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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Fair Value | $121.10 - $175.21 | $143.08 |
| Upside | -17.2% - 19.8% | -2.2% |
| 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 | 1,051 | 1,113 | 1,219 | 1,313 | 1,429 | 1,558 | 1,558 | |
| % Growth | 11.3% | 5.9% | 9.6% | 7.7% | 8.9% | 9.0% | ||
| Payout Ratio | 55.7% | 63.0% | 70.0% | 77.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 585 | 701 | 853 | 1,011 | 1,200 | 1,402 | 1,441 | |
| % Growth | 19.8% | 21.7% | 18.4% | 18.8% | 16.8% | |||
| 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 | 389 | 428 | 467 | 532 | 585 | 532 | 585 | |
| % Growth | 10% | 9% | 14% | 10% | 10% | |||
| Net Income to Common | 709 | 1,263 | 820 | 944 | 1,051 | 944 | 1,051 | |
| % Growth | 78% | -35% | 15% | 11% | 11% | |||
| Payout Ratio | 55% | 34% | 57% | 56% | 56% | 56% | 56% | |
| Retention Ratio | 45% | 66% | 43% | 44% | 44% | 44% | 44% | |
| Adjusted EBITDA | 1,901 | 1,910 | 1,999 | 2,240 | 2,534 | 2,240 | 2,534 | |
| % Growth | 0% | 5% | 12% | 13% | 13% | |||
| Total Debt | 11,025 | 11,065 | 12,455 | 12,445 | 14,124 | 12,445 | 14,124 | |
| Shareholder's Equity | 6,454 | 7,298 | 7,693 | 9,797 | 10,332 | 9,797 | 10,332 | |
| Debt / EBITDA | 5.8 | 5.8 | 6.2 | 5.6 | 5.6 | 5.0 | ||
| Debt / Equity | 171% | 152% | 162% | 127% | 137% | 127% | 137% | |
| 3-Yr Avg. Dividend Growth | 11.0% | |||||||
| 5-Yr Median Payout Ratio | 55.7% | |||||||