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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Fair Value | $43.21 - $52.49 | $47.39 |
| Upside | 31.6% - 59.8% | 44.3% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 16,192 | 15,929 | 16,648 | 16,800 | 17,119 | 18,478 | 18,478 | |
| % Growth | 5.2% | -1.6% | 4.5% | 0.9% | 1.9% | 7.9% | ||
| Payout Ratio | 29.7% | 42.0% | 54.0% | 66.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 4,814 | 6,690 | 8,990 | 11,088 | 13,352 | 16,630 | 17,092 | |
| % Growth | 39.0% | 34.4% | 23.3% | 20.4% | 24.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 4,140 | 4,532 | 4,741 | 4,766 | 4,814 | 4,766 | 4,814 | |
| % Growth | 9% | 5% | 1% | 1% | 1% | |||
| Net Income to Common | 10,534 | 14,159 | 5,370 | 15,388 | 16,192 | 15,388 | 16,192 | |
| % Growth | 34% | -62% | 187% | 5% | 5% | |||
| Payout Ratio | 39% | 32% | 88% | 31% | 30% | 31% | 30% | |
| Retention Ratio | 61% | 68% | 12% | 69% | 70% | 69% | 70% | |
| Adjusted EBITDA | 30,593 | 34,621 | 36,445 | 37,649 | 38,100 | 37,649 | 38,100 | |
| % Growth | 13% | 5% | 3% | 1% | 1% | |||
| Total Debt | 113,386 | 107,259 | 106,765 | 103,676 | 105,413 | 103,676 | 105,413 | |
| Shareholder's Equity | 90,323 | 96,092 | 80,943 | 82,703 | 85,560 | 82,703 | 85,560 | |
| Debt / EBITDA | 3.7 | 3.1 | 2.9 | 2.8 | 2.8 | 2.7 | ||
| Debt / Equity | 126% | 112% | 132% | 125% | 123% | 125% | 123% | |
| 3-Yr Avg. Dividend Growth | 2.0% | |||||||
| 5-Yr Median Payout Ratio | 32.0% | |||||||