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 527 | 527 | 527 | |||||
| (=) Cash Required | 105 | 66 | 40 | |||||
| Cash Retained | 380 | 380 | 380 | |||||
| (-) Cash Required | (105) | (66) | (40) | |||||
| (=) Excess Retained | 274 | 314 | 340 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 274 | 314 | 340 | |||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | |||||
| (=) Excess Retained per Share | 5.61 | 6.42 | 6.96 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 3.01 | 3.01 | 3.01 | |||||
| (+) Excess Retained per Share | 5.61 | 6.42 | 6.96 | |||||
| Adjusted Dividend | 8.62 | 9.43 | 9.97 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 9.43 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.3% | 9.8% | 10.3% | 10.8% | 11.3% | |||
| 4.0% | 186.84 | 170.59 | 156.95 | 145.32 | 135.30 | |||
| 5.0% | 233.02 | 208.49 | 188.64 | 172.23 | 158.46 | |||
| 6.0% | 307.62 | 266.61 | 235.24 | 210.48 | 190.43 | |||
| 7.0% | 448.54 | 366.99 | 310.53 | 269.12 | 237.46 | |||
| 8.0% | 814.92 | 582.08 | 452.73 | 370.42 | 313.43 | |||