DDM Analysis: ANANTRAJ.BO

Valuation Snapshot

Stable Growth	$313.87 - $764.79	$467.20
Multi-Stage	$215.26 - $235.42	$225.16
Blended Fair Value	$346.18
Current Price	$698.15
Upside	-50.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	57.42%	11.83%	0.73	0.47	0.10	0.09	0.02	0.08	0.25	0.25	0.18	0.25
YoY Growth	-	-	54.03%	357.62%	20.00%	257.52%	-68.04%	-69.76%	0.16%	39.14%	-28.85%	5.54%
Dividend Yield	-	-	0.13%	0.11%	0.06%	0.17%	0.04%	0.65%	1.51%	1.23%	0.61%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,932.39
(-) Cash Dividends Paid (M)	250.60
(=) Cash Retained (M)	4,681.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	986.48	616.55	369.93
Cash Retained (M)	4,681.79	4,681.79	4,681.79
(-) Cash Required (M)	-986.48	-616.55	-369.93
(=) Excess Retained (M)	3,695.31	4,065.24	4,311.86
(/) Shares Outstanding (M)	342.51	342.51	342.51
(=) Excess Retained per Share	10.79	11.87	12.59
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	10.79	11.87	12.59
(=) Adjusted Dividend	11.52	12.60	13.32
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$313.87	$467.20	$764.79
Upside / Downside	-55.04%	-33.08%	9.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,932.39	5,252.99	5,594.44	5,958.07	6,345.35	6,757.80	6,960.53
Payout Ratio	5.08%	22.06%	39.05%	56.03%	73.02%	90.00%	92.50%
Projected Dividends (M)	250.60	1,159.05	2,184.54	3,338.44	4,633.13	6,082.02	6,438.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,049.78	1,059.73	1,069.68
Year 2 PV (M)	1,792.05	1,826.18	1,860.64
Year 3 PV (M)	2,480.45	2,551.65	2,624.20
Year 4 PV (M)	3,117.85	3,237.75	3,361.08
Year 5 PV (M)	3,707.01	3,886.06	4,071.96
PV of Terminal Value (M)	61,582.56	64,557.02	67,645.32
Equity Value (M)	73,729.69	77,118.39	80,632.88
Shares Outstanding (M)	342.51	342.51	342.51
Fair Value	$215.26	$225.16	$235.42
Upside / Downside	-69.17%	-67.75%	-66.28%

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Anant Raj Limited (ANANTRAJ.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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