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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $7.66 - $8.86 | $8.38 |
| Adjusted Dividend Yield | 4.6% - 5.3% | 5.0% |
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.6% - 10.6% | 11.6% |
| Fair Value | $139.21 - $281.50 | $193.86 |
| Upside | -17.2% - 67.5% | 15.3% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 1,234 | |||||||
| (-) Cash Dividends Paid | 0 | |||||||
| (=) Cash Retained | 1,234 | 100.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 1,234 | 1,234 | 1,234 | |||||
| (=) Cash Required | 247 | 154 | 93 | |||||
| Cash Retained | 1,234 | 1,234 | 1,234 | |||||
| (-) Cash Required | (247) | (154) | (93) | |||||
| (=) Excess Retained | 987 | 1,080 | 1,141 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 987 | 1,080 | 1,141 | |||||
| (/) Shares Outstanding | 128.9 | 128.9 | 128.9 | |||||
| (=) Excess Retained per Share | 7.66 | 8.38 | 8.86 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
| (+) Excess Retained per Share | 7.66 | 8.38 | 8.86 | |||||
| Adjusted Dividend | 7.66 | 8.38 | 8.86 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 8.38 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 10.6% | 11.1% | 11.6% | 12.1% | 12.6% | |||
| 5.0% | 156.42 | 143.65 | 132.81 | 123.49 | 115.39 | |||
| 6.0% | 192.05 | 173.31 | 157.91 | 145.02 | 134.07 | |||
| 7.0% | 247.34 | 217.36 | 193.86 | 174.95 | 159.40 | |||
| 8.0% | 344.75 | 289.59 | 249.65 | 219.39 | 195.67 | |||
| 9.0% | 562.07 | 429.82 | 347.95 | 292.27 | 251.96 | |||