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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $1.12 - $1.30 | $1.23 |
| Adjusted Dividend Yield | 7.1% - 8.2% | 7.7% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 11.1% - 9.1% | 10.1% |
| Fair Value | $22.12 - $48.04 | $31.60 |
| Upside | 38.9% - 201.8% | 98.5% |
| Calculate Adjusted Dividend | ||||||||
| (USD in millions) | Latest | Notes | ||||||
| Net Income To Common | 143 | |||||||
| (-) Cash Dividends Paid | (53) | |||||||
| (=) Cash Retained | 90 | 63.1% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 143 | 143 | 143 | |||||
| (=) Cash Required | 29 | 18 | 11 | |||||
| Cash Retained | 90 | 90 | 90 | |||||
| (-) Cash Required | (29) | (18) | (11) | |||||
| (=) Excess Retained | 61 | 72 | 79 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (USD) | 61 | 72 | 79 | |||||
| (/) Shares Outstanding | 101.5 | 101.5 | 101.5 | |||||
| (=) Excess Retained per Share | 0.61 | 0.71 | 0.78 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.52 | 0.52 | 0.52 | |||||
| (+) Excess Retained per Share | 0.61 | 0.71 | 0.78 | |||||
| Adjusted Dividend | 1.12 | 1.23 | 1.30 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.23 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.1% | 9.6% | 10.1% | 10.6% | 11.1% | |||
| 4.0% | 24.95 | 22.73 | 20.88 | 19.30 | 17.95 | |||
| 5.0% | 31.30 | 27.92 | 25.19 | 22.95 | 21.08 | |||
| 6.0% | 41.71 | 35.96 | 31.60 | 28.18 | 25.43 | |||
| 7.0% | 61.92 | 50.12 | 42.10 | 36.30 | 31.90 | |||
| 8.0% | NM | NM | 62.49 | 50.59 | 42.50 | |||