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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.34 - €0.34 | €0.34 |
| Adjusted Dividend Yield | 13.7% - 13.7% | 13.7% |
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.6% - 8.6% | 9.6% |
| Fair Value | €3.20 - €4.07 | €3.53 |
| Upside | 29.0% - 64.1% | 42.4% |
| Calculate Adjusted Dividend | ||||||||
| (AUD in millions) | Latest | Notes | ||||||
| Net Income To Common | 95 | |||||||
| (-) Cash Dividends Paid | (95) | |||||||
| (=) Cash Retained | 0 | 0.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 95 | 95 | 95 | |||||
| (=) Cash Required | 19 | 12 | 7 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (19) | (12) | (7) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.80 | 1.80 | 1.80 | |||||
| (=) Excess Retained (EUR) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 278.3 | 278.3 | 278.3 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.34 | 0.34 | 0.34 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.34 | 0.34 | 0.34 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.34 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.6% | 9.1% | 9.6% | 10.1% | 10.6% | |||
| 0.0% | 3.94 | 3.73 | 3.53 | 3.36 | 3.20 | |||
| 0.0% | 3.94 | 3.73 | 3.53 | 3.36 | 3.20 | |||
| 0.0% | 3.94 | 3.73 | 3.53 | 3.36 | 3.20 | |||
| 1.0% | 4.50 | 4.23 | 3.98 | 3.76 | 3.57 | |||
| 2.0% | 5.24 | 4.87 | 4.55 | 4.27 | 4.02 | |||