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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $0.20 - $0.23 | $0.22 |
| Adjusted Dividend Yield | 2.2% - 2.5% | 2.4% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.1% - 9.1% | 10.1% |
| Fair Value | $3.95 - $8.58 | $5.64 |
| Upside | -57.0% - -6.5% | -38.5% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 121 | |||||||
| (-) Cash Dividends Paid | (34) | |||||||
| (=) Cash Retained | 87 | 71.8% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 121 | 121 | 121 | |||||
| (=) Cash Required | 24 | 15 | 9 | |||||
| Cash Retained | 87 | 87 | 87 | |||||
| (-) Cash Required | (24) | (15) | (9) | |||||
| (=) Excess Retained | 63 | 72 | 78 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 63 | 72 | 78 | |||||
| (/) Shares Outstanding | 482.9 | 482.9 | 482.9 | |||||
| (=) Excess Retained per Share | 0.13 | 0.15 | 0.16 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.07 | 0.07 | 0.07 | |||||
| (+) Excess Retained per Share | 0.13 | 0.15 | 0.16 | |||||
| Adjusted Dividend | 0.20 | 0.22 | 0.23 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.22 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.1% | 9.6% | 10.1% | 10.6% | 11.1% | |||
| 4.0% | 4.46 | 4.06 | 3.73 | 3.45 | 3.21 | |||
| 5.0% | 5.59 | 4.99 | 4.50 | 4.10 | 3.77 | |||
| 6.0% | 7.45 | 6.42 | 5.64 | 5.03 | 4.54 | |||
| 7.0% | 11.06 | 8.95 | 7.52 | 6.48 | 5.70 | |||
| 8.0% | 21.09 | 14.60 | 11.16 | 9.04 | 7.59 | |||