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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₹6.37 - ₹7.37 | ₹6.97 |
| Adjusted Dividend Yield | 4.6% - 5.3% | 5.0% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.6% - 7.6% | 8.6% |
| Fair Value | ₹136.93 - ₹326.54 | ₹201.89 |
| Upside | -2.1% - 133.5% | 44.3% |
| Calculate Adjusted Dividend | ||||||||
| (INR in millions) | Latest | Notes | ||||||
| Net Income To Common | 1,020 | |||||||
| (-) Cash Dividends Paid | (81) | |||||||
| (=) Cash Retained | 939 | 92.1% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 1,020 | 1,020 | 1,020 | |||||
| (=) Cash Required | 204 | 127 | 76 | |||||
| Cash Retained | 939 | 939 | 939 | |||||
| (-) Cash Required | (204) | (127) | (76) | |||||
| (=) Excess Retained | 735 | 812 | 863 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (INR) | 735 | 812 | 863 | |||||
| (/) Shares Outstanding | 128.0 | 128.0 | 128.0 | |||||
| (=) Excess Retained per Share | 5.74 | 6.34 | 6.74 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.63 | 0.63 | 0.63 | |||||
| (+) Excess Retained per Share | 5.74 | 6.34 | 6.74 | |||||
| Adjusted Dividend | 6.37 | 6.97 | 7.37 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 6.97 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.6% | 8.1% | 8.6% | 9.1% | 9.6% | |||
| 3.0% | 155.23 | 140.08 | 127.63 | 117.21 | 108.37 | |||
| 4.0% | 199.97 | 175.73 | 156.73 | 141.44 | 128.87 | |||
| 5.0% | 278.80 | 234.20 | 201.89 | 177.42 | 158.24 | |||
| 6.0% | 454.67 | 347.69 | 281.46 | 236.43 | 203.82 | |||
| 7.0% | NM | 662.93 | 458.95 | 350.97 | 284.11 | |||