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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₹15.82 - ₹18.30 | ₹17.31 |
| Adjusted Dividend Yield | 4.3% - 5.0% | 4.7% |
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.9% - 9.9% | 10.9% |
| Fair Value | ₹298.91 - ₹625.03 | ₹421.33 |
| Upside | -18.8% - 69.9% | 14.5% |
| Calculate Adjusted Dividend | ||||||||
| (INR in millions) | Latest | Notes | ||||||
| Net Income To Common | 613 | |||||||
| (-) Cash Dividends Paid | (19) | |||||||
| (=) Cash Retained | 594 | 97.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 613 | 613 | 613 | |||||
| (=) Cash Required | 123 | 77 | 46 | |||||
| Cash Retained | 594 | 594 | 594 | |||||
| (-) Cash Required | (123) | (77) | (46) | |||||
| (=) Excess Retained | 471 | 517 | 548 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (INR) | 471 | 517 | 548 | |||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | |||||
| (=) Excess Retained per Share | 15.22 | 16.71 | 17.70 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.60 | 0.60 | 0.60 | |||||
| (+) Excess Retained per Share | 15.22 | 16.71 | 17.70 | |||||
| Adjusted Dividend | 15.82 | 17.31 | 18.30 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 17.31 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 9.9% | 10.4% | 10.9% | 11.4% | 11.9% | |||
| 4.5% | 336.50 | 307.86 | 283.72 | 263.08 | 245.25 | |||
| 5.5% | 417.37 | 374.56 | 339.72 | 310.81 | 286.43 | |||
| 6.5% | 546.16 | 475.69 | 421.33 | 378.11 | 342.94 | |||
| 7.5% | 783.42 | 647.17 | 551.29 | 480.16 | 425.28 | |||
| 8.5% | 1,365.76 | 1,001.56 | 790.70 | 653.19 | 556.42 | |||