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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $5.88 - $6.80 | $6.44 |
| Adjusted Dividend Yield | 1.9% - 2.2% | 2.1% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.7% - 7.8% | 8.8% |
| Fair Value | $137.61 - $359.70 | $208.90 |
| Upside | -55.7% - 15.7% | -32.8% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 445 | |||||||
| (-) Cash Dividends Paid | (145) | |||||||
| (=) Cash Retained | 300 | 67.4% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 445 | 445 | 445 | |||||
| (=) Cash Required | 89 | 56 | 33 | |||||
| Cash Retained | 300 | 300 | 300 | |||||
| (-) Cash Required | (89) | (56) | (33) | |||||
| (=) Excess Retained | 211 | 244 | 266 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 211 | 244 | 266 | |||||
| (/) Shares Outstanding | 60.5 | 60.5 | 60.5 | |||||
| (=) Excess Retained per Share | 3.48 | 4.04 | 4.40 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.40 | 2.40 | 2.40 | |||||
| (+) Excess Retained per Share | 3.48 | 4.04 | 4.40 | |||||
| Adjusted Dividend | 5.88 | 6.44 | 6.80 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 6.44 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.8% | 8.3% | 8.8% | 9.3% | 9.8% | |||
| 3.5% | 156.72 | 140.22 | 126.87 | 115.83 | 106.57 | |||
| 4.5% | 206.92 | 179.33 | 158.23 | 141.57 | 128.09 | |||
| 5.5% | 301.74 | 246.88 | 208.90 | 181.04 | 159.74 | |||
| 6.5% | 548.28 | 391.63 | 304.60 | 249.22 | 210.88 | |||
| 7.5% | NM | 922.38 | 553.43 | 395.31 | 307.46 | |||