DDM Analysis: ICICIBANK.BO

Valuation Snapshot

Stable Growth	$1,728.44 - $4,567.99	$2,639.93
Multi-Stage	$1,169.04 - $1,278.10	$1,222.58
Blended Fair Value	$1,931.25
Current Price	$1,348.00
Upside	43.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	51.36%	8.61%	9.76	7.76	4.82	1.92	0.00	1.23	1.62	2.38	4.75	4.79
YoY Growth	-	-	25.77%	60.90%	151.18%	0.00%	-100.00%	-24.17%	-31.89%	-49.87%	-0.85%	11.95%
Dividend Yield	-	-	0.68%	0.64%	0.52%	0.27%	0.00%	0.35%	0.37%	0.86%	1.64%	2.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	533,002.50
(-) Cash Dividends Paid (M)	70,412.70
(=) Cash Retained (M)	462,589.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106,600.50	66,625.31	39,975.19
Cash Retained (M)	462,589.80	462,589.80	462,589.80
(-) Cash Required (M)	-106,600.50	-66,625.31	-39,975.19
(=) Excess Retained (M)	355,989.30	395,964.49	422,614.61
(/) Shares Outstanding (M)	7,212.00	7,212.00	7,212.00
(=) Excess Retained per Share	49.36	54.90	58.60
LTM Dividend per Share	9.76	9.76	9.76
(+) Excess Retained per Share	49.36	54.90	58.60
(=) Adjusted Dividend	59.12	64.67	68.36
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,728.44	$2,639.93	$4,567.99
Upside / Downside	28.22%	95.84%	238.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	533,002.50	567,647.66	604,544.76	643,840.17	685,689.78	730,259.62	752,167.41
Payout Ratio	13.21%	28.57%	43.93%	59.28%	74.64%	90.00%	92.50%
Projected Dividends (M)	70,412.70	162,168.20	265,554.42	381,695.69	511,813.36	657,233.66	695,754.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	147,234.24	148,629.82	150,025.41
Year 2 PV (M)	218,896.98	223,066.35	227,275.06
Year 3 PV (M)	285,658.14	293,858.36	302,214.03
Year 4 PV (M)	347,763.57	361,137.58	374,893.67
Year 5 PV (M)	405,448.21	425,031.51	445,364.31
PV of Terminal Value (M)	7,026,139.06	7,365,504.20	7,717,857.65
Equity Value (M)	8,431,140.20	8,817,227.82	9,217,630.12
Shares Outstanding (M)	7,212.00	7,212.00	7,212.00
Fair Value	$1,169.04	$1,222.58	$1,278.10
Upside / Downside	-13.28%	-9.30%	-5.19%

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ICICI Bank Limited (ICICIBANK.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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