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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 1.3% - 1.7% | 1.5% |
| Discount Rate | 15.0% - 14.0% | 14.5% |
| Fair Value | €14.35 - €15.82 | €15.04 |
| Upside | -53.1% - -48.3% | -50.8% |
| 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 | 67 | 101 | 104 | 106 | 107 | 100 | 100 | |
| % Growth | NM | 52.5% | 3.0% | 1.3% | 0.7% | -5.8% | ||
| Payout Ratio | 69.9% | 74.0% | 78.0% | 82.0% | 86.0% | 90.0% | 92.5% | |
| Projected Dividends | 46 | 75 | 81 | 87 | 92 | 90 | 93 | |
| % Growth | 61.5% | 8.5% | 6.5% | 5.6% | -1.4% | |||
| 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 | 19 | 27 | 25 | 50 | 46 | 46 | 28 | |
| % Growth | 37% | -8% | 102% | -7% | -40% | |||
| Net Income to Common | (42) | 82 | 187 | (9) | 67 | 71 | 66 | |
| % Growth | NM | 127% | NM | NM | -8% | |||
| Payout Ratio | -47% | 33% | 13% | -528% | 70% | 65% | 42% | |
| Retention Ratio | 147% | 67% | 87% | 628% | 30% | 35% | 58% | |
| Adjusted EBITDA | 28 | 28 | 41 | 107 | 101 | 61 | 38 | |
| % Growth | -1% | 46% | 162% | -6% | -37% | |||
| Total Debt | 741 | 735 | 1,307 | 1,435 | 1,442 | 1,423 | 1,490 | |
| Shareholder's Equity | 641 | 984 | 1,486 | 1,517 | 1,634 | 1,604 | 1,746 | |
| Debt / EBITDA | 26.3 | 26.2 | 31.9 | 13.4 | 14.2 | 19.0 | ||
| Debt / Equity | 116% | 75% | 88% | 95% | 88% | 89% | 85% | |
| 3-Yr Avg. Dividend Growth | 29.1% | |||||||
| 5-Yr Median Payout Ratio | 13.2% | |||||||