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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.9% - 9.9% | 10.4% |
| Fair Value | $135.22 - $187.43 | $156.85 |
| Upside | -36.6% - -12.2% | -26.5% |
| 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 | 3,233 | 2,984 | 3,309 | 3,567 | 3,926 | 4,271 | 4,271 | |
| % Growth | 108.0% | -7.7% | 10.9% | 7.8% | 10.0% | 8.8% | ||
| Payout Ratio | 95.1% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 3,075 | 3,075 | 2,978 | 3,211 | 3,533 | 3,844 | 3,950 | |
| % Growth | 0.0% | -3.1% | 7.8% | 10.0% | 8.8% | |||
| 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 | 1,928 | 2,271 | 2,630 | 2,949 | 3,075 | 2,949 | 3,075 | |
| % Growth | 18% | 16% | 12% | 4% | 4% | |||
| Net Income to Common | 1,691 | 2,568 | 2,042 | 1,555 | 3,233 | 1,555 | 3,233 | |
| % Growth | 52% | -20% | -24% | 108% | 108% | |||
| Payout Ratio | 114% | 88% | 129% | 190% | 95% | 190% | 95% | |
| Retention Ratio | -14% | 12% | -29% | -90% | 5% | -90% | 5% | |
| Adjusted EBITDA | 5,049 | 5,888 | 6,076 | 6,487 | 6,637 | 6,487 | 6,637 | |
| % Growth | 17% | 3% | 7% | 2% | 2% | |||
| Total Debt | 36,712 | 52,009 | 47,051 | 46,307 | 43,954 | 46,307 | 43,954 | |
| Shareholder's Equity | 4,094 | 5,081 | 5,572 | 4,198 | 3,382 | 4,198 | 3,382 | |
| Debt / EBITDA | 7.3 | 8.8 | 7.7 | 7.1 | 6.6 | 6.5 | ||
| Debt / Equity | 897% | 1024% | 844% | 1103% | 1300% | 1103% | 1300% | |
| 3-Yr Avg. Dividend Growth | 10.7% | |||||||
| 5-Yr Median Payout Ratio | 114.1% | |||||||