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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.1% - 11.1% | 11.6% |
| Fair Value | $54.22 - $74.73 | $62.81 |
| Upside | 40.2% - 93.2% | 62.4% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Apr-24 | Apr-25 | Apr-26 | Apr-27 | Apr-28 | Apr-29 | Terminal | |
| Net Income to Common | 123 | 124 | 132 | 146 | 152 | 164 | 164 | |
| % Growth | -18.6% | 1.4% | 6.4% | 10.5% | 3.9% | 7.9% | ||
| Payout Ratio | 26.6% | 39.0% | 52.0% | 65.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 33 | 48 | 69 | 95 | 118 | 148 | 152 | |
| % Growth | 48.4% | 41.9% | 38.2% | 24.6% | 24.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Apr-20 | Apr-21 | Apr-22 | Apr-23 | Apr-24 | Jan-24 | Jan-25 | |
| Cash Dividends Paid | 25 | 17 | 28 | 30 | 33 | 24 | 26 | |
| % Growth | -34% | 68% | 8% | 9% | 7% | |||
| Net Income to Common | 77 | 106 | 150 | 151 | 123 | 83 | 85 | |
| % Growth | 38% | 41% | 0% | -19% | 2% | |||
| Payout Ratio | 32% | 16% | 18% | 20% | 27% | 29% | 31% | |
| Retention Ratio | 68% | 84% | 82% | 80% | 73% | 71% | 69% | |
| Adjusted EBITDA | 177 | 169 | 246 | 261 | 207 | 141 | 141 | |
| % Growth | -4% | 45% | 6% | -21% | 0% | |||
| Total Debt | 410 | 363 | 430 | 446 | 482 | 496 | 488 | |
| Shareholder's Equity | 701 | 773 | 811 | 942 | 1,003 | 978 | 1,021 | |
| Debt / EBITDA | 2.3 | 2.1 | 1.7 | 1.7 | 2.3 | 2.4 | ||
| Debt / Equity | 58% | 47% | 53% | 47% | 48% | 51% | 48% | |
| 3-Yr Avg. Dividend Growth | 28.2% | |||||||
| 5-Yr Median Payout Ratio | 19.8% | |||||||