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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.4% - 9.4% | 9.9% |
| Fair Value | $30.18 - $44.11 | $35.80 |
| Upside | -9.4% - 32.5% | 7.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (CAD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 1,156 | 1,231 | 1,309 | 1,385 | 1,510 | 1,623 | 1,623 | |
| % Growth | 6.5% | 6.5% | 6.3% | 5.8% | 9.0% | 7.5% | ||
| Payout Ratio | 64.3% | 69.0% | 74.0% | 79.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 743 | 850 | 969 | 1,094 | 1,268 | 1,461 | 1,501 | |
| % Growth | 14.4% | 14.0% | 13.0% | 15.9% | 15.2% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (CAD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 599 | 629 | 662 | 700 | 743 | 700 | 743 | |
| % Growth | 5% | 5% | 6% | 6% | 6% | |||
| Net Income to Common | 1,770 | 965 | 1,050 | 1,085 | 1,156 | 1,085 | 1,156 | |
| % Growth | -45% | 9% | 3% | 7% | 7% | |||
| Payout Ratio | 34% | 65% | 63% | 65% | 64% | 65% | 64% | |
| Retention Ratio | 66% | 35% | 37% | 35% | 36% | 35% | 36% | |
| Adjusted EBITDA | 2,430 | 2,397 | 2,630 | 2,694 | 2,876 | 2,694 | 2,876 | |
| % Growth | -1% | 10% | 2% | 7% | 7% | |||
| Total Debt | 14,439 | 14,733 | 15,192 | 15,740 | 17,741 | 15,740 | 17,741 | |
| Shareholder's Equity | 10,534 | 10,888 | 11,306 | 11,680 | 12,089 | 11,680 | 12,089 | |
| Debt / EBITDA | 5.9 | 6.1 | 5.8 | 5.8 | 6.2 | 5.8 | ||
| Debt / Equity | 137% | 135% | 134% | 135% | 147% | 135% | 147% | |
| 3-Yr Avg. Dividend Growth | 5.7% | |||||||
| 5-Yr Median Payout Ratio | 64.3% | |||||||