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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 7.8% - 8.3% | 8.0% |
| Discount Rate | 17.8% - 16.8% | 17.3% |
| Fair Value | $15.22 - $17.78 | $16.40 |
| Upside | -0.1% - 16.7% | 7.6% |
| 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 | (6) | 22 | 24 | 57 | 56 | 66 | 66 | |
| % Growth | NM | 219.7% | 13.1% | 134.5% | -1.8% | 17.8% | ||
| Payout Ratio | NM | 90.0% | 50.0% | 50.0% | 50.0% | 90.0% | 92.5% | |
| Projected Dividends | 52 | 52 | 12 | 29 | 28 | 60 | 61 | |
| % Growth | 0.0% | -76.4% | 134.5% | -1.8% | 112.1% | |||
| 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 | 38 | 42 | 44 | 48 | 52 | 48 | 52 | |
| % Growth | 11% | 5% | 8% | 8% | 8% | |||
| Net Income to Common | 17 | 20 | 19 | 5 | (6) | 5 | (6) | |
| % Growth | 17% | -5% | -73% | NM | NM | |||
| Payout Ratio | 221% | 210% | 232% | 943% | -865% | 943% | -865% | |
| Retention Ratio | -121% | -110% | -132% | -843% | 965% | -843% | 965% | |
| Adjusted EBITDA | 53 | 64 | 67 | 66 | 75 | 66 | 75 | |
| % Growth | 20% | 5% | -2% | 14% | 14% | |||
| Total Debt | 225 | 275 | 357 | 407 | 490 | 407 | 490 | |
| Shareholder's Equity | 430 | 462 | 497 | 513 | 476 | 513 | 476 | |
| Debt / EBITDA | 4.2 | 4.3 | 5.3 | 6.2 | 6.5 | 5.8 | ||
| Debt / Equity | 52% | 59% | 72% | 79% | 103% | 79% | 103% | |
| 3-Yr Avg. Dividend Growth | 6.8% | |||||||
| 5-Yr Median Payout Ratio | 220.7% | |||||||