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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Fair Value | $24.95 - $31.90 | $27.97 |
| Upside | -23.2% - -1.8% | -13.9% |
| 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 | 263 | 273 | 313 | 350 | 432 | 483 | 483 | |
| % Growth | 15.6% | 3.8% | 14.8% | 11.9% | 23.3% | 11.8% | ||
| Payout Ratio | 140.0% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 368 | 368 | 282 | 315 | 389 | 435 | 447 | |
| % Growth | 0.0% | -23.4% | 11.9% | 23.3% | 11.8% | |||
| 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 | 103 | 136 | 210 | 302 | 368 | 302 | 368 | |
| % Growth | 33% | 55% | 44% | 22% | 22% | |||
| Net Income to Common | 61 | 112 | 157 | 227 | 263 | 227 | 263 | |
| % Growth | 82% | 41% | 44% | 16% | 16% | |||
| Payout Ratio | 167% | 122% | 134% | 133% | 140% | 133% | 140% | |
| Retention Ratio | -67% | -22% | -34% | -33% | -40% | -33% | -40% | |
| Adjusted EBITDA | 203 | 280 | 384 | 507 | 614 | 507 | 614 | |
| % Growth | 38% | 37% | 32% | 21% | 21% | |||
| Total Debt | 1,240 | 1,412 | 1,947 | 2,235 | 3,356 | 2,235 | 3,356 | |
| Shareholder's Equity | 3,003 | 4,629 | 6,401 | 7,611 | 8,168 | 7,611 | 8,168 | |
| Debt / EBITDA | 6.1 | 5.0 | 5.1 | 4.4 | 5.5 | 4.7 | ||
| Debt / Equity | 41% | 31% | 30% | 29% | 41% | 29% | 41% | |
| 3-Yr Avg. Dividend Growth | 40.0% | |||||||
| 5-Yr Median Payout Ratio | 133.7% | |||||||