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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $6.77 - $7.03 | $6.77 |
| Adjusted Dividend Yield | 3.2% - 3.3% | 3.2% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 11.4% - 9.4% | 10.4% |
| Fair Value | $116.34 - $205.12 | $146.52 |
| Upside | -45.8% - -4.4% | -31.7% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 1,080 | |||||||
| (-) Cash Dividends Paid | (962) | |||||||
| (=) Cash Retained | 118 | 10.9% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 1,080 | 1,080 | 1,080 | |||||
| (=) Cash Required | 216 | 135 | 81 | |||||
| Cash Retained | 118 | 118 | 118 | |||||
| (-) Cash Required | (216) | (135) | (81) | |||||
| (=) Excess Retained | 0 | 0 | 37 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 0 | 0 | 37 | |||||
| (/) Shares Outstanding | 142.1 | 142.1 | 142.1 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.26 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 6.77 | 6.77 | 6.77 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.26 | |||||
| Adjusted Dividend | 6.77 | 6.77 | 7.03 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 6.77 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.4% | 9.9% | 10.4% | 10.9% | 11.4% | |||
| 3.5% | 119.28 | 109.92 | 101.93 | 95.02 | 88.98 | |||
| 4.5% | 145.13 | 131.63 | 120.43 | 110.98 | 102.91 | |||
| 5.5% | 184.33 | 163.27 | 146.52 | 132.89 | 121.58 | |||
| 6.5% | 250.81 | 213.65 | 186.08 | 164.82 | 147.91 | |||
| 7.5% | 388.18 | 306.46 | 253.16 | 215.66 | 187.83 | |||