Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

KSB Limited (KSB.BO)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$403.39 - $897.05$582.28
Multi-Stage$285.08 - $311.68$298.14
Blended Fair Value$440.21
Current Price$818.05
Upside-46.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS52.33%7.99%1.020.770.470.160.340.120.300.220.220.34
YoY Growth--33.23%61.84%193.79%-52.15%170.66%-58.21%35.54%0.00%-34.77%-28.86%
Dividend Yield--11.77%10.17%10.86%5.59%23.38%7.41%15.35%9.68%12.48%19.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)912.35
(-) Cash Dividends Paid (M)52.70
(=) Cash Retained (M)859.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)182.47114.0468.43
Cash Retained (M)859.65859.65859.65
(-) Cash Required (M)-182.47-114.04-68.43
(=) Excess Retained (M)677.18745.61791.23
(/) Shares Outstanding (M)44.8844.8844.88
(=) Excess Retained per Share15.0916.6117.63
LTM Dividend per Share1.171.171.17
(+) Excess Retained per Share15.0916.6117.63
(=) Adjusted Dividend16.2617.7918.81
WACC / Discount Rate9.75%9.75%9.75%
Growth Rate5.50%6.50%7.50%
Fair Value$403.39$582.28$897.05
Upside / Downside-50.69%-28.82%9.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)912.35971.651,034.811,102.071,173.711,250.001,287.50
Payout Ratio5.78%22.62%39.47%56.31%73.16%90.00%92.50%
Projected Dividends (M)52.70219.79408.39620.58858.631,125.001,190.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.75%9.75%9.75%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)198.38200.26202.14
Year 2 PV (M)332.70339.03345.43
Year 3 PV (M)456.30469.40482.75
Year 4 PV (M)569.83591.74614.28
Year 5 PV (M)673.87706.41740.21
PV of Terminal Value (M)10,562.7911,072.9811,602.69
Equity Value (M)12,793.8613,379.8313,987.50
Shares Outstanding (M)44.8844.8844.88
Fair Value$285.08$298.14$311.68
Upside / Downside-65.15%-63.55%-61.90%

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