Comprehensive Metrics Comparison
Side-by-side analysis of key financial metrics across all three financing scenarios
| Metric | Debt | Equity ✓ | Dividend |
|---|---|---|---|
| 2012E EPS | -€0.33 | -€0.21 | -€0.28 |
| 2013E EPS | -€0.33 | -€0.21 | -€0.28 |
| 2012E Cash | €10.3B | €10.1B | €7.7B |
| 2013E Cash | €9.3B | €8.9B | €8.4B |
| Debt/EBITDA | 6.15x | 2.95x | 2.95x |
| Interest Coverage | 1.23x | 2.88x | 2.88x |
| Bond Rating | B-BB (Junk) | A (Inv-Grade) | A (Inv-Grade) |
| Funding Amount | €4.3B | €4.3B | €3.0B |
| Shareholder Dilution | 0% | 22.3% | 0% |
Debt Scenario
Catastrophic junk bond downgrade makes debt unviable despite avoiding dilution. Interest coverage of 1.23x signals severe financial distress.
Equity Scenario ✓
Optimal choice: maintains investment-grade rating, provides full funding, and preserves strategic flexibility. 22.3% dilution is acceptable cost.
Dividend Elimination
Prudent but insufficient alone. EUR 1.3B funding gap requires additional financing source, making this a necessary but incomplete solution.