Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Anant Raj Limited (ANANTRAJ.BO)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$2,430.86 - $2,863.96$2,683.95
Multi-Stage$585.90 - $642.45$613.65
Blended Fair Value$1,648.80
Current Price$698.15
Upside136.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS57.42%11.83%0.730.470.100.090.020.080.250.250.180.25
YoY Growth--54.03%357.62%20.00%257.52%-68.04%-69.76%0.16%39.14%-28.85%5.54%
Dividend Yield--0.13%0.11%0.06%0.17%0.04%0.65%1.51%1.23%0.61%1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,932.39
(-) Cash Dividends Paid (M)250.60
(=) Cash Retained (M)4,681.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)986.48616.55369.93
Cash Retained (M)4,681.794,681.794,681.79
(-) Cash Required (M)-986.48-616.55-369.93
(=) Excess Retained (M)3,695.314,065.244,311.86
(/) Shares Outstanding (M)342.51342.51342.51
(=) Excess Retained per Share10.7911.8712.59
LTM Dividend per Share0.730.730.73
(+) Excess Retained per Share10.7911.8712.59
(=) Adjusted Dividend11.5212.6013.32
WACC / Discount Rate5.51%5.51%5.51%
Growth Rate5.50%6.50%7.50%
Fair Value$2,430.86$2,683.95$2,863.96
Upside / Downside248.19%284.44%310.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,932.395,252.995,594.445,958.076,345.356,757.806,960.53
Payout Ratio5.08%22.06%39.05%56.03%73.02%90.00%92.50%
Projected Dividends (M)250.601,159.052,184.543,338.444,633.136,082.026,438.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.51%5.51%5.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,088.171,098.491,108.80
Year 2 PV (M)1,925.531,962.211,999.23
Year 3 PV (M)2,762.692,841.992,922.80
Year 4 PV (M)3,599.633,738.063,880.45
Year 5 PV (M)4,436.364,650.644,873.12
PV of Terminal Value (M)186,864.14195,889.75205,260.79
Equity Value (M)200,676.52210,181.13220,045.19
Shares Outstanding (M)342.51342.51342.51
Fair Value$585.90$613.65$642.45
Upside / Downside-16.08%-12.10%-7.98%

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