Looks like we are going up in Europe. €76.80 now (€76.70*1.73/20=AU$6.64). Dividends forecast to be €4.50 next year (2026), then €5.50 the following year (2027), then around €6.50 (2028) and as much as €7.00 in 2029. If my calculations are correct.
€4.50 per share for fiscal year 2025 (Paid in 2026)
2026 AREPS at least €9.15, reflecting mechanical effect of €2.2 Bn disposals (€9.15*0.6 = €5.49, paid in 2027)
2028 AREPS target of €9.70-10.10 – 3-5% annual growth in 2027 and 2028 driven by organic NRI growth, new revenues and the ramp-up of project deliveries
Normalised payout ratio of 60-70% starting in fiscal year 2027
2027 paid in 2028 (9.15*1.04*0.70 = €6.66)
2028 paid in 2029 (10.10*0.70 = €7.07)
URW Price at posting:
$6.53 Sentiment: Hold Disclosure: Held
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