Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $4.52 - $5.23 | $4.95 |
| Adjusted Dividend Yield | 3.8% - 4.4% | 4.1% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 13.0% - 11.0% | 12.0% |
| Fair Value | $71.18 - $131.33 | $95.77 |
| Upside | -40.4% - 10.0% | -19.8% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 4,392 | |||||||
| (-) Cash Dividends Paid | (3,107) | |||||||
| (=) Cash Retained | 1,285 | 29.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 4,392 | 4,392 | 4,392 | |||||
| (=) Cash Required | 878 | 549 | 329 | |||||
| Cash Retained | 1,285 | 1,285 | 1,285 | |||||
| (-) Cash Required | (878) | (549) | (329) | |||||
| (=) Excess Retained | 407 | 736 | 956 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 407 | 736 | 956 | |||||
| (/) Shares Outstanding | 777.0 | 777.0 | 777.0 | |||||
| (=) Excess Retained per Share | 0.52 | 0.95 | 1.23 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 4.00 | 4.00 | 4.00 | |||||
| (+) Excess Retained per Share | 0.52 | 0.95 | 1.23 | |||||
| Adjusted Dividend | 4.52 | 4.95 | 5.23 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 4.95 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 11.0% | 11.5% | 12.0% | 12.5% | 13.0% | |||
| 4.5% | 79.51 | 73.83 | 68.91 | 64.60 | 60.80 | |||
| 5.5% | 94.87 | 86.96 | 80.27 | 74.54 | 69.57 | |||
| 6.5% | 117.05 | 105.35 | 95.77 | 87.79 | 81.04 | |||
| 7.5% | 151.91 | 132.92 | 118.15 | 106.33 | 96.67 | |||
| 8.5% | 214.65 | 178.87 | 153.32 | 134.16 | 119.25 | |||