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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $5.46 - $6.32 | $5.98 |
| Adjusted Dividend Yield | 4.8% - 5.6% | 5.3% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.1% - 8.1% | 9.1% |
| Fair Value | $117.98 - $281.33 | $173.95 |
| Upside | 4.6% - 149.3% | 54.2% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 865 | |||||||
| (-) Cash Dividends Paid | (265) | |||||||
| (=) Cash Retained | 600 | 69.4% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 865 | 865 | 865 | |||||
| (=) Cash Required | 173 | 108 | 65 | |||||
| Cash Retained | 600 | 600 | 600 | |||||
| (-) Cash Required | (173) | (108) | (65) | |||||
| (=) Excess Retained | 427 | 492 | 535 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 427 | 492 | 535 | |||||
| (/) Shares Outstanding | 126.6 | 126.6 | 126.6 | |||||
| (=) Excess Retained per Share | 3.37 | 3.88 | 4.23 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.09 | 2.09 | 2.09 | |||||
| (+) Excess Retained per Share | 3.37 | 3.88 | 4.23 | |||||
| Adjusted Dividend | 5.46 | 5.98 | 6.32 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 5.98 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.1% | 8.6% | 9.1% | 9.6% | 10.1% | |||
| 3.5% | 133.75 | 120.70 | 109.97 | 101.00 | 93.37 | |||
| 4.5% | 172.30 | 151.41 | 135.04 | 121.87 | 111.04 | |||
| 5.5% | 240.21 | 201.78 | 173.95 | 152.86 | 136.34 | |||
| 6.5% | 391.71 | 299.54 | 242.49 | 203.69 | 175.60 | |||
| 7.5% | NM | NM | 395.39 | 302.36 | 244.77 | |||