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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Fair Value | $175.29 - $262.57 | $210.19 |
| Upside | -24.3% - 13.4% | -9.2% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (USD in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 93,736 | 110,724 | 116,717 | 125,967 | 137,973 | 154,635 | 154,635 | |
| % Growth | -3.4% | 18.1% | 5.4% | 7.9% | 9.5% | 12.1% | ||
| Payout Ratio | 16.3% | 31.0% | 46.0% | 61.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 15,234 | 34,324 | 53,690 | 76,840 | 104,859 | 139,171 | 143,037 | |
| % Growth | 125.3% | 56.4% | 43.1% | 36.5% | 32.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (USD in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Jun-24 | Jun-25 | |
| Cash Dividends Paid | 14,081 | 14,467 | 14,841 | 15,025 | 15,234 | 11,430 | 11,559 | |
| % Growth | 3% | 3% | 1% | 1% | 1% | |||
| Net Income to Common | 57,411 | 94,680 | 99,803 | 96,995 | 93,736 | 79,000 | 84,544 | |
| % Growth | 65% | 5% | -3% | -3% | 7% | |||
| Payout Ratio | 25% | 15% | 15% | 15% | 16% | 14% | 14% | |
| Retention Ratio | 75% | 85% | 85% | 85% | 84% | 86% | 86% | |
| Adjusted EBITDA | 77,344 | 120,233 | 130,541 | 125,820 | 134,661 | 102,159 | 109,194 | |
| % Growth | 55% | 9% | -4% | 7% | 7% | |||
| Total Debt | 122,278 | 136,522 | 132,480 | 123,930 | 119,059 | 101,304 | 101,698 | |
| Shareholder's Equity | 65,339 | 63,090 | 50,672 | 62,146 | 56,950 | 66,708 | 65,830 | |
| Debt / EBITDA | 1.6 | 1.1 | 1.0 | 1.0 | 0.9 | 0.7 | ||
| Debt / Equity | 187% | 216% | 261% | 199% | 209% | 152% | 154% | |
| 3-Yr Avg. Dividend Growth | 1.7% | |||||||
| 5-Yr Median Payout Ratio | 15.5% | |||||||