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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 11.4% - 10.4% | 10.9% |
| Fair Value | $50.73 - $57.30 | $53.33 |
| Upside | -27.5% - -18.1% | -23.8% |
| 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 | 1,218 | 966 | 887 | 821 | 1,185 | 1,228 | 1,228 | |
| % Growth | -20.1% | -20.7% | -8.1% | -7.5% | 44.3% | 3.7% | ||
| Payout Ratio | 29.9% | 42.0% | 54.0% | 66.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 364 | 406 | 479 | 542 | 924 | 1,105 | 1,136 | |
| % Growth | 11.5% | 18.1% | 13.1% | 70.5% | 19.6% | |||
| 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 | 258 | 260 | 306 | 311 | 364 | 311 | 364 | |
| % Growth | 1% | 18% | 2% | 17% | 17% | |||
| Net Income to Common | 317 | 917 | 3,346 | 1,525 | 1,218 | 1,525 | 1,218 | |
| % Growth | 189% | 265% | -54% | -20% | -20% | |||
| Payout Ratio | 81% | 28% | 9% | 20% | 30% | 20% | 30% | |
| Retention Ratio | 19% | 72% | 91% | 80% | 70% | 80% | 70% | |
| Adjusted EBITDA | 1,488 | 3,068 | 6,421 | 3,132 | 2,650 | 3,132 | 2,650 | |
| % Growth | 106% | 109% | -51% | -15% | -15% | |||
| Total Debt | 4,223 | 3,716 | 3,225 | 3,232 | 3,246 | 3,232 | 3,246 | |
| Shareholder's Equity | 2,922 | 3,206 | 5,051 | 5,717 | 4,985 | 5,717 | 4,985 | |
| Debt / EBITDA | 2.8 | 1.2 | 0.5 | 1.0 | 1.2 | 1.5 | ||
| Debt / Equity | 145% | 116% | 64% | 57% | 65% | 57% | 65% | |
| 3-Yr Avg. Dividend Growth | 12.1% | |||||||
| 5-Yr Median Payout Ratio | 28.4% | |||||||