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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | CHF 0.81 - CHF 0.93 | CHF 0.88 |
| Adjusted Dividend Yield | 6.2% - 7.2% | 6.8% |
| Perpetuity Growth Rate | 2.8% - 3.3% | 3.0% |
| Discount Rate | 10.4% - 8.4% | 9.4% |
| Fair Value | CHF 10.86 - CHF 18.78 | CHF 14.25 |
| Upside | -16.3% - 44.7% | 9.8% |
| Calculate Adjusted Dividend | ||||||||
| (CHF in millions) | Latest | Notes | ||||||
| Net Income To Common | 302 | |||||||
| (-) Cash Dividends Paid | (185) | |||||||
| (=) Cash Retained | 117 | 38.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 302 | 302 | 302 | |||||
| (=) Cash Required | 60 | 38 | 23 | |||||
| Cash Retained | 117 | 117 | 117 | |||||
| (-) Cash Required | (60) | (38) | (23) | |||||
| (=) Excess Retained | 56 | 79 | 94 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (CHF) | 56 | 79 | 94 | |||||
| (/) Shares Outstanding | 299.4 | 299.4 | 299.4 | |||||
| (=) Excess Retained per Share | 0.19 | 0.26 | 0.31 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.62 | 0.62 | 0.62 | |||||
| (+) Excess Retained per Share | 0.19 | 0.26 | 0.31 | |||||
| Adjusted Dividend | 0.81 | 0.88 | 0.93 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.88 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.4% | 8.9% | 9.4% | 9.9% | 10.4% | |||
| 1.0% | 12.08 | 11.31 | 10.63 | 10.03 | 9.50 | |||
| 2.0% | 14.11 | 13.08 | 12.20 | 11.42 | 10.74 | |||
| 3.0% | 16.90 | 15.46 | 14.25 | 13.21 | 12.31 | |||
| 4.0% | 20.96 | 18.81 | 17.06 | 15.61 | 14.39 | |||
| 5.0% | 27.43 | 23.89 | 21.16 | 18.99 | 17.23 | |||