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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 17.6% - 16.6% | 17.1% |
| Fair Value | €92 - €105.49 | €98.25 |
| Upside | 10.6% - 26.8% | 18.1% |
| 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 | 7,290 | 6,791 | 7,406 | 8,152 | 8,619 | 8,486 | 8,486 | |
| % Growth | -35.4% | -6.8% | 9.0% | 10.1% | 5.7% | -1.5% | ||
| Payout Ratio | 51.9% | 59.0% | 67.0% | 75.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 3,781 | 4,007 | 4,962 | 6,114 | 7,154 | 7,637 | 7,850 | |
| % Growth | 6.0% | 23.8% | 23.2% | 17.0% | 6.8% | |||
| 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 | 1,646 | 1,253 | 3,827 | 5,430 | 3,781 | 3,781 | 2,649 | |
| % Growth | -24% | 205% | 42% | -30% | -30% | |||
| Net Income to Common | 3,775 | 12,382 | 17,941 | 11,290 | 7,290 | 5,404 | 3,849 | |
| % Growth | 228% | 45% | -37% | -35% | -29% | |||
| Payout Ratio | 44% | 10% | 21% | 48% | 52% | 70% | 69% | |
| Retention Ratio | 56% | 90% | 79% | 52% | 48% | 30% | 31% | |
| Adjusted EBITDA | 8,762 | 17,563 | 19,701 | 24,125 | 16,982 | 11,247 | 9,013 | |
| % Growth | 100% | 12% | 22% | -30% | -20% | |||
| Total Debt | 106,376 | 103,463 | 94,196 | 95,010 | 111,261 | 102,260 | 106,344 | |
| Shareholder's Equity | 60,891 | 74,366 | 87,125 | 89,596 | 92,315 | 90,915 | 91,790 | |
| Debt / EBITDA | 12.1 | 5.9 | 4.8 | 3.9 | 6.6 | 7.2 | ||
| Debt / Equity | 175% | 139% | 108% | 106% | 121% | 112% | 116% | |
| 3-Yr Avg. Dividend Growth | 72.3% | |||||||
| 5-Yr Median Payout Ratio | 43.6% | |||||||