Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Kalpataru Power Transmission Limited (KALPATPOWR.NS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$554.61 - $1,201.34$793.25
Multi-Stage$406.95 - $444.23$425.25
Blended Fair Value$609.25
Current Price$534.25
Upside14.04%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS21.08%15.47%6.341.468.277.893.072.440.041.411.501.50
YoY Growth--334.20%-82.35%4.79%157.36%25.90%5,353.00%-96.84%-6.09%0.00%0.00%
Dividend Yield--1.19%0.41%1.94%3.64%0.57%0.61%0.01%0.55%0.58%0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,410.00
(-) Cash Dividends Paid (M)1,207.80
(=) Cash Retained (M)3,202.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)882.00551.25330.75
Cash Retained (M)3,202.203,202.203,202.20
(-) Cash Required (M)-882.00-551.25-330.75
(=) Excess Retained (M)2,320.202,650.952,871.45
(/) Shares Outstanding (M)153.04153.04153.04
(=) Excess Retained per Share15.1617.3218.76
LTM Dividend per Share7.897.897.89
(+) Excess Retained per Share15.1617.3218.76
(=) Adjusted Dividend23.0525.2126.65
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Fair Value$554.61$793.25$1,201.34
Upside / Downside3.81%48.48%124.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,410.004,696.655,001.935,327.065,673.326,042.086,223.34
Payout Ratio27.39%39.91%52.43%64.96%77.48%90.00%92.50%
Projected Dividends (M)1,207.801,874.442,622.653,460.204,395.555,437.875,756.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,689.801,705.821,721.84
Year 2 PV (M)2,131.412,172.012,212.99
Year 3 PV (M)2,535.082,607.862,682.01
Year 4 PV (M)2,903.143,014.793,129.62
Year 5 PV (M)3,237.793,394.173,556.55
PV of Terminal Value (M)49,781.8652,186.3454,682.85
Equity Value (M)62,279.0965,080.9967,985.86
Shares Outstanding (M)153.04153.04153.04
Fair Value$406.95$425.25$444.23
Upside / Downside-23.83%-20.40%-16.85%

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