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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 13.8% - 12.8% | 13.3% |
| Fair Value | $57.33 - $68.28 | $62.28 |
| Upside | -2.9% - 15.7% | 5.5% |
| 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 | 812 | 1,751 | 1,872 | 1,999 | 2,143 | 2,301 | 2,301 | |
| % Growth | NM | 115.8% | 6.9% | 6.8% | 7.2% | 7.4% | ||
| Payout Ratio | 123.4% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 1,001 | 1,576 | 1,684 | 1,799 | 1,929 | 2,071 | 2,129 | |
| % Growth | 57.4% | 6.9% | 6.8% | 7.2% | 7.4% | |||
| 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 | 745 | 805 | 860 | 919 | 1,001 | 919 | 1,001 | |
| % Growth | 8% | 7% | 7% | 9% | 9% | |||
| Net Income to Common | 1,205 | 1,221 | 1,405 | (442) | 812 | (442) | 812 | |
| % Growth | 1% | 15% | NM | NM | NM | |||
| Payout Ratio | 62% | 66% | 61% | -208% | 123% | -208% | 123% | |
| Retention Ratio | 38% | 34% | 39% | 308% | -23% | 308% | -23% | |
| Adjusted EBITDA | 3,015 | 3,181 | 3,612 | 3,838 | 4,255 | 3,838 | 4,255 | |
| % Growth | 6% | 14% | 6% | 11% | 11% | |||
| Total Debt | 18,086 | 20,326 | 23,055 | 26,881 | 29,239 | 26,881 | 29,239 | |
| Shareholder's Equity | 14,064 | 14,600 | 15,473 | 14,174 | 15,039 | 14,174 | 15,039 | |
| Debt / EBITDA | 6.0 | 6.4 | 6.4 | 7.0 | 6.9 | 6.3 | ||
| Debt / Equity | 129% | 139% | 149% | 190% | 194% | 190% | 194% | |
| 3-Yr Avg. Dividend Growth | 7.5% | |||||||
| 5-Yr Median Payout Ratio | 61.8% | |||||||