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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $1.22 - $1.41 | $1.33 |
| Adjusted Dividend Yield | 4.0% - 4.7% | 4.4% |
| Perpetuity Growth Rate | 9.3% - 9.8% | 9.5% |
| Discount Rate | 16.5% - 14.5% | 15.5% |
| Fair Value | $18.34 - $32.52 | $24.30 |
| Upside | -39.3% - 7.7% | -19.5% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 256 | |||||||
| (-) Cash Dividends Paid | 0 | |||||||
| (=) Cash Retained | 256 | 100.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 256 | 256 | 256 | |||||
| (=) Cash Required | 51 | 32 | 19 | |||||
| Cash Retained | 256 | 256 | 256 | |||||
| (-) Cash Required | (51) | (32) | (19) | |||||
| (=) Excess Retained | 205 | 224 | 237 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 205 | 224 | 237 | |||||
| (/) Shares Outstanding | 168.2 | 168.2 | 168.2 | |||||
| (=) Excess Retained per Share | 1.22 | 1.33 | 1.41 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.00 | 0.00 | 0.00 | |||||
| (+) Excess Retained per Share | 1.22 | 1.33 | 1.41 | |||||
| Adjusted Dividend | 1.22 | 1.33 | 1.41 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.33 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 14.5% | 15.0% | 15.5% | 16.0% | 16.5% | |||
| 7.5% | 20.45 | 19.08 | 17.89 | 16.84 | 15.90 | |||
| 8.5% | 24.08 | 22.22 | 20.64 | 19.26 | 18.06 | |||
| 9.5% | 29.16 | 26.51 | 24.30 | 22.43 | 20.83 | |||
| 10.5% | 36.78 | 32.69 | 29.42 | 26.75 | 24.52 | |||
| 11.5% | 49.48 | 42.41 | 37.11 | 32.99 | 29.69 | |||