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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 13.8% - 14.3% | 14.0% |
| Discount Rate | 23.8% - 22.7% | 23.3% |
| Fair Value | $14.69 - $17.10 | $15.80 |
| Upside | -17.4% - -3.9% | -11.2% |
| 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 | 106 | 114 | 116 | 154 | 176 | 190 | 190 | |
| % Growth | NM | 7.8% | 1.8% | 32.2% | 14.4% | 8.4% | ||
| Payout Ratio | 47.8% | 56.0% | 64.0% | 72.0% | 80.0% | 90.0% | 92.5% | |
| Projected Dividends | 51 | 64 | 74 | 111 | 140 | 171 | 176 | |
| % Growth | 26.3% | 16.3% | 48.7% | 27.1% | 21.9% | |||
| 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 | 32 | 36 | 42 | 46 | 51 | 46 | 51 | |
| % Growth | 12% | 17% | 9% | 10% | 10% | |||
| Net Income to Common | 59 | 73 | 135 | (55) | 106 | (55) | 106 | |
| % Growth | 23% | 85% | NM | NM | NM | |||
| Payout Ratio | 54% | 49% | 31% | -84% | 48% | -84% | 48% | |
| Retention Ratio | 46% | 51% | 69% | 184% | 52% | 184% | 52% | |
| Adjusted EBITDA | 136 | 163 | 240 | 295 | 320 | 295 | 320 | |
| % Growth | 20% | 47% | 23% | 9% | 9% | |||
| Total Debt | 1,724 | 2,703 | 3,527 | 4,070 | 4,328 | 4,070 | 4,328 | |
| Shareholder's Equity | 1,379 | 1,682 | 2,142 | 2,231 | 2,344 | 2,231 | 2,344 | |
| Debt / EBITDA | 12.7 | 16.5 | 14.7 | 13.8 | 13.5 | 12.5 | ||
| Debt / Equity | 125% | 161% | 165% | 182% | 185% | 182% | 185% | |
| 3-Yr Avg. Dividend Growth | 12.1% | |||||||
| 5-Yr Median Payout Ratio | 47.8% | |||||||