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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 9.4% - 8.4% | 8.9% |
| Fair Value | $26.96 - $32.86 | $29.63 |
| Upside | -13.8% - 5.0% | -5.3% |
| 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 | 149 | 154 | 162 | 165 | 174 | 184 | 184 | |
| % Growth | 0.9% | 3.0% | 5.2% | 1.8% | 5.8% | 5.7% | ||
| Payout Ratio | 4.4% | 22.0% | 39.0% | 56.0% | 73.0% | 90.0% | 92.5% | |
| Projected Dividends | 7 | 83 | 63 | 92 | 127 | 166 | 171 | |
| % Growth | 1157.6% | -24.1% | 46.2% | 37.9% | 30.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 6 | 6 | 6 | 6 | 7 | 1 | 83 | |
| % Growth | 7% | -3% | -4% | 14% | 5561% | |||
| Net Income to Common | 106 | 104 | 128 | 148 | 149 | 36 | 35 | |
| % Growth | -2% | 24% | 15% | 1% | -3% | |||
| Payout Ratio | 5% | 6% | 5% | 4% | 4% | 4% | 241% | |
| Retention Ratio | 95% | 94% | 95% | 96% | 96% | 96% | -141% | |
| Adjusted EBITDA | 193 | 188 | 225 | 229 | 245 | 57 | 60 | |
| % Growth | -2% | 20% | 2% | 7% | 6% | |||
| Total Debt | 14 | 13 | 13 | 14 | 18 | 12 | 16 | |
| Shareholder's Equity | 1,133 | 1,080 | 1,203 | 1,350 | 1,249 | 1,361 | 1,268 | |
| Debt / EBITDA | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Debt / Equity | 1% | 1% | 1% | 1% | 1% | 1% | 1% | |
| 3-Yr Avg. Dividend Growth | 2.6% | |||||||
| 5-Yr Median Payout Ratio | 4.7% | |||||||