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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 8.3% - 8.8% | 8.5% |
| Discount Rate | 16.6% - 15.6% | 16.1% |
| Fair Value | $13.56 - $16.13 | $14.72 |
| Upside | -18.5% - -3.1% | -11.5% |
| 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 | 45 | 144 | 172 | 191 | 198 | 202 | 202 | |
| % Growth | -13.6% | 220.4% | 19.1% | 11.3% | 3.5% | 2.0% | ||
| Payout Ratio | 143.6% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 65 | 130 | 155 | 172 | 178 | 182 | 187 | |
| % Growth | 100.8% | 19.1% | 11.3% | 3.5% | 2.0% | |||
| 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 | 0 | 51 | 65 | 64 | 65 | 64 | 65 | |
| % Growth | NM | 28% | -1% | 1% | 1% | |||
| Net Income to Common | 250 | 389 | (20) | 52 | 45 | 52 | 45 | |
| % Growth | 55% | NM | NM | -14% | -14% | |||
| Payout Ratio | 0% | 13% | -324% | 123% | 144% | 123% | 144% | |
| Retention Ratio | 100% | 87% | 424% | -23% | -44% | -23% | -44% | |
| Adjusted EBITDA | 683 | 773 | 248 | 403 | 411 | 403 | 411 | |
| % Growth | 13% | -68% | 62% | 2% | 2% | |||
| Total Debt | 4,501 | 4,763 | 5,157 | 4,525 | 2,704 | 4,525 | 2,704 | |
| Shareholder's Equity | 1,060 | 1,110 | 1,122 | 1,288 | 1,681 | 1,288 | 1,681 | |
| Debt / EBITDA | 6.6 | 6.2 | 20.8 | 11.2 | 6.6 | 6.4 | ||
| Debt / Equity | 424% | 429% | 460% | 351% | 161% | 351% | 161% | |
| 3-Yr Avg. Dividend Growth | 9.2% | |||||||
| 5-Yr Median Payout Ratio | 13.0% | |||||||