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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 13.1% - 12.1% | 12.6% |
| Fair Value | $60.63 - $75.49 | $67.22 |
| Upside | 43.7% - 78.9% | 59.3% |
| 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 | 402 | 430 | 523 | 529 | 655 | 780 | 780 | |
| % Growth | -71.7% | 7.0% | 21.6% | 1.1% | 23.9% | 19.1% | ||
| Payout Ratio | 72.3% | 76.0% | 80.0% | 84.0% | 88.0% | 90.0% | 92.5% | |
| Projected Dividends | 291 | 327 | 418 | 444 | 576 | 702 | 722 | |
| % Growth | 12.5% | 28.0% | 6.1% | 29.8% | 21.8% | |||
| 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 | 229 | 247 | 268 | 291 | 291 | 291 | 291 | |
| % Growth | 8% | 8% | 9% | 0% | 0% | |||
| Net Income to Common | 579 | 806 | 832 | 1,417 | 402 | 1,417 | 402 | |
| % Growth | 39% | 3% | 70% | -72% | -72% | |||
| Payout Ratio | 39% | 31% | 32% | 20% | 72% | 20% | 72% | |
| Retention Ratio | 61% | 69% | 68% | 80% | 28% | 80% | 28% | |
| Adjusted EBITDA | 1,245 | 1,247 | 1,407 | 864 | 811 | 864 | 811 | |
| % Growth | 0% | 13% | -39% | -6% | -6% | |||
| Total Debt | 3,445 | 3,336 | 3,425 | 4,105 | 3,496 | 4,105 | 3,496 | |
| Shareholder's Equity | 2,962 | 3,124 | 3,378 | 4,411 | 4,488 | 4,411 | 4,488 | |
| Debt / EBITDA | 2.8 | 2.7 | 2.4 | 4.8 | 4.3 | 4.6 | ||
| Debt / Equity | 116% | 107% | 101% | 93% | 78% | 93% | 78% | |
| 3-Yr Avg. Dividend Growth | 5.6% | |||||||
| 5-Yr Median Payout Ratio | 32.2% | |||||||