What is the sensitivity analysis?
Discount rate (r) Growth period (g1): Growth year Initial growth period of EPS Maturity period (g2) Payout at maturity Retention rate at maturity (retent) Growth rate at maturity: r x retent Transition period: Transition vears Growth rate of EPS (incremental Other information: Current fiscal year EPS Current calendar year dividend Current payout (p1) Growth year payout current Maturity payout (p2) Transition years payout (incremental) Growth Transition Years Terminal value (TV)div1/(r-g) 7.01% 10.40% 45% 55% 3.856% 0.50% 18 29.30% 29.30% 45.00% 1.21% 19 6 7 Year Assumption EPS ro Dividend payout TV PV (div+ 1 Growth year EPS 2 Growth year EPS 3 Growth year EPS 4 Growth year EPS 5 Growth year EPS 10.40% 10.40% 10.40% 10.40% 10.40% 9.90% 9.39% 8.89% 8.39% 7.88% 7.38% 6.88% 637% 587% 537% 4.86% 4.36% 3.86% 1.20 29.30% 1.33 29.30% 1.47 29.30% 1.62 29.30% 1.79 29.30% 2.05 30.51% 2.33 31.72% 2.63 32.92% 2.95 34.13% 3.30 35.34% 3.66 36.55% 4.53 53 6 Transition vear EPS 7 Transition year EPS 8 Transition year EPS 9 Transition vear EPS 7 10 Transition year EPS 8 11 Transition year EPS 9 12 Transition vear EPS 0 13 Transition year EPS 1 14 Transition vear EPS 12 15 Transition year EPS 3 16 Transition year EPS 4 17 Transition vear EPS 6.70 7.33 8.66 10.03 10.72 12 4.05 37.75% 12.07 12.72 13.34 13.92 4.44 38.96% 4.85 40.17% 5.26 41.38% 5.68 42.58% 6.09 43.79% 206.176 6.50 45.00% 67.09 Theoretical price 91.78 18 Note: EPS earnings per share Discount rate (r) Growth period (g1): Growth year Initial growth period of EPS Maturity period (g2) Payout at maturity Retention rate at maturity (retent) Growth rate at maturity: r x retent Transition period: Transition vears Growth rate of EPS (incremental Other information: Current fiscal year EPS Current calendar year dividend Current payout (p1) Growth year payout current Maturity payout (p2) Transition years payout (incremental) Growth Transition Years Terminal value (TV)div1/(r-g) 7.01% 10.40% 45% 55% 3.856% 0.50% 18 29.30% 29.30% 45.00% 1.21% 19 6 7 Year Assumption EPS ro Dividend payout TV PV (div+ 1 Growth year EPS 2 Growth year EPS 3 Growth year EPS 4 Growth year EPS 5 Growth year EPS 10.40% 10.40% 10.40% 10.40% 10.40% 9.90% 9.39% 8.89% 8.39% 7.88% 7.38% 6.88% 637% 587% 537% 4.86% 4.36% 3.86% 1.20 29.30% 1.33 29.30% 1.47 29.30% 1.62 29.30% 1.79 29.30% 2.05 30.51% 2.33 31.72% 2.63 32.92% 2.95 34.13% 3.30 35.34% 3.66 36.55% 4.53 53 6 Transition vear EPS 7 Transition year EPS 8 Transition year EPS 9 Transition vear EPS 7 10 Transition year EPS 8 11 Transition year EPS 9 12 Transition vear EPS 0 13 Transition year EPS 1 14 Transition vear EPS 12 15 Transition year EPS 3 16 Transition year EPS 4 17 Transition vear EPS 6.70 7.33 8.66 10.03 10.72 12 4.05 37.75% 12.07 12.72 13.34 13.92 4.44 38.96% 4.85 40.17% 5.26 41.38% 5.68 42.58% 6.09 43.79% 206.176 6.50 45.00% 67.09 Theoretical price 91.78 18 Note: EPS earnings per share
