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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $3.40 - $3.93 | $3.72 |
| Adjusted Dividend Yield | 1.8% - 2.1% | 2.0% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 8.6% | 9.6% |
| Fair Value | $73.72 - $175.80 | $108.69 |
| Upside | -61.3% - -7.6% | -42.9% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 125 | |||||||
| (-) Cash Dividends Paid | (36) | |||||||
| (=) Cash Retained | 89 | 71.3% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 125 | 125 | 125 | |||||
| (=) Cash Required | 25 | 16 | 9 | |||||
| Cash Retained | 89 | 89 | 89 | |||||
| (-) Cash Required | (25) | (16) | (9) | |||||
| (=) Excess Retained | 64 | 73 | 80 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 64 | 73 | 80 | |||||
| (/) Shares Outstanding | 29.4 | 29.4 | 29.4 | |||||
| (=) Excess Retained per Share | 2.18 | 2.50 | 2.71 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.22 | 1.22 | 1.22 | |||||
| (+) Excess Retained per Share | 2.18 | 2.50 | 2.71 | |||||
| Adjusted Dividend | 3.40 | 3.72 | 3.93 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 3.72 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.6% | 9.1% | 9.6% | 10.1% | 10.6% | |||
| 4.0% | 83.59 | 75.43 | 68.73 | 63.12 | 58.35 | |||
| 5.0% | 107.67 | 94.62 | 84.39 | 76.16 | 69.39 | |||
| 6.0% | 150.10 | 126.09 | 108.69 | 95.52 | 85.19 | |||
| 7.0% | 244.76 | 187.17 | 151.52 | 127.27 | 109.72 | |||
| 8.0% | 642.32 | 356.84 | 247.05 | 188.92 | 152.93 | |||