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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.9% - 9.9% | 10.4% |
| Fair Value | $68.13 - $94.65 | $79.12 |
| Upside | -38.3% - -14.3% | -28.4% |
| 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 | 3,726 | 2,528 | 3,028 | 3,115 | 3,373 | 4,311 | 4,311 | |
| % Growth | 22.0% | -32.1% | 19.8% | 2.9% | 8.3% | 27.8% | ||
| Payout Ratio | 95.7% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 3,565 | 3,565 | 2,725 | 2,804 | 3,036 | 3,880 | 3,988 | |
| % Growth | 0.0% | -23.5% | 2.9% | 8.3% | 27.8% | |||
| 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 | 1,717 | 1,867 | 2,489 | 3,223 | 3,565 | 3,223 | 3,565 | |
| % Growth | 9% | 33% | 29% | 11% | 11% | |||
| Net Income to Common | 1,473 | 2,934 | 3,359 | 3,053 | 3,726 | 3,053 | 3,726 | |
| % Growth | 99% | 14% | -9% | 22% | 22% | |||
| Payout Ratio | 117% | 64% | 74% | 106% | 96% | 106% | 96% | |
| Retention Ratio | -17% | 36% | 26% | -6% | 4% | -6% | 4% | |
| Adjusted EBITDA | 3,261 | 3,600 | 4,404 | 5,877 | 6,032 | 5,877 | 6,032 | |
| % Growth | 10% | 22% | 33% | 3% | 3% | |||
| Total Debt | 17,336 | 18,163 | 24,515 | 29,657 | 31,495 | 29,657 | 31,495 | |
| Shareholder's Equity | 31,908 | 33,363 | 53,173 | 53,118 | 53,887 | 53,118 | 53,887 | |
| Debt / EBITDA | 5.3 | 5.0 | 5.6 | 5.0 | 5.2 | 5.1 | ||
| Debt / Equity | 54% | 54% | 46% | 56% | 58% | 56% | 58% | |
| 3-Yr Avg. Dividend Growth | 24.5% | |||||||
| 5-Yr Median Payout Ratio | 95.7% | |||||||