DDM Analysis: SHAWGELTIN.BO

Valuation Snapshot

Stable Growth	$1,501.71 - $7,505.31	$3,138.39
Multi-Stage	$1,197.99 - $1,314.54	$1,255.17
Blended Fair Value	$2,196.78
Current Price	$387.90
Upside	466.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.67%	9.88%	10.00	0.00	109.98	10.01	10.00	12.05	4.77	4.83	4.82	4.20
YoY Growth	-	-	0.00%	-100.00%	999.04%	0.09%	-17.05%	152.64%	-1.22%	0.14%	14.86%	7.69%
Dividend Yield	-	-	2.58%	0.00%	25.87%	4.96%	5.47%	7.74%	3.06%	3.58%	3.54%	2.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	231.80
(-) Cash Dividends Paid (M)	30.25
(=) Cash Retained (M)	201.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.36	28.98	17.39
Cash Retained (M)	201.55	201.55	201.55
(-) Cash Required (M)	-46.36	-28.98	-17.39
(=) Excess Retained (M)	155.19	172.58	184.17
(/) Shares Outstanding (M)	6.05	6.05	6.05
(=) Excess Retained per Share	25.65	28.52	30.44
LTM Dividend per Share	5.00	5.00	5.00
(+) Excess Retained per Share	25.65	28.52	30.44
(=) Adjusted Dividend	30.65	33.52	35.44
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$1,501.71	$3,138.39	$7,505.31
Upside / Downside	287.14%	709.07%	1,834.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	231.80	243.16	255.07	267.57	280.68	294.44	303.27
Payout Ratio	13.05%	28.44%	43.83%	59.22%	74.61%	90.00%	92.50%
Projected Dividends (M)	30.25	69.15	111.80	158.46	209.42	264.99	280.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	64.61	65.23	65.85
Year 2 PV (M)	97.57	99.46	101.37
Year 3 PV (M)	129.20	132.97	136.80
Year 4 PV (M)	159.52	165.75	172.16
Year 5 PV (M)	188.58	197.83	207.44
PV of Terminal Value (M)	6,609.32	6,933.56	7,270.41
Equity Value (M)	7,248.79	7,594.79	7,954.03
Shares Outstanding (M)	6.05	6.05	6.05
Fair Value	$1,197.99	$1,255.17	$1,314.54
Upside / Downside	208.84%	223.58%	238.89%

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Narmada Gelatines Limited (SHAWGELTIN.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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