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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Fair Value | $90.71 - $125.76 | $105.31 |
| Upside | 56.7% - 117.2% | 81.9% |
| 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 | 246 | 292 | 311 | 329 | 348 | 367 | 367 | |
| % Growth | 6.4% | 18.8% | 6.6% | 5.6% | 5.9% | 5.4% | ||
| Payout Ratio | 45.6% | 54.0% | 63.0% | 72.0% | 81.0% | 90.0% | 92.5% | |
| Projected Dividends | 112 | 158 | 196 | 237 | 282 | 330 | 340 | |
| % Growth | 40.7% | 24.4% | 20.7% | 19.2% | 17.1% | |||
| 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 | 55 | 95 | 104 | 109 | 112 | 109 | 112 | |
| % Growth | 74% | 9% | 5% | 3% | 3% | |||
| Net Income to Common | 68 | 195 | 245 | 231 | 246 | 231 | 246 | |
| % Growth | 188% | 26% | -6% | 6% | 6% | |||
| Payout Ratio | 81% | 49% | 42% | 47% | 46% | 47% | 46% | |
| Retention Ratio | 19% | 51% | 58% | 53% | 54% | 53% | 54% | |
| Adjusted EBITDA | 184 | 321 | 407 | 373 | 425 | 373 | 425 | |
| % Growth | 74% | 27% | -8% | 14% | 14% | |||
| Total Debt | 981 | 849 | 851 | 842 | 791 | 842 | 791 | |
| Shareholder's Equity | 85 | 148 | 251 | 372 | 400 | 372 | 400 | |
| Debt / EBITDA | 5.3 | 2.6 | 2.1 | 2.3 | 1.9 | 1.7 | ||
| Debt / Equity | 1159% | 573% | 339% | 226% | 198% | 226% | 198% | |
| 3-Yr Avg. Dividend Growth | 5.7% | |||||||
| 5-Yr Median Payout Ratio | 47.0% | |||||||