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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | $271.72 - $403.42 | $324.40 |
| Upside | -11.5% - 31.4% | 5.6% |
| 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 | 8,223 | 8,746 | 9,364 | 10,078 | 10,755 | 11,699 | 11,699 | |
| % Growth | -2.9% | 6.4% | 7.1% | 7.6% | 6.7% | 8.8% | ||
| Payout Ratio | 59.2% | 65.0% | 71.0% | 77.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 4,870 | 5,685 | 6,648 | 7,760 | 8,927 | 10,529 | 10,821 | |
| % Growth | 16.7% | 17.0% | 16.7% | 15.0% | 17.9% | |||
| 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 | 3,753 | 3,919 | 4,168 | 4,533 | 4,870 | 4,533 | 4,870 | |
| % Growth | 4% | 6% | 9% | 7% | 7% | |||
| Net Income to Common | 4,731 | 7,545 | 6,177 | 8,469 | 8,223 | 8,469 | 8,223 | |
| % Growth | 60% | -18% | 37% | -3% | -3% | |||
| Payout Ratio | 79% | 52% | 67% | 54% | 59% | 54% | 59% | |
| Retention Ratio | 21% | 48% | 33% | 46% | 41% | 46% | 41% | |
| Adjusted EBITDA | 9,225 | 12,026 | 12,236 | 13,724 | 13,949 | 13,724 | 13,949 | |
| % Growth | 30% | 2% | 12% | 2% | 2% | |||
| Total Debt | 51,463 | 49,353 | 48,791 | 53,153 | 51,988 | 53,153 | 51,988 | |
| Shareholder's Equity | (7,825) | (4,601) | (6,003) | (4,707) | (3,797) | (4,707) | (3,797) | |
| Debt / EBITDA | 5.6 | 4.1 | 4.0 | 3.9 | 3.7 | 3.7 | ||
| Debt / Equity | NM | NM | NM | NM | NM | NM | NM | |
| 3-Yr Avg. Dividend Growth | 7.5% | |||||||
| 5-Yr Median Payout Ratio | 59.2% | |||||||