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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | €0.011 - €0.012 | €0.012 |
| Adjusted Dividend Yield | 5.6% - 6.3% | 6.0% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 16.9% - 14.9% | 15.9% |
| Fair Value | €0.098 - €0.14 | €0.12 |
| Upside | -49.3% - -26.6% | -39.1% |
| Calculate Adjusted Dividend | ||||||||
| (EUR in millions) | Latest | Notes | ||||||
| Net Income To Common | 5 | |||||||
| (-) Cash Dividends Paid | (4) | |||||||
| (=) Cash Retained | 1 | 18.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 5 | 5 | 5 | |||||
| (=) Cash Required | 1 | 1 | 0 | |||||
| Cash Retained | 1 | 1 | 1 | |||||
| (-) Cash Required | (1) | (1) | (0) | |||||
| (=) Excess Retained | 0 | 0 | 1 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (EUR) | 0 | 0 | 1 | |||||
| (/) Shares Outstanding | 400.9 | 400.9 | 400.9 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.01 | 0.01 | 0.01 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.01 | 0.01 | 0.01 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.01 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 14.9% | 15.4% | 15.9% | 16.4% | 16.9% | |||
| 3.5% | 0.11 | 0.10 | 0.10 | 0.09 | 0.09 | |||
| 4.5% | 0.12 | 0.11 | 0.11 | 0.10 | 0.10 | |||
| 5.5% | 0.13 | 0.12 | 0.12 | 0.11 | 0.11 | |||
| 6.5% | 0.15 | 0.14 | 0.13 | 0.12 | 0.12 | |||
| 7.5% | 0.17 | 0.16 | 0.15 | 0.14 | 0.13 | |||