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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 12.6% - 11.6% | 12.1% |
| Fair Value | $13.28 - $14.50 | $13.77 |
| Upside | 4.5% - 14.2% | 8.4% |
| 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 | 106 | 175 | 181 | 141 | 161 | 151 | 151 | |
| % Growth | NM | 65.2% | 3.2% | -22.2% | 14.3% | -6.2% | ||
| Payout Ratio | 103.7% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 110 | 158 | 163 | 127 | 145 | 136 | 140 | |
| % Growth | 43.3% | 3.2% | -22.2% | 14.3% | -6.2% | |||
| 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 | 39 | 51 | 65 | 85 | 110 | 85 | 110 | |
| % Growth | 30% | 28% | 32% | 29% | 29% | |||
| Net Income to Common | 160 | 91 | 135 | (14) | 106 | (14) | 106 | |
| % Growth | -43% | 49% | NM | NM | NM | |||
| Payout Ratio | 24% | 56% | 48% | -617% | 104% | -617% | 104% | |
| Retention Ratio | 76% | 44% | 52% | 717% | -4% | 717% | -4% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 2,438 | 2,850 | 2,667 | 5,381 | 6,586 | 5,381 | 6,586 | |
| Shareholder's Equity | 459 | 663 | 793 | 763 | 1,077 | 763 | 1,077 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 531% | 430% | 336% | 705% | 611% | 705% | 611% | |
| 3-Yr Avg. Dividend Growth | 29.6% | |||||||
| 5-Yr Median Payout Ratio | 47.7% | |||||||