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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₹10.83 - ₹12.53 | ₹11.85 |
| Adjusted Dividend Yield | 3.6% - 4.2% | 4.0% |
| Perpetuity Growth Rate | 4.8% - 5.3% | 5.0% |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | ₹238.90 - ₹585.92 | ₹355.46 |
| Upside | -19.9% - 96.5% | 19.2% |
| Calculate Adjusted Dividend | ||||||||
| (INR in millions) | Latest | Notes | ||||||
| Net Income To Common | 4,127 | |||||||
| (-) Cash Dividends Paid | (838) | |||||||
| (=) Cash Retained | 3,288 | 79.7% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 4,127 | 4,127 | 4,127 | |||||
| (=) Cash Required | 825 | 516 | 309 | |||||
| Cash Retained | 3,288 | 3,288 | 3,288 | |||||
| (-) Cash Required | (825) | (516) | (309) | |||||
| (=) Excess Retained | 2,463 | 2,773 | 2,979 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (INR) | 2,463 | 2,773 | 2,979 | |||||
| (/) Shares Outstanding | 304.7 | 304.7 | 304.7 | |||||
| (=) Excess Retained per Share | 8.08 | 9.10 | 9.78 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.75 | 2.75 | 2.75 | |||||
| (+) Excess Retained per Share | 8.08 | 9.10 | 9.78 | |||||
| Adjusted Dividend | 10.83 | 11.85 | 12.53 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 11.85 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | |||
| 3.0% | 271.20 | 244.08 | 221.89 | 203.40 | 187.76 | |||
| 4.0% | 352.07 | 308.06 | 273.83 | 246.45 | 224.05 | |||
| 5.0% | 497.64 | 414.70 | 355.46 | 311.03 | 276.47 | |||
| 6.0% | 837.30 | 627.98 | 502.38 | 418.65 | 358.84 | |||
| 7.0% | NM | 1,267.80 | 845.20 | 633.90 | 507.12 | |||