DDM Analysis: RECLTD.BO

Valuation Snapshot

Stable Growth	$5,032.15 - $13,014.55	$12,196.54
Multi-Stage	$1,857.44 - $2,033.17	$1,943.69
Blended Fair Value	$7,070.12
Current Price	$372.85
Upside	1,796.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.89%	19.27%	21.26	10.83	11.83	9.14	8.23	8.23	9.53	7.47	7.16	5.50
YoY Growth	-	-	96.31%	-8.44%	29.40%	11.00%	0.00%	-13.64%	27.58%	4.36%	30.17%	50.77%
Dividend Yield	-	-	5.28%	1.97%	7.18%	9.85%	7.39%	10.15%	7.84%	9.52%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	172,669.70
(-) Cash Dividends Paid (M)	56,087.70
(=) Cash Retained (M)	116,582.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34,533.94	21,583.71	12,950.23
Cash Retained (M)	116,582.00	116,582.00	116,582.00
(-) Cash Required (M)	-34,533.94	-21,583.71	-12,950.23
(=) Excess Retained (M)	82,048.06	94,998.29	103,631.77
(/) Shares Outstanding (M)	2,638.56	2,638.56	2,638.56
(=) Excess Retained per Share	31.10	36.00	39.28
LTM Dividend per Share	21.26	21.26	21.26
(+) Excess Retained per Share	31.10	36.00	39.28
(=) Adjusted Dividend	52.35	57.26	60.53
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,032.15	$12,196.54	$13,014.55
Upside / Downside	1,249.64%	3,171.17%	3,390.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	172,669.70	183,893.23	195,846.29	208,576.30	222,133.76	236,572.45	243,669.63
Payout Ratio	32.48%	43.99%	55.49%	66.99%	78.50%	90.00%	92.50%
Projected Dividends (M)	56,087.70	80,887.50	108,674.31	139,731.65	174,367.29	212,915.21	225,394.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	75,168.68	75,881.18	76,593.68
Year 2 PV (M)	93,850.77	95,638.37	97,442.83
Year 3 PV (M)	112,140.18	115,359.32	118,639.49
Year 4 PV (M)	130,043.00	135,044.09	140,188.05
Year 5 PV (M)	147,565.26	154,692.72	162,092.96
PV of Terminal Value (M)	4,342,197.51	4,551,927.27	4,769,683.88
Equity Value (M)	4,900,965.40	5,128,542.94	5,364,640.88
Shares Outstanding (M)	2,638.56	2,638.56	2,638.56
Fair Value	$1,857.44	$1,943.69	$2,033.17
Upside / Downside	398.17%	421.31%	445.30%

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REC Limited (RECLTD.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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