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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $0.36 - $0.42 | $0.40 |
| Adjusted Dividend Yield | 5.9% - 6.9% | 6.5% |
| Perpetuity Growth Rate | 9.8% - 10.3% | 10.0% |
| Discount Rate | 17.4% - 15.4% | 16.4% |
| Fair Value | $5.25 - $9.07 | $6.88 |
| Upside | -14.6% - 47.5% | 11.9% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 80 | |||||||
| (-) Cash Dividends Paid | (51) | |||||||
| (=) Cash Retained | 29 | 36.5% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 80 | 80 | 80 | |||||
| (=) Cash Required | 16 | 10 | 6 | |||||
| Cash Retained | 29 | 29 | 29 | |||||
| (-) Cash Required | (16) | (10) | (6) | |||||
| (=) Excess Retained | 13 | 19 | 23 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 13 | 19 | 23 | |||||
| (/) Shares Outstanding | 174.9 | 174.9 | 174.9 | |||||
| (=) Excess Retained per Share | 0.08 | 0.11 | 0.13 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.29 | 0.29 | 0.29 | |||||
| (+) Excess Retained per Share | 0.08 | 0.11 | 0.13 | |||||
| Adjusted Dividend | 0.36 | 0.40 | 0.42 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.40 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 15.4% | 15.9% | 16.4% | 16.9% | 17.4% | |||
| 8.0% | 5.84 | 5.47 | 5.14 | 4.86 | 4.60 | |||
| 9.0% | 6.82 | 6.33 | 5.90 | 5.52 | 5.19 | |||
| 10.0% | 8.17 | 7.47 | 6.88 | 6.38 | 5.95 | |||
| 11.0% | 10.12 | 9.08 | 8.24 | 7.54 | 6.95 | |||
| 12.0% | 13.24 | 11.53 | 10.21 | 9.17 | 8.31 | |||