DDM Analysis: ZFSTEERING.BO

Valuation Snapshot

Stable Growth	$1,915.24 - $2,256.47	$2,114.65
Multi-Stage	$1,547.96 - $1,698.87	$1,622.01
Blended Fair Value	$1,868.33
Current Price	$1,016.95
Upside	83.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	170.42%	-0.23%	7.75	5.09	0.00	0.09	0.09	0.05	9.40	9.36	0.03	26.22
YoY Growth	-	-	52.21%	0.00%	-100.00%	0.00%	60.00%	-99.43%	0.44%	34,828.00%	-99.90%	230.94%
Dividend Yield	-	-	0.66%	0.44%	0.00%	0.02%	0.02%	0.02%	1.87%	0.89%	0.00%	1.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.90
(-) Cash Dividends Paid (M)	35.80
(=) Cash Retained (M)	70.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.18	13.24	7.94
Cash Retained (M)	70.10	70.10	70.10
(-) Cash Required (M)	-21.18	-13.24	-7.94
(=) Excess Retained (M)	48.92	56.86	62.16
(/) Shares Outstanding (M)	9.33	9.33	9.33
(=) Excess Retained per Share	5.24	6.09	6.66
LTM Dividend per Share	3.84	3.84	3.84
(+) Excess Retained per Share	5.24	6.09	6.66
(=) Adjusted Dividend	9.08	9.93	10.50
WACC / Discount Rate	-1.19%	-1.19%	-1.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,915.24	$2,114.65	$2,256.47
Upside / Downside	88.33%	107.94%	121.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.90	112.78	120.11	127.92	136.24	145.09	149.44
Payout Ratio	33.81%	45.04%	56.28%	67.52%	78.76%	90.00%	92.50%
Projected Dividends (M)	35.80	50.80	67.60	86.38	107.30	130.58	138.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.19%	-1.19%	-1.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	50.93	51.42	51.90
Year 2 PV (M)	67.95	69.24	70.55
Year 3 PV (M)	87.04	89.54	92.08
Year 4 PV (M)	108.40	112.57	116.86
Year 5 PV (M)	132.26	138.65	145.28
PV of Terminal Value (M)	14,001.35	14,677.62	15,379.78
Equity Value (M)	14,447.94	15,139.05	15,856.45
Shares Outstanding (M)	9.33	9.33	9.33
Fair Value	$1,547.96	$1,622.01	$1,698.87
Upside / Downside	52.22%	59.50%	67.06%

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ZF Steering Gear (India) Limited (ZFSTEERING.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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