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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 | $497.02 - $713.60 | $586.17 |
| Upside | -42.6% - -17.6% | -32.3% |
| 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 | 839 | 977 | 1,157 | 1,456 | 1,662 | 1,662 | |
| % Growth | 318.1% | -53.0% | 16.4% | 18.4% | 25.8% | 14.1% | ||
| Payout Ratio | 13.5% | 29.0% | 44.0% | 59.0% | 74.0% | 90.0% | 92.5% | |
| Projected Dividends | 241 | 243 | 430 | 683 | 1,077 | 1,495 | 1,537 | |
| % Growth | 1.2% | 76.6% | 58.8% | 57.8% | 38.8% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 89 | 109 | 138 | 186 | 241 | 118 | 135 | |
| % Growth | 23% | 26% | 35% | 29% | 15% | |||
| Net Income to Common | 164 | 242 | 438 | 427 | 1,787 | 193 | 268 | |
| % Growth | 47% | 81% | -2% | 318% | 39% | |||
| Payout Ratio | 54% | 45% | 32% | 43% | 13% | 61% | 50% | |
| Retention Ratio | 46% | 55% | 68% | 57% | 87% | 39% | 50% | |
| Adjusted EBITDA | 186 | 291 | 564 | 522 | 576 | 229 | 358 | |
| % Growth | 57% | 94% | -7% | 10% | 56% | |||
| Total Debt | 3 | 6 | 4 | 8 | 16 | 15 | 20 | |
| Shareholder's Equity | 967 | 1,244 | 1,669 | 2,050 | 3,146 | 2,196 | 3,402 | |
| Debt / EBITDA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Debt / Equity | 0% | 0% | 0% | 0% | 1% | 1% | 1% | |
| 3-Yr Avg. Dividend Growth | 30.1% | |||||||
| 5-Yr Median Payout Ratio | 43.5% | |||||||