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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₹54.56 - ₹63.09 | ₹59.68 |
| Adjusted Dividend Yield | 2.1% - 2.5% | 2.3% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | ₹1,203 - ₹2,951 | ₹1,790 |
| Upside | -52.7% - 16.1% | -29.6% |
| Calculate Adjusted Dividend | ||||||||
| (INR in millions) | Latest | Notes | ||||||
| Net Income To Common | 27,512 | |||||||
| (-) Cash Dividends Paid | (6,920) | |||||||
| (=) Cash Retained | 20,592 | 74.8% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 27,512 | 27,512 | 27,512 | |||||
| (=) Cash Required | 5,502 | 3,439 | 2,063 | |||||
| Cash Retained | 20,592 | 20,592 | 20,592 | |||||
| (-) Cash Required | (5,502) | (3,439) | (2,063) | |||||
| (=) Excess Retained | 15,090 | 17,153 | 18,529 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (INR) | 15,090 | 17,153 | 18,529 | |||||
| (/) Shares Outstanding | 403.4 | 403.4 | 403.4 | |||||
| (=) Excess Retained per Share | 37.41 | 42.52 | 45.93 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 17.16 | 17.16 | 17.16 | |||||
| (+) Excess Retained per Share | 37.41 | 42.52 | 45.93 | |||||
| Adjusted Dividend | 54.56 | 59.68 | 63.09 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 59.68 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | |||
| 3.0% | 1,365.96 | 1,229.37 | 1,117.61 | 1,024.47 | 945.67 | |||
| 4.0% | 1,773.29 | 1,551.63 | 1,379.22 | 1,241.30 | 1,128.46 | |||
| 5.0% | 2,506.48 | 2,088.73 | 1,790.34 | 1,566.55 | 1,392.49 | |||
| 6.0% | 4,217.25 | 3,162.93 | 2,530.35 | 2,108.62 | 1,807.39 | |||
| 7.0% | NM | 6,385.55 | 4,257.03 | 3,192.77 | 2,554.22 | |||