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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Fair Value | $46.08 - $62.64 | $52.98 |
| Upside | -0.3% - 35.6% | 14.7% |
| 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 | 784 | 837 | 929 | 987 | 833 | 849 | 849 | |
| % Growth | 6.9% | 6.7% | 11.0% | 6.2% | -15.6% | 2.0% | ||
| Payout Ratio | 105.9% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 831 | 753 | 836 | 888 | 749 | 764 | 786 | |
| % Growth | -9.3% | 11.0% | 6.2% | -15.6% | 2.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 231 | 634 | 771 | 768 | 831 | 207 | 209 | |
| % Growth | 175% | 22% | 0% | 8% | 1% | |||
| Net Income to Common | 505 | 534 | 684 | 734 | 784 | 174 | 165 | |
| % Growth | 6% | 28% | 7% | 7% | -5% | |||
| Payout Ratio | 46% | 119% | 113% | 105% | 106% | 118% | 127% | |
| Retention Ratio | 54% | -19% | -13% | -5% | -6% | -18% | -27% | |
| Adjusted EBITDA | 1,011 | 1,072 | 1,220 | 1,343 | 1,400 | 326 | 328 | |
| % Growth | 6% | 14% | 10% | 4% | 1% | |||
| Total Debt | 5,907 | 6,790 | 6,364 | 6,879 | 8,042 | 6,881 | 7,194 | |
| Shareholder's Equity | 2,675 | 3,185 | 3,778 | 4,157 | 4,269 | 4,127 | 4,215 | |
| Debt / EBITDA | 5.8 | 6.3 | 5.2 | 5.1 | 5.7 | 5.1 | ||
| Debt / Equity | 221% | 213% | 168% | 165% | 188% | 167% | 171% | |
| 3-Yr Avg. Dividend Growth | 9.8% | |||||||
| 5-Yr Median Payout Ratio | 105.9% | |||||||