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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | $1.74 - $1.74 | $1.74 |
| Adjusted Dividend Yield | 6.8% - 6.8% | 6.8% |
| Perpetuity Growth Rate | 3.3% - 3.8% | 3.5% |
| Discount Rate | 14.6% - 12.6% | 13.6% |
| Fair Value | $15.81 - $20.36 | $17.80 |
| Upside | -37.9% - -20.0% | -30.0% |
| Calculate Adjusted Dividend | ||||||||
| (CAD in millions) | Latest | Notes | ||||||
| Net Income To Common | 403 | |||||||
| (-) Cash Dividends Paid | (473) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 403 | 403 | 403 | |||||
| (=) Cash Required | 81 | 50 | 30 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (81) | (50) | (30) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.44 | 1.44 | 1.44 | |||||
| (=) Excess Retained (USD) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 271.6 | 271.6 | 271.6 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 1.74 | 1.74 | 1.74 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 1.74 | 1.74 | 1.74 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 1.74 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 12.6% | 13.1% | 13.6% | 14.1% | 14.6% | |||
| 1.5% | 15.89 | 15.21 | 14.58 | 14.00 | 13.47 | |||
| 2.5% | 17.63 | 16.80 | 16.05 | 15.36 | 14.72 | |||
| 3.5% | 19.76 | 18.73 | 17.80 | 16.97 | 16.20 | |||
| 4.5% | 22.40 | 21.10 | 19.95 | 18.91 | 17.98 | |||
| 5.5% | 25.79 | 24.10 | 22.62 | 21.30 | 20.14 | |||