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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €17.70 - €20.47 | €19.36 |
| Adjusted Dividend Yield | 2.7% - 3.1% | 3.0% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | €340.38 - €724.94 | €482.92 |
| Upside | -47.9% - 11.0% | -26.1% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 8,703 | |||||||
| (-) Cash Dividends Paid | (2,479) | |||||||
| (=) Cash Retained | 6,224 | 71.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 8,703 | 8,703 | 8,703 | |||||
| (=) Cash Required | 1,741 | 1,088 | 653 | |||||
| Cash Retained | 6,224 | 6,224 | 6,224 | |||||
| (-) Cash Required | (1,741) | (1,088) | (653) | |||||
| (=) Excess Retained | 4,483 | 5,136 | 5,571 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 4,483 | 5,136 | 5,571 | |||||
| (/) Shares Outstanding | 393.3 | 393.3 | 393.3 | |||||
| (=) Excess Retained per Share | 11.40 | 13.06 | 14.17 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 6.30 | 6.30 | 6.30 | |||||
| (+) Excess Retained per Share | 11.40 | 13.06 | 14.17 | |||||
| Adjusted Dividend | 17.70 | 19.36 | 20.47 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 19.36 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.3% | 9.8% | 10.3% | 10.8% | 11.3% | |||
| 4.0% | 383.56 | 350.21 | 322.19 | 298.33 | 277.75 | |||
| 5.0% | 478.37 | 428.01 | 387.25 | 353.58 | 325.29 | |||
| 6.0% | 631.51 | 547.31 | 482.92 | 432.09 | 390.94 | |||
| 7.0% | 920.79 | 753.38 | 637.47 | 552.48 | 487.48 | |||
| 8.0% | 1,672.92 | 1,194.94 | 929.40 | 760.42 | 643.43 | |||