DDM Analysis: HCLTECH.BO

Valuation Snapshot

Stable Growth	$4,009.83 - $12,506.42	$11,720.34
Multi-Stage	$1,751.53 - $1,912.49	$1,830.55
Blended Fair Value	$6,775.45
Current Price	$1,385.10
Upside	389.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	64.31%	21.15%	59.90	51.88	47.90	41.98	12.00	5.00	4.05	6.23	12.48	9.94
YoY Growth	-	-	15.47%	8.30%	14.10%	249.79%	139.94%	23.48%	-35.01%	-50.06%	25.54%	13.08%
Dividend Yield	-	-	3.47%	3.53%	4.03%	4.31%	1.22%	0.90%	0.77%	1.35%	2.93%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170,588.63
(-) Cash Dividends Paid (M)	162,768.13
(=) Cash Retained (M)	7,820.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34,117.73	21,323.58	12,794.15
Cash Retained (M)	7,820.50	7,820.50	7,820.50
(-) Cash Required (M)	-34,117.73	-21,323.58	-12,794.15
(=) Excess Retained (M)	-26,297.23	-13,503.08	-4,973.65
(/) Shares Outstanding (M)	2,712.67	2,712.67	2,712.67
(=) Excess Retained per Share	-9.69	-4.98	-1.83
LTM Dividend per Share	60.00	60.00	60.00
(+) Excess Retained per Share	-9.69	-4.98	-1.83
(=) Adjusted Dividend	50.31	55.03	58.17
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,009.83	$11,720.34	$12,506.42
Upside / Downside	189.50%	746.17%	802.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170,588.63	181,676.89	193,485.89	206,062.47	219,456.53	233,721.21	240,732.84
Payout Ratio	95.42%	94.33%	93.25%	92.17%	91.08%	90.00%	92.50%
Projected Dividends (M)	162,768.13	171,380.29	180,424.33	189,920.02	199,887.85	210,349.09	222,677.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	158,926.52	160,432.93	161,939.34
Year 2 PV (M)	155,155.11	158,110.38	161,093.53
Year 3 PV (M)	151,452.77	155,800.44	160,230.52
Year 4 PV (M)	147,818.36	153,503.03	159,350.12
Year 5 PV (M)	144,250.76	151,218.12	158,452.15
PV of Terminal Value (M)	3,993,723.49	4,186,621.83	4,386,902.84
Equity Value (M)	4,751,327.01	4,965,686.74	5,187,968.50
Shares Outstanding (M)	2,712.67	2,712.67	2,712.67
Fair Value	$1,751.53	$1,830.55	$1,912.49
Upside / Downside	26.46%	32.16%	38.08%

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HCL Technologies Limited (HCLTECH.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener