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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €4.13 - €4.78 | €4.52 |
| Adjusted Dividend Yield | 1.6% - 1.8% | 1.7% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.1% - 8.1% | 9.1% |
| Fair Value | €89.21 - €212.74 | €131.53 |
| Upside | -66.4% - -19.8% | -50.4% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 2,359 | |||||||
| (-) Cash Dividends Paid | (1,163) | |||||||
| (=) Cash Retained | 1,196 | 50.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 2,359 | 2,359 | 2,359 | |||||
| (=) Cash Required | 472 | 295 | 177 | |||||
| Cash Retained | 1,196 | 1,196 | 1,196 | |||||
| (-) Cash Required | (472) | (295) | (177) | |||||
| (=) Excess Retained | 724 | 901 | 1,019 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 724 | 901 | 1,019 | |||||
| (/) Shares Outstanding | 456.7 | 456.7 | 456.7 | |||||
| (=) Excess Retained per Share | 1.59 | 1.97 | 2.23 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.55 | 2.55 | 2.55 | |||||
| (+) Excess Retained per Share | 1.59 | 1.97 | 2.23 | |||||
| Adjusted Dividend | 4.13 | 4.52 | 4.78 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4.52 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.1% | 8.6% | 9.1% | 9.6% | 10.1% | |||
| 3.5% | 101.14 | 91.27 | 83.16 | 76.37 | 70.61 | |||
| 4.5% | 130.29 | 114.50 | 102.12 | 92.16 | 83.96 | |||
| 5.5% | 181.64 | 152.58 | 131.53 | 115.59 | 103.09 | |||
| 6.5% | 296.21 | 226.51 | 183.37 | 154.03 | 132.78 | |||
| 7.5% | 777.37 | 431.87 | 298.99 | 228.64 | 185.09 | |||