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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €31.87 - €36.85 | €34.85 |
| Adjusted Dividend Yield | 6.8% - 7.9% | 7.5% |
| Perpetuity Growth Rate | 1.8% - 2.3% | 2.0% |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | €360.27 - €579.62 | €458.73 |
| Upside | -22.7% - 24.4% | -1.6% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 101 | |||||||
| (-) Cash Dividends Paid | (14) | |||||||
| (=) Cash Retained | 87 | 85.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 101 | 101 | 101 | |||||
| (=) Cash Required | 20 | 13 | 8 | |||||
| Cash Retained | 87 | 87 | 87 | |||||
| (-) Cash Required | (20) | (13) | (8) | |||||
| (=) Excess Retained | 67 | 74 | 79 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 67 | 74 | 79 | |||||
| (/) Shares Outstanding | 2.5 | 2.5 | 2.5 | |||||
| (=) Excess Retained per Share | 26.18 | 29.17 | 31.16 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 5.69 | 5.69 | 5.69 | |||||
| (+) Excess Retained per Share | 26.18 | 29.17 | 31.16 | |||||
| Adjusted Dividend | 31.87 | 34.85 | 36.85 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 34.85 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.8% | 9.3% | 9.8% | 10.3% | 10.8% | |||
| 0.0% | 398.34 | 376.81 | 357.48 | 340.04 | 324.23 | |||
| 1.0% | 454.23 | 426.70 | 402.32 | 380.57 | 361.06 | |||
| 2.0% | 526.69 | 490.37 | 458.73 | 430.93 | 406.30 | |||
| 3.0% | 624.35 | 574.40 | 531.85 | 495.17 | 463.23 | |||
| 4.0% | 763.13 | 690.45 | 630.41 | 579.98 | 537.02 | |||