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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Fair Value | $193.71 - $277.11 | $228.04 |
| Upside | -17.8% - 17.6% | -3.2% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | May-25 | May-26 | May-27 | May-28 | May-29 | May-30 | Terminal | |
| Net Income to Common | 12,443 | 19,532 | 23,755 | 29,009 | 34,136 | 39,418 | 39,418 | |
| % Growth | 18.9% | 57.0% | 21.6% | 22.1% | 17.7% | 15.5% | ||
| Payout Ratio | 38.1% | 48.0% | 58.0% | 68.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 4,743 | 9,375 | 13,778 | 19,726 | 26,626 | 35,476 | 36,462 | |
| % Growth | 97.7% | 47.0% | 43.2% | 35.0% | 33.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | May-21 | May-22 | May-23 | May-24 | May-25 | May-24 | May-25 | |
| Cash Dividends Paid | 3,063 | 3,457 | 3,668 | 4,391 | 4,743 | 4,391 | 4,743 | |
| % Growth | 13% | 6% | 20% | 8% | 8% | |||
| Net Income to Common | 13,746 | 6,717 | 8,503 | 10,467 | 12,443 | 10,467 | 12,443 | |
| % Growth | -51% | 27% | 23% | 19% | 19% | |||
| Payout Ratio | 22% | 51% | 43% | 42% | 38% | 42% | 38% | |
| Retention Ratio | 78% | 49% | 57% | 58% | 62% | 58% | 62% | |
| Adjusted EBITDA | 18,569 | 18,958 | 19,778 | 21,227 | 23,486 | 21,227 | 23,486 | |
| % Growth | 2% | 4% | 7% | 11% | 11% | |||
| Total Debt | 84,245 | 75,859 | 90,481 | 94,414 | 108,952 | 94,414 | 108,952 | |
| Shareholder's Equity | 5,238 | (6,220) | 1,073 | 8,704 | 20,451 | 8,704 | 20,451 | |
| Debt / EBITDA | 4.5 | 4.0 | 4.6 | 4.4 | 4.6 | 4.2 | ||
| Debt / Equity | 1608% | NM | 8433% | 1085% | 533% | 1085% | 533% | |
| 3-Yr Avg. Dividend Growth | 11.3% | |||||||
| 5-Yr Median Payout Ratio | 42.0% | |||||||