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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $2.40 - $2.78 | $2.63 |
| Adjusted Dividend Yield | 6.2% - 7.2% | 6.8% |
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.6% - 10.6% | 11.6% |
| Fair Value | $43.63 - $88.23 | $60.76 |
| Upside | 12.8% - 128.1% | 57.1% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 124 | |||||||
| (-) Cash Dividends Paid | (34) | |||||||
| (=) Cash Retained | 90 | 72.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 124 | 124 | 124 | |||||
| (=) Cash Required | 25 | 15 | 9 | |||||
| Cash Retained | 90 | 90 | 90 | |||||
| (-) Cash Required | (25) | (15) | (9) | |||||
| (=) Excess Retained | 65 | 74 | 80 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 65 | 74 | 80 | |||||
| (/) Shares Outstanding | 41.3 | 41.3 | 41.3 | |||||
| (=) Excess Retained per Share | 1.57 | 1.79 | 1.94 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.83 | 0.83 | 0.83 | |||||
| (+) Excess Retained per Share | 1.57 | 1.79 | 1.94 | |||||
| Adjusted Dividend | 2.40 | 2.63 | 2.78 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 2.63 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.6% | 11.1% | 11.6% | 12.1% | 12.6% | |||
| 5.0% | 49.03 | 45.02 | 41.63 | 38.70 | 36.17 | |||
| 6.0% | 60.19 | 54.32 | 49.49 | 45.45 | 42.02 | |||
| 7.0% | 77.52 | 68.13 | 60.76 | 54.83 | 49.96 | |||
| 8.0% | 108.06 | 90.77 | 78.25 | 68.76 | 61.33 | |||
| 9.0% | 176.17 | 134.72 | 109.06 | 91.61 | 78.97 | |||