Visual Data Analysis
Interactive charts comparing key financial metrics across all three financing scenarios
2013E Earnings Per Share Comparison
Equity scenario shows best EPS performance at -€0.21, compared to -€0.33 for debt (burdened by interest expense)
2013E Cash Balance Comparison
Debt maintains highest cash (€9.3B) but dividend elimination shows lowest (€8.4B), highlighting funding gap
Debt/EBITDA Leverage Comparison
Debt scenario's 6.15x leverage crosses junk bond threshold, while equity and dividend maintain investment-grade 2.95x
Key Insight
The charts clearly demonstrate that equity issuance provides the best balanceof financial metrics: competitive EPS, adequate cash reserves, and investment-grade leverage ratios. The debt scenario's leverage spike to 6.15x is the critical differentiator that makes it unviable.