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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 8.8% - 9.3% | 9.0% |
| Discount Rate | 15.1% - 14.1% | 14.6% |
| Fair Value | $68.19 - $88.55 | $77.01 |
| Upside | 46.6% - 90.4% | 65.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| Net Income to Common | 499 | 298 | 456 | 528 | 539 | 549 | 549 | |
| % Growth | -35.3% | -40.2% | 53.1% | 15.7% | 2.0% | 2.0% | ||
| Payout Ratio | 22.5% | 36.0% | 50.0% | 64.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 112 | 107 | 228 | 338 | 420 | 494 | 508 | |
| % Growth | -4.2% | 112.6% | 48.1% | 24.3% | 17.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 84 | 84 | 98 | 106 | 112 | 56 | 57 | |
| % Growth | 0% | 17% | 8% | 5% | 2% | |||
| Net Income to Common | (31) | 193 | 692 | 771 | 499 | 327 | 146 | |
| % Growth | NM | 259% | 11% | -35% | -55% | |||
| Payout Ratio | -270% | 44% | 14% | 14% | 22% | 17% | 39% | |
| Retention Ratio | 370% | 56% | 86% | 86% | 78% | 83% | 61% | |
| Adjusted EBITDA | 415 | 511 | 1,090 | 1,275 | 999 | 553 | 371 | |
| % Growth | 23% | 113% | 17% | -22% | -33% | |||
| Total Debt | 1,732 | 1,513 | 1,866 | 3,301 | 3,127 | 3,697 | 2,789 | |
| Shareholder's Equity | 3,726 | 4,084 | 4,193 | 4,752 | 4,926 | 5,010 | 4,844 | |
| Debt / EBITDA | 4.2 | 3.0 | 1.7 | 2.6 | 3.1 | 3.4 | ||
| Debt / Equity | 46% | 37% | 44% | 69% | 63% | 74% | 58% | |
| 3-Yr Avg. Dividend Growth | 10.0% | |||||||
| 5-Yr Median Payout Ratio | 14.2% | |||||||