DDM Analysis: PATELSAI.BO

Valuation Snapshot

Stable Growth	$404.91 - $861.31	$575.43
Multi-Stage	$291.00 - $318.08	$304.29
Blended Fair Value	$439.86
Current Price	$324.00
Upside	35.76%
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	1.44%	2.03%	3.00	3.00	2.60	2.32	2.32	2.79	2.79	2.79	2.45	2.45
YoY Growth	-	-	0.00%	15.59%	12.00%	0.00%	-17.05%	0.16%	0.00%	13.64%	0.00%	0.00%
Dividend Yield	-	-	0.62%	0.42%	1.06%	1.12%	1.29%	2.76%	2.94%	1.99%	1.30%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.66
(-) Cash Dividends Paid (M)	8.21
(=) Cash Retained (M)	109.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.53	14.71	8.82
Cash Retained (M)	109.45	109.45	109.45
(-) Cash Required (M)	-23.53	-14.71	-8.82
(=) Excess Retained (M)	85.92	94.74	100.63
(/) Shares Outstanding (M)	5.47	5.47	5.47
(=) Excess Retained per Share	15.71	17.32	18.39
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	15.71	17.32	18.39
(=) Adjusted Dividend	17.21	18.82	19.89
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$404.91	$575.43	$861.31
Upside / Downside	24.97%	77.60%	165.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.66	125.30	133.45	142.12	151.36	161.20	166.03
Payout Ratio	6.97%	23.58%	40.18%	56.79%	73.39%	90.00%	92.50%
Projected Dividends (M)	8.21	29.55	53.62	80.71	111.09	145.08	153.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	26.61	26.86	27.12
Year 2 PV (M)	43.50	44.33	45.17
Year 3 PV (M)	58.97	60.67	62.39
Year 4 PV (M)	73.11	75.92	78.81
Year 5 PV (M)	86.00	90.15	94.46
PV of Terminal Value (M)	1,303.70	1,366.67	1,432.05
Equity Value (M)	1,591.90	1,664.61	1,740.01
Shares Outstanding (M)	5.47	5.47	5.47
Fair Value	$291.00	$304.29	$318.08
Upside / Downside	-10.18%	-6.08%	-1.83%

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Patels Airtemp (India) Limited (PATELSAI.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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