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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $3.14 - $3.63 | $3.43 |
| Adjusted Dividend Yield | 3.5% - 4.1% | 3.9% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 8.6% | 9.6% |
| Fair Value | $68.08 - $162.35 | $100.38 |
| Upside | -23.6% - 82.2% | 12.6% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 180 | |||||||
| (-) Cash Dividends Paid | (46) | |||||||
| (=) Cash Retained | 134 | 74.4% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 180 | 180 | 180 | |||||
| (=) Cash Required | 36 | 22 | 13 | |||||
| Cash Retained | 134 | 134 | 134 | |||||
| (-) Cash Required | (36) | (22) | (13) | |||||
| (=) Excess Retained | 98 | 111 | 120 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 98 | 111 | 120 | |||||
| (/) Shares Outstanding | 45.8 | 45.8 | 45.8 | |||||
| (=) Excess Retained per Share | 2.14 | 2.43 | 2.63 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 | |||||
| (+) Excess Retained per Share | 2.14 | 2.43 | 2.63 | |||||
| Adjusted Dividend | 3.14 | 3.43 | 3.63 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 3.43 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.6% | 9.1% | 9.6% | 10.1% | 10.6% | |||
| 4.0% | 77.19 | 69.66 | 63.47 | 58.29 | 53.89 | |||
| 5.0% | 99.43 | 87.38 | 77.94 | 70.33 | 64.08 | |||
| 6.0% | 138.62 | 116.44 | 100.38 | 88.21 | 78.68 | |||
| 7.0% | 226.04 | 172.85 | 139.93 | 117.54 | 101.33 | |||
| 8.0% | NM | 329.55 | 228.15 | 174.47 | 141.24 | |||