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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₹27.75 - ₹32.09 | ₹30.35 |
| Adjusted Dividend Yield | 3.6% - 4.1% | 3.9% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.2% - 7.2% | 8.2% |
| Fair Value | ₹645.94 - ₹1,688 | ₹980.56 |
| Upside | -16.6% - 118.1% | 26.6% |
| Calculate Adjusted Dividend | ||||||||
| (INR in millions) | Latest | Notes | ||||||
| Net Income To Common | 2,050 | |||||||
| (-) Cash Dividends Paid | (295) | |||||||
| (=) Cash Retained | 1,755 | 85.6% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 2,050 | 2,050 | 2,050 | |||||
| (=) Cash Required | 410 | 256 | 154 | |||||
| Cash Retained | 1,755 | 1,755 | 1,755 | |||||
| (-) Cash Required | (410) | (256) | (154) | |||||
| (=) Excess Retained | 1,345 | 1,499 | 1,601 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (INR) | 1,345 | 1,499 | 1,601 | |||||
| (/) Shares Outstanding | 59.1 | 59.1 | 59.1 | |||||
| (=) Excess Retained per Share | 22.76 | 25.36 | 27.09 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 4.99 | 4.99 | 4.99 | |||||
| (+) Excess Retained per Share | 22.76 | 25.36 | 27.09 | |||||
| Adjusted Dividend | 27.75 | 30.35 | 32.09 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 30.35 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.3% | 7.8% | 8.3% | 8.8% | 9.3% | |||
| 3.0% | 735.56 | 658.13 | 595.45 | 543.67 | 500.18 | |||
| 4.0% | 971.22 | 841.73 | 742.70 | 664.52 | 601.23 | |||
| 5.0% | 1,416.37 | 1,158.85 | 980.56 | 849.82 | 749.84 | |||
| 6.0% | 2,573.75 | 1,838.39 | 1,429.86 | 1,169.88 | 989.90 | |||
| 7.0% | NM | NM | 2,598.03 | 1,855.73 | 1,443.35 | |||