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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Fair Value | $100.87 - $135.49 | $115.70 |
| Upside | 67.0% - 124.4% | 91.6% |
| 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 | 132 | 136 | 153 | 172 | 229 | 291 | 291 | |
| % Growth | 105.4% | 2.7% | 12.2% | 12.5% | 33.5% | 27.0% | ||
| Payout Ratio | 18.6% | 33.0% | 47.0% | 61.0% | 75.0% | 90.0% | 92.5% | |
| Projected Dividends | 25 | 45 | 72 | 105 | 172 | 262 | 269 | |
| % Growth | 82.0% | 59.8% | 45.9% | 64.2% | 52.4% | |||
| 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 | 23 | 23 | 24 | 25 | 25 | 25 | 25 | |
| % Growth | 2% | 3% | 2% | 1% | 1% | |||
| Net Income to Common | 10 | 63 | (81) | 64 | 132 | 64 | 132 | |
| % Growth | 557% | NM | NM | 105% | 105% | |||
| Payout Ratio | 240% | 37% | -30% | 38% | 19% | 38% | 19% | |
| Retention Ratio | -140% | 63% | 130% | 62% | 81% | 62% | 81% | |
| Adjusted EBITDA | 114 | 177 | 155 | 198 | 230 | 198 | 230 | |
| % Growth | 56% | -13% | 28% | 16% | 16% | |||
| Total Debt | 776 | 705 | 1,074 | 991 | 947 | 991 | 947 | |
| Shareholder's Equity | 709 | 785 | 746 | 834 | 963 | 834 | 963 | |
| Debt / EBITDA | 6.8 | 4.0 | 6.9 | 5.0 | 4.1 | 3.6 | ||
| Debt / Equity | 109% | 90% | 144% | 119% | 98% | 119% | 98% | |
| 3-Yr Avg. Dividend Growth | 2.0% | |||||||
| 5-Yr Median Payout Ratio | 37.2% | |||||||