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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Fair Value | $465.69 - $668.34 | $549.11 |
| Upside | -35.7% - -7.8% | -24.2% |
| 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 | 1,787 | 813 | 962 | 1,140 | 1,372 | 1,568 | 1,568 | |
| % Growth | 318.1% | -54.5% | 18.4% | 18.5% | 20.4% | 14.3% | ||
| Payout Ratio | 13.5% | 29.0% | 44.0% | 59.0% | 74.0% | 90.0% | 92.5% | |
| Projected Dividends | 241 | 236 | 423 | 672 | 1,015 | 1,411 | 1,450 | |
| % Growth | -2.0% | 79.6% | 58.9% | 51.0% | 39.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 89 | 109 | 138 | 186 | 241 | 50 | 60 | |
| % Growth | 23% | 26% | 35% | 29% | 21% | |||
| Net Income to Common | 164 | 242 | 438 | 427 | 1,787 | 93 | 134 | |
| % Growth | 47% | 81% | -2% | 318% | 45% | |||
| Payout Ratio | 54% | 45% | 32% | 43% | 13% | 54% | 45% | |
| Retention Ratio | 46% | 55% | 68% | 57% | 87% | 46% | 55% | |
| Adjusted EBITDA | 186 | 291 | 564 | 522 | 576 | 104 | 180 | |
| % Growth | 57% | 94% | -7% | 10% | 74% | |||
| Total Debt | 3 | 6 | 4 | 8 | 16 | 9 | 18 | |
| Shareholder's Equity | 967 | 1,244 | 1,669 | 2,050 | 3,146 | 2,114 | 3,267 | |
| Debt / EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Debt / Equity | 0% | 0% | 0% | 0% | 1% | 0% | 1% | |
| 3-Yr Avg. Dividend Growth | 30.1% | |||||||
| 5-Yr Median Payout Ratio | 43.5% | |||||||