Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Maruti Interior Products Limit (SPITZE.BO)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$67.33 - $112.22$87.12
Multi-Stage$229.26 - $253.21$241.00
Blended Fair Value$164.06
Current Price$86.00
Upside90.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019
DPS0.00%0.00%0.000.250.000.010.000.000.000.000.000.00
YoY Growth---100.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.21%0.00%0.01%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)88.74
(-) Cash Dividends Paid (M)3.78
(=) Cash Retained (M)84.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.7511.096.66
Cash Retained (M)84.9784.9784.97
(-) Cash Required (M)-17.75-11.09-6.66
(=) Excess Retained (M)67.2273.8878.31
(/) Shares Outstanding (M)15.0915.0915.09
(=) Excess Retained per Share4.454.905.19
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share4.454.905.19
(=) Adjusted Dividend4.705.155.44
WACC / Discount Rate4.85%4.85%4.85%
Growth Rate-2.00%-1.00%0.00%
Fair Value$67.33$87.12$112.22
Upside / Downside-21.71%1.30%30.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)88.7487.8686.9886.1185.2584.3986.93
Payout Ratio4.25%21.40%38.55%55.70%72.85%90.00%92.50%
Projected Dividends (M)3.7818.8033.5347.9662.1075.9580.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.85%4.85%4.85%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.7517.9318.12
Year 2 PV (M)29.8930.5031.12
Year 3 PV (M)40.3741.6142.89
Year 4 PV (M)49.3551.3953.50
Year 5 PV (M)56.9859.9563.04
PV of Terminal Value (M)3,265.483,435.523,612.58
Equity Value (M)3,459.823,636.913,821.24
Shares Outstanding (M)15.0915.0915.09
Fair Value$229.26$241.00$253.21
Upside / Downside166.59%180.23%194.43%

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